Latest Ratios: P/E Ratio 46.9x · EV/EBITDA 35.1x · ROE 33.4%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $38.6B | $21.1B | $21.5B | $21.4B | $30.9B | $55.8B | $53.2B | $48.1B | $43.4B | $31.4B | $18.4B |
| Enterprise Value | $39.8B | $22.2B | $23.0B | $22.6B | $32.4B | $57.1B | $53.3B | $48.0B | $44.3B | $31.4B | $18.7B |
| P/E Ratio → | 46.86 | 24.76 | — | — | — | 73.21 | 81.17 | 48.06 | 52.61 | 43.25 | 39.75 |
| P/S Ratio | 8.91 | 4.85 | 4.92 | 4.75 | 6.73 | 12.33 | 16.43 | 13.58 | 13.03 | 11.42 | 7.68 |
| P/B Ratio | 14.63 | 7.73 | 9.06 | 3.72 | 4.68 | 5.20 | 11.34 | 10.43 | 11.05 | 10.26 | 7.86 |
| P/FCF | 41.50 | 22.61 | 30.34 | 75.82 | 291.04 | 165.66 | 59.73 | 57.15 | 51.34 | 55.82 | 44.28 |
| P/OCF | 35.81 | 19.51 | 25.70 | 44.73 | 78.70 | 102.44 | 49.28 | 45.78 | 38.03 | 35.92 | 26.80 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.11 | 5.26 | 5.02 | 7.07 | 12.62 | 16.46 | 13.54 | 13.29 | 11.41 | 7.81 |
| EV / EBITDA | 35.07 | 19.57 | — | — | — | 446.37 | 69.51 | 40.88 | 41.70 | 41.20 | 25.73 |
| EV / EBIT | 46.03 | 18.69 | — | — | — | 60.46 | 58.91 | 40.99 | 46.57 | 29.07 | 31.53 |
| EV / FCF | — | 23.83 | 32.44 | 80.12 | 305.61 | 169.54 | 59.84 | 56.95 | 52.34 | 55.76 | 45.04 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.7% | 66.7% | 65.4% | 60.9% | 64.8% | 69.7% | 68.0% | 69.6% | 69.0% | 66.4% | 69.5% |
| Operating Margin | 19.9% | 19.9% | -19.1% | -23.7% | -91.2% | -2.7% | 17.9% | 27.8% | 26.5% | 22.0% | 24.5% |
| Net Profit Margin | 19.6% | 19.6% | -28.0% | -25.8% | -96.1% | 16.8% | 20.3% | 28.3% | 24.8% | 26.4% | 19.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.4% | 33.4% | -30.1% | -18.8% | -50.8% | 9.9% | 14.1% | 23.5% | 23.6% | 26.9% | 21.9% |
| ROA | 13.1% | 13.1% | -14.9% | -10.4% | -32.1% | 6.7% | 8.8% | 14.0% | 13.5% | 15.2% | 11.6% |
| ROIC | 16.8% | 16.8% | -11.5% | -10.6% | -31.0% | -1.1% | 9.4% | 16.0% | 16.9% | 16.0% | 18.1% |
| ROCE | 17.6% | 17.6% | -12.5% | -11.9% | -35.4% | -1.2% | 8.9% | 16.7% | 18.3% | 15.0% | 17.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.94 | 0.94 | 1.10 | 0.39 | 0.54 | 0.24 | 0.41 | 0.41 | 0.51 | 0.39 | 0.45 |
| Debt / EBITDA | 2.25 | 2.25 | — | — | — | 19.84 | 2.49 | 1.60 | 1.88 | 1.56 | 1.44 |
| Net Debt / Equity | — | 0.42 | 0.63 | 0.21 | 0.23 | 0.12 | 0.02 | -0.03 | 0.22 | -0.01 | 0.13 |
| Net Debt / EBITDA | 1.00 | 1.00 | — | — | — | 10.22 | 0.13 | -0.14 | 0.80 | -0.04 | 0.43 |
| Debt / FCF | — | 1.22 | 2.11 | 4.30 | 14.57 | 3.88 | 0.11 | -0.19 | 1.01 | -0.06 | 0.76 |
| Interest Coverage | 11.75 | 11.75 | -10.79 | -13.51 | -165.77 | 15.49 | 18.47 | 22.50 | 16.68 | 29.19 | 18.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.08 | 2.08 | 1.78 | 1.66 | 1.28 | 2.48 | 3.60 | 6.69 | 2.49 | 3.99 | 3.29 |
| Quick Ratio | 1.72 | 1.72 | 1.42 | 1.29 | 1.08 | 2.09 | 3.30 | 6.15 | 2.27 | 3.55 | 2.86 |
| Cash Ratio | 1.03 | 1.03 | 0.79 | 0.67 | 0.73 | 1.23 | 2.79 | 5.13 | 1.95 | 2.88 | 2.21 |
| Asset Turnover | — | 0.65 | 0.69 | 0.45 | 0.37 | 0.30 | 0.43 | 0.48 | 0.48 | 0.52 | 0.56 |
| Inventory Turnover | 2.56 | 2.56 | 2.76 | 3.00 | 2.84 | 3.18 | 2.78 | 3.00 | 2.68 | 2.78 | 2.44 |
| Days Sales Outstanding | — | 71.86 | 62.70 | 60.94 | 54.78 | 53.55 | 54.88 | 59.03 | 56.29 | 54.51 | 58.03 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 4.0% | — | — | — | 1.4% | 1.2% | 2.1% | 1.9% | 2.3% | 2.5% |
| FCF Yield | 2.4% | 4.4% | 3.3% | 1.3% | 0.3% | 0.6% | 1.7% | 1.7% | 1.9% | 1.8% | 2.3% |
| Buyback Yield | 1.9% | 3.5% | 0.5% | 0.0% | 0.0% | 0.0% | 1.4% | 0.7% | 0.5% | 0.8% | 1.4% |
| Total Shareholder Yield | 1.9% | 3.5% | 0.5% | 0.0% | 0.0% | 0.0% | 1.4% | 0.7% | 0.5% | 0.8% | 1.4% |
| Shares Outstanding | — | $156M | $159M | $158M | $157M | $151M | $148M | $149M | $149M | $148M | $148M |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying ILMN stock.
