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Illumina, Inc. (ILMN)

被高估
HealthcareDiagnostics & ResearchUnited States

基本面

69

价格

$268.57

市值

$41.36B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

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.

护城河

转换成本 · 狭窄

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.

需求驱动因素

中度周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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.

分部数据来自2025财年信息来源: 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: 35.1Score: 66Market 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.

资产负债表与流动性

营收

$4.34B

截至2025/12/28的财政年度

净利润

$850M

截至2025/12/28的财政年度

自由现金流

$931M

股东权益合计

$2.72B

负债合计

$3.92B

流动比率

1.80

利息覆盖率

7.99

债务/EBITDA

2.35

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被高估

公允价值

$150.83

当前价格

$268.57

安全边际

-78.1%

公允价值区间

$98.04 - $203.62

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$202.65
现金流折现法(DCF):$68.55
市盈率法(P/E):$225.88
格雷厄姆成长公式:$80.05
盈利能力价值(EPV):$36.00
合理市净率(P/B):$50.46
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):$118.68
周期中段收益:$105.21
市销率法(P/S):$115.26
分析师共识:买入 (16B / 9H / 3S)
最近财报超预期:+4.74%

估值指标

市盈率(P/E)

50.26

ROE

31.2%

市净率(P/B)

14.14

P/FCF

43.10

毛利率

66.1%

ROIC

12.6%

盈利能力雷达图

价值创造(经济护城河)

ROIC

12.6%

WACC

12.0%

ROIC − WACC

+0.6 pp

ROIC 与资本成本大致持平:公司仅仅覆盖了资本成本。

基本面分析标准

通过(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

未通过(6)

  • P/FCF 43.10
  • P/B Ratio 14.14
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • PEG Ratio 11.43

不可用(2)

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

Piotroski F-评分

8/9

财务状况强健

score
criteria

盈利质量

1.33

高质量:盈利有现金流支撑

股权稀释

-1.9%

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
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

审计风险

2

董事会风险

1

薪酬风险

6

股东权利风险

2

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-12

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-07-31

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-08-17

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

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