Illumina Inc (ILMN) is overvalued and IQVIA Holdings Inc (IQV) is overvalued.
Both trade above our estimate of their intrinsic value. IQV is the closer of the two: -54%, against -290% for ILMN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.4% (average of 3 methods) values the shares at $63.42; the price of $247.46 is 290% above that value, and 68% of that value comes from beyond year five.
Leak Score 62/100 on 10 of 12 signals
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $174.89; the price of $270.09 is 54% above that value, and 74% of that value comes from beyond year five.
Leak Score 50/100 on 10 of 12 signals
| Metric | ILMN | IQV |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $247.46 | $270.09 |
| Intrinsic value | $63.42 | $174.89 |
| Margin of safety | -290% | -54% |
| Leak Score | 62/100 (10/12) | 50/100 (10/12) |
| Market cap | $37.4B | $44.5B |
| Revenue growth, 5 years | 6.0% | 7.5% |
| Operating margin | 19.9% | 13.9% |
| Net margin | 18.4% | 8.1% |
| Return on equity | 32.4% | 23.0% |
| Debt to equity | 0.89 | 2.63 |
| P/E | 46.1x | 33.5x |
| Forward P/E | 40.7x | 18.7x |
| P/B | 13.2x | 7.2x |