Question 1

What is Illumina's P/B ratio?

Accepted Answer

Illumina (ILMN) P/B ratio is 11.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Illumina?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Illumina specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

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

Accepted Answer

Illumina's P/B ratio of 11.0× is above its own 5-year average of 6.2× and above the sector median of 3.2×. That places the current reading at the 88th 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/B ratio range?

Accepted Answer

In the available daily series, Illumina (ILMN) P/B ratio has ranged from a low of 1.1× in 2003 to a high of 21.0× in 2014. The 5-year average is 6.2× and the 5-year median is 5.3×.

Question 7

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

Accepted Answer

Illumina (ILMN) P/B ratio at the end of 2025 was 7.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$20.6B	$2.72B	7.6×	-1.4×	Dec 28, 2025
2024	$21.2B	$2.37B	8.9×	+5.2×	Dec 29, 2024
2023	$21.5B	$5.75B	3.7×	-1.0×	Dec 31, 2023
2022	$31B	$6.6B	4.7×	-0.7×	Dec 31, 2022
2021	$58B	$10.7B	5.4×	-5.8×	Dec 31, 2021
2020	$52.5B	$4.69B	11.2×	+0.9×	Dec 31, 2020
2019	$47.4B	$4.61B	10.3×	-0.9×	Dec 31, 2019
2018	$42.8B	$3.85B	11.1×	+0.2×	Dec 31, 2018
2017	$31B	$2.84B	10.9×	+2.9×	Dec 31, 2017
2016	$18.3B	$2.27B	8.0×	-6.7×	Dec 31, 2016
2015	$27.2B	$1.85B	14.7×	-2.7×	Dec 31, 2015
2014	$25.5B	$1.46B	17.5×	+8.6×	Dec 31, 2014
2013	$13.6B	$1.53B	8.9×	+3.8×	Dec 31, 2013
2012	$6.66B	$1.32B	5.0×	+1.7×	Dec 31, 2012
2011	$3.6B	$1.08B	3.3×	-4.4×	Dec 31, 2011
2010	$9.31B	$1.2B	7.8×	+3.1×	Dec 31, 2010
2009	$4.06B	$864M	4.7×	+0.8×	Dec 31, 2009
2008	$3.32B	$849M	3.9×	-3.8×	Dec 31, 2008
2007	$3.17B	$412M	7.7×	-0.1×	Dec 31, 2007
2006	$1.93B	$247M	7.8×	-0.6×	Dec 31, 2006
2005	$612M	$72.5M	8.4×	+3.5×	Dec 31, 2005
2004	$356M	$72.3M	4.9×	+0.3×	Dec 31, 2004
2003	$221M	$47.4M	4.7×	+3.2×	Dec 31, 2003
2002	$103M	$71.7M	1.4×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Illumina (ILMN) 2002-2026

P/B Ratio daily chart for Illumina (ILMN)

Historical P/B Ratio for Illumina (ILMN) from 2002 to 2025

About P/B Ratio at Illumina (ILMN)

Illumina P/B Ratio by Year

Illumina P/B Ratio 2025: 7.6×

Illumina P/B Ratio 2024: 8.9×

Illumina P/B Ratio 2023: 3.7×

Illumina P/B Ratio 2022: 4.7×

Illumina P/B Ratio 2021: 5.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Illumina (ILMN) Key Financials