Illumina, Inc. (ILMN) Key Metrics
ILMN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $39.64B
- Enterprise value
- $38.73B
- P/E (TTM)
- 49.0 10-yr median 48.0
- Forward P/E
- 40.3
- PEG ratio
- 3.05
- Price / sales
- 8.8 10-yr median 9.6
- Price / book
- 13.2 10-yr median 8.5
- EV / EBITDA
- 28.0 10-yr median 39.7
- Dividend yield
- —
- Beta
- 1.42
ILMN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsILMN valuation Price multiples at each fiscal year-end price.
ILMN returns How much profit the business earns on the capital it uses.
ILMN per-share figures Results divided by the shares outstanding at year-end.
ILMN financial health Debt, liquidity and how easily interest is covered.
ILMN efficiency & capital use Working capital cycle and where the cash goes.
ILMN valuation history
ILMN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ILMN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ILMN cash returned to shareholders
ILMN price vs earnings per share
ILMN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $20.46B | $21.25B | $21.40B | $30.88B | $55.88B | $53.27B | $48.08B | $43.47B | $31.46B | $18.43B |
| Enterprise value | $21.38B | $22.65B | $22.61B | $32.40B | $57.08B | $51.70B | $46.55B | $41.96B | $30.50B | $17.92B |
| P/E ratio | 24.1 | — | — | — | 73.3 | 81.2 | 48.0 | 52.6 | 43.3 | 39.8 |
| Price / sales | 4.7 | 4.9 | 4.8 | 6.7 | 12.3 | 16.4 | 13.6 | 13.0 | 11.4 | 7.7 |
| Price / book | 7.5 | 9.0 | 3.7 | 4.7 | 5.2 | 11.3 | 10.4 | 11.3 | 11.1 | 8.1 |
| Price / free cash flow | 22.0 | 30.0 | 75.9 | 291.3 | 165.8 | 59.8 | 57.1 | 51.4 | 55.9 | 44.3 |
| Price / operating cash flow | 19.0 | 25.4 | 44.8 | 78.8 | 102.5 | 49.3 | 45.7 | 38.1 | 35.9 | 26.8 |
| EV / sales | 4.9 | 5.2 | 5.0 | 7.1 | 12.6 | 16.0 | 13.1 | 12.6 | 11.1 | 7.5 |
| EV / EBITDA | 14.7 | — | — | — | 446.0 | 89.1 | 39.7 | 39.5 | 40.0 | 24.4 |
| EV / free cash flow | 23.0 | 31.9 | 80.2 | 305.6 | 169.4 | 58.0 | 55.3 | 49.6 | 54.2 | 43.1 |
| Earnings yield | 4.2% | −5.8% | −5.4% | −14.3% | 1.4% | 1.2% | 2.1% | 1.9% | 2.3% | 2.5% |
| Free cash flow yield | 4.6% | 3.3% | 1.3% | 0.3% | 0.6% | 1.7% | 1.8% | 1.9% | 1.8% | 2.3% |
| Dividend yield | — | — | — | 3.0% | 0.9% | — | — | 1.7% | 0.0% | 0.1% |
| Shareholder yield (dividends + buybacks) | 3.6% | 0.5% | 0.2% | 3.2% | 1.8% | 1.4% | 0.7% | 2.2% | 0.8% | 1.4% |
| Share price at fiscal year-end | $131.16 | $133.63 | $135.45 | $196.69 | $370.08 | $359.92 | $322.70 | $291.76 | $212.54 | $124.55 |
| Per share | ||||||||||
| Revenue per share | $27.81 | $27.50 | $28.51 | $29.20 | $29.97 | $21.89 | $23.78 | $22.37 | $18.59 | $16.21 |
| Earnings per share | $5.45 | −$7.69 | −$7.35 | −$28.05 | $5.05 | $4.43 | $6.72 | $5.54 | $4.91 | $3.13 |
| Operating cash flow per share | $6.92 | $5.26 | $3.03 | $2.50 | $3.61 | $7.30 | $7.05 | $7.66 | $5.91 | $4.64 |
| Free cash flow per share | $5.97 | $4.46 | $1.78 | $0.68 | $2.23 | $6.02 | $5.65 | $5.68 | $3.80 | $2.81 |
| Cash per share | $10.47 | $7.67 | $6.67 | $12.97 | $8.87 | $23.46 | $22.91 | $23.57 | $14.49 | $10.53 |
| Book value per share | $17.46 | $14.92 | $36.36 | $42.03 | $71.13 | $31.72 | $30.96 | $25.81 | $19.22 | $15.34 |
| Tangible book value per share | $8.97 | $6.07 | $1.31 | $0.48 | $2.50 | $24.70 | $24.46 | $18.99 | $12.82 | $8.46 |
| Dividends per share | — | — | — | $5.97 | $3.38 | — | — | $4.93 | $0.03 | $0.08 |
| Capex per share | $0.95 | $0.81 | $1.23 | $1.82 | $1.38 | $1.28 | $1.40 | $1.99 | $2.11 | $1.83 |
| Debt per share | $16.37 | $16.49 | $14.32 | $22.64 | $16.82 | $12.88 | $12.62 | $13.40 | $8.05 | $7.09 |
