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Illumina, Inc. (ILMN)

POSITIVE
HealthcareDiagnostics & ResearchUnited States

Fondamental

70

Prix

$225.16

Capitalisation boursière

$33.71B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Chiffre d'affaires par segment

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.

Avantage concurrentiel

Coûts de changement · Étroit

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.

Ce qui stimule la demande

Modérément cyclique

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.

Principaux risques

  • 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.

Les arguments en faveur

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.

Les arguments contre

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.

Données par segment de l'exercice 2025Sources: Illumina, Inc. — Form 10-K, fiscal year 2025

Written by the editors, published on 18 août 2026

Direct competitors

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Bilan & Liquidités

Chiffre d'affaires

$4.34B

Exercice clos le 28/12/2025

Résultat net

$850M

Exercice clos le 28/12/2025

Flux de trésorerie libre

$931M

Capitaux propres totaux

$2.72B

Passif total

$3.92B

Ratio de liquidité général

1.80

Couverture des intérêts

7.99

Dette/EBITDA

2.35

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Surévalué

Juste valeur

$141.94

Prix actuel

$225.16

Marge de sécurité

-58.6%

Fourchette de juste valeur

$92.26 - $191.61

Méthodes d'estimation

Analyst Target:$198.89
DCF:$68.99
PE-based:$194.92
Graham Growth:$79.75
EPV:$36.18
Consensus des analystes:Acheter (17B / 8H / 3S)
Dernière surprise sur les résultats:+4.74%

Indicateurs de valorisation

Ratio P/E

40.96

ROE

31.2%

Ratio P/B

11.88

P/FCF

36.20

Marge brute

66.1%

ROIC

12.6%

Radar de rentabilité

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.

Critères d'analyse fondamentale

Réussi (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

Échoué (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

Indisponible (2)

  • Dividend Payout NaN%
  • Net Margin Trend (invalid data)

Score F de Piotroski

8/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.33

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-1.9%

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
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

Risque d'audit

2

Risque du conseil

1

Risque de rémunération

6

Risque droits des actionnaires

2

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

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