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Illumina, Inc. (ILMN)

Overvalued
HealthcareDiagnostics & ResearchUnited States

Fundamental

69

मूल्य

$273.68

मार्केट कैप

$41.36B

भाग 1 · कंपनी का मूल्य कितना है

अवलोकन

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.

यह पैसा कैसे कमाती है

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.

सेगमेंट के अनुसार राजस्व

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.

प्रतिस्पर्धी बढ़त (Moat)

स्विचिंग कॉस्ट · संकीर्ण

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.

मांग को क्या चलाता है

मध्यम रूप से चक्रीय

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.

प्रमुख जोखिम

  • 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.

खरीदने के पक्ष में तर्क

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.

बेचने के पक्ष में तर्क

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.

वित्त वर्ष 2025 के सेगमेंट आंकड़ेस्रोत: Illumina, Inc. — Form 10-K, fiscal year 2025

Written by the editors, published on 18 अगस्त 2026

Direct competitors

Who this company fights with for the same customers

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Generated on 18 सितंबर 2026 with claude-haiku-4-5 — shared with all users

P/E: 36.3Score: 73Market cap: $250.91B

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 Tech Co., Ltd. (华大智造) — including its Complete Genomics subsidiary688114

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 Technologies plcONT

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.

Pacific Biosciences of California, Inc. (PacBio)PACB

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 Biosciences, Inc.Not tracked

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 Genomics, Inc.Not tracked

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.

बैलेंस शीट और तरलता

राजस्व

$4.34B

28/12/2025 को समाप्त वित्त वर्ष

शुद्ध आय

$850M

28/12/2025 को समाप्त वित्त वर्ष

Free Cash Flow

$931M

कुल इक्विटी

$2.72B

कुल देनदारियाँ

$3.92B

Current Ratio

1.80

Interest Coverage

7.99

Debt/EBITDA

2.35

Earnings Per Share

राजस्व और शुद्ध आय

Free Cash Flow

आय विवरण

ऐतिहासिक विवरण

समय के साथ मार्जिन

समय के साथ ऋण

ऋण कितना भारी है

वृद्धि तालिका

वृद्धि — राजस्व

Fair Value अनुमान

सामान्य मामलाअधिक मूल्यांकित

Fair Value

$150.83

वर्तमान मूल्य

$273.68

Margin of Safety

-81.5%

Fair Value सीमा

$98.04 - $203.62

इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।

अनुमान विधियाँ

विश्लेषकों का लक्ष्य मूल्य:$202.65
डिस्काउंटेड कैश फ्लो (DCF):$68.55
आय गुणक (P/E):$225.88
Graham वृद्धि फॉर्मूला:$80.05
अर्निंग पावर वैल्यू (EPV):$36.00
उचित P/B:$50.46
लाभांश डिस्काउंट (Gordon):इसकी गणना के लिए पर्याप्त डेटा नहीं
P/FFO, परिचालन से प्राप्त निधि:$118.68
मध्य-चक्र आय:$105.98
राजस्व गुणक:$115.70
विश्लेषक सहमति:खरीदें (16B / 9H / 3S)
अंतिम Earnings सरप्राइज़:+4.74%

मूल्यांकन मेट्रिक्स

P/E Ratio

50.26

ROE

31.2%

P/B Ratio

14.56

P/FCF

44.39

Gross Margin

66.1%

ROIC

12.6%

लाभप्रदता Radar

मूल्य सृजन (प्रतिस्पर्धी बढ़त)

ROIC

12.6%

WACC

12.0%

ROIC − WACC

+0.6 pp

ROIC लगभग पूंजी की लागत के बराबर है — कंपनी मुश्किल से अपनी पूंजी लागत की भरपाई कर पा रही है।

Fundamental विश्लेषण मानदंड

पास (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

फेल (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

अनुपलब्ध (2)

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

Piotroski F-Score

8/9

मजबूत वित्तीय स्वास्थ्य

score
criteria

Earnings गुणवत्ता

1.33

उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित

शेयर Dilution

-1.9%

शेयर वापस खरीद रही है। शेयरधारक अनुकूल

संस्थागत होल्डिंग

प्रशासन

कार्यकारी टीम

नामपदआयु
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

Audit जोखिम

2

बोर्ड जोखिम

1

मुआवजा जोखिम

6

शेयरधारक अधिकार जोखिम

2

भाग 2 · कीमत और खरीदने का समय

यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।

दस्तावेज़

  • वार्षिक रिपोर्ट (10-K)

    कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।

    दाखिल तिथि: 2026-02-12

    दस्तावेज़ देखें
  • तिमाही रिपोर्ट (10-Q)

    पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।

    दाखिल तिथि: 2026-07-31

    दस्तावेज़ देखें
  • विशेष रिपोर्ट (8-K)

    किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।

    दाखिल तिथि: 2026-08-17

    दस्तावेज़ देखें

via SEC EDGAR

आय का इतिहास

via SEC EDGAR

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यह प्लेटफ़ॉर्म केवल शैक्षिक उद्देश्यों के लिए है। यह कोई वित्तीय, निवेश, या ट्रेडिंग सलाह नहीं देता। सभी स्कोर, मूल्यांकन, और संकेत सार्वजनिक रूप से उपलब्ध डेटा के स्वचालित विश्लेषण पर आधारित हैं जो अधूरे या गलत हो सकते हैं। निवेश निर्णय लेने से पहले हमेशा अपना शोध करें और एक योग्य वित्तीय सलाहकार से परामर्श लें।

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