# Illumina, Inc. (ILMN)

> Source: Nexqual · https://nexqual.com/ILMN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Illumina, Inc. (ILMN), nexqual.com/ILMN" · informational, not investment advice.

**Price:** USD 269.4 (-4.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 282.86 · day 257.31–283.55 · 52w 94–309.35 · market cap $40.7B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $4.49B, net income $825M (18.4% margin), free cash flow $931M (SEC filings).
- Valuation: P/E 49.3x (avg 24.1x at the last 1 fiscal year-ends), EV/EBITDA 36.7x, net debt $323M.
- 2 of 80 tracked superinvestors hold ILMN (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $592M; 6 not under a Rule 10b5-1 plan ($591M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.57 on a 1–5 scale) (21 analysts), mean target USD 245.8 (range 113–365).
- Total return with dividends: 1Y +169.5% vs S&P 500 +14.9%; 5Y -32.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.36, revenue estimate $1.15B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.53B | $4.58B | $4.50B | $4.37B | $4.34B | $4.49B |
| Gross profit | $3.15B | $2.97B | $2.74B | $2.86B | $2.87B | — |
| Operating income | -$123M | -$4.18B | -$1.07B | -$833M | $807M | $882M |
| Net income | $762M | -$4.40B | -$1.16B | -$1.22B | $850M | $825M |
| EPS (diluted) | $4.90 | -$28.00 | -$7.34 | -$7.69 | $5.45 | — |
| Free cash flow | $337M | $106M | $283M | $709M | $931M | $931M |
| Gross margin | 69.7% | 64.8% | 60.9% | 65.4% | 66.1% | — |
| Operating margin | -2.7% | -91.2% | -23.7% | -19.1% | 18.6% | 19.6% |
| Net margin | 16.8% | -96.1% | -25.8% | -28.0% | 19.6% | 18.4% |
| Revenue growth | +39.7% | +1.3% | -1.7% | -2.9% | -0.7% | — |
| Cash + short-term investments | $1.34B | $2.04B | $1.05B | $1.22B | $1.63B | — |
| Total debt | $702M | $0K | $1.49B | $1.49B | $1.49B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 49.3x · P/S 9.1x · EV/EBITDA 36.7x · EV/Sales 9.1x · P/FCF 43.7x · P/B 14.3x · FCF yield 2.29% · Earnings yield 2.03% · Buyback yield (TTM) 1.33% · Net debt $323M · EV $41.0B
P/E at fiscal year-ends: Dec 2025 24.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ILMN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 2.02% | $60.7M | Reduced -36.6% |
| Van Den Berg Management I |  | 1.62% | $7.7M | Reduced -2.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02…2026-09-04 | Meister Keith A. | Director | 263,560 | $57.2M | 25.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25…2026-08-27 | Meister Keith A. | Director | 375,941 | $85.2M | 26.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-19…2026-08-21 | Meister Keith A. | Director | 679,574 | $146M | 32.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Wedel Christensen Jakob | SVP, Strategy/Corp Development | 1,033 | $198K | 6.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04…2026-08-05 | Meister Keith A. | Director | 741,127 | $148M | 26.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-30 | Davies Scott M | Chief Legal Officer | 615 | $123K | 2.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-25 | Davies Scott M | Chief Legal Officer | 615 | $111K | 2.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Leckman Patricia | SVP, Chief People Officer | 783 | $127K | 3.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Leckman Patricia | SVP, Chief People Officer | 784 | $127K | 3.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28…2026-06-01 | Meister Keith A. | Director | 669,596 | $107M | 19.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29 | Davies Scott M | Chief Legal Officer | 615 | $98K | 2.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-28…2026-05-29 | Ericksen Scott D | VP, Chief Accounting Officer | 2,000 | $305K | 12.2% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13…2026-05-14 | Meister Keith A. | Director | 329,460 | $47.9M | 8.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Wedel Christensen Jakob | SVP, Strategy/Corp Development | 700 | $97K | 4.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 21 analysts; mean target USD 245.8 (low 113, high 365).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Canaccord Genuity | Target raised | Hold | $205 → $300 |
| 2026-10-13 | TD Cowen | Target raised | Hold | $210 → $270 |
| 2026-10-07 | Barclays | Target raised | Underweight | $160 → $200 |
| 2026-10-05 | RBC Capital | Target raised | Outperform | $230 → $310 |
| 2026-10-01 | Guggenheim | Target raised | Buy | $226 → $305 |
| 2026-09-29 | Leerink Partners | Target raised | Outperform | $220 → $300 |
| 2026-09-28 | Piper Sandler | Target raised | Overweight | $225 → $305 |
| 2026-09-09 | UBS | Upgrade | Neutral → Buy | $135 → $260 |
| 2026-09-03 | Argus Research | Target raised | Buy | $180 → $235 |
| 2026-08-03 | Canaccord Genuity | Target raised | Hold | $190 → $205 |
| 2026-08-03 | Citigroup | Target raised | Sell | $95 → $113 |
| 2026-08-03 | Piper Sandler | Target raised | Overweight | $200 → $225 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +169.5% | -32.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +170.4% | -7.5% |
| Volatility (annualized) | 48.5% | 45.6% |
| Max drawdown | -25.7% (Jan 2026→Feb 2026) | -82.4% (Oct 2021→Apr 2025) |

