Stock Analysis on Net
Stock Analysis on Net

Illumina Inc. (NASDAQ:ILMN)

This company has been moved to the archive! The financial data has not been updated since November 5, 2021.

Common-Size Balance Sheet: Assets

Illumina Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2020 Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016
Cash and cash equivalents 23.86 27.91 16.44 23.30 17.16
Short-term investments 21.91 18.75 34.03 17.50 19.25
Accounts receivable, net 6.42 7.83 7.39 7.82 8.91
Inventory 4.90 4.91 5.55 6.33 7.01
Prepaid expenses and other current assets 2.00 1.44 1.12 1.73 1.82
Current assets 59.10% 60.84% 64.52% 56.69% 54.15%
Property and equipment, net 12.16 12.15 15.45 17.71 16.66
Operating lease right-of-use assets 7.01 7.59 0.00 0.00 0.00
Goodwill 11.83 11.26 11.94 14.67 18.13
Intangible assets, net 1.87 1.98 2.66 3.33 5.67
Deferred tax assets, net 0.26 0.87 1.01 1.67 2.88
Other assets 7.77 5.30 4.43 5.93 2.50
Long-term assets 40.90% 39.16% 35.48% 43.31% 45.85%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

The asset composition reveals a strategic shift toward increased liquidity and a reduction in the relative weight of long-term, non-current assets between 2016 and 2020. Current assets increased from 54.15% to 59.10% of total assets, peaking in 2018 at 64.52%, while long-term assets declined from 45.85% to 40.90% over the same period.

Liquidity and Cash Management
A high concentration of liquid assets is evident throughout the period. Combined cash and short-term investments fluctuated significantly, reaching a peak of 50.47% of total assets in 2018, primarily driven by a spike in short-term investments to 34.03%. By 2020, these liquid components stabilized at approximately 45.77% of the total asset base.
Working Capital Efficiency
There is a consistent downward trend in the relative proportions of accounts receivable and inventory. Accounts receivable decreased from 8.91% to 6.42%, and inventory declined from 7.01% to 4.90%. This suggests improved efficiency in collecting receivables and managing inventory levels relative to the total size of the balance sheet.
Fixed and Intangible Asset Erosion
Non-current asset categories experienced a general contraction. Property and equipment, net, fell from 16.66% to 12.16%. Similarly, goodwill decreased from 18.13% to 11.83%, and net intangible assets saw a marked decline from 5.67% to 1.87%. This indicates that organic growth or asset amortization outweighed new capital expenditures and acquisitions in relative terms.
Structural Balance Sheet Adjustments
The introduction of operating lease right-of-use assets in 2019 at 7.59%, remaining at 7.01% in 2020, reflects a significant accounting structural change. Additionally, deferred tax assets, net, showed a sharp and continuous decline from 2.88% in 2016 to a marginal 0.26% by 2020.

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