Latest Ratios: P/E Ratio 35.7x · EV/EBITDA 27.0x · 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 | $29.5B | $21.1B | $21.5B | $21.4B | $30.9B | $55.8B | $53.2B | $48.1B | $43.4B | $31.4B | $18.4B |
| Enterprise Value | $30.7B | $22.2B | $23.0B | $22.6B | $32.4B | $57.1B | $53.3B | $48.0B | $44.3B | $31.4B | $18.7B |
| P/E Ratio → | 35.66 | 24.76 | — | — | — | 73.21 | 81.17 | 48.06 | 52.61 | 43.25 | 39.75 |
| P/S Ratio | 6.80 | 4.85 | 4.92 | 4.75 | 6.73 | 12.33 | 16.43 | 13.58 | 13.03 | 11.42 | 7.68 |
| P/B Ratio | 11.13 | 7.73 | 9.06 | 3.72 | 4.68 | 5.20 | 11.34 | 10.43 | 11.05 | 10.26 | 7.86 |
| P/FCF | 31.71 | 22.61 | 30.34 | 75.82 | 291.04 | 165.66 | 59.73 | 57.15 | 51.34 | 55.82 | 44.28 |
| P/OCF | 27.36 | 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 | 27.03 | 19.57 | — | — | — | 446.37 | 69.51 | 40.88 | 41.70 | 41.20 | 25.73 |
| EV / EBIT | 35.48 | 25.68 | — | — | — | 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 | 8.55 | 8.55 | -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 | 2.8% | 4.0% | — | — | — | 1.4% | 1.2% | 2.1% | 1.9% | 2.3% | 2.5% |
| FCF Yield | 3.2% | 4.4% | 3.3% | 1.3% | 0.3% | 0.6% | 1.7% | 1.7% | 1.9% | 1.8% | 2.3% |
| Buyback Yield | 2.5% | 3.5% | 0.5% | 0.0% | 0.0% | 0.0% | 1.4% | 0.7% | 0.5% | 0.8% | 1.4% |
| Total Shareholder Yield | 2.5% | 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 |
Divestiture execution and competition
Based on current market data, Illumina trades at a P/E of 32.39 and an EV/EBITDA of 24.65, suggesting that investors are pricing the company as a turnaround story rather than a high-growth compounder when compared to the broader life sciences tools peer group.
The elevated PEG ratio of 7.66 indicates that the market is not currently compensating for the lack of consistent top-line expansion, likely reflecting skepticism regarding the post-GRAIL growth trajectory. This valuation appears to bake in a significant risk premium, as investors await evidence that the core sequencing business can return to historical growth rates without the distraction of non-core assets.
As reported in recent financial statements, Illumina's ROIC has struggled to maintain momentum, hovering at 3.8% in 2026Q1, which remains well below the levels required to justify its historical premium valuation and suggests that recent capital allocation has yet to yield meaningful returns.
The volatility in ROIC, which saw a sharp decline during the 2024 divestiture period, highlights the difficulty of maintaining efficient capital deployment during major strategic pivots. Investors should monitor whether the company can improve its asset utilization as it refocuses on its core high-throughput sequencing platform and sheds capital-intensive, non-core operations.
According to quarterly filings, the cash conversion cycle has remained elevated at 155 days in 2026Q1, driven largely by a persistent inventory turnover lag that suggests the company is carrying significant stock as it manages the transition to the NovaSeq X platform.
The high days inventory outstanding (DIO) of 144 days indicates that the company's supply chain remains sensitive to product transition cycles and potential shifts in customer demand. While the DSO of 66 days appears stable, the overall length of the cash conversion cycle warrants investigation to ensure that working capital does not become a permanent drag on free cash flow.
Based on the provided quarterly data, Illumina has successfully reduced its debt-to-equity ratio from a peak of 2.03 in 2024Q2 to 0.81 in 2026Q1, signaling a deliberate management effort to strengthen the balance sheet following the conclusion of the GRAIL divestiture process.
The improvement in the debt-to-equity profile suggests that the company is regaining the financial flexibility necessary to navigate a potentially more competitive landscape. While the interest coverage ratio remains sensitive to earnings volatility, the current trajectory indicates a more conservative approach to capital structure that should mitigate refinancing risks in the near term.
The P/E ratio is frequently misapplied to Illumina because it fails to account for the massive, non-recurring accounting distortions caused by the GRAIL divestiture and associated impairment charges, which artificially depress earnings and create a misleading picture of the company's true underlying profitability.
Analysts should instead focus on EV/EBITDA or free cash flow yields to better understand the core earning power of the sequencing business. Relying on P/E in this context obscures the company's ability to generate cash from its recurring consumable revenue stream, which is the primary driver of long-term value for this business model.
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 35.7x. The historical average is 59.6x. This places it at the 6th percentile of its historical range.
Illumina, Inc.'s current EV/EBITDA is 27.0x. 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 35.7x. This is at the 6th 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.