Genomics · World No.1 in 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 Sep 11, 2026 6 AI consumers· 4 recurring
Per the valuechain.wiki graph, Illumina is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 74 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-09-11).
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 - Abbott Laboratories High confidence
Illumina supplies the sequencing platform and instruments used by Abbott's acquired Exact Sciences business for its OncoExTra, MRD and MCED tests. Equipment and reagent sales are not disclosed. - 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 |
|---|---|---|---|---|---|---|---|
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Medtronic plc | lead2 | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| Tempus AI | lead1 | · | · | · | · | +74.9 | +9.4 |
| Abbott Laboratories | lead1 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| Illumina | node | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +172.1 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +138.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +52.7 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +50.4 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +43 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +35.5 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Amphenol | benef2 | +34.4 | -12.5 | +30.8 | +40.7 | +95.3 | +22.7 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +5.6 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | +4.1 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +1.9 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | -6.7 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -7.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | -15.4 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -38.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Illumina operates across NASDAQ, Genomics, World No.1 DNA sequencing. It is up +66.4% in 2026. The stock (+66.4%) is ahead of both its demand side (avg +9.4%) and supply side (avg +17.9%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is NVIDIA (+23.7%) and the furthest behind is Tempus AI (+9.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The picks-and-shovels layer that makes techbio data.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 1 · Avg. target $182 · Price $218.22 (09-04) · Upside -17%
| 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