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: Liabilities and Stockholders’ Equity

Illumina Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2020 Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016
Accounts payable 2.53 2.04 2.64 3.04 3.22
Contract liabilities, current portion 2.45 2.28 2.51 2.85 3.30
Accrued compensation expenses 2.02 2.10 2.77 3.37 2.61
Accrued taxes payable 0.90 1.18 1.18 0.95 0.75
Operating lease liabilities, current portion 0.67 0.62 0.00 0.00 0.00
Other, including warranties 1.09 0.87 0.91 1.05 1.35
Accrued liabilities 7.13% 7.05% 7.37% 8.22% 8.01%
Build-to-suit lease liability 0.00 0.00 0.00 2.74 5.20
Long-term debt, current portion 6.74 0.00 15.91 0.19 0.03
Current liabilities 16.40% 9.09% 25.92% 14.19% 16.46%
Operating lease liabilities, excluding current portion 8.85 9.50 0.00 0.00 0.00
Long-term debt, excluding current portion 8.87 15.60 12.79 22.48 24.48
Other long-term liabilities 3.99 2.76 5.16 6.85 5.00
Long-term liabilities 21.71% 27.86% 17.95% 29.33% 29.48%
Total liabilities 38.11% 36.95% 43.87% 43.52% 45.94%
Redeemable noncontrolling interests 0.00 0.00 0.88 4.18 1.03
Preferred stock, $0.01 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.03 0.03 0.03 0.04 0.04
Additional paid-in capital 50.30 48.66 47.28 53.89 63.86
Accumulated other comprehensive income (loss) 0.03 0.07 -0.01 -0.02 -0.02
Retained earnings 62.27 55.59 44.30 42.91 34.70
Treasury stock -50.73 -41.29 -37.59 -44.53 -47.25
Total Illumina stockholders’ equity 61.89% 63.05% 54.00% 52.29% 51.33%
Noncontrolling interests 0.00 0.00 1.25 0.00 1.71
Total stockholders’ equity 61.89% 63.05% 55.25% 52.29% 53.04%
Total liabilities and stockholders’ equity 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 financial structure of the entity reflects a progressive shift from liability-based financing toward a more equity-heavy capital base between 2016 and 2020. Total liabilities as a percentage of total liabilities and stockholders’ equity decreased from 45.94% in 2016 to 38.11% in 2020, while total stockholders’ equity increased from 53.04% to 61.89% over the same period.

Liability Composition and Debt Trends
A general reduction in long-term debt is evident, falling from 24.48% in 2016 to 8.87% in 2020. Current liabilities exhibited significant volatility, peaking at 25.92% in 2018 primarily due to a surge in the current portion of long-term debt, which reached 15.91% that year before stabilizing at 6.74% by 2020.
The emergence of operating lease liabilities in 2019 and 2020—representing 0.62% and 0.67% for the current portion and 9.50% and 8.85% for the long-term portion, respectively—indicates a change in accounting recognition for lease obligations.
Accrued liabilities remained relatively stable, fluctuating between 7.05% and 8.22% throughout the five-year period, suggesting consistent management of short-term operational obligations.
Equity Dynamics and Capital Management
Retained earnings demonstrate the most significant growth, increasing from 34.70% of total liabilities and equity in 2016 to 62.27% in 2020. This trend indicates a strong capacity for internal capital generation and profit accumulation.
Additional paid-in capital experienced a downward trend, decreasing from 63.86% in 2016 to 50.30% in 2020, reflecting a relative decrease in the proportion of capital contributed by shareholders compared to earned equity.
Treasury stock maintained a substantial negative impact on the equity base, ranging from -37.59% in 2018 to -50.73% in 2020. The magnitude of this account suggests an aggressive and consistent strategy of share repurchases.

Overall, the capital structure has evolved to rely more heavily on retained earnings and less on long-term debt, enhancing the entity's solvency position despite significant outflows associated with treasury stock acquisitions.

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