{"schemaVersion":1,"research":true,"symbol":"ilmn","name":"Illumina","topic":"moat","path":"/stock/ilmn/moat","status":"stale","version":8,"updatedAt":"2026-10-19T16:02:44.729Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Illumina demonstrates a proprietary sequencing franchise, substantial repeat consumables demand and successful NovaSeq X adoption. Its patent portfolio supports a plausible intangible-asset advantage, but the passages do not establish the competitive exclusion or customer switching costs needed to conclude that a durable moat exists. Experienced pricing pressure and longer sales cycles constrain pricing power; partial tariff mitigation through pricing actions demonstrates some flexibility. These are meaningful commercial strengths, but insufficient evidence of a durable moat rather than evidence of an interchangeable, low-barrier business.","advantages":[{"mechanism":"intangible_assets","claim":"Proprietary sequencing chemistry, patent rights and extensive scientific use support current product differentiation. Their ability to sustain an economic moat remains unestablished.","durability":"The patent portfolio disclosed as of December 29, 2024 covers multiple technologies with expirations spanning 2025–2049. Continued NovaSeq X adoption demonstrates commercial relevance, but patent counts and expiration ranges do not establish protection of economically critical features against alternatives.","risks":"Realized competitive pricing pressure and lengthened sales cycles show erosion pressure. Alternative technologies address some applications less suited to Illumina. Third-party licenses and the historical settlement payment also demonstrate that proprietary technology does not eliminate dependence on others' rights.","invalidation":"The candidate advantage would be undermined by sustained substitution away from Illumina's platform, falling consumables demand attributable to competitive losses, or loss or circumvention of patents protecting commercially critical features. Evidence of durable exclusion and sustained demand despite comparable alternatives would support upgrading the assessment.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Sequencing technology","excerpt":"Our DNA sequencing technology is based on our proprietary reversible terminator-based sequencing chemistry, referred to as sequencing by synthesis (SBS) biochemistry."},{"id":"e2","sourceId":"filing-4","location":"Intellectual Property / Rights held as of December 29, 2024","excerpt":"As of December 29, 2024, excluding GRAIL which was spun-off on June 24, 2024, we owned or had exclusive licenses to 1,337 issued U.S."},{"id":"e3","sourceId":"filing-4","location":"Intellectual Property / Patent coverage and expiration range","excerpt":"Our issued and pending patents cover various aspects of our arrays, assays, oligo synthesis, sequencing technology, instruments, digital microfluidics, software, bioinformatics, and chemical-detection technologies, and our issued patents have terms that expire between 2025 and 2049."},{"id":"e4","sourceId":"filing-1","location":"Business / Scientific use of Illumina technologies","excerpt":"A large and dynamic Illumina user community has published hundreds of thousands of customer-authored scientific papers using our technologies."},{"id":"e5","sourceId":"filing-3","location":"Chair communication / NovaSeq X sequencing-volume conversion","excerpt":"Customer adoption remained strong in the third year of the NovaSeq X rollout, with Illumina converting more than 70% of sequencing volume to the platform."},{"id":"e6","sourceId":"filing-2","location":"MD&A / YTD 2026 revenue and NovaSeq X demand","excerpt":"Financial highlights for YTD 2026 included the following: •Revenue increased 7% in YTD 2026 to $2,251 million compared to $2,100 million in YTD 2025 primarily due to increases in consumables and instruments related to demand for our NovaSeq X instrument."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors / Experienced competitive pricing pressure and longer sales cycles","excerpt":"We have faced, and expect to continue to face, increased pricing pressure from competitors who offer sequencing products and we have experienced lengthened sales cycles with many customers due to competition."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors / Alternative sequencing applications","excerpt":"For example, complementary third-party sequencing technologies address use cases to which our products are not as well suited."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors / Uncertainty of proprietary positions","excerpt":"The proprietary positions of companies developing tools for the life sciences, genomics, forensics, agricultural, and pharmaceutical industries, including our proprietary position, generally are uncertain and involve complex legal and factual questions."