Current EV
Historical EV

Illumina Inc., current enterprise value calculation

Current share price (P)	$408.14
No. shares of common stock outstanding	156,300,000
US$ in millions
Common equity (market value)¹	63,792)
Add: Preferred stock, $0.01 par value; no shares issued and outstanding (per books)	—)
Add: Noncontrolling interests (per books)	—)
Total equity	63,792)
Add: Build-to-suit lease liability (per books)	—)
Add: Long-term debt, current portion (per books)	511)
Add: Long-term debt, excluding current portion (per books)	673)
Total equity and debt	64,976)
Less: Cash and cash equivalents	1,810)
Less: Short-term investments	1,662)
Enterprise value (EV)	61,504)

Based on: 10-K (reporting date: 2020-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 408.14 × 156,300,000

Illumina Inc., EV calculation

	Dec 31, 2020	Dec 29, 2019	Dec 30, 2018	Dec 31, 2017	Dec 31, 2016
Share price^1, 2	$494.24	$296.00	$292.20	$220.44	$164.46
No. shares of common stock outstanding¹	145,900,000	147,000,000	147,000,000	147,000,000	146,300,000
US$ in millions
Common equity (market value)³	72,110)	43,512)	42,953)	32,405)	24,060)
Add: Preferred stock, $0.01 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	—)	—)	87)	—)	73)
Total equity	72,110)	43,512)	43,040)	32,405)	24,134)
Add: Build-to-suit lease liability (book value)	—)	—)	—)	144)	223)
Add: Long-term debt, current portion (book value)	511)	—)	1,107)	10)	1)
Add: Long-term debt, excluding current portion (book value)	673)	1,141)	890)	1,182)	1,048)
Total equity and debt	73,294)	44,653)	45,037)	33,741)	25,405)
Less: Cash and cash equivalents	1,810)	2,042)	1,144)	1,225)	735)
Less: Short-term investments	1,662)	1,372)	2,368)	920)	824)
Enterprise value (EV)	69,822)	41,239)	41,525)	31,596)	23,847)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Illumina Inc. Annual Report.

³ 2020 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 494.24 × 145,900,000

Common equity (market value): The common equity market value demonstrated a consistent upward trend from 2016 to 2020. Starting at $24,060 million in 2016, it increased moderately each year, reaching $43,512 million in 2019, and then experienced a significant rise in 2020 to $72,110 million. This indicates substantial growth in shareholders' market valuation over the period analyzed.
Total equity: Total equity followed a similar pattern to common equity, rising steadily from $24,134 million in 2016 to $43,512 million in 2019. By 2020, total equity also surged notably to $72,110 million. The close alignment with common equity market value suggests that equity structure changes were minimal and the growth in market value corresponded with book equity increases.
Total equity and debt: The combined total of equity and debt increased progressively from $25,405 million in 2016 to $44,653 million in 2019, with a marked jump to $73,294 million in 2020. The pattern indicates that both equity and debt together expanded significantly, particularly in the final year, which may reflect increased financing activities or asset growth.
Enterprise value (EV): Enterprise value grew steadily from $23,847 million in 2016 to $41,239 million in 2019 and then showed a substantial increase to $69,822 million in 2020. This growth trajectory highlights improving market perceptions of the company's total valuation inclusive of debt and market capitalization, with a notable acceleration in value appreciation in the last year.

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Illumina Inc. (NASDAQ:ILMN)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)