{"schemaVersion":1,"research":true,"symbol":"ilmn","name":"Illumina","topic":"moat","path":"/stock/ilmn/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:38:28.722Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Illumina has a commercially adopted proprietary technology franchise, supported by patents, continued consumables demand and NovaSeq X adoption. The passages do not establish how effectively its intellectual property excludes alternatives or how costly switching is for customers. Actual competitive pricing pressure and longer sales cycles constrain pricing power; tariff-related pricing actions show some flexibility, but not sustained price realization. The evidence supports an operating franchise without establishing a durable economic moat.","advantages":[{"mechanism":"intangible_assets","claim":"Patents covering sequencing technologies, instruments, assays and software provide a current proprietary foundation. NovaSeq X adoption demonstrates commercialization, but the passages do not establish that these rights create a durable economic advantage over alternatives.","durability":"Patent expirations range from 2025 through 2049, but the economic importance of individual patents, their enforceability and competitors' ability to design around them are undisclosed. Continued innovation is necessary; patent terms and accounting useful lives do not establish moat duration.","risks":"Realized competitive pricing pressure and lengthened sales cycles indicate erosion. Alternative technologies address applications where Illumina is less suited. Third-party licensing and the historical settlement payment also demonstrate that intellectual property can impose costs on Illumina.","invalidation":"A defensible proprietary-advantage thesis would be invalidated by evidence that alternatives can routinely substitute for its core workflows without material performance or conversion penalties, or that expiry, invalidation or design-arounds of economically important patents cause sustained customer losses and pricing concessions. The supplied passages do not establish those outcomes.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-4","location":"Business / patent coverage and expiration terms","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":"e2","sourceId":"filing-1","location":"Business / exclusive and nonexclusive technology 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":"e3","sourceId":"filing-3","location":"Chair's letter / NovaSeq X sequencing-volume adoption","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":"e4","sourceId":"filing-1","location":"MD&A / 2025 consumables demand and instrument shipments","excerpt":"Consumables revenue increased primarily due to demand for high-throughput consumables, partially offset by decreased service and other revenue, primarily due to decreased revenue from our strategic partnerships, and a decrease in instruments revenue, primarily due to fewer shipments of our high- and mid-throughput sequencing instruments."},{"id":"e5","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":"e6","sourceId":"filing-1","location":"Risk Factors / experienced 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":"e7","sourceId":"filing-1","location":"Risk Factors / applications better served by complementary technologies","excerpt":"For example, complementary third-party sequencing technologies address use cases to which our products are not as well suited."},{"id":"e8","sourceId":"filing-5","location":"Legal Proceedings / historical settlement payment obligation","excerpt":"Pursuant to the terms of the Agreement, we agreed to pay CGI a one time payment of $325 million."},{"id":"e9","sourceId":"filing-5","location":"Legal Proceedings / allocation of settlement payment to licensing and damages","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":"e10","sourceId":"filing-2","location":"MD&A / partial tariff mitigation through cost, supply-chain and pricing 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":"e11","sourceId":"filing-2","location":"MD&A / YTD 2026 revenue and operating-margin improvement","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":"e12","sourceId":"filing-2","location":"MD&A / underlying gross-margin decline and cost drivers","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":"e13","sourceId":"filing-2","location":"Revenue note / typical performance-obligation duration","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":"e14","sourceId":"filing-2","location":"Revenue note / remaining performance obligations","excerpt":"As of June 28, 2026, the aggregate amount of the transaction price allocated to these remaining performance obligations was $1.0 billion, of which approximately 83% is expected to be converted to revenue in the next twelve months, approximately 11% in the following twelve months, and the remainder thereafter."