ILMN
ILLUMINA, INC.
Technology • CIK: 0001110803
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Market Cap
$14.40B
P/E (TTM)
20.5x
Rev Growth (TTM)
-2.3%
Net Margin (TTM)
16.4%
FCF Yield (TTM)
6.9%
FCF Margin (TTM)
23.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.0B
Q3 '25
$253M+24%
Q2 '25
$204M-2%
FCF Margin
TTM23.3%
Q3 '2523.3%+21%
Sector: 14.5%Above Avg
OCF Margin26.2%
OCF/NI1.60x
CapEx Coverage9.2x
FCF Yield6.9%
FCF Growth (2Y)+57%
Cash Conversion Cycle
180 days
DSO: 61+DIO: 190−DPO: 71
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.0%
Div Yield0.0%
+Buyback (TTM)5.0%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.0B
Stock Repurchases (TTM)$717.0M
Capital Return / FCF71.7%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
14.2%
Volatile
+50.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
14.3%
8Q: 12.8%
Asset Turnover
0.70x
8Q: 0.68x
Leverage (1+D/E)
1.84x
D/E: 0.84x
DuPont: 18.2% ≈ 14.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
5.44x
8Q:5.16x
+135.6%
Invested Cap Turn
1.14x
8Q:1.10x
+71.2%
CapEx Intensity
3.2%
8Q:3.1%
CapEx/Depreciation
0.44x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $4.3B | $1.1B↑2.4% | $1.1B↑1.7% | $1.0B↓5.7% | $1.1B↑2.2% | $1.1B↓2.9% | $1.1B↑3.3% | $1.1B↓4.1% | $1.1B |
Operating Income | $780.0M | $227.0M↑6.1% | $214.0M↑30.5% | $164.0M↓6.3% | $175.0M↓76.4% | $741.0M↑145.3% | $-1.6B↓1374.8% | $-111.0M↑32.3% | $-164.0M |
Net Income | $702.0M | $150.0M↓36.2% | $235.0M↑79.4% | $131.0M↓29.6% | $186.0M↓73.6% | $705.0M↑135.5% | $-2.0B↓1477.8% | $-126.0M↑28.0% | $-175.0M |
Operating Cash Flow | $1.1B | $284.0M↑21.4% | $234.0M↓2.5% | $240.0M↓34.1% | $364.0M↑15.2% | $316.0M↑295.0% | $80.0M↑3.9% | $77.0M↓65.6% | $224.0M |
Free Cash Flow | $1.0B | $253.0M↑24.0% | $204.0M↓1.9% | $208.0M↓37.9% | $335.0M↑18.0% | $284.0M↑479.6% | $49.0M↑19.5% | $41.0M↓76.3% | $173.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
20.5x
Volatile
8Q: 46.5x+26006%
Valuation Lenses
Earnings
20.5x
vs – sector
Cash Flow
20.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.4P/E per %ROIC
ROIC: 14.2%
Shareholder Returns
Dividend
–
Buyback
5.0%
Total Yield
5.0%
Market Cap$14.40B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
70/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
30.4%
8Q:–
Return on Invested Capital (ROIC)Top 25%
14.2%
8Q:–
+50.0%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 14.3%
Asset Turnover: 0.70x
Earnings Quality
Cash Conversion
1.60x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin66.2%
Capital Efficiency
Invested Capital Turnover1.14x
Working Capital
Cash Conversion Cycle180 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
58/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-2.3%
OpInc Growth YoY
-69.4%
EPS Growth YoY
N/A
FCF 3Y CAGR
56.9%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
66.2%
Operating
18.2%
Above Avg in sector
Net
16.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+6.9 pts
FCF: 23.3% | Net: 16.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $714.00M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.84x
Balance sheet risk & solvency analysis