ILMN
Illumina, Inc.
ILMN has the edge over NVO overall, supported by stronger valuation and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
ILMN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
ILMN's profitability, cash flow and balance sheet are currently strong, and its revenue is stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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's PE is in its cheap range at 36x. On analysts' estimates for next year's earnings, today's price would be 35x.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over ILMN in the historical PE scenario, which offers more potential upside but is not a forecast.
ILMN Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
ILMN has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over ILMN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ILMN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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 NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ILMN PE vs Healthcare Sector
| Metric | ILMN | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 26x | 40% above |
| PE % | 27 | 29 | 2 pts below |
ILMN is trading at 36x earnings, a 40% premium to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over ILMN on valuation relative to its sector.
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 the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
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 NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.