Is the business good?
How good a business is ILMN?
Illumina, Inc. earns 32% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
32%
Return on invested capital · cost of capital 9.0% · 23 points above what the capital costs: growth creates value
- Operating margin
- 20%
Operating margin · Diagnostics & Research median 7.1% · 12 months to Q2 2026
- Cash conversion
- 1.13×
Cash conversion · 0.82× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −2.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 18% |
| FY2021 | −2.7% |
| FY2022 | −91% |
| FY2023 | −24% |
| FY2024 | −19% |
| FY2025 | 19% |
Details›
- Gross margin12 months to Q2 2026
- 66%
- Operating margin12 months to Q2 2026
- 20%
- Net margin12 months to Q2 2026
- 18%
- Free cash flow margin
- 21%
- R&D as % of revenue
- 21%
- Revenue, trailing twelve months
- $4.49B
- Free cash flow, trailing twelve months
- $931M
- Net income, trailing twelve months
- $825M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 32%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Diagnostics & Research
Ranks #21 of 29 by Smart Score