Debt to Equity
since 2005
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Illumina Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Calculation
Illumina Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt1 | ÷ | Illumina stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2020 | = | ÷ | |||
| Dec 29, 2019 | = | ÷ | |||
| Dec 30, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Jan 1, 2017 | = | ÷ | |||
| Jan 3, 2016 | = | ÷ | |||
| Dec 28, 2014 | = | ÷ | |||
| Dec 29, 2013 | = | ÷ | |||
| Dec 30, 2012 | = | ÷ | |||
| Jan 1, 2012 | = | ÷ | |||
| Jan 2, 2011 | = | ÷ | |||
| Jan 3, 2010 | = | ÷ | |||
| Dec 28, 2008 | = | ÷ | |||
| Dec 30, 2007 | = | ÷ | |||
| Dec 31, 2006 | = | ÷ | |||
| Jan 1, 2006 | = | ÷ |
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: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
1 US$ in millions
The financial data reveals several key trends in the company’s capital structure and leverage over the analyzed period.
- Long-term Debt
- The long-term debt started at zero in early 2006, then experienced a significant increase to 400 million USD by the end of 2007, maintaining that level through 2008. Subsequently, it fluctuated, generally trending upward with notable peaks around 2014 and 2018, reaching a maximum of 1997 million USD in 2018. Afterward, the debt level declined sharply to 1141 million USD by the end of 2019 and then slightly increased to 1184 million USD in 2020. This pattern indicates periods of debt accumulation followed by deleveraging efforts.
- Stockholders’ Equity
- Stockholders’ equity showed a consistent upward trajectory throughout the entire time span. Beginning from a modest 72 million USD in early 2006, it steadily increased with only minor fluctuations, reaching nearly 4700 million USD by the end of 2020. This sustained growth in equity suggests ongoing reinvestment of earnings and possibly new equity issuances, contributing to a strengthening of the company’s net asset base.
- Debt to Equity Ratio
- The debt to equity ratio, initially at zero in 2006 due to the absence of debt, rose to nearly 1 by the end of 2007 indicating a rapid increase in leverage. Afterward, it exhibited variability with a general downward trend until 2011 and then a rise again in the early 2010s, peaking again near 0.88 in 2014. Subsequently, the ratio steadily declined to about 0.25 by 2020, reflecting a significant reduction in leverage relative to equity. This indicates a strategic shift towards a more conservative capital structure with lower relative financial risk in the later years.
Overall, the company demonstrated a capacity to increase both debt and equity to support growth, followed by periods of deleveraging. The substantial growth in stockholders’ equity alongside controlled debt levels and a decreasing debt to equity ratio in recent years suggests improved financial stability and a strengthened balance sheet position by the end of the period analyzed.
Comparison to Competitors
Illumina Inc., debt to equity, long-term trends, comparison to competitors
| Illumina Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2020 | |||||||||||||
| Dec 29, 2019 | |||||||||||||
| Dec 30, 2018 | |||||||||||||
| Dec 31, 2017 | |||||||||||||
| Jan 1, 2017 | |||||||||||||
| Jan 3, 2016 | |||||||||||||
| Dec 28, 2014 | |||||||||||||
| Dec 29, 2013 | |||||||||||||
| Dec 30, 2012 | |||||||||||||
| Jan 1, 2012 | |||||||||||||
| Jan 2, 2011 | |||||||||||||
| Jan 3, 2010 | |||||||||||||
| Dec 28, 2008 | |||||||||||||
| Dec 30, 2007 | |||||||||||||
| Dec 31, 2006 | |||||||||||||
| Jan 1, 2006 |
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: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Illumina Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Illumina Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2020 | ||
| Dec 29, 2019 | ||
| Dec 30, 2018 | ||
| Dec 31, 2017 | ||
| Jan 1, 2017 | ||
| Jan 3, 2016 | ||
| Dec 28, 2014 | ||
| Dec 29, 2013 | ||
| Dec 30, 2012 | ||
| Jan 1, 2012 | ||
| Jan 2, 2011 | ||
| Jan 3, 2010 | ||
| Dec 28, 2008 | ||
| Dec 30, 2007 | ||
| Dec 31, 2006 | ||
| Jan 1, 2006 |
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: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).
Comparison to Industry (Health Care)
Illumina Inc., debt to equity, long-term trends, comparison to industry (health care)
| Illumina Inc. | Health Care | |
|---|---|---|
| Dec 31, 2020 | ||
| Dec 29, 2019 | ||
| Dec 30, 2018 | ||
| Dec 31, 2017 | ||
| Jan 1, 2017 | ||
| Jan 3, 2016 | ||
| Dec 28, 2014 | ||
| Dec 29, 2013 | ||
| Dec 30, 2012 | ||
| Jan 1, 2012 | ||
| Jan 2, 2011 | ||
| Jan 3, 2010 | ||
| Dec 28, 2008 | ||
| Dec 30, 2007 | ||
| Dec 31, 2006 | ||
| Jan 1, 2006 |
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: 2017-01-01), 10-K (reporting date: 2016-01-03), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2012-01-01), 10-K (reporting date: 2011-01-02), 10-K (reporting date: 2010-01-03), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2006-01-01).