Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Illumina, Inc. (ILMN)
A forensic read on Illumina, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
10.1
Distress distance
Clean
Earnings quality
5
Forensic signals
35.1
P / E (ttm)
31.2%
ROE
$29.0B
Market cap
-0.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Illumina, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 10.1, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
67d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 61 to 67 days FY2024→FY2025 (receivables +16% vs revenue -1%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2021–FY2025 the day count ran 46 → 53 → 57 → 61 → 67 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (+6%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
+13.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +16% against revenue -1%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 9% of net operating assets, diverging from the balance-sheet accrual read.
12.5%
FY2025
Return on invested capital.Return on invested capital is 12.5% in the latest fiscal year and rising from -35% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
-0.2%/yr
FY2022–FY2025
Share count.Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks ($742M) are about offsetting stock comp ($275M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$4.34B
Revenue Growth YoY-0.7%
Revenue CAGR (3yr)-1.8%
Net Margin19.6%
Free Cash Flow$931.0M
Return on Equity31.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Illumina, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
$6.1B
FY2022–FY2024
Goodwill impairments.Took $6.1B of goodwill writedowns across 3 years (FY2022 ($3.9B), FY2023 ($712M), FY2024 ($1.5B)). Writedowns mean past acquisitions underperformed what was paid for them.
Illumina, Inc. (ILMN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy