Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current price: ~$205 (July 31, 2026 close, sitting at a 52-week high; range $88–$206) · Market cap: ~$31 billion · Shares out: 151 million · Trailing P/E: ~38x · Forward P/E: ~36–38x on 2026 guided adjusted EPS of $5.30–$5.40 · Net debt: ~$0.8 billion We want to be honest at the outset, because this is a company that invites a certain kind of romance. Illumina reads the book of life. It sequences human genomes. Its machines sit in the cancer centers, the prenatal clinics, and the great research universities of the world, and for the better part of two decades it enjoyed something close to a monopoly on an industry that was itself compounding at a marvelous rate.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-30).
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