ILMN // Illumina Inc.

DES <GO> NASDAQ CIK 0001110803 ↗

Health Care • Medical Specialities

$290.06 ▲ +1.27 (+0.44%)

MKT CAP: $43.80B • VOL: 2.04M

52W L $113 52W H $309

ALTMAN Z

9.52 SAFE

PIOTROSKI

8 / 9

ILMN // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 69/100 [C+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C+

RQD CONFIDENCE

69 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Upper Neutral / Watch for Breakout

01 MASSIVE / SEC XBRL

Forensic Fundamentals

18 / 20

STRONG

FCF +31.3% vs NI +169.5% • ROIC-WACC +9.3% • Z 9.52

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON ILMN)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 87/100 Z-SCORE: +2.78σ

ILMN Accounting Gap: Net Income (+169.5%) Outpaced OCF (+28.9%) With +25.3% Working-Capital Build

CASH CONVERSION GAP

+140.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

+25.3% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Illumina Inc. (ILMN) exposes a +140.6% Cash Conversion Gap as YoY Net Income growth (+169.5%) diverged from Operating Cash Flow growth (+28.9%). Non-cash current assets and receivables expanded +25.3% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

ILMN // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +86.20%🛡️ HOLDING TREND SUPPORT

2026-10-30O $255.8H $256.1L $231.2C $236.0VOL 5.39M

RES: $341.0SUP: $220.0SMA50: $249.3SMA200: $176.1

ILMN // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 45/100

BEAR 0

100 BULL

Illumina Inc. (ILMN) exhibits 66.1% gross margins and 18.2% return on invested capital within Health Care (Medical Specialities), balanced against a 47.5x enterprise multiple and 7.4% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 66.1% gross profitability converts into 18.6% operating margin and 18.2% ROIC, outpacing sector cost of capital.

ROIC: 18.2% // GM: 66.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -0.7% paired with 2.13% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -0.7% // FCF YLD: 2.13%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 9.52 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 9.52 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 51.5x trailing P/E (47.9x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 51.5x // EV/EBITDA: 47.5x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.4% implied move with a 0.79 put/call ratio around $284.00 max pain.

IMPL MOVE: ±7.4% // P/C: 0.79

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Medical Specialities require continuous execution to defend 19.6% net margins.

NET MARGIN: 19.6% // D/E: 0.49x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 47.9x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.16).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 51.5x

FORWARD P/E 47.9x

EV / EBITDA 47.5x

FCF YIELD 2.13%

GROSS MARGIN 66.1%

OPERATING MARGIN 18.6%

NET MARGIN 19.6%

ROIC % 18.2%

REV GROWTH YOY -0.7%

DILUTED EPS TTM $5.63

DEBT / EQUITY 0.49x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 38.6

5Y EQUITY BETA 1.16

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // ILMNPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $265.41

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for ILMN & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

ILMN VS LLY

MARGINS ROIC VALUATION

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MARGINS ROIC VALUATION