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Illumina, Inc. (ILMN)

POSITIVE
HealthcareDiagnostics & ResearchUnited States

Fundamental

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

Consumables74%

The reagent kits a lab must repurchase every time it runs a sample, the recurring core of Illumina's revenue.

Service and other15%

Instrument maintenance, extended support contracts and other smaller revenue streams that accompany the installed base of sequencers.

Instruments11%

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 · Estrecha

A 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 cíclico

Consumables 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.

Datos por segmento del ejercicio fiscal 2025Fuentes: Illumina, Inc. — Form 10-K, fiscal year 2025

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

No competitor list for this company yet.

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

Sobrevalorado

Valor Justo

$141.94

Precio Actual

$225.16

Margen de Seguridad

-58.6%

Rango de Valor Justo

$92.26 - $191.61

Métodos de Estimación

Analyst Target:$198.89
DCF:$68.99
PE-based:$194.92
Graham Growth:$79.75
EPV:$36.18
Consenso de Analistas:Comprar (17B / 8H / 3S)
Última Sorpresa de Resultados:+4.74%

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

8/9

Solidez financiera fuerte

score
criteria

Calidad de los Beneficios

1.33

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-1.9%

Recomprando acciones. Favorable para el accionista

Gobernanza

Equipo Directivo

NombreCargoEdad
Mr. Jacob Thaysen Ph.D.CEO & Director50
Mr. Ankur Dhingra CPAChief Financial Officer49
Mr. Kevin Carl PegelsChief of Global Operations57
Dr. Steven Barnard Ph.D.Chief Technology Officer64
Stephanie CamposPresident-
Mr. Scott EricksenVP & Chief Accounting Officer52
Mr. Mark FieldChief Information Officer54
Mr. Conor Noel McNamara C.F.A.VP of Investor Relations-
Ms. Julie Ann Coletti J.D.Chief Legal Officer57
Mr. Jakob WedelChief Strategy & Corporate Development Officer53

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.

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