Avantor vs Illumina
Add, change or remove companies; up to four.
The short version
- Avantor is the larger business, with $6.6B of revenue in fiscal 2025 against $4.3B for Illumina, about 1.5 times as much.
- Illumina grew revenue faster (−0.7%, against −3.4%).
- Illumina kept more of each dollar of sales as operating profit (18.6% operating margin, against −3.8%).
- Illumina turned more of its sales into free cash flow (21.4% FCF margin, against 7.6%).
- Illumina earned a higher return on the capital invested in it (20.3%, against −2.1%).
| Latest fiscal year | AVTR · FY25 | ILMN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $41.2B |
| Revenue | $6.6B | $4.3B |
| Free cash flow | $495M | $931M |
| Net income | −$530M | $850M |
| Growth | ||
| Revenue growth | −3.4% | −0.7% |
| 5-year growth | 0.5% | 6.0% |
| Share count change | −0.2% | −1.9% |
| Profitability | ||
| Gross margin | 32.7% | 66.1% |
| Operating margin | −3.8% | 18.6% |
| Net margin | −8.1% | 19.6% |
| FCF margin | 7.6% | 21.4% |
| Return on capital | −2.1% | 20.3% |
| Return on equity | −9.2% | 33.4% |
| Balance sheet | ||
| Net debt | $3.6B | $356M |
| Net debt / EBITDA | 22.0x | 0.3x |
| Dividends and buybacks | $75.1M | $742M |
| Valuation & quality | ||
| P/E | — | 50.3x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
AVTR —
ILMN $2.4B
FY17
AVTR $1.2B
ILMN $2.8B
FY18
AVTR $5.9B
ILMN $3.3B
FY19
AVTR $6.0B
ILMN $3.5B
FY20
AVTR $6.4B
ILMN $3.2B
FY21
AVTR $7.4B
ILMN $4.5B
FY22
AVTR $7.5B
ILMN $4.6B
FY23
AVTR $7.0B
ILMN $4.5B
FY24
AVTR $6.8B
ILMN $4.4B
FY25
AVTR $6.6B
ILMN $4.3B
AVTR
ILMN
Operating margin
FY16
AVTR —
ILMN 24.5%
FY17
AVTR −16.9%
ILMN 22.0%
FY18
AVTR 7.1%
ILMN 26.5%
FY19
AVTR 9.1%
ILMN 27.8%
FY20
AVTR 11.1%
ILMN 17.9%
FY21
AVTR 13.2%
ILMN −2.7%
FY22
AVTR 15.0%
ILMN −91.2%
FY23
AVTR 10.0%
ILMN −23.7%
FY24
AVTR 16.0%
ILMN −19.1%
FY25
AVTR −3.8%
ILMN 18.6%
AVTR
ILMN
Free cash flow
FY16
AVTR —
ILMN $519M
FY17
AVTR −$193M
ILMN $565M
FY18
AVTR $163M
ILMN $846M
FY19
AVTR $302M
ILMN $842M
FY20
AVTR $868M
ILMN $891M
FY21
AVTR $843M
ILMN $337M
FY22
AVTR $710M
ILMN $106M
FY23
AVTR $724M
ILMN $283M
FY24
AVTR $692M
ILMN $709M
FY25
AVTR $495M
ILMN $931M
AVTR
ILMN
Return on capital
FY16
AVTR —
ILMN 26.9%
FY17
AVTR —
ILMN 21.4%
FY18
AVTR —
ILMN 34.3%
FY19
AVTR 9.2%
ILMN 35.3%
FY20
AVTR 9.6%
ILMN 18.7%
FY21
AVTR 8.1%
ILMN −1.7%
FY22
AVTR 8.4%
ILMN −39.7%
FY23
AVTR 5.1%
ILMN −13.3%
FY24
AVTR 8.9%
ILMN −14.1%
FY25
AVTR −2.1%
ILMN 20.3%
AVTR
ILMN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.