ILMN vs TXG: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ILMN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ILMN and TXG share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ILMN and TXG exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Illumina designs, makes, and sells next-generation DNA sequencing systems and the consumables that run on them, serving research, clinical, and applied-genomics customers. Its business follows a razor-and-blades model: instruments such as the high-throughput NovaSeq X, the NextSeq, and the benchtop MiSeq seed an installed base, and the bulk of revenue then comes from recurring sequencing consumables (reagents and flow cells), which historically make up the majority of sales. The company is also pushing into multiomics, proteomics, and clinical diagnostics to expand what its platforms can measure. Illumina is headquartered in San Diego, was founded in 1998, and is led by CEO Jacob Thaysen.

Full ILMN guide

10x Genomics, Inc. (Nasdaq: TXG) builds instruments, reagents, and software for single-cell and spatial biology, the tools scientists use to read gene activity one cell at a time and map it across intact tissue. Its core franchises are Chromium (single-cell analysis), the Visium and Xenium spatial platforms, and the newly launched Atera in situ system (list price around $495,000, shipping in the second half of 2026). Revenue skews toward recurring consumables sold to academic labs, pharma and biotech research groups, and core genomics facilities, with instrument placements driving the razor-and-blade model over time.

Full TXG guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ILMN drivers: Installed base and the consumables annuity; The NovaSeq X transition.
• TXG drivers: Consumables-led recurring revenue; New platform launches (Atera and spatial).

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Competition is intensifying: Ultima Genomics markets bulk whole-genome sequencing near $80 a genome, Element Biosciences' AVITI undercuts benchtop economics, and PacBio and Oxford Nanopore hold long-read niches, all pressuring Illumina's pricing and share. For TXG, the biggest overhang is demand: U.S.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ILMN if you believe its drivers more; TXG if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ILMN and TXG guides.

ILMN. Illumina trades at a premium earnings multiple that reflects its platform dominance and consumables annuity, set against low-single-digit revenue growth and a slow-growing end market. Full-year 2025 revenue was about $4.34 billion, and the company guided fiscal 2026 to roughly $4.5 to $4.6 billion with operating margins recovering toward the low-to-mid 20s. All figures are approximate, tied to the June 2026 asOf date, and move with the share price and reported results; verify current numbers before relying on them.

TXG. 10x Genomics trades at roughly 7x sales while revenue is essentially flat and the company still runs a small net loss, so the market is paying for future growth rather than current profits. The debt-free balance sheet with about $540M of cash gives it room to fund new launches. The key swing factor is whether academic and biopharma spending thaws enough to restart instrument placements.

Headline figures (approximate, June 2026): ILMN shows revenue (fy2025) ~$4.34 billion (approximate, verify), 2026 revenue guidance ~$4.5-4.6 billion, ~4-6% growth (company guidance, verify), consumables mix Majority of revenue is recurring consumables (razor-and-blades; verify), non-gaap operating margin (2026 guide) ~23.3-23.5% (company guidance, verify); TXG shows revenue (ttm) ~$639M, q1 2026 revenue ~$150.8M, 2026 revenue guidance ~$600M-$625M, gross margin ~70%.

ILMN and TXG are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ILMN and TXG exposure against your real portfolio. It is not an investment adviser.