| Shares outstanding | 156.0M | 159.0M | 158.0M | 157.0M | 151.0M | 148.0M | 149.0M | 149.0M | 148.0M | 148.0M |
| Change in shares outstanding | −1.9% | +0.6% | +0.6% | +4.0% | +2.0% | −0.7% | 0.0% | +0.7% | 0.0% | −0.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 33.4% | −30.1% | −18.8% | −50.8% | 9.9% | 14.1% | 23.7% | 24.7% | 28.4% | 22.5% |
| Return on invested capital (ROIC) | 18.2% | −12.3% | −11.2% | −32.9% | −1.4% | 9.7% | 32.2% | 36.6% | 21.6% | 27.0% |
| Return on assets (ROA) | 13.1% | −14.9% | −10.4% | −32.1% | 6.7% | 8.8% | 14.0% | 13.5% | 15.2% | 11.6% |
| Return on tangible assets | 16.0% | −25.0% | −25.4% | −76.9% | 15.7% | 10.0% | 15.8% | 13.9% | 16.8% | 14.2% |
| Free cash flow margin | 21.5% | 16.2% | 6.3% | 2.3% | 7.4% | 27.5% | 23.8% | 25.4% | 20.5% | 17.3% |
| Income quality (OCF / net income) | 1.27 | — | — | — | 0.72 | 1.65 | 1.05 | 1.38 | 1.21 | 1.49 |
| Financial health | ||||||||||
| Total debt | $2.55B | $2.62B | $2.26B | $3.56B | $2.54B | $1.91B | $1.88B | $2.00B | $1.19B | $1.05B |
| Cash & short-term investments | $1.63B | $1.22B | $1.05B | $2.04B | $1.34B | $3.47B | $3.41B | $3.51B | $2.15B | $1.56B |
| Net debt | $920.0M | $1.40B | $1.21B | $1.52B | $1.20B | −$1.57B | −$1.53B | −$1.51B | −$953.0M | −$509.7M |
| Debt / equity | 0.94 | 1.10 | 0.39 | 0.54 | 0.24 | 0.41 | 0.41 | 0.52 | 0.42 | 0.46 |
| Debt / assets | 0.38 | 0.42 | 0.22 | 0.29 | 0.17 | 0.25 | 0.26 | 0.29 | 0.23 | 0.25 |
| Net debt / EBITDA | 0.63 | — | — | — | 9.38 | −2.70 | −1.31 | −1.43 | −1.25 | −0.69 |
| Current ratio | 2.08 | 1.78 | 1.66 | 1.28 | 2.48 | 3.60 | 6.69 | 2.49 | 3.99 | 3.29 |
| Quick ratio | 1.72 | 1.42 | 1.29 | 1.08 | 2.09 | 3.30 | 6.15 | 2.27 | 3.55 | 2.86 |
| Interest coverage | 8.6 | -8.3 | -13.9 | -160.7 | -2.0 | 8.0 | 18.9 | 15.5 | 16.4 | 17.8 |
| Working capital | $1.70B | $1.20B | $1.04B | $788.0M | $1.62B | $3.24B | $3.79B | $2.69B | $2.23B | $1.61B |
| Invested capital | $3.64B | $3.77B | $6.95B | $8.12B | $11.94B | $3.13B | $3.08B | $2.33B | $1.89B | $1.76B |
| Tangible asset value | $1.40B | $965.0M | $207.0M | $75.0M | $377.0M | $3.65B | $3.64B | $2.89B | $2.02B | $1.30B |
| Net current asset value | −$632.0M | −$1.18B | −$1.76B | −$2.09B | −$1.76B | $1.59B | $1.75B | $1.44B | $692.0M | $351.7M |
| Graham number | $46.26 | — | — | — | $89.87 | $56.24 | $68.44 | $56.73 | $46.05 | $32.85 |
| Graham net-net per share | −$8.75 | −$11.78 | −$15.53 | −$17.94 | −$16.06 | $7.65 | $8.86 | $6.96 | $2.24 | $0.19 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $937.0M | $511.0M | — | — | $735.0M | $5.0M | $11.6M |
| Share buybacks (net) | $742.0M | $116.0M | $40.0M | $54.0M | $511.0M | $736.0M | $324.0M | $201.0M | $251.0M | $249.0M |
| Dividend payout ratio | — | — | — | — | 67.1% | — | — | 89.0% | 0.7% | 2.5% |
| Dividends + buybacks / free cash flow | 79.7% | 16.4% | 14.2% | 934.9% | 303.3% | 82.6% | 38.5% | 110.6% | 45.5% | 62.7% |
| Capex / revenue | 3.4% | 2.9% | 4.3% | 6.2% | 4.6% | 5.8% | 5.9% | 8.9% | 11.3% | 11.3% |
| Capex / operating cash flow | 13.7% | 15.3% | 40.8% | 73.0% | 38.2% | 17.5% | 19.9% | 25.9% | 35.7% | 39.5% |
| Capex / depreciation | 0.55 | 0.36 | 0.45 | 0.73 | 0.83 | 1.01 | 1.11 | 1.65 | 2.00 | 1.92 |
| Stock-based compensation / revenue | 6.3% | 8.5% | 8.4% | 8.0% | 16.7% | 6.0% | 5.5% | 5.8% | 6.0% | 5.4% |
| R&D / revenue | 21.9% | 26.7% | 30.1% | 28.8% | 26.2% | 21.1% | 18.3% | 18.7% | 19.8% | 21.0% |
