Illumina, Inc. (ILMN)
POSITIVEFundamental
70
Precio
$225.16
Capitalización Bursátil
$33.71B
Parte 1 · Cuánto vale la empresa
Resumen
Illumina makes the machines and chemical kits that read DNA: a lab buys a sequencer once, then keeps buying Illumina's proprietary reagents every time it runs a sample. Its instruments are used across research, clinical diagnostics and reproductive health to decode genetic material at a cost that has fallen by orders of magnitude since the company's founding, turning sequencing from a rare research tool into something clinics can order routinely.
Cómo genera ingresos
The business follows a razor-and-blade model: instruments are a one-time, low-margin sale that puts an Illumina sequencer into a lab, while the consumable reagent kits a lab must keep buying to run each sample carry far higher margins and repeat every time. Because reagents are chemically matched to Illumina's own machines, a lab that has already bought the instrument keeps buying Illumina's consumables for as long as it keeps using it.
Ingresos por segmento
The reagent kits a lab must repurchase every time it runs a sample, the recurring core of Illumina's revenue.
Instrument maintenance, extended support contracts and other smaller revenue streams that accompany the installed base of sequencers.
The one-time, lower-margin sale of sequencing machines that puts a new lab into Illumina's growing installed base.
Ventaja competitiva
Costes de cambio · EstrechaA lab that has installed an Illumina sequencer, validated its clinical or research protocols around it and trained staff on its software keeps buying Illumina's proprietary reagents rather than re-qualifying an entire workflow on a rival machine. That lock-in is weakening: newer entrants such as MGI, Element Biosciences and Ultima Genomics now offer sequencing at competitive cost, giving labs a real alternative when they next replace equipment.
Qué impulsa la demanda
Moderadamente cíclicoConsumables revenue is fairly steady, since labs keep running existing sequencers regardless of the economic cycle, but instrument sales depend on research budgets, venture funding for biotech and hospital capital spending, all of which slow in a downturn. Demand also depends on regulatory and government funding decisions in specific countries, which can swing sharply and are outside Illumina's control.
Riesgos clave
- Competitive erosion of its installed base — Newer sequencing technologies from competitors such as MGI, Element Biosciences and Ultima Genomics now offer lower-cost alternatives, and a lab that switches instrument no longer needs Illumina's consumables.
- Dependence on research funding and biotech capital — A meaningful share of demand comes from academic, government and biotech research budgets; cuts to public science funding or a slowdown in biotech venture funding reduce instrument and consumable purchases.
- Government and geographic policy risk — Trade restrictions, tariffs and country-specific regulatory or reimbursement decisions have already affected sales in some markets, including China, and can change with little warning.
- Pricing pressure on consumables — As competing sequencing platforms mature, Illumina has had to defend its consumables pricing, and a sustained price war would erode the margin the razor-and-blade model depends on.
Los argumentos a favor
Buyers argue that Illumina's enormous installed base of sequencers locks in years of high-margin consumables revenue almost regardless of which machine a lab buys next, and that falling sequencing costs keep expanding genetic testing into new clinical uses that did not exist a decade ago.
Los argumentos en contra
Sellers fear that lower-cost sequencing challengers are gaining real traction, that a lab switching instruments takes its recurring consumables revenue with it, and that research funding cuts or trade restrictions in key markets can hit demand for reasons that have nothing to do with Illumina's own execution.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
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Balance y Liquidez
Ingresos
$4.34B
Ejercicio cerrado el 28/12/2025
Beneficio Neto
$850M
Ejercicio cerrado el 28/12/2025
Flujo de Caja Libre
$931M
Patrimonio Neto Total
$2.72B
Pasivo Total
$3.92B
Ratio de Liquidez
1.80
Cobertura de Intereses
7.99
Deuda/EBITDA
2.35
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$141.94
Precio Actual
$225.16
Margen de Seguridad
-58.6%
Rango de Valor Justo
$92.26 - $191.61
Métodos de Estimación
Métricas de Valoración
Ratio P/E
40.96
ROE
31.2%
Ratio P/B
11.88
P/FCF
36.20
Margen Bruto
66.1%
ROIC
12.6%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
12.6%
WACC
11.8%
ROIC − WACC
+0.8 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Criterios de Análisis Fundamental
Superado (20)
- EPS shows upward trend
- EPS CAGR 18.60%
- Price CAGR 5.83%
- ROIC 12.6%
- Gross Margin 66.1%
- Debt/Equity ratio
- Operating Margin 18.6%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 31.1%
- Revenue Growth 5Y 6.0%
- Analyst Consensus 61% Buy
- Earnings Surprise avg 7.8%
- Earnings Quality (OCF/NI) 1.33
- Share Dilution -1.9%
- Piotroski F-Score 8/9
Fallido (6)
- P/FCF 36.20
- P/B Ratio 11.88
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 8.23
No disponible (2)
- Dividend Payout NaN%
- Net Margin Trend (invalid data)
Piotroski F-Score
Solidez financiera fuerte
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Jacob Thaysen Ph.D. | CEO & Director | 50 |
| Mr. Ankur Dhingra CPA | Chief Financial Officer | 49 |
| Mr. Kevin Carl Pegels | Chief of Global Operations | 57 |
| Dr. Steven Barnard Ph.D. | Chief Technology Officer | 64 |
| Stephanie Campos | President | - |
| Mr. Scott Ericksen | VP & Chief Accounting Officer | 52 |
| Mr. Mark Field | Chief Information Officer | 54 |
| Mr. Conor Noel McNamara C.F.A. | VP of Investor Relations | - |
| Ms. Julie Ann Coletti J.D. | Chief Legal Officer | 57 |
| Mr. Jakob Wedel | Chief Strategy & Corporate Development Officer | 53 |
Riesgo de Auditoría
2
Riesgo del Consejo
1
Riesgo de Compensación
6
Riesgo de Derechos del Accionista
2
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for ILMN, sourced from Markets Gazette.