},{"id":"e15","sourceId":"filing-2","location":"Revenue note / development and licensing contract termination provisions","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":"e16","sourceId":"filing-2","location":"Condensed consolidated statements of cash flows / first-half 2026 spending and cash generation","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":"e17","sourceId":"filing-4","location":"MD&A / 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":"e18","sourceId":"filing-3","location":"Executive compensation / three-year PSU performance measures","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":"e19","sourceId":"filing-3","location":"Fiscal 2025 long-term equity compensation / awarded PSU proportion","excerpt":"Performance Stock Units represent approximately 70% of the overall grant value."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation / actual 2025 incentive performance","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":"e21","sourceId":"filing-3","location":"Executive compensation / approved salary freeze and equity-award reduction","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":"Change-in-control severance / equity vesting provision","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":"e23","sourceId":"filing-3","location":"Corporate governance / annual director elections","excerpt":"All our directors stand for election to one-year terms."},{"id":"e24","sourceId":"filing-3","location":"Corporate governance / independent-director executive sessions during fiscal 2025","excerpt":"At its meetings during the fiscal year ended December 28, 2025 (“fiscal 2025”), the Board of Directors regularly met in executive sessions of non-employee, independent directors."},{"id":"e25","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":"e26","sourceId":"filing-2","location":"Legal Proceedings / February 2026 board 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":"e27","sourceId":"filing-2","location":"Legal Proceedings / allegations concerning the GRAIL acquisition","excerpt":"Like the complaints described above, the lawsuits allege the named directors and officers breached their fiduciary duties by knowingly causing Illumina to unlawfully close the GRAIL acquisition."},{"id":"e28","sourceId":"filing-1","location":"MD&A / flat 2025 Core Illumina revenue","excerpt":"34 Financial highlights for 2025 included the following: •Core Illumina revenue was $4.34 billion in 2025 and relatively flat compared to revenue of $4.33 billion in 2024."}],"changes":["Retains the previous uncertain verdict. Patent coverage and disclosed NovaSeq X adoption strengthen the proprietary-franchise case, but do not establish durable exclusion or switching costs.","Adds assessments of actual compensation arrangements, governance practices and capital deployment from the supplied proxy and financial disclosures.","Distinguishes the YTD 2026 operating-margin improvement from underlying gross-margin pressure; neither establishes a moat by itself."],"limitations":["All evidence comes from issuer filings. Operating results and contractual disclosures support numerical assessments, while leadership, product-superiority and strategic-benefit assertions are not independently demonstrated.","Competition passages disclose generic categories without naming sequencing competitors. BGI and CGI appear in historical litigation and licensing disclosures, which do not establish their current competitive offerings or position; competitor arrays therefore remain empty.","Customer switching costs, workflow revalidation requirements, exclusivity, comparative sequencing economics and market-share trends are not established.","Pricing actions are disclosed without a quantified price-volume bridge, realized average-price trend or customer response. Price-reset rights and contractual pricing restrictions are not supplied.","The proxy supplies actual compensation arrangements, but detailed individual ownership and compliance with ownership requirements are missing. Future PSU performance periods and proposed director elections are not treated as completed outcomes.","Source dates are filing dates: filing-5 on 2024-02-16, filing-4 on 2025-02-12, filing-1 on 2026-02-12, filing-3 on 2026-04-09, filing-6 on 2026-05-04 and filing-2 on 2026-07-31. The latest supplied operating period ends June 28, 2026."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Patent coverage and commercial adoption establish proprietary assets, but their ability to exclude substitutes or sustain superior economics is unresolved.