任意の製品分析
許可いただいた場合、プライバシーに配慮した限定的な分析を使用し、どのリサーチ経路が有効かを把握します。広告トラッカーやセッション録画は使用しません。この選択は設定で変更できます。詳しくは プライバシーポリシー.
Accelerated clinical diagnostic adoption in oncology minimal residual disease (MRD) testing and whole-genome rare disease screening driving NovaSeq X consumable pull-through well above mid-teens expectations.
A prolonged contraction in academic and government research funding combined with persistent high-bandwidth memory component cost inflation.
Illumina is rated Sell with Fair value of $119.53 compared to $259.19, reflecting -53.9% upside.
Illumina commands a Wide economic moat underpinned by massive clinical switching costs and proprietary sequencing-by-synthesis (SBS) intellectual property. Clinical customers are expanding their installed base of NovaSeq X instruments to support expanding clinical test volumes, driving mid-teens clinical consumables growth guidance for FY2026. Following the divestiture of GRAIL, core operating profitability has rebounded, with GAAP operating income reaching $807M in FY2025 and FY2026 non-GAAP operating margin guided to 23.4%-23.6%. of $1,079M in FY2025 yielded $931M in .
Despite these solid operational fundamentals, the stock exhibits an extreme valuation disconnect. At $259.19, ILMN trades at 40.32x forward earnings, pricing in aggressive multi-year growth acceleration that conflicts with low single-digit sequencing instrument growth and mid-to-high single-digit contraction in research consumables. Reverse DCF analysis demonstrates that current pricing requires a 19.44% 10-year earnings CAGR, far above the realistic 11.04% rate supported by business economics. Our multi-model intrinsic fair value midpoint of $119.53 sits 46.38% below the present-value equivalent of the consensus 12-month target of $222.94, establishing a clear Sell recommendation.245
Clinical diagnostic customers develop validated laboratory developed tests (LDTs) and IVD workflows around Illumina hardware and proprietary sequencing chemistry, creating immense switching costs and multi-year consumable pull-through.5
Illumina maintains extensive intellectual property protecting its proprietary sequencing-by-synthesis (SBS) technology and optical detection systems, supporting consolidated gross profit of $2,870M on $4,343M revenue (66.1% gross margin) in FY2025.57
A massive global installed base of NovaSeq X and benchtop instruments creates strong platform network effects and workflow standardization across major hospital systems and commercial laboratories.5
Sell. Illumina is an exceptional business trading at a speculative valuation. While the company's Wide economic moat and clinical sequencing expansion remain fully intact, the market price of $259.19 trades at a 116.84% premium to our intrinsic fair value midpoint of $119.53. With the equity discounting an aggressive 19.44% multi-year growth rate against management's 6.5% modeled FY2026 growth, the risk/reward profile is deeply skewed to the downside.1
Illumina, Inc. is a global provider of life science tools and integrated systems for large-scale analysis of genetic variation and biological function. The company develops, manufactures, and commercializes next-generation sequencing (NGS) and array-based technologies serving customers across clinical, academic, and applied end-markets. Key platforms include the high-throughput NovaSeq X series, alongside mid-throughput NextSeq and benchtop MiSeq instruments.
In FY2025, Illumina generated $4,343M in consolidated net revenue. Geographically, the business is anchored by the United States, which contributed $2,243M (51.6% of sales), within the broader Americas region at $2,406M (55.4%). Europe contributed $1,264M (29.1%), Asia-Pacific, Middle East, and Africa (APMEA) delivered $430M (9.9%), and Greater China generated $243M (5.6%). Following the completed spin-off of GRAIL, Illumina operates as a streamlined pure-play genomic sequencing platform.
A compounding downside stress test models simultaneous academic grant freezes, persistent high-bandwidth memory component inflation, and regulatory displacement in Greater China. In this environment, research consumables contract by double digits, operating margins compress toward 21.0%, and total top-line revenue growth stalls below 4.0%. Under these operating pressures, intrinsic valuation contracts toward the downside valuation floor of $91.84. At $259.19, long investors face severe, unhedged downside vulnerability without an adequate margin of safety.
Under the Bear scenario, persistent academic research budget contractions suppress consumable utilization while high-bandwidth memory input inflation and China revenue contraction constrain operating margins to approximately 21.0%. Five-year revenue CAGR slows toward low single digits as clinical adoption fails to fully offset broader research lab headwinds.