},{"id":"e10","sourceId":"filing-1","location":"Intellectual Property / Exclusive and nonexclusive third-party licenses","excerpt":"We are party to various exclusive and nonexclusive license agreements and other arrangements with third parties that grant us rights to use key aspects of our sequencing and array technologies, assay methods, chemical detection methods, reagent kits, and scanning equipment."},{"id":"e11","sourceId":"filing-5","location":"Legal Proceedings / Allocation of historical settlement and license payment","excerpt":"We allocated the $325 million payment on a relative fair value basis, resulting in $180 million capitalized as an intangible asset in 2022 for the value of the license, which is amortized over a period of 6.5 years on a straight-line basis, $150 million allocated to the release of past damages claimed, and a $5 million gain for damages awarded to us."},{"id":"e12","sourceId":"filing-1","location":"Business / Instrument, consumables and services revenue mix, 2023–2025","excerpt":"In 2025, 2024, and 2023, instrument sales represented 11%, 12%, and 16%, respectively, of total consolidated revenue; consumable sales represented 74%, 72%, and 68%, respectively, of total consolidated revenue; and services and other represented 15%, 16%, and 16%, respectively, of total consolidated revenue."},{"id":"e13","sourceId":"filing-2","location":"MD&A / Partial tariff mitigation through pricing and other actions","excerpt":"We have partially mitigated the effects of tariffs through supply-chain optimization, cost measures, and pricing actions, and aim to continue such efforts in the future."},{"id":"e14","sourceId":"filing-2","location":"MD&A / YTD 2026 revenue and operating-margin results","excerpt":"Revenue increased 7% to $2,251 million and operating margin increased to 20.2% in YTD 2026 as compared to 18.0% in YTD 2025."},{"id":"e15","sourceId":"filing-2","location":"MD&A / Gross-margin drivers excluding prior-year impairment","excerpt":"Excluding this impact, gross margin decreased primarily due to higher tariff costs, increased sales mix toward lower-margin instruments as compared to higher-margin consumables, the addition of lower-margin SomaLogic revenue, and higher memory chip and freight costs, partially offset by decreases for field service and warranty costs."},{"id":"e16","sourceId":"filing-2","location":"Revenue / Typical fulfillment period for performance obligations","excerpt":"Most performance obligations are generally satisfied within approximately six months after the contract execution date and primarily consist of instruments, consumables, and instrument service contracts."},{"id":"e17","sourceId":"filing-2","location":"Revenue / Early termination of development and licensing arrangements","excerpt":"These contracts are believed to be firm as of the balance sheet date; however, these arrangements do allow for early termination with prorated fees."},{"id":"e18","sourceId":"filing-3","location":"Annex A / 2025 operating cash flow and capital expenditures","excerpt":"2026 Proxy Statement • A-1 Table of Contents ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP DILUTED EARNINGS PER SHARE: Year Ended December 28, 2025 December 29, 2024 % Change GAAP diluted earnings per share $ 5.45 $ 5.61 (3)% Amortization of acquired intangible assets 0.42 0.40 Acquisition-related expenses (b) 0.10 (1.40 ) Transformational initiatives (c) 0.38 0.38 Other (d) 0.14 — Legal contingency and settlement (e) 0.06 (2.87 ) Intangible impairment (f) 0.15 0.02 Other (income) expense, net (g) (2.13 ) 1.86 Provision for income taxes (h) 0.27 0.16 Non-GAAP diluted earnings per share (a) $ 4.84 $ 4.16 16% FREE CASH FLOWS (in millions): December 28, 2025 Net cash provided by operating activities $1,079 Purchases of property and equipment (148) Free cash flow (i) $ 931 (a) Non-GAAP operating margin and diluted earnings per share excludes the effects of the pro forma adjustments as detailed above."},{"id":"e19","sourceId":"filing-2","location":"Condensed consolidated statements of cash flows / Six months ended June 28, 2026","excerpt":"9 Table of Contents ILLUMINA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended June 28, 2026 June 29, 2025 Cash flows from operating activities: Net income $ 340 $ 366 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 102 103 Amortization of intangible assets 37 34 Share-based compensation expense 133 142 Deferred income taxes 18 41 Net losses (gains) on investments 16 (133) Change in fair value of contingent consideration liabilities (32) (32) Intangible impairment — 23 Other 4 9 Changes in operating assets and liabilities: Accounts receivable 92 49 Inventory (31) (28) Prepaid expenses and other current assets (9) 11 Operating lease