Illumina, Inc.'s current P/E ratio is 46.9x. The historical average is 59.6x. This places it at the 25th percentile of its historical range.
Illumina, Inc.'s current EV/EBITDA is 35.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.9x.
Illumina, Inc.'s return on equity (ROE) is 33.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -3.3%.
Based on historical data, Illumina, Inc. is trading at a P/E of 46.9x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Illumina, Inc. has 66.7% gross margin and 19.9% operating margin. Operating margin between 10-20% is typical for established companies.
Illumina, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Competitive pricing pressure
Metrics are mathematically derived from official filings.
Margin Recovery Post-GRAIL
Gross margin held at 66.4% in Q2 2026, within a narrow 62-69% range over two years, while operating margin expanded to 21.1% from 17.7% a year earlier, as reported in quarterly filings.
The stability of gross margin despite the NovaSeq X transition and competitive threats suggests pricing power in consumables remains intact. Operating margin improvement reflects disciplined cost management post-GRAIL, with R&D and SG&A down 25% and 38% from Q1 2024 levels, respectively. However, net margin volatility—swinging from -178.8% in Q2 2024 to 28.8% in Q4 2025—indicates that reported net income is heavily distorted by one-time items, making operating margin the more reliable gauge of underlying earning power.
Return on Capital Rebuilding
ROIC improved from -23.7% in Q2 2024 to 4.3% in Q2 2026, while ROE rose to 7.5%, according to financial statements, signaling a recovery from the GRAIL-related trough.
The sharp rebound in ROIC and ROE is driven by margin normalization and a leaner asset base, with goodwill down from $2.5B to $1.3B. However, returns remain well below pre-GRAIL levels and below peers like Agilent (ROIC 13.5%) and Thermo Fisher (ROIC 7.5%), suggesting the company is still in the early stages of restoring capital efficiency. The improvement is more attributable to cost cuts and divestiture than to organic revenue growth, as TTM revenue is still slightly negative.
Working Capital Drag Persists
Cash conversion cycle lengthened to 152 days in Q2 2026 from 140 days in Q2 2024, driven by DIO rising to 145 days, as per balance sheet data, indicating slower inventory turnover.
The extended CCC reflects higher inventory levels, likely tied to NovaSeq X ramp and supply chain buffers, which ties up cash. DSO improved to 59 days from 66 in Q1 2026, but DPO remains stable around 52-56 days, suggesting limited supplier leverage. Asset turnover is low at 0.18, typical for a capital-intensive manufacturing model, but the working capital drag may pressure free cash flow if inventory levels do not normalize.
Deleveraging Trend Intact
Debt-to-equity fell to 0.89 in Q2 2026 from 2.03 in Q2 2024, with D/EBITDA at 8.02, as reported in quarterly filings, reflecting debt reduction and equity rebuilding.
The balance sheet is clearly deleveraging post-GRAIL, with total debt down to $2.5B and equity nearly doubled to $2.8B. However, D/EBITDA remains elevated at 8.02, though it has improved from 10.30 in Q1 2025, indicating that EBITDA growth is also contributing. Interest coverage is not reported for Q2 2026, but Q1 2026 showed 7.54x, which is adequate but not robust. The reported D/E may understate true leverage if off-balance-sheet leases are considered, but the trend is positive.
Liquidity Buffer Adequate
Current ratio improved to 1.80 in Q2 2026 from 1.11 in Q2 2024, with quick ratio at 1.40, according to balance sheet data, providing a reasonable cushion against short-term obligations.
The liquidity position has strengthened significantly, with cash at $1.0B and current assets covering current liabilities comfortably. The quick ratio of 1.40 indicates that even without selling inventory, the company can meet near-term obligations. This buffer is important given the cyclicality of capital equipment sales and potential funding constraints in the biotech sector. However, the current ratio is below the 2.43 peak in Q3 2024, suggesting some normalization.
Misapplied P/E Ratio
The trailing P/E of 36.36 is misleading given the earnings volatility from GRAIL-related charges; EV/EBITDA of 27.44 or P/FCF of 32.20 better reflect the underlying business, as per valuation data.
The P/E ratio is distorted by one-time gains and losses, making it an unreliable valuation metric for Illumina. For instance, Q4 2025 net margin of 28.8% was inflated by a $2.17 EPS that was 85.5% above prior year, while Q2 2024 showed a massive loss. EV/EBITDA, at 27.44, is more stable and comparable to peers like Bruker (25.28) and Thermo Fisher (22.30), though still at a premium. P/FCF of 32.20 reflects the company's strong cash generation, which is a better indicator of value given the capital-intensive nature of the business. Investors should focus on EV/EBITDA and P/FCF rather than P/E when assessing Illumina's valuation.