Unanticipated spikes in high-bandwidth memory and freight expenses combined with mid-to-high single-digit declines in research consumables compress operating margin below 20.5% (a 300 bps shock against the 23.5% baseline guidance), driving an 18.5% fair value impairment.5
投資判断を弱める5つの変化です。
Signals deep structural funding contraction in academic and government laboratories that overwhelms clinical expansion.
現在:Mid-to-high single-digit decline in FY2026
警戒条件Decline exceeding 12% YoY for two consecutive quarters
Indicates failure to offset component inflation in memory and GPUs and severe loss of operating expense .
Illumina possesses a Wide economic moat anchored by massive switching costs and proprietary intellectual property in next-generation sequencing (NGS). In clinical diagnostic settings—including oncology profiling, non-invasive prenatal testing (NIPT), and rare disease genetics—customers validate laboratory procedures, regulatory compliance filings, and bioinformatics pipelines specifically around Illumina's sequencing-by-synthesis technology. Replacing an installed sequencing fleet incurs immense re-validation costs, regulatory re-filing burdens, and retraining hurdles, locking in customers for the multi-year lifecycle of each instrument.
This customer captivity transforms instrument placements into recurring, high-margin reagent consumption. Product gross profit was $2,870M on $4,343M in FY2025 revenue, and non-GAAP gross margin reached 68.2% in Q2 2026. In clinical end-markets, management projects mid-teens revenue growth for FY2026, demonstrating that high-value diagnostic applications continue to deepen Illumina's moat outside of Greater China, where regulatory sanctions have restricted market access ($243M in FY2025 revenue).
Illumina generates sustainable economic profit with an ROIC of 15.08% exceeding its weighted average cost of capital (WACC) of 9.90% and cost of equity of 10.26% by 518 bps. Following the divestment of GRAIL, GAAP operating income rebounded to $807M in FY2025 on $4,343M in consolidated revenue, supporting excess returns over a 15-year competitive advantage horizon.27
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.
The highlighted cell is Fair value when every assumption sits at its base level ($119.53). Each row and column shows what Fair value becomes when one assumption moves.
A free-cash-flow drop test is not available in this run; use the discount-rate and terminal-growth grid as the primary valuation pressure test.
The modal base path reflects management's FY2026 guidance for reported revenue and operating margin. Clinical consumables expansion at mid-teens offsets mid-to-high single-digit research declines. This trajectory generates Fair value of $119.53, implying -53.9% return relative to $259.19.5
Even a material quarterly beat does not resolve the substantial valuation disconnect where the stock trades at 40.32x forward earnings and a 116.84% premium to intrinsic fair value.
Meeting guidance confirms the modeled financial path ($4.60B-$4.64B revenue, 23.4%-23.6% operating margin) without bridging the valuation gulf to intrinsic worth of $119.53.
High earnings quality. FY2025 operating cash flow of $1,079M represented 126.9% of GAAP net income of $850M, generating $931M in free cash flow. Non-GAAP adjustments in Q2 2026 were routine and clean, consisting primarily of acquisition-related intangible asset amortization ($18M) and ERP transformation implementation expenses ($4M).67
Consensus revisions remained flat across FY2026 and FY2027 following the Q2 2026 financial release. Sell-side consensus expects FY2026 revenue of $4,624M and diluted EPS of $5.36, and FY2027 revenue of $4,923M and diluted EPS of $6.13.1
Tests whether clinical oncology and rare disease testing can outpace research lab headwinds.5
Illumina exhibits strong cash generation. FY2025 operating cash flow reached $1,079M, funding $148M in capital expenditures to generate $931M in free cash flow. In Q2 2026, cash flow from operations was $201M and free cash flow was $162M. Operating cash flow conversion consistently exceeds 100% of GAAP net income ($850M in FY2025), validating the high cash quality of core sequencing operations.67
Illumina exercises conservative capital allocation following the GRAIL separation. Balance sheet cash and short-term investments totaled $1,168M ($1,040M cash plus $128M short-term investments) as of June 28, 2026, against total term debt of $2,527M ($500M current portion plus $1,491M and accrued liabilities). remain modest at $148M in FY2025 and $39M in Q2 2026, absorbing approximately 18% of NOPAT and leaving ample organic for balance sheet de-leveraging.
GAAP operating profitability has recovered to $807M in FY2025 from negative levels in FY2024 (-19.05% margin), with non-GAAP operating margin guided to expand to 23.4%-23.6% in FY2026. ROIC of 15.08% confirms robust economic value creation above the cost of capital.
ROIC of 15.08% exceeds WACC of 9.90% and cost of equity of 10.26% by 518 bps.
Product revenue reached $982M in Q2 2026, driven by mid-single-digit sequencing consumables growth while sequencing instruments grew low single digits.