right-of-use assets and liabilities, net (18) (17) Other assets (72) (3) Accounts payable (2) (26) Accrued liabilities (24) (91) Other long-term liabilities (64) 26 Net cash provided by operating activities 490 474 Cash flows from investing activities: Net purchases of property and equipment (78) (62) Net sales (purchases) of investments 32 (43) Cash paid for acquisitions and intangible assets, net of cash acquired (417) (7) Payments on contingent consideration liabilities (25) — Net cash used in investing activities (488) (112) Cash flows from financing activities: Common stock repurchases, inclusive of excise tax (370) (570) Taxes paid related to net share settlement of equity awards (33) (23) Proceeds from issuance of common stock 24 28 Payments on contingent consideration liabilities (1) (1) Net cash used in financing activities (380) (566) Effect of exchange rate changes on cash and cash equivalents — 11 Net decrease in cash and cash equivalents (378) (193) Cash and cash equivalents at beginning of period 1,418 1,127 Cash and cash equivalents at end of period $ 1,040 $ 934 See accompanying notes to condensed consolidated financial statements."},{"id":"e20","sourceId":"filing-4","location":"Liquidity and Capital Resources / 2024 impairment and other noncash adjustments","excerpt":"The primary adjustments to net loss included goodwill and intangible impairment of $1,889 million, share-based compensation expense of $370 million, depreciation and amortization expense of $354 million, net loss on strategic investments of $312 million, and property and equipment and right-of-use asset impairment of $46 million, offset by change in fair value of contingent consideration liabilities of $315 million and deferred income taxes of $112 million."},{"id":"e21","sourceId":"filing-3","location":"Executive Pay / Approved suspension of salary increases and reduction of equity awards","excerpt":"The Compensation Committee and Board approved both the suspension of the salary increases and the reduction of annual equity awards."},{"id":"e22","sourceId":"filing-3","location":"Executive Pay / Three-year PSU performance conditions","excerpt":"Performance Stock Units (PSUs) PSUs vest and are earned based on 3-year Company Relative TSR performance against select companies in the Nasdaq Biotechnology Index and 3-year average achievement of pre-determined operating margin targets at the end of the 3-year period."},{"id":"e23","sourceId":"filing-3","location":"Fiscal 2025 Long-Term Equity Compensation / Actual PSU grant mix","excerpt":"Performance Stock Units represent approximately 70% of the overall grant value."},{"id":"e24","sourceId":"filing-3","location":"Executive Pay / Actual 2025 incentive achievement and metric adjustments","excerpt":"Performance Goals (in $ millions) Metric (Weight) Threshold Target Maximum Actual % Achievement Revenue (50%) 4,194 4,410 4,691 4,356 88% Payout as a % of Target 50% 100% 200% Non-GAAP operating income(1) (50%) 1,213 1,367 1,522 1,298 66% Payout as a % of Target 25% 100% 200% 2025 Achievement 77% (1) Non-GAAP operating income is a non-GAAP measure, used for VCP purposes, and consists of income (loss) from operations, adjusted for changes in FX, amortization of acquired intangible assets, acquisition-related expenses, legal contingencies and settlements, changes in contingent consideration liabilities, restructuring charges and stock-based compensation expense."},{"id":"e25","sourceId":"filing-3","location":"Corporate Governance / Annual director terms","excerpt":"All our directors stand for election to one-year terms."},{"id":"e26","sourceId":"filing-3","location":"Corporate Governance / Independent standing committees","excerpt":"All of the standing Board committees are composed solely of non-employee, independent directors."},{"id":"e27","sourceId":"filing-3","location":"Compensation Committee / Executive exclusion from own-pay deliberations","excerpt":"No executive officer may participate in or be present during any deliberations or determinations of the Compensation Committee regarding his or her compensation."},{"id":"e28","sourceId":"filing-2","location":"Legal Proceedings / Continued deferral of shareholder demand","excerpt":"On February 4, 2026, the Board unanimously determined that it was in the best interest of the Company and its shareholders to continue to defer a final decision on the demand."},{"id":"e29","sourceId":"filing-7","location":"Results of Operations / Organic growth reconciliation and gross-margin adjustments","excerpt":"6\nIllumina, Inc.