| SG&A / revenue | 23.8% | 25.0% | 35.8% | 28.3% | 46.2% | 29.1% | 23.6% | 23.8% | 24.5% | 24.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 67.5 | 62.7 | 58.3 | 53.8 | 46.4 | 59.7 | 56.0 | 50.6 | 52.5 | 58.4 |
| Days of inventory on hand | 140.3 | 137.0 | 119.8 | 113.1 | 106.8 | 128.8 | 126.4 | 127.0 | 124.8 | 142.3 |
| Days payables outstanding | 58.2 | 56.3 | 55.8 | 70.8 | 69.7 | 60.1 | 56.5 | 60.8 | 58.7 | 69.1 |
| Cash conversion cycle (days) | 149.6 | 143.4 | 122.3 | 96.2 | 83.5 | 128.4 | 125.9 | 116.9 | 118.6 | 131.6 |
| Receivables turnover | 5.41 | 5.82 | 6.26 | 6.78 | 7.86 | 6.11 | 6.52 | 7.21 | 6.95 | 6.26 |
| Payables turnover | 6.27 | 6.48 | 6.54 | 5.16 | 5.24 | 6.08 | 6.46 | 6.01 | 6.21 | 5.28 |
| Inventory turnover | 2.60 | 2.66 | 3.05 | 3.23 | 3.42 | 2.83 | 2.89 | 2.87 | 2.92 | 2.56 |
| Asset turnover | 0.67 | 0.53 | 0.40 | 0.33 | 0.40 | 0.43 | 0.50 | 0.55 | 0.58 | 0.60 |
| Average receivables | $802.5M | $751.5M | $720.0M | $676.0M | $575.5M | $530.0M | $543.5M | $462.5M | $396.2M | $383.4M |
| Average payables | $230.5M | $233.0M | $269.0M | $312.5M | $262.0M | $170.5M | $166.5M | $172.0M | $149.0M | $138.6M |
| Average inventory | $555.5M | $567.0M | $577.5M | $499.5M | $401.5M | $365.5M | $372.5M | $359.5M | $316.6M | $285.5M |
| Intangibles / total assets | 19.9% | 22.3% | 54.8% | 53.2% | 68.1% | 13.7% | 13.2% | 14.6% | 18.0% | 23.8% |
Computed from ILMN's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ILMN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Illumina traded at 24.1 times earnings, against a 10-year median of 48.0. Based on the latest twelve months, the trailing P/E is 49.0 and the forward P/E is 40.3. Illumina earned a return on equity of 33.4% and a return on invested capital of 18.2% in fiscal 2025. It ended the year with $2.6 billion of debt and $1.6 billion in cash and short-term investments, net debt of $920.0 million. It returned $742.0 million to shareholders: $0 in dividends and $742.0 million in share buybacks, 80% of free cash flow. The share count rose 5.4% from 148.0M to 156.0M over 9 years.
See the ILMN income statement, the ILMN chart for price history, or the ILMN stock overview for the latest quote and news.
ILMN key metrics FAQ
What is Illumina's P/E ratio?
Illumina's trailing P/E ratio is 49.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 40.3. At the end of fiscal 2025 it was 24.1, compared with a 10-year median of 48.0.
What is Illumina's EV/EBITDA?
Illumina's enterprise value was 14.7 times EBITDA at the end of fiscal 2025 (enterprise value $21.4 billion, EBITDA $1.5 billion); the current EV/EBITDA is 28.0.
What is Illumina's return on equity?
Illumina's return on equity (ROE) was 33.4% in fiscal 2025: net income of $850.0 million on average shareholders' equity of $2.5 billion.
What is Illumina's ROIC?
Illumina's return on invested capital was 18.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Illumina have?
Illumina had total debt of $2.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.94 and $920.0 million of net debt (0.63 times EBITDA).
Does Illumina buy back its shares?
Yes. Illumina spent $742.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.9% over the year, to 156.0M..
What is Illumina's free cash flow yield?
Illumina generated $931.0 million of free cash flow in fiscal 2025, a free cash flow yield of 4.6% on its market value at year-end ($20.5 billion).
What is Illumina's current ratio?
Illumina's current ratio was 2.08 at the end of fiscal 2025: current assets were 2.08 times current liabilities.