Price to Book Value (P/BV)
since 2005
Calculation
Illumina Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Illumina stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2021 | 15.36 | = | 494.24 | ÷ | 32.17 | 32.17 | = | 4,694 | ÷ | 145,900,000 | |
| Feb 11, 2020 | 9.43 | = | 296.00 | ÷ | 31.38 | 31.38 | = | 4,613 | ÷ | 147,000,000 | |
| Feb 12, 2019 | 11.43 | = | 292.20 | ÷ | 25.56 | 25.56 | = | 3,758 | ÷ | 147,000,000 | |
| Feb 13, 2018 | 11.79 | = | 220.44 | ÷ | 18.70 | 18.70 | = | 2,749 | ÷ | 147,000,000 | |
| Feb 14, 2017 | 10.95 | = | 164.46 | ÷ | 15.02 | 15.02 | = | 2,197 | ÷ | 146,300,000 | |
| Mar 2, 2016 | 12.50 | = | 157.20 | ÷ | 12.58 | 12.58 | = | 1,849 | ÷ | 147,000,000 | |
| Feb 18, 2015 | 19.53 | = | 198.62 | ÷ | 10.17 | 10.17 | = | 1,463 | ÷ | 143,800,000 | |
| Feb 18, 2014 | 14.25 | = | 170.40 | ÷ | 11.96 | 11.96 | = | 1,533 | ÷ | 128,200,000 | |
| Feb 15, 2013 | 4.58 | = | 48.73 | ÷ | 10.63 | 10.63 | = | 1,319 | ÷ | 124,040,754 | |
| Feb 24, 2012 | 5.83 | = | 51.22 | ÷ | 8.79 | 8.79 | = | 1,075 | ÷ | 122,327,021 | |
| Feb 28, 2011 | 7.40 | = | 69.40 | ÷ | 9.38 | 9.38 | = | 1,198 | ÷ | 127,626,004 | |
| Feb 26, 2010 | 5.06 | = | 36.32 | ÷ | 7.18 | 7.18 | = | 864 | ÷ | 120,298,934 | |
| Feb 26, 2009 | 4.59 | = | 32.16 | ÷ | 7.01 | 7.01 | = | 849 | ÷ | 121,077,875 | |
| Feb 26, 2008 | 10.05 | = | 37.23 | ÷ | 3.71 | 3.71 | = | 412 | ÷ | 111,090,078 | |
| Feb 28, 2007 | 8.16 | = | 16.80 | ÷ | 2.06 | 2.06 | = | 247 | ÷ | 120,098,536 | |
| Mar 6, 2006 | 14.56 | = | 12.79 | ÷ | 0.88 | 0.88 | = | 72 | ÷ | 82,538,624 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Illumina Inc. Annual Report.
The Price to Book Value (P/BV) ratio from 2006 to 2021 exhibits significant volatility, reflecting fluctuating market sentiment and growth expectations relative to the company's net asset value. While the Book Value per Share (BVPS) demonstrates a consistent long-term upward trajectory, increasing from $0.88 in 2006 to $32.17 in 2021, the P/BV ratio does not follow a linear path, indicating that the market valuation of the equity frequently decoupled from the underlying book value.
- Initial Volatility and Valuation Compression (2006–2013)
- The period began with a high P/BV ratio of 14.56 in 2006, followed by a general trend of compression. The ratio reached its lowest levels between 2009 and 2013, bottoming out at 4.58. During this interval, the share price experienced several fluctuations, while the BVPS grew steadily, contributing to the decline in the P/BV ratio as the book value began to catch up with the market price.
- Aggressive Valuation Expansion (2014–2015)
- A sharp reversal in the valuation trend is observed starting in 2014. The P/BV ratio surged from 4.58 in 2013 to a historical peak of 19.53 by 2015. This expansion was driven by a rapid increase in the share price, which rose from $48.73 to $198.62 within two years, significantly outpacing the growth of the BVPS, which stood at $10.17 in 2015.
- Normalization and Recent Appreciation (2016–2021)
- Following the 2015 peak, the P/BV ratio entered a phase of moderation, fluctuating between 9.43 and 12.50 from 2016 through 2020. This period suggests a stabilization of market expectations. However, a renewed upward trend emerged in 2021, with the P/BV ratio rising to 15.36. This final increase is attributed to the share price reaching $494.24, further distancing the market valuation from the BVPS of $32.17.
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Comparison to Competitors
Illumina Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2021 | 15.36 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 11, 2020 | 9.43 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 12, 2019 | 11.43 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 13, 2018 | 11.79 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 14, 2017 | 10.95 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Mar 2, 2016 | 12.50 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 18, 2015 | 19.53 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 18, 2014 | 14.25 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 15, 2013 | 4.58 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 24, 2012 | 5.83 | — | 2.83 | 3.50 | 2.17 | 3.35 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 28, 2011 | 7.40 | — | 2.04 | 2.76 | 2.39 | 3.21 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Feb 26, 2010 | 5.06 | — | 2.46 | 2.88 | 2.07 | 4.17 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 26, 2009 | 4.59 | — | 2.48 | 3.29 | 1.69 | 5.01 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 26, 2008 | 10.05 | — | 2.77 | 4.22 | 2.62 | 4.16 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 28, 2007 | 8.16 | — | 3.96 | 5.50 | 3.32 | 5.43 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 6, 2006 | 14.56 | — | 4.26 | 4.00 | 3.78 | 5.85 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Illumina Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 17, 2021 | 15.36 | 5.99 |
| Feb 11, 2020 | 9.43 | 5.82 |
| Feb 12, 2019 | 11.43 | 6.02 |
| Feb 13, 2018 | 11.79 | 5.14 |
| Feb 14, 2017 | 10.95 | 4.58 |
| Mar 2, 2016 | 12.50 | 4.15 |
| Feb 18, 2015 | 19.53 | 4.47 |
| Feb 18, 2014 | 14.25 | 3.97 |
| Feb 15, 2013 | 4.58 | 3.21 |
| Feb 24, 2012 | 5.83 | 2.55 |
| Feb 28, 2011 | 7.40 | 2.25 |
| Feb 26, 2010 | 5.06 | 2.37 |
| Feb 26, 2009 | 4.59 | 2.60 |
| Feb 26, 2008 | 10.05 | 3.42 |
| Feb 28, 2007 | 8.16 | 3.82 |
| Mar 6, 2006 | 14.56 | 4.00 |
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: 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., P/BV, long-term trends, comparison to industry (health care)
| Illumina Inc. | Health Care | |
|---|---|---|
| Feb 17, 2021 | 15.36 | 5.37 |
| Feb 11, 2020 | 9.43 | 5.14 |
| Feb 12, 2019 | 11.43 | 5.17 |
| Feb 13, 2018 | 11.79 | 4.55 |
| Feb 14, 2017 | 10.95 | 4.06 |
| Mar 2, 2016 | 12.50 | 3.62 |
| Feb 18, 2015 | 19.53 | 4.10 |
| Feb 18, 2014 | 14.25 | 3.51 |
| Feb 15, 2013 | 4.58 | 2.87 |
| Feb 24, 2012 | 5.83 | 2.51 |
| Feb 28, 2011 | 7.40 | 2.24 |
| Feb 26, 2010 | 5.06 | 2.36 |
| Feb 26, 2009 | 4.59 | 2.65 |
| Feb 26, 2008 | 10.05 | 3.45 |
| Feb 28, 2007 | 8.16 | 3.81 |
| Mar 6, 2006 | 14.56 | 3.97 |
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).