Expanding consumables mix elevates non-GAAP gross margin to 68.2% and reduces top-line cyclicality.
| 売上高 | $1,159,000,000 |
|---|---|
| 売上原価 | $389,000,000 |
| 売上総利益 | $770,000,000 |
| 営業費用 | $525,000,000 |
| 営業利益 | $245,000,000 |
| 営業外項目および税金 | -$38,000,000 |
| 純利益 | $207,000,000 |
| 総資産 | $6,644,000,000 |
|---|---|
| 現金 | $1,418,000,000 |
| 流動資産 | $3,289,000,000 |
| 負債合計 | $3,921,000,000 |
| 流動負債 | $1,585,000,000 |
| 株主資本 | $2,723,000,000 |
| 純利益 | $850,000,000 |
|---|---|
| 営業キャッシュ流入 | $1,395,000,000 |
| 減価償却費 | $270,000,000 |
| 株式報酬 | $275,000,000 |
| 営業キャッシュフロー | $1,079,000,000 |
| 営業キャッシュ流出 | $316,000,000 |
| 利用可能現金 | $2,217,000,000 |
| 期首現金 | $1,127,000,000 |
| 為替レートの影響 | $11,000,000 |
| 投資キャッシュ流出 | $55,000,000 |
| 財務キャッシュ流出 | $744,000,000 |
| 自社株買い | $742,000,000 |
| 純有利子負債返済 | $5,000,000 |
| 期末現金 | $1,418,000,000 |
| 投資キャッシュフロー | -$55,000,000 |
| 財務キャッシュフロー | -$744,000,000 |
出典: SEC EDGAR · 提出日 2026-02-12 · SEC EDGAR
| 事業セグメント別売上高 | 売上高 | 構成比 | 前年比 |
|---|---|---|---|
| Core Illumina | $43.3億 | 99.1% | -2.4% |
| GRAILInc. | $5500万 | 1.3% | -40.9% |
2026-10-22の分析で使用した時点財務データ。
| 期間 | 売上高 | EBITDA | 純利益 | 営業キャッシュフロー | フリーキャッシュフロー | 設備投資 | 減価償却費 | 株式報酬 | 自社株買い | 支払配当金 | 純有利子負債調達 | 投資キャッシュフロー | 財務キャッシュフロー | 期首現金 | 期末現金 | 現金および投資 | 総負債 | 営業利益率 | ROIC | WACC | ROIC−WACCスプレッド |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017-01-01 | $24億 | $7.4億 | $4.6億 | $7.8億 | $5.2億 | $2.6億 | $1.4億 | $1.3億 | $2.5億 | $1155.8万 | — | -$5.2億 | -$3億 | — | $7.4億 | $15.6億 | $10.5億 | 24.5% | — | 7.1% | — |
| 2017-12-31 | $27.5億 | $7.6億 | $7.3億 | $8.8億 | $5.7億 | $3.1億 | $1.6億 | $1.6億 | $2.5億 | $500万 | — | -$2.1億 | -$1.8億 | $7.4億 | $12.3億 | $21.5億 | $11.9億 | 22.0% | — | 6.2% | — |
| 2018-12-30 | $33.3億 | $10.6億 | $8.3億 | $11.4億 | $8.5億 | $3億 | $1.8億 | $1.9億 | $2億 | $7.4億 | — | -$18.1億 | $5.9億 | $12.3億 | $11.4億 | $35.1億 | $8.4億 | 26.5% | — | 7.0% | — |
| 2019-12-29 | $35.4億 | $11.7億 | $10億 | $10.5億 | $8.4億 | $2.1億 | $1.9億 | $1.9億 | $3.2億 | — | — | $7.5億 | -$9億 | $11.4億 | $20.4億 | $34.1億 | $18.8億 | 27.8% | — | 6.0% | — |
| 2021-01-03 | $32.4億 | $5.8億 | $6.6億 | $10.8億 | $8.9億 | $1.9億 | $1.9億 | $1.9億 | $7.4億 | — | — | -$5.5億 | -$7.7億 | $20.4億 | $18.1億 | $34.7億 | $19.1億 | 17.9% | — | 4.6% | — |
| 2022-01-02 | $45.3億 | $1.3億 | $7.6億 | $5.5億 | $3.4億 | $2.1億 | $2.5億 | $7.5億 | $0 | $5.1億 | — | -$10.7億 | -$5100万 | $18.1億 | $12.3億 | $13.4億 | $25.4億 | -2.7% | — | 4.9% | — |
| 2023-01-01 | $45.8億 | -$37.9億 | -$44億 | $3.9億 | $1.1億 | $2.9億 | $3.9億 | $3.7億 | $0 | $9.4億 | $9.9億 | -$5.9億 | $10億 | $12.3億 | $20.1億 | $20.4億 | $35.6億 | -91.2% | — | — | — |
| 2023-12-31 | $45億 | -$10.7億 | -$11.6億 | $4.8億 | $2.8億 | $2億 | $4.3億 | $3.8億 | $0 | — | -$12.4億 | -$2.3億 | -$12.1億 | $20.1億 | $10.5億 | $10.5億 | $22.6億 | -23.7% | — | 7.5% | — |
| 2024-12-29 | $43.7億 | -$7.3億 | -$12.2億 | $8.4億 | $7.1億 | $1.3億 | $3.5億 | $3.7億 | $1.2億 | — | $4.9億 | -$1.8億 | -$5.7億 | $10.5億 | $11.3億 | $12.2億 | $26.2億 | -19.1% | — | — | — |
| 2025-12-28 | $43.4億 | $14.6億 | $8.5億 | $10.8億 | $9.3億 | $1.5億 | $2.7億 | $2.8億 | $7.4億 | — | -$500万 | -$5500万 | -$7.4億 | $11.3億 | $14.2億 | $16.3億 | $25.5億 | 18.6% | — | 8.8% | — |
