Illumina Inc
ILMN
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+ FollowMarket Cap$42.09B
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Earnings Call Q2 2026
July 30, 2026 - AI Summary
Strong Q2 beat + raised outlook (good/surprising): Revenue $1.16B (+9.5% YoY; +6.5% organic ex-currency/acquisitions); rest-of-world organic +8.1%. Sequencing consumables $775M (+5% YoY on reported/organic rest-of-world). EPS $1.31 (+10% YoY) with non-GAAP gross margin 68.2% and non-GAAP operating margin 22.5% (above guidance). Management said Q2 instrument placements >95 NovaSeq X supported the quarter’s outperformance.
Clinical demand remains the core growth engine; “no cliff” (good): Clinical markets are ~65% of sequencing consumables and are driving results. Clinical consumables growth ex-China: 15% in Q2, with U.S.-Canada >20%. Jacob explicitly framed the demand cycle as a multi-quarter “wave” (not a cliff) driven by elevated NovaSeq X placements (already >3 consecutive quarters of growth) and ongoing capacity builds by clinical customers.
NovaSeq X transition momentum supports multi-quarter consumables (opportunity): As of Q2, ~83% of volumes and 59% of revenue are transitioned to NovaSeq X. Clinical volume on X is ~78%, with expectation to reach ~80–85% conversion by end of 2026. Total connected instrument output (gigabases) grew >30% YoY, with clinical growth “well above that.” Management believes elevated placements will keep consumables growing for many quarters, even as instrument mix fluctuates.
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$82.78
69.5% downside
Current Fair Value
69.5% downsideOvervalued by 69.5% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $42.09 Billion |
|---|---|
| Enterprise Value | $43.49 Billion |
| Dividend Yield | $- (-) |
| Earnings per Share | $5.48 |
| Beta | 1.42 |
| Outstanding Shares | 151,000,000 |
Return
| Return on Equity | 29.07% |
|---|---|
| Return on Assets | 12.41% |
| Return on Invested Capital | 18.71% |
Valuation & Multiples
| P/E Ratio | 51.42 |
|---|---|
| PEG | -431.54 |
| Price to Sales | 9.37 |
| Price to Book Ratio | 15.1 |
| Enterprise Value to Revenue | 9.68 |
| Enterprise Value to EBIT | 45.83 |
| Enterprise Value to Net Income | 52 |
| Total Debt to Enterprise | 0.06 |
| Debt to Equity | 0.86 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
July 30, 2026
EPS Estimate
$1.23
Average shareholder expectationRevenue Estimate
$1.13 B
Average shareholder expectationNext Earnings Call
Expected Date
October 29, 2026
EPS Estimate
$1.36
Average shareholder expectationRevenue Estimate
$1.15 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 33.62% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.30%▼ 102.23% |
|---|---|
| Total Invested | $121.95M▼ 99.56% |
| Investors Holding | 36▼ 932.00% |
ESG Score
No data
About Illumina Inc
8,600 employees
CEO: Francis deSouza Illumina, Inc. specializes in delivering advanced sequencing and array technologies designed for genetic and genomic examination. These offerings cater to a diverse array of markets, fostering the widespread use of genomic insights acros...