# Illumina Inc (ILMN) — Stock CV

Illumina Inc is a $42.0B technology company. Revenue grew 4.9% over the last year, it keeps 18¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 50.9× earnings — around the middle of its own history.

> Illumina provides tools and services to analyze genetic material with life science and clinical lab applications. The company generates over 90% of its revenue from sequencing instruments, consumables, and services.

## Identity

- **Ticker**: ILMN
- **Sector**: Technology
- **Industry**: Laboratory Analytical Instruments
- **Headquarters**: SAN DIEGO, CA
- **Employees**: 8 650
- **Website**: https://www.illumina.com
- **Market cap**: $42.0B
- **Last price**: $278.00
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $4.49B
- **Net income**: $824M
- **Free cash flow**: $931M
- **Net debt**: $2.34B
- **P/E**: 50.9
- **Revenue growth (YoY)**: 4.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 27 |
| Growth | 32 |
| Profitability | 85 |
| Health | 48 |
| Quality | 82 |
| Moat | 63 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +4.9% YoY
- [x] Profitable — $824M TTM
- [x] Profit growing — +4.2% YoY
- [x] Generates cash — $931M TTM
- [x] Debt under control — ~2.5y of cash flow to repay
- [x] Established company — $42.0B market cap
- [x] Not printing shares — +5.4% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [x] Financially stable — Altman Z 7.5 — safe
- [ ] Valuation not extreme — P/E 50.9

## Experience (career milestones)

- **2021** — The FTC sued to block Illumina's $7.1 billion vertical merger with Grail
- **2020** — Illumina announced a proposed cash and stock deal to acquire Grail for $8 billion
- **FY2019** — Best year on record: $1.00B net income
- **2018** — Illumina proposed the acquisition of Pacific Biosciences for $8.00 per share or around $1.2…
- **FY2016** — First recorded profitable year: $463M net income
- **FY2016** — Revenue already above $1B: $2.40B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — Illumina spun off the company Grail, focused on blood testing for cancer tumors in the bloodstream
- **Jan 11, 2011** — Illumina acquired Epicentre Biotechnologies, based in Madison, Wisconsin, on January 11, 2011
- **2001** — Illumina began offering single nucleotide polymorphism (SNP) genotyping services in 2001 and launched its first…
- **2000** — Illumina completed its initial public offering in July 2000
- **1999** — Illumina acquired Spyder Instruments (founded by Michal Lebl, Richard Houghten
- **1998** — Illumina was founded in April 1998 by David Walt, Larry Bock, John Stuelpnagel, Anthony Czarnik
- **1997** — Illumina also uses the DNA colony sequencing technology, invented in 1997 by Pascal Mayer and Laurent Farinelli and…

## Strengths

- High gross margin (66.4%)
- Strong cash conversion — FCF is 20.7% of revenue
- Could repay net debt from ~1.5 years of free cash flow
- High returns on invested capital (ROIC 16.8%)
- Piotroski F-Score 8/9 — fundamentally strong checklist

## Watch-outs

- Thin interest coverage (-2.3×)
- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.53B | $762M | $337M |
| FY2022 | $4.58B | -$4.40B | $106M |
| FY2023 | $4.50B | -$1.16B | $283M |
| FY2024 | $4.37B | -$1.22B | $709M |
| FY2025 | $4.34B | $850M | $931M |

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Source: https://stockcv.com/ILMN — derived from company filings; may be delayed or incomplete. Information, not investment advice.