Illumina, Inc. (ILMN) trades at 40.3x forward earnings against a peer median of 22.4x. Its EV/EBITDA of 38.2x compares with a peer median of 22.4x. The comparison uses 4 peers: IDEXX Laboratories Inc., IQVIA Holdings Inc., Agilent Technologies Inc. and Labcorp Holdings Inc., as of 2026-10-22.
The life sciences tools industry benchmark exhibits disciplined capital intensity, with industry capex-to-revenue at 4.5% and capex-to-depreciation at 0.8. Illumina's capex was $148M on $4,343M revenue (3.41%) in FY2025 against depreciation of $270M (capex/depreciation of 0.55). Capex was $39M in Q2 2026. Industry capacity and supplier lead-time data are unavailable, meaning this capital cycle assessment is demand-led and evidence-limited.7
In an expansionary upcycle, synchronized recovery in biopharma R&D funding and academic research grants accelerates NovaSeq X placements above low single digits, driving double-digit expansion across clinical and research sequencing consumables.
In a severe tools downcycle, prolonged academic and government grant constraints deepen research consumable contractions beyond mid-to-high single digits, clinical instrument purchasing approvals face hospital budget scrutiny, and consolidated revenue growth decelerates toward low single digits.
Illumina maintains a highly defended demand position in clinical oncology and genetic testing, anchored by $2,243M in United States revenue (51.6% of FY2025 net sales). This non-discretionary clinical diagnostic base buffers consolidated revenue against biopharma capex pauses and academic funding austerity, allowing Illumina to navigate industry capital cycles more resiliently than pure-play research tools peers.8
A 0% allocation is warranted due to extreme valuation excess. The equity trades at $259.19, representing a 116.84% premium to our intrinsic fair value midpoint of $119.53 and a 76.64% premium even to the high-end Bull case of $146.73. Risk/reward is entirely uncompensated for long investors.4
Capital preservation is paramount. Given the 116.84% premium to intrinsic fair value and forward P/E of 40.32x, long exposure entails severe downside vulnerability if quarterly revenue or operating margin guidance falls short. Portfolios should reallocate capital to life sciences tools peers offering realistic valuations.
At 40.32x forward earnings and a 116.84% premium to intrinsic fair value, the equity prices in a 19.44% 10-year growth rate that is detached from management guidance and market reality.24
Although Illumina possesses a Wide moat and robust free cash flow generation ($931M in FY2025), high business quality cannot justify paying over double the business's intrinsic worth.6
Even under an optimistic Bull case where clinical growth accelerates and operating margins reach 26%, fair value reaches only $146.73, which remains 43.4% below current trading prices of $259.19.4
We recommend a Sell rating on Illumina, Inc. with Fair value of $119.53 against the share price of $259.19, reflecting -53.9% upside. While Illumina commands a wide economic moat in clinical genetic sequencing, shares trade well above intrinsic worth.
