ILMNILLUMINA, INC.

Laboratory Analytical Instruments

Revenue: $4.3B; 0.7% YoY
Operating margin: 18.6%; 198% YoY
EBITDA: $1.1B; 325% YoY
Market cap: $36.1B
Employees: 8,600; $505K revenue each
Net debt / EBITDA: 0.1×; $159M net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
127% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
69% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$505K · 73rd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$36.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$593M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.2B	$4.5B	$4.5B	$4.4B	$4.3B	0.7%
Operating income	$580M	−$123M	−$1.1B	−$833M	$807M	197%
Net income	$656M	$762M	−$4.4B	−$1.2B	$850M	170%
Operating cash flow	$1.1B	$545M	$478M	$837M	$1.1B	29%
Capex	$189M	$208M	$195M	$128M	$148M	16%
Stock-based comp	$194M	$754M	$380M	$370M	$275M	26%
Buybacks	$736M	$0	$0	$116M	$742M	540%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $85K · 2
Open-market sells, 12 mo: $593M · 112
Net: −$593M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	36	122
FY2024	—	—	37	92
FY2023	—	—	55	89
FY2022	—	—	103	99