\nResults of Operations - Non-GAAP\n(unaudited)\nTABLE 1: RECONCILIATION OF REVENUE GROWTH:\nThree Months Ended\nSix Months Ended\nJune 28,\n2026\nJune 28,\n2026\nRevenue growth\n9.5 \n%\n7.2 \n%\nImpact of acquisitions\n(2.1)\n%\n(1.9)\n%\nImpact of currency exchange rates\n(0.9)\n%\n(1.4)\n%\nOrganic revenue growth (non-GAAP) (a)\n6.5 \n%\n3.9 \n%\nImpact of China\n1.6 \n%\n1.9 \n%\nROW organic revenue growth (non-GAAP) (a)\n8.1 \n%\n5.8 \n%\nTABLE 2: RECONCILIATION OF GAAP AND NON-GAAP DILUTED EARNINGS PER SHARE:\nThree Months Ended\nSix Months Ended\nJune 28,\n2026\nJune 29,\n2025\nJune 28,\n2026\nJune 29,\n2025\nGAAP diluted earnings per share\n$\n1.35 \n$\n1.49 \n$\n2.22 \n$\n2.31 \nAcquisition-related costs (d)\n0.07 \n0.03 \n0.23 \n0.11 \nTransformational initiatives (e)\n0.03 \n0.06 \n0.06 \n0.26 \nStrategic investment (gain) loss, net (f)\n(0.15)\n(0.65)\n0.08 \n(0.85)\nIntangible impairment\n— \n0.15 \n— \n0.15 \nOther (g)\n— \n— \n— \n0.03 \nProvision for income taxes (h)\n0.01 \n0.11 \n(0.13)\n0.15 \nNon-GAAP diluted earnings per share (b)\n$\n1.31 \n$\n1.19 \n$\n2.46 \n$\n2.16 \nTABLE 3: RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF OPERATIONS AS A PERCENT OF REVENUE:\nThree Months Ended\nSix Months Ended\n(Dollars in millions)\nJune 28, 2026\nJune 29, 2025\nJune 28, 2026\nJune 29, 2025\nGAAP gross profit (c)\n$\n770 \n66.4 \n%\n$\n695 \n65.6 \n%\n$\n1,491 \n66.2 \n%\n$\n1,378 \n65.6 \n%\nAcquisition-related costs (d)\n20 \n1.8 \n%\n16 \n1.5 \n%\n43 \n2.0 \n%\n33 \n1.6 \n%\nTransformational initiatives (e)\n— \n— \n%\n1 \n0.1 \n%\n— \n— \n%\n3 \n0.1 \n%\nIntangible impairment\n— \n— \n%\n23 \n2.2 \n%\n— \n— \n%\n23 \n1.1 \n%\nNon-GAAP gross profit (b)\n$\n790"},{"id":"e30","sourceId":"filing-7","location":"Results of Operations / Adjusted gross and operating margins","excerpt":"68.2 \n%\n$\n735 \n69.4 \n%\n$\n1,534 \n68.2 \n%\n$\n1,437 \n68.4 \n%\nGAAP operating profit\n$\n245 \n21.1 \n%\n$\n214 \n20.2 \n%\n$\n454 \n20.2 \n%\n$\n378 \n18.0 \n%\nAcquisition-related costs (d)\n11 \n1.0 \n%\n5 \n0.5 \n%\n35 \n1.6 \n%\n17 \n0.8 \n%\nTransformational initiatives (e)\n4 \n0.4 \n%\n10 \n0.9 \n%\n10 \n0.4 \n%\n41 \n2.0 \n%\nIntangible impairment\n— \n— \n%\n23 \n2.2 \n%\n— \n— \n%\n23 \n1.1 \n%\nOther (g)\n— \n— \n%\n— \n— \n%\n— \n— \n%\n5 \n0.2 \n%\nNon-GAAP operating profit (b)\n$\n260 \n22.5 \n%\n$\n252 \n23.8 \n%\n$\n499 \n22.2 \n%\n$\n464 \n22.1 \n%\n7\n(a)Organic revenue growth adjusts for the impact from acquisitions and currency movements, which is calculated using comparative prior period foreign exchange rates to translate current period revenue, net of the effects of hedges; Rest of World (ROW) organic revenue growth also adjusts for the impact from our China region."},{"id":"e31","sourceId":"filing-3","location":"Change-in-control severance / Equity vesting following covered termination","excerpt":"Thaysen); • automatic vesting of the executive’s unvested equity or equity-based awards at 100% achievement; and • certain professional outplacement services consistent with the executive’s position for up to two years following termination."},{"id":"e32","sourceId":"filing-1","location":"MD&A / Realized 2025 Greater China revenue impact","excerpt":"Total revenue in 2025 was impacted, across all products and services, by a decrease in revenue in our Greater China region of $65 million, primarily due to our inclusion on the List of Unreliable Entities."}],"changes":["The verdict remains uncertain after re-examination of the supplied catalog. Historical patent coverage strengthens the candidate intangible-asset argument without establishing durable competitive exclusion.","All four moat criteria remain null because the evidence does not establish a durable moat; commercial engagement is assessed separately under pricing-power retention.","Pricing and management grades remain consistent with the previous assessment, supported by current catalog citations. Organic growth reconciliations confirm that 2026 growth was not solely acquisition-driven, while adjusted quarterly margin deterioration tempers resilience.","The previous statement about independent customer switching costs remains unsupported. No named current competitor coverage is established by the supplied competition passages."],"limitations":["Assessment uses only supplied issuer filings and filed releases. Source dates retain dateKind=filed; filing dates are not treated as independent publication or retrieval dates.","Competition passages disclose generic categories. Historical litigation counterparties are named elsewhere, but their current competitive position is not established; competitor arrays therefore remain empty.","Patent counts and expiration ranges are historical disclosures, not evidence that all rights remain valid, economically critical or effective against substitutes.","Scientific publication volume and platform adoption are issuer-reported achievements. They establish use and engagement, without demonstrating network effects, measured switching costs or guaranteed durability.","Price realization, customer retention rates, customer-level purchasing cohorts and existing-contract repricing rights are not quantified.","The proxy supplies actual compensation and governance disclosures, but individual ownership-policy compliance and final vesting of the 2025 PSU cycle are not established.","Shareholder allegations and deferred demands are unresolved matters, not findings of misconduct. Historical regulatory penalties are not treated as outstanding where later passages disclose resolution or withdrawal."