Common-Size Income Statement
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- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
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- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Illumina Inc., common-size consolidated income statement
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).
- Revenue Composition
- Product revenue as a percentage of total revenue remained relatively stable, fluctuating slightly between 82.48% and 84.72%, with a modest increase observed in 2020 reaching 84.44%. Service and other revenue accounted for the remaining portion, showing a slight decline in 2020 to 15.56% after peaking at 17.52% in 2018.
- Cost Structure
- Cost of product revenue as a percentage of total revenue exhibited some volatility, ranging from -22.14% to -24.67%, peaking in 2017 before increasing again in 2020 to -24.33%. Cost of service and other revenue displayed a narrower range between -6.45% and -7.8%, with a slight reduction in 2020. The amortization of acquired intangible assets progressively decreased from -1.79% in 2016 to -0.86% in 2020, indicating amortization expense reduction relative to revenue. Overall, total cost of revenue fluctuated between -30.37% and -33.65%, with a rise to -31.99% by 2020.
- Profitability
- Gross profit margin showed variability over the period, declining from 69.48% in 2016 to a low of 66.35% in 2017, then recovering to above 69% in 2018 and 2019 before decreasing to 68.01% in 2020. Research and development expenses as a percentage of revenue generally declined from -21.03% to -18.26% from 2016 to 2019 but increased sharply to -21.06% in 2020, suggesting intensified investment in R&D in the latest period. Selling, general, and administrative expenses remained fairly consistent around -24%, but notable growth to -29.05% occurred in 2020, reflecting increased operational costs or investments.
- Operating Income and Expenses
- Operating expenses decreased as a percentage of revenue from -45.01% in 2016 to -41.83% in 2019, indicating improved expense management up to that point. However, in 2020, operating expenses rose significantly to -50.11%, driven primarily by higher selling, general, and administrative expenses and increased R&D spending. Consequently, income from operations declined from a peak of 27.8% in 2019 to 17.91% in 2020, signaling reduced operational profitability in the most recent year.
- Other Income and Expenses
- Interest income displayed a gradual upward trend from 0.41% in 2016 to a peak of 2.12% in 2019, followed by a decrease to 1.27% in 2020. Interest expense fluctuated mildly without a clear trend, remaining near -1.4% to -1.7% of revenue. Other income (expense), net, showed significant volatility, with an exceptionally high value in 2017 at 16.53%, followed by lower positive contributions in subsequent years, reaching 8.77% in 2020, suggesting occasional one-time gains or favorable non-operating items impacting income before taxes.
- Income Before and After Taxes
- Income before income taxes experienced considerable variation, peaking at 37.9% in 2017, then generally declining to 26.43% in 2020. Provision for income taxes was also somewhat variable, increasing markedly in 2017 to -13.26%, then remaining lower in following years before rising again in 2020 to -6.17%, indicating fluctuating effective tax rates or tax expense impacts.
- Net Income
- Consolidated net income as a percentage of revenue increased from 17.85% in 2016 to 27.94% in 2019, reflecting strong profitability improvements during this period. However, a decline to 20.25% occurred in 2020, aligning with the increased operating expenses and decreased operating income. Net income attributable to Illumina stockholders mirrored this trend closely, rising to 28.28% in 2019 before a reduction to 20.25% in 2020. The net loss attributable to noncontrolling interests declined over time, becoming negligible in 2020.