Illumina, Inc. (ILMN)
ÜberbewertetFundamental
69
Kurs
$269.20
Marktkapitalisierung
$41.36B
Teil 1 · Was das Unternehmen wert ist
Übersicht
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.
Wie das Geld verdient wird
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.
Umsatz nach Segment
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.
Wettbewerbsvorteil
Wechselkosten · SchmalA 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.
Was die Nachfrage antreibt
Mäßig zyklischConsumables 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.
Wichtigste Risiken
- 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.
Die Argumente dafür
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.
Die Argumente dagegen
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. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
Thermo Fisher sells its own sequencers, arrays and reagents (Ion Torrent, Applied Biosystems) to the same research labs, hospitals and pharma customers Illumina supplies, and is the only rival with a comparably broad genomics catalogue.
MGI's DNBSEQ instruments attack exactly Illumina's high-throughput short-read business, undercutting it on cost per genome and dominating the Chinese market where Illumina's share has eroded.
Oxford Nanopore's nanopore devices compete for the same sequencing budgets in research and clinical labs, offering long reads and portable instruments as an alternative to Illumina's short-read platforms.
PacBio sells HiFi long-read sequencers and consumables to the same genome centres and clinical researchers, and with its Onso short-read system competes head-on with Illumina's core instruments.
Element's AVITI benchtop sequencer targets the mid-throughput short-read labs that make up much of Illumina's installed base, competing on instrument price and cost per gigabase.
Ultima's UG 100 platform courts the same large-scale population and biopharma sequencing projects Illumina relies on, competing explicitly on cost per genome at very high throughput.
Bilanz & Liquidität
Umsatz
$4.34B
Geschäftsjahr zum 28.12.2025
Nettogewinn
$850M
Geschäftsjahr zum 28.12.2025
Freier Cashflow
$931M
Gesamtes Eigenkapital
$2.72B
Gesamtverbindlichkeiten
$3.92B
Current Ratio
1.80
Zinsdeckungsgrad
7.99
Schulden/EBITDA
2.35
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$150.83
Aktueller Kurs
$269.20
Sicherheitsmarge
-78.5%
Innerer-Wert-Spanne
$98.04 - $203.62
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
50.26
ROE
31.2%
P/B-Verhältnis
14.56
P/FCF
44.39
Bruttomarge
66.1%
ROIC
12.6%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
12.6%
WACC
12.0%
ROIC − WACC
+0.6 pp
Der ROIC liegt etwa auf Höhe der Kapitalkosten: Das Unternehmen deckt gerade eben seine Kapitalkosten.
Fundamentalanalyse-Kriterien
Bestanden (20)
- EPS shows upward trend
- EPS CAGR 18.60%
- Price CAGR 7.45%
- 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 57% Buy
- Earnings Surprise avg 7.8%
- Earnings Quality (OCF/NI) 1.33
- Share Dilution -1.9%
- Piotroski F-Score 8/9
Nicht bestanden (6)
- P/FCF 44.39
- P/B Ratio 14.56
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 11.43
Nicht verfügbar (2)
- Dividend Payout NaN%
- Net Margin Trend (invalid data)
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| 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 |
Prüfungsrisiko
2
Vorstandsrisiko
1
Vergütungsrisiko
6
Aktionärsrechterisiko
2
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-12
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-07-31
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-08-17
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for ILMN, sourced from Markets Gazette.