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Proprietary chemistry and patent coverage establish differentiation, but their ability to exclude economically comparable alternatives is not demonstrated. The moat position remains uncertain.","evidenceIds":["e1","e2","e3","e7"]},{"criterion":"durability","grade":null,"rationale":"Patent expiration ranges and continued platform adoption do not establish the duration of an economic advantage or protection of its critical features.","evidenceIds":["e3","e5","e9"]},{"criterion":"customer_dependency","grade":null,"rationale":"Consumables demand and platform conversion demonstrate engagement, but do not establish material switching costs, exclusivity or inability to use alternatives.","evidenceIds":["e5","e6","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Demand growth coexists with experienced competitive pricing pressure and longer sales cycles. The passages cannot establish resilience of a durable moat.","evidenceIds":["e6","e7","e29"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Experienced competitive pricing pressure demonstrates fragile pricing power. Management reports partial tariff mitigation through pricing alongside cost and supply-chain actions, without isolating realized prices or quantifying their contribution.","evidenceIds":["e7","e13"]},{"criterion":"retention","grade":3,"rationale":"Consumables represented 68%, 72% and 74% of revenue in 2023–2025, followed by increased consumables demand in 2026 and reported conversion of more than 70% of sequencing volume to NovaSeq X. Together these provide strong indirect evidence of repeat demand and engagement, not a measured retention rate or proof of lock-in.","evidenceIds":["e5","e6","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"YTD operating margin improved, but gross margin declined excluding the prior-year impairment. Adjusted Q2 gross and operating margins also declined year over year. Cost, mix and tariff effects make resilience mixed and prevent attribution of protection to pricing.","evidenceIds":["e14","e15","e30"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented pricing actions demonstrate some commercial discretion. Most performance obligations are fulfilled within approximately six months, while development and licensing arrangements permit early termination with prorated fees. These disclosures support mixed flexibility; they do not establish unrestricted repricing of existing contracts.","evidenceIds":["e13","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 operating cash flow of $1,079 million covered $148 million of capital expenditures, and approved compensation reductions demonstrate restraint. In YTD 2026, acquisition and intangible spending, capital expenditures and repurchases together exceeded operating cash flow, contributing to a $378 million cash decline. Historical impairments and unestablished acquisition returns temper the assessment.","evidenceIds":["e18","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 equity grants placed approximately 70% of value in PSUs with three-year relative TSR and operating-margin conditions. Annual incentive achievement of 77% demonstrates performance sensitivity. Broad adjusted-income exclusions and target-level equity acceleration following a covered change-in-control termination weaken alignment; future PSU vesting and individual ownership compliance remain unestablished.","evidenceIds":["e22","e23","e24","e31"]},{"criterion":"execution","grade":2,"rationale":"NovaSeq X adoption, consumables demand, organic revenue growth and improved YTD operating margin demonstrate delivery through difficult conditions. Below-target 2025 incentive results, realized China disruption and mixed margin outcomes temper the assessment. Execution is assessed partly from indirect operating outcomes rather than complete delivery against a disclosed strategic plan.","evidenceIds":["e5","e6","e14","e24","e29","e30","e32"]},{"criterion":"governance","grade":2,"rationale":"Annual director terms, independent standing committees and exclusion of executives from their own compensation deliberations provide concrete safeguards. Continued deferral of the GRAIL-related shareholder demand leaves accountability unresolved. 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