ILMN
Illumina, Inc.
ILMN offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
LLY
Eli Lilly and Company
LLY has a slight edge over ILMN overall, supported by stronger fundamentals and stronger modeled upside.
ILMN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
ILMN's profitability, cash flow and balance sheet are currently strong, and its revenue is stable.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
ILMN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 29x | $170 | -19% |
| Forward | 35x | $210 | — |
| Current | 36x | $210 | — |
| Fair | 52x | $300 | +43% |
| Expensive | 84x | $487 | +132% |
Historical ranges are pointers, not guarantees.
ILMN has the edge over LLY in the historical PE scenario, which offers more potential upside but is not a forecast.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
ILMN Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ILMN, with profitability improving.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
LLY has the edge over ILMN on the outlook, with more favorable valuation expectations.
ILMN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.97 | +2.7% |
| Q3 2026 | $5.81 | +31% |
| Q2 2026 | $5.36 | -32% |
| Q1 2026 | $5.50 | +$11.58 |
| Q4 2025 | $5.45 | +$13.14 |
| Q3 2025 | $4.45 | +$14.41 |
| Q2 2025 | $7.89 | +$27.04 |
| Q1 2025 | -$6.08 | +$2.07 |
| Q4 2024 | -$7.69 | -$0.35 |
ILMN's earnings per share have fallen from their peak: $5.81 over the past year, against $7.89 in mid-2025.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over ILMN on earnings, with more consistent year-over-year improvement.
ILMN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +4.2% |
| Q2 2026 | $1.2B | +9.4% |
| Q1 2026 | $1.1B | +4.8% |
| Q4 2025 | $1.2B | +5% |
| Q3 2025 | $1.1B | +0.4% |
| Q2 2025 | $1.1B | -4.8% |
| Q1 2025 | $1B | -3.3% |
| Q4 2024 | $1.1B | -1.6% |
ILMN's revenue has grown year over year for five quarters in a row: $1.1B last quarter, up 4.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 27% | +6.1 points |
| Q2 2026 | 21% | +0.9 points |
| Q1 2026 | 19% | +3.4 points |
| Q4 2025 | 17% | +1.5 points |
| Q3 2025 | 21% | -48 points |
| Q2 2025 | 20% | +167 points |
| Q1 2025 | 16% | +26 points |
| Q4 2024 | 16% | +31 points |
ILMN's operating margin was 27% last quarter, up 6.1 points from the same quarter a year ago.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over ILMN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over ILMN on profitability, with a higher operating margin.
ILMN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $379M | +50% |
| Q2 2026 | $161M | -21% |
| Q1 2026 | $251M | +21% |
| Q4 2025 | $266M | -21% |
| Q3 2025 | $253M | -11% |
| Q2 2025 | $204M | +316% |
| Q1 2025 | $208M | +407% |
| Q4 2024 | $335M | +94% |
ILMN generated $1.1B in free cash flow over the past year, up 5.7% from the year before.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over ILMN on cash flow, with more consistent year-over-year improvement.
ILMN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +1M shares |
| 1 year | 0% | -- |
| 3 years | -2.5% | -4M shares |
| 5 years | +0.7% | +1M shares |
| Available history | +3.4% | +5M shares |
ILMN has 154M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $9M |
| Q2 2026 | $128M |
| Q1 2026 | $242M |
| Q4 2025 | $42M |
| Q3 2025 | $130M |
| Q2 2025 | $370M |
| Q1 2025 | $200M |
| Q4 2024 | $17M |
ILMN spent $421M buying back its own shares over the past year, down 41% from the year before.
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over ILMN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
ILMN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2022 | -5.3x | Net Cash |
| Q4 2021 | -9.7x | Net Cash |
ILMN has the edge over LLY on leverage, with a lower net debt burden relative to earnings.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
ILMN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.9 | Neutral |
| Stochastic | 26.8 | Neutral |
ILMN's weekly RSI is 50 (neutral) and its Stochastic is 27 (neutral).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
ILMN PE vs Healthcare Sector
| Metric | ILMN | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 26x | 40% above |
| PE % | 27 | 29 | 2 pts below |
ILMN has the edge over LLY on valuation relative to its sector.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
ILMN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $251.5 | 17% below |
| 20 week MA | $222.7 | 5.9% below |
| 50 week MA | $171.5 | 22% above |
| 100 week MA | $136.1 | 54% above |
| 200 week MA | $142.4 | 47% above |
ILMN has slipped below its 8- and 20-week averages, though it's still 47% above its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY has the edge over ILMN on trend strength, trading above more of its moving averages.
ILMN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $322.9 | $356.9 | +11% |
| 2021 | $356.9 | $371.5 | +4.1% |
| 2022 | $371.5 | $185.9 | -50% |
| 2023 | $185.9 | $135.3 | -27% |
| 2024 | $135.3 | $135.3 | 0% |
| 2025 | $135.3 | $135.0 | -0.2% |
| 2026 YTD | $135.0 | $209.6 | +55% |
ILMN has the edge over LLY on returns for 2026, with the stronger performance.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has finished every year since 2020 higher, and it's up 32% so far in 2026.