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":null,"rationale":"Patent expiration dates span many years, but economically critical rights and resistance to technological substitution are unidentified.","evidenceIds":["e1","e7"]},{"criterion":"customer_dependency","grade":null,"rationale":"Consumables demand and platform migration support continued engagement, but do not establish customer dependence or material switching penalties.","evidenceIds":["e3","e4","e5"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Demand recovery coexists with experienced pricing pressure and longer sales cycles. The passages cannot establish whether a structural advantage withstands this competition.","evidenceIds":["e5","e6"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Experienced competitive pricing pressure is direct evidence of fragile pricing. Partial tariff mitigation through pricing actions provides an offset, but its contribution is unquantified and no realized price trend is supplied.","evidenceIds":["e6","e10"]},{"criterion":"retention","grade":2,"rationale":"Continued consumables demand, substantial migration to NovaSeq X and firm remaining obligations support repeat engagement indirectly. They do not identify same-customer retention, switching costs or customer losses, and competition has lengthened sales cycles.","evidenceIds":["e3","e4","e5","e6","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"YTD 2026 operating margin improved despite headwinds, but gross margin declined excluding the prior-year impairment effect. Cost measures and mix influence these outcomes, so resilience cannot be attributed solely to pricing.","evidenceIds":["e10","e11","e12"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented pricing actions demonstrate some practical discretion, and most performance obligations are satisfied within about six months. Development and licensing arrangements permit early termination with prorated fees. These provide mixed evidence of flexibility, without establishing unilateral repricing rights.","evidenceIds":["e10","e13","e15"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash generation of $490 million exceeded $78 million of capital expenditure, but acquisitions, intangible purchases and repurchases contributed to a $378 million cash decline. Historical impairments temper confidence in allocation outcomes; returns on recent acquisitions remain unproven.","evidenceIds":["e16","e17"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 equity grants were predominantly PSUs, with three-year relative TSR and operating-margin measures. Reported incentive achievement was below target, and salary increases and equity awards were reduced. Alignment is tempered by adjusted profit measures and qualifying change-in-control vesting at target; individual ownership is not established.","evidenceIds":["e18","e19","e20","e21","e22"]},{"criterion":"execution","grade":2,"rationale":"Platform adoption and YTD 2026 revenue and operating-margin gains demonstrate execution through indirect operating evidence. Flat 2025 core revenue, below-target incentive performance and continuing competitive friction make the record mixed rather than consistently strong.","evidenceIds":["e3","e5","e11","e20","e28","e6"]},{"criterion":"governance","grade":2,"rationale":"Annual director elections, independent committees and actual independent-director sessions demonstrate governance mechanisms. Continuing GRAIL-related shareholder demands and board deferrals leave oversight effectiveness unresolved. 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accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2022-01-02","values":{"gross_margin":69.68625718073353,"operating_margin":-2.7176314626601856,"roic":null,"fcf_margin":7.445868316394167,"sbc_revenue":16.65930181175431},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2023-01-01","values":{"gross_margin":64.83420593368237,"operating_margin":-91.16492146596859,"roic":null,"fcf_margin":2.31239092495637,"sbc_revenue":7.984293193717278},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; 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a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-28","values":{"gross_margin":66.08335252129865,"operating_margin":18.581625604420907,"roic":null,"fcf_margin":21.436794842274924,"sbc_revenue":6.332028551692378},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1110803/000111080326000024/ilmn-20251228.htm","publishedAt":"2026-02-12","sha256":"8c878404c2509ccd049b703d428566bb623a8e84dad0b0107b5aed707f5725b7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1110803/000111080326000160/ilmn-20260628.htm","publishedAt":"2026-07-31","sha256":"b801ee9eeacbf288d4db620bcfb4c0c46182ab8a01949d0b297f3fdf5b3307e3","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1110803/000119312526149669/d13789ddef14a.htm","publishedAt":"2026-04-09","sha256":"37bac98522f9129e86da3ad53b6e131423f688ab0bbf2a905b7a2e1143bb0da5","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1110803/000111080325000019/ilmn-20241229.htm","publishedAt":"2025-02-12","sha256":"a8796e14c1de3686c30d2baa998c3c37913a3bdb580d221ebc48bc6f2b1bfcf4","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1110803/000111080324000010/ilmn-20231231.htm","publishedAt":"2024-02-16","sha256":"3516bfce0bb535a808124938dfbe7bf965f216c1d95fb53490499c2612364516","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1110803/000111080326000092/ilmn-20260329.htm","publishedAt":"2026-05-04","sha256":"9ee313e14cdb77c726003bf2443b10cd71df1a57fa035b9ea1b6969c8f1c576e","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}