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Illumina, Inc. (ILMN)

割高
HealthcareDiagnostics & ResearchUnited States

ファンダメンタル

69

株価

$273.68

時価総額

$41.36B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

スイッチングコスト · 狭い

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.

需要を左右する要因

中程度の景気循環性

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.

主なリスク

  • 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.

強気材料

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.

弱気材料

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.

2025会計年度のセグメントデータ情報源: Illumina, Inc. — Form 10-K, fiscal year 2025

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 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.

貸借対照表と流動性

売上高

$4.34B

2025/12/28に終了した会計年度

純利益

$850M

2025/12/28に終了した会計年度

フリーキャッシュフロー

$931M

自己資本合計

$2.72B

負債合計

$3.92B

流動比率

1.80

利払い倍率

7.99

負債/EBITDA

2.35

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割高

適正価値

$150.83

現在株価

$273.68

安全マージン

-81.5%

適正価値レンジ

$98.04 - $203.62

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$202.65
ディスカウンテッド・キャッシュフロー(DCF):$68.55
利益倍率(P/E):$225.88
グレアムの成長公式:$80.05
収益力価値(EPV):$36.00
正当化されたP/B:$50.46
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):$118.68
中間サイクル利益:$105.98
売上高倍率:$115.70
アナリスト・コンセンサス:買い (16B / 9H / 3S)
直近の決算サプライズ:+4.74%

バリュエーション指標

P/E レシオ

50.26

ROE

31.2%

P/B レシオ

14.56

P/FCF

44.39

粗利益率

66.1%

ROIC

12.6%

収益性レーダー

価値創造(経済的モート)

ROIC

12.6%

WACC

12.0%

ROIC − WACC

+0.6 pp

ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。

ファンダメンタル分析基準

合格(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

不合格(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

データなし(2)

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

Piotroski F-スコア

8/9

財務健全性が高い

score
criteria

利益の質

1.33

高品質:利益はキャッシュに裏付けられている

株式希薄化

-1.9%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
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

監査リスク

2

取締役会リスク

1

報酬リスク

6

株主権利リスク

2

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-12

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-31

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-08-17

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

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