Question 1

What is Illumina's P/FCF ratio?

Accepted Answer

Illumina (ILMN) P/FCF ratio is 25.3× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Illumina?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Illumina specifically, the relevant sector benchmark is the current sector median of 19.8×.

Question 5

Is Illumina's P/FCF ratio high or low?

Accepted Answer

Illumina's P/FCF ratio of 25.3× is below its own 5-year average of 117.8× and above the sector median of 19.8×. That places the current reading at the 30th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Illumina's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Illumina (ILMN) P/FCF ratio has ranged from a low of 12.9× in 2011 to a high of 1149.1× in 2006. The 5-year average is 117.8× and the 5-year median is 56.2×.

Question 7

What was Illumina's P/FCF ratio in 2025?

Accepted Answer

Illumina (ILMN) P/FCF ratio at the end of 2025 was 21.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Illumina's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$20.58B	$939.00M	21.9×	-8.0×	Dec 28, 2025
2024	$21.24B	$709.00M	30.0×	-46.3×	Dec 29, 2024
2023	$21.52B	$282.00M	76.3×	—	Dec 31, 2023
2022	$31.05B	−$74.00M	—	—	Dec 31, 2022
2021	$58.05B	$337.00M	172.2×	+113.3×	Dec 31, 2021
2020	$52.50B	$891.00M	58.9×	+2.6×	Dec 31, 2020
2019	$47.39B	$842.00M	56.3×	+5.6×	Dec 31, 2019
2018	$42.85B	$846.00M	50.6×	-4.4×	Dec 31, 2018
2017	$31.00B	$563.00M	55.1×	+11.1×	Dec 31, 2017
2016	$18.27B	$415.86M	43.9×	-8.8×	Dec 31, 2016
2015	$27.23B	$516.35M	52.7×	-18.4×	Dec 31, 2015
2014	$25.53B	$359.06M	71.1×	+25.1×	Dec 31, 2014
2013	$13.62B	$295.86M	46.0×	+14.5×	Dec 31, 2013
2012	$6.66B	$210.86M	31.6×	+18.6×	Dec 31, 2012
2011	$3.60B	$278.59M	12.9×	-30.1×	Dec 31, 2011
2010	$9.31B	$216.10M	43.1×	+9.0×	Dec 31, 2010
2009	$4.06B	$119.27M	34.0×	—	Dec 31, 2009
2008	$3.32B	−$7.81M	—	—	Dec 31, 2008
2007	$3.17B	$31.87M	99.5×	+18.2×	Dec 31, 2007
2006	$1.93B	$23.79M	81.3×	—	Dec 31, 2006
2005	$612.39M	−$20.40M	—	—	Dec 31, 2005
2004	$356.46M	−$22.21M	—	—	Dec 31, 2004
2003	$221.24M	−$20.29M	—	—	Dec 31, 2003
2002	$102.66M	−$52.42M	—	—	Dec 31, 2002
2001	$344.59M	−$22.03M	—	—	Dec 31, 2001


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Incyte (INCY)	12.9×
UnitedHealth Group (UNH)	12.5×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	10.7×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Elevance Health (ELV)	10.0×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Centene (CNC)	2.5×

P/FCF Ratio for Illumina (ILMN)

P/FCF Ratio daily chart for Illumina (ILMN)

Historical P/FCF Ratio for Illumina (ILMN) from 2001 to 2025

About P/FCF Ratio at Illumina (ILMN)

Illumina P/FCF Ratio by Year

Illumina P/FCF Ratio 2025: 21.9×

Illumina P/FCF Ratio 2024: 30.0×

Illumina P/FCF Ratio 2023: 76.3×

Illumina P/FCF Ratio 2021: 172.2×

Illumina P/FCF Ratio 2020: 58.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Illumina (ILMN) Key Financials

P/FCF Ratio daily chart for Illumina (ILMN)

Historical P/FCF Ratio for Illumina (ILMN) from 2001 to 2025

About P/FCF Ratio at Illumina (ILMN)

Illumina P/FCF Ratio by Year

Illumina P/FCF Ratio 2025: 21.9×

Illumina P/FCF Ratio 2024: 30.0×

Illumina P/FCF Ratio 2023: 76.3×

Illumina P/FCF Ratio 2021: 172.2×

Illumina P/FCF Ratio 2020: 58.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Illumina's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Illumina?

+Is Illumina's P/FCF ratio high or low?

+What is Illumina's historical P/FCF ratio range?

+What was Illumina's P/FCF ratio in 2025?

+Why does Illumina's P/FCF ratio change over time?

Illumina (ILMN) Key Financials