Illumina, Inc.
ILMN · Healthcare · $29.7B mkt cap · FY2025 filings · Narrow moat ·
Price verdict withheld — value if growth stopped today unreliable
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $4.5B to $4.3B, decreasing; diluted EPS 5.04 to 5.45, increasing.
Median gross margin 67.2% over 10y, very stable.
Median ROIC 20.6%, above the 12% hurdle in 60% of years.
Net debt/EBITDA n/ax, interest coverage 8x.
Owner earnings changed +8.6%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Not reported
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $194.09
- No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. ILMN revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
Illumina, Inc. booked $4.3B of revenue in FY2025 in the Healthcare sector and kept 66.1% of it as gross profit — a high-margin business by that measure. After every other cost, 19.6% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $573M (FY2008) to $4.3B (FY2025) — about 12.7% a year compounded over 17 years.
It earned 48.4% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 15.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 20.6%. The Returns on Capital filter above scores it 86/100.
ILMN's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Pricing Power is the strongest of the five filters (99/100) and Balance-Sheet Safety the weakest (42/100), which is how ILMN lands at 69/100 — a Narrow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in ILMN’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for ILMN.
Track record
How Illumina, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored ILMN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 2 years ILMN rated Wide-moat (2019 and 2020), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year 8% vs the S&P 500’s 22% (price basis) · median over 2 years
- 3 years −51% vs the S&P 500’s 23% (price basis) · median over 2 years
- 5 years −61% vs the S&P 500’s 83% (price basis) · median over 2 years
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Healthcare context
#62 of 728 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #60ONTO ONTO INNOVATION INC.69.2 out of 100, Narrow moatNarrow moat
- #61NOC NORTHROP GRUMMAN CORP /DE/68.6 out of 100, Narrow moatNarrow moat
- #63AMGN Amgen Inc.68.4 out of 100, Narrow moatNarrow moat
- #64HALO HALOZYME THERAPEUTICS, INC.68.2 out of 100, Narrow moatNarrow moat
Compare ILMN with its nearest peers →All Healthcare companies on the Index →
Common questions about ILMN
- Does Illumina, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Illumina, Inc. (ILMN) 68.5 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 57, pricing power 99, returns on capital 86, balance-sheet safety 42, capital allocation 58.
- How has ILMN's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 68.5 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.