The stock trades at 40.32x forward earnings, pricing in aggressive growth acceleration that conflicts with low single-digit instrument placement growth and research consumables contraction. Investors should exit long positions and reallocate capital elsewhere.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
If FY2027 revenue fails to achieve high single-digit growth due to prolonged academic lab funding contraction, market expectations de-rate the terminal P/E multiple by 20% from 24.0x to 19.2x, aligning valuation with peers like IQVIA at 19.2x forward P/E, generating a 20.0% fair value contraction.5
Sequencing instruments growth stagnates near low single digits and research consumables continue contracting, driving 5-year revenue growth 500 bps below the modeled 6.5%-7.5% trajectory, triggering a 27.5% fair value decline.15
現在:23.4% - 23.6% FY2026 guidance
警戒条件Below 20.5% (a 300 bps shock against guidance baseline)
Signals aggressive consumable price discounting or competitive erosion against analytical tool peers.
現在:66.4% GAAP / 68.2% non-GAAP in Q2 2026
警戒条件Below 63.0% on a trailing twelve-month basis
Indicates clinical test adoption saturation and diagnostic reimbursement roadblocks in domestic healthcare systems.
現在:$2,243M in FY2025 (51.6% of net sales)
警戒条件At or below 0.0% YoY in FY2026
Signals accelerating geopolitical exclusion on China's Unreliable Entities List and displacement by domestic sequencing tool vendors.
現在:$243M in FY2025 (5.6% of net sales)
警戒条件Decline > 25% YoY or revenue contribution falling below 3.5%
| medium |
| Ongoing |
| Diversifying geographic mix toward the Americas ($2,406M FY2025) and Europe ($1,264M FY2025), isolating China to 5.6% ($243M) of total sales.8 |
| Hardware Input Cost Spikes in Memory and GPUs | low | 6-12 months | Securing forward component inventory buffers and driving manufacturing operational efficiencies.5 |
Under the moderate discount rate, $21.93 comes from forecast-period earnings and $76.84 from the long-term value, totaling $98.77.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Solve for the growth rate that makes the model value equal the report-date share price.
In the Bull case, clinical sequencing expands rapidly across oncology and rare disease diagnostics, driving mid-teens clinical consumables growth and enabling FY2027 revenue to reach high single digits. Operating margins expand via high consumable pull-through, supporting Potential value of $146.73. Notably, even this optimistic outcome remains well below $259.19.5
Confirms whether operational discipline offsets memory and freight cost inflation.5
Active instrument additions drive the high-margin consumable replenishment stream in subsequent years.5
Measures the extent of academic and government lab funding contraction.5
| $5.26B |
| $5.58B |
| $5.86B |
| Operating income | $1.09B | $1.18B | $1.29B | $1.37B | $1.44B |
| NOPAT | $850.00M | $924.17M | $1.01B | $1.07B | $1.12B |
| Residual cash after reinvestment policy | $697.00M | $757.82M | $827.76M | $877.42M | $921.29M |
| Revenue growth | 6.5% | 6.5% | 7.0% | 6.0% | 5.0% |
| Operating margin | 23.5% | 24.0% | 24.5% | 24.5% | 24.5% |
| Tax rate | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% |
| Reinvestment rate | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% |
| Terminal growth | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
Operating income recovered to $807M in FY2025 (18.58% margin), and FY2026 non-GAAP operating margin is guided to 23.4%-23.6%.
Cost discipline drives 11% to 14% diluted EPS growth despite moderate ~6.5% top-line expansion.
At $259.19, forward P/E is 40.32x, compared to peers Agilent at 25.59x and IQVIA at 19.20x.
Market price implies an aggressive 19.44% 10-year growth rate in reverse DCF analysis, an 8.4 percentage point disconnect from reality.
| マージン |
|---|
| ILMN | Illumina, Inc. | $39.1B | 40.3x | 8.7x | 38.2x | 32.3% | — |
| IDXX | IDEXX Laboratories Inc. | $44.6B | 33.7x | 9.8x | 27.4x | 74.2% | 35.0% |
| IQV | IQVIA Holdings Inc. | $45.5B | 19.2x | 2.7x | 19.6x | 22.8% | 13.0% |
| A | Agilent Technologies Inc. | $48.6B | 25.6x | 6.6x | 25.2x | 21.0% | 25.6% |
| LH | Labcorp Holdings Inc. | $26.2B | 16.4x | 1.8x | 14.2x | 11.7% | 12.2% |
| negative |
| Regulatory export restrictions and placement on China's Unreliable Entities List have restricted China sales to $243M (5.6% of FY2025 revenue). |
| Gross margin declining for two consecutive quarters |
| Signals memory cost inflation absorption failure or consumable price erosion; reduce fair value estimate. |
| US Clinical Revenue Growth | Deceleration to low single digits year-over-year | Breaches core domestic demand anchor; trigger formal re-underwriting of clinical adoption thesis. |
