NASDAQ · Genomics · World No.1 DNA sequencing
Illumina
The No.1 in DNA sequencing. It supplies sequencers and consumables to research, pharma and diagnostics, with sequencing 92% of revenue. Q4 revenue $1.16B, FCF $931M. DRAGEN hardware acceleration, cloud analytics (ICA) and BioInsight underpin AI drug discovery. The picks-and-shovels layer that makes techbio data.
ILMN Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Illumina is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 66 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q4 2025 revenue $1.16B, FCF $931M
- Customer concentration · Sequencing 92%; Billion Cell Atlas.
- Segments · Sequencing 92% · Data/services
Revenue from
- Research · pharma · diagnostics (sequencing · consumables) High confidence· Revenue $4.3B · FY2025 · FY2025 revenue (-0.7%); 2026 guidance $4.5-4.6B
Supplies sequencers and consumables to research, pharma and diagnostics (sequencing 92% of revenue) — the core revenue source where the installed base drives recurring consumable demand.Mentions EN consensus (via MarketBeat) Published Jun 1, 2026: Illumina analyst Hold, consensus target ~$124 (2026)Confirms EN Illumina Published Jan 1, 2026: Illumina Billion Cell Atlas accelerates AI and drug discoveryMentions KO PharmNews Published May 16, 2023: Illumina completes certification of high-throughput IVD sequencer NovaSeq 6000Dx - Bio-AI · data (BioInsight · ICA) Medium confidence
AI drug-discovery data via BioInsight and cloud analytics.Confirms EN Illumina Published Jan 1, 2026: Illumina Billion Cell Atlas accelerates AI and drug discovery - Tempus AI Medium confidence
Supplies sequencers and consumables to precision-oncology diagnostics firm Tempus — a relationship where rising diagnostic throughput drives recurring consumable revenue.
Pays to
- NVIDIA High confidence
Accelerates its DRAGEN secondary-analysis pipeline on NVIDIA GPUs and integrates NVIDIA BioNeMo/RAPIDS/MONAI generative genomics AI (Jan 2025 collaboration). - Amazon High confidence
Runs Illumina Connected Analytics and BaseSpace on AWS infrastructure (S3, Glacier), storing and computing petabyte-scale genomic data. - Semiconductors · devices · components (undisclosed) Low confidence
Semiconductors, optics and instrument parts for sequencers. - R&D & capacity expansion (undisclosed) Low confidence
R&D and manufacturing capacity.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Tempus AI | lead1 | · | · | · | · | +74.9 | -1.4 |
| Illumina | node | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| SanDisk | benef2 | · | · | · | · | · | +707.1 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +44.9 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +9.3 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | +2.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -10.5 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -15.6 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -29.3 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a 'picks-and-shovels' monopoly that makes genomic data. As the world No.1 in DNA sequencing, sequencers and consumables are 92% of revenue in a razor-and-blade model: once a sequencer is installed, consumables (reagents, flow cells) become recurring revenue, so the installed base is recurring cash flow (Q4 2025 revenue $1.16B, FCF $931M). It also accelerates DRAGEN secondary analysis on NVIDIA GPUs, runs petabyte-scale genomic data on AWS, and via BioInsight and ICA feeds data to AI drug-discovery and diagnostics demand (Tempus and others), broadening into the upstream infrastructure of techbio. Risks are that consumable demand tracks research/pharma funding cycles and slows first in budget cuts, and that low-cost sequencing entrants pressure share and margins.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 1 · Avg. target $182 · Price $190.2 (07-10) · Upside -4%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Evercore ISI | Outperform | $200 | Jul 6, 2026 | Report ↗ |
| Piper Sandler | Overweight | $200 | Jul 1, 2026 | Report ↗ |
| Barclays | Underweight | $145 | Jun 24, 2026 | Report ↗ |
Evercore ISI, Piper Sandler and Guggenheim all lifted targets to $200 in June-July 2026 on clinical demand recovery, while Barclays stays Underweight, leaving consensus near Hold.
Analyses covering this node
- The application is still a story, the infrastructure demand is already measured: techbio as the first case Jun 23, 2026