## Peers (Diagnostics & Research)
IDXX (IDEXX Laboratories, Inc.) USD 566.76 +2.40% · WAT (Waters Corporation) USD 455.59 -0.41% · IQV (IQVIA Holdings, Inc.) USD 278.32 +0.61% · MTD (Mettler-Toledo International, I) USD 1,684.64 +0.40% · A (Agilent Technologies, Inc.) USD 173.89 -2.17% · NTRA (Natera, Inc.) USD 401.37 -2.91%

## More
Full page: https://nexqual.com/ILMN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ILMN's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1110803/000111080326000024/ilmn-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | GRAIL, Inc. (GRAL) | "Revenue from genotyping and sequencing services, including cancer detection testing services related to the GRAIL business prior to the Spin-Off, is recognized when earned, which is generally at the time the genotyping o…" |

Other companies that name ILMN in their own reports (relationship from ILMN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | FOXO TECHNOLOGIES INC. (FOXO) | 10-K 2026-04-15 | "recognizes revenue from collecting a royalty from Illumina, Inc. related to the sales of the Infinium Mouse Methylation Array." |
| partner | STANDARD BIOTOOLS INC. (LAB) | 10-K 2026-03-16 | "On June 22, 2025, we entered into the Purchase Agreement with Illumina pursuant to which Illumina acquired the Disposed Entities." |
| customer | GRAIL, Inc. (GRAL) | 10-K 2026-03-12 | "•We rely on Illumina, Inc. as a sole supplier for our next-generation sequencers and associated reagents, Madison Industries as a sole supplier of blood collection tubes, and Twist Bioscience Corporat…" |
| customer | Caris Life Sciences, Inc. (CAI) | 10-K 2026-03-03 | "Supply Agreement with Illumina" |
| customer | Fulgent Genetics, Inc. (FLGT) | 10-K 2026-02-27 | "In particular, we rely on Illumina Inc., or Illumina, as the sole supplier of the next generation sequencers and associated reagents we use to perform our genetic tests and as the sole provider of mai…" |
| customer | Personalis, Inc. (PSNL) | 10-K 2026-02-26 | "For example, we rely on Illumina as the sole supplier of sequencers and various associated reagents, and as the sole provider of maintenance and repair services for these sequencers." |
| partner | VERACYTE, INC. (VCYT) | 10-K 2026-02-26 | "In 2023, we announced a multi-year agreement with Illumina, Inc. to also develop and offer some of our molecular tests in Canada, Europe, the Middle East, Asia Pacific and Latin America as decentraliz…" |
| customer | Adaptive Biotechnologies Corp (ADPT) | 10-K 2026-02-26 | "Any disruption in Illumina's operations or the suppliers of our reagents, materials or other equipment could impact our ability to do business." |
| partner | CareDx, Inc. (CDNA) | 10-K 2026-02-25 | "In May 2018, we entered into a license and commercialization agreement with Illumina, which provides us with worldwide distribution, development and commercialization rights to Illumina's next generat…" |
| customer | Tempus AI, Inc. (TEM) | 10-K 2026-02-24 | "Illumina, Inc., is our primary supplier of sequencers and laboratory reagents; however, we purchase laboratory supplies from other companies as well, such as Roche Holdings, Inc., Integrated DNA Techn…" |
| customer | GeneDx Holdings Corp. (WGS) | 10-K 2026-02-23 | "In addition, there are a large number of new entrants into the market for genetic information ranging from informatics and analysis pipeline developers to focused, integrated providers of genetic tool…" |
| customer | Guardant Health, Inc. (GH) | 10-K 2026-02-19 | "In September 2014, we entered into a supply agreement with Illumina, Inc., or Illumina, for Illumina to provide products and services that can be used for certain research and clinical activities, inc…" |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Core Illumina | $1.16B | 100.0% | +9.4% | $245.0M | 21.1% |
| — Sequencing (part of Core Illumina) | $1.05B | 90.9% | +8.4% | — | — |
| — Microarray (part of Core Illumina) | $105.0M | 9.1% | +20.7% | — | — |
| Total revenue | $1.16B | 100% | — | $245.0M | 21.1% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total product revenue | $982.0M | 84.7% | +7.7% |
| Consumables | $775.0M | 66.9% | +4.7% |
| Service | $177.0M | 15.3% | +20.4% |
| Instruments | $125.0M | 10.8% | +30.2% |
| Total revenue | $1.16B | 100% | — |
The lines above cover 177.7% of total revenue.

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States and Canada | $653.0M | 56.3% | +14.8% |
| Europe, Middle East, Africa and Latin America | $368.0M | 31.8% | +3.7% |
| Asia-Pacific | $82.0M | 7.1% | +13.9% |
| Greater China | $56.0M | 4.8% | -11.1% |
| Total revenue | $1.16B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.36 | $1.36 | -0.4% | $1.15B | 19 |
| Next quarter (ends 2026-12-31) | $1.54 | $1.49 | +3.0% | $1.22B | 17 |
| Current fiscal year (ends 2026-12-31) | $5.36 | $5.23 | +2.5% | $4.62B | 21 |
| Next fiscal year (ends 2027-12-31) | $6.13 | $5.93 | +3.3% | $4.92B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±16.3%; last 8 reports averaged ±10.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 72.5% | ±16.3% |
| 2026-12-18 | 56 | 64.3% | ±20.2% |
| 2027-01-15 | 84 | 62.7% | ±24.1% |
| 2027-03-19 | 147 | 61.2% | ±30.8% |
| 2027-06-17 | 237 | 60.2% | ±38.2% |