Agilent Technologies vs Illumina
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The short version
- Agilent Technologies is the larger business, with $6.9B of revenue in fiscal 2025 against $4.3B for Illumina, about 1.6 times as much.
- Agilent Technologies grew revenue faster (6.7%, against −0.7%).
- Agilent Technologies kept more of each dollar of sales as operating profit (21.3% operating margin, against 18.6%).
- Illumina turned more of its sales into free cash flow (21.4% FCF margin, against 16.6%).
- Illumina earned a higher return on the capital invested in it (20.3%, against 16.5%).
- Investors pay more for each dollar of Illumina’s earnings: a P/E of 50.3x against 34.1x for Agilent Technologies.
| Latest fiscal year | A · FY25 | ILMN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $49.0B | $41.2B |
| Revenue | $6.9B | $4.3B |
| Free cash flow | $1.2B | $931M |
| Net income | $1.3B | $850M |
| Growth | ||
| Revenue growth | 6.7% | −0.7% |
| 5-year growth | 5.4% | 6.0% |
| Share count change | −2.1% | −1.9% |
| Profitability | ||
| Gross margin | 52.4% | 66.1% |
| Operating margin | 21.3% | 18.6% |
| Net margin | 18.8% | 19.6% |
| FCF margin | 16.6% | 21.4% |
| Return on capital | 16.5% | 20.3% |
| Return on equity | 20.6% | 33.4% |
| Balance sheet | ||
| Net debt | $1.6B | $356M |
| Net debt / EBITDA | 0.9x | 0.3x |
| Dividends and buybacks | $707M | $742M |
| Valuation & quality | ||
| P/E | 34.1x | 50.3x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
A $4.2B
ILMN $2.4B
FY17
A $4.5B
ILMN $2.8B
FY18
A $4.9B
ILMN $3.3B
FY19
A $5.2B
ILMN $3.5B
FY20
A $5.3B
ILMN $3.2B
FY21
A $6.3B
ILMN $4.5B
FY22
A $6.8B
ILMN $4.6B
FY23
A $6.8B
ILMN $4.5B
FY24
A $6.5B
ILMN $4.4B
FY25
A $6.9B
ILMN $4.3B
A
ILMN
Operating margin
FY16
A 14.6%
ILMN 24.5%
FY17
A 18.1%
ILMN 22.0%
FY18
A 18.4%
ILMN 26.5%
FY19
A 18.2%
ILMN 27.8%
FY20
A 15.9%
ILMN 17.9%
FY21
A 21.3%
ILMN −2.7%
FY22
A 23.6%
ILMN −91.2%
FY23
A 19.8%
ILMN −23.7%
FY24
A 22.9%
ILMN −19.1%
FY25
A 21.3%
ILMN 18.6%
A
ILMN
Free cash flow
FY16
A $654M
ILMN $519M
FY17
A $713M
ILMN $565M
FY18
A $910M
ILMN $846M
FY19
A $866M
ILMN $842M
FY20
A $802M
ILMN $891M
FY21
A $1.3B
ILMN $337M
FY22
A $1.0B
ILMN $106M
FY23
A $1.5B
ILMN $283M
FY24
A $1.4B
ILMN $709M
FY25
A $1.2B
ILMN $931M
A
ILMN
Return on capital
FY16
A 14.5%
ILMN 26.9%
FY17
A 17.7%
ILMN 21.4%
FY18
A 10.9%
ILMN 34.3%
FY19
A 19.0%
ILMN 35.3%
FY20
A 12.5%
ILMN 18.7%
FY21
A 19.3%
ILMN −1.7%
FY22
A 19.8%
ILMN −39.7%
FY23
A 17.9%
ILMN −13.3%
FY24
A 16.9%
ILMN −14.1%
FY25
A 16.5%
ILMN 20.3%
A
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.