Illumina vs Mettler Toledo
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The short version
- Illumina is the larger business, with $4.3B of revenue in fiscal 2025 against $4.0B for Mettler Toledo.
- Mettler Toledo grew revenue faster (4.0%, against −0.7%).
- Mettler Toledo earned a higher return on the capital invested in it (50.5%, against 20.3%).
- Investors pay more for each dollar of Illumina’s earnings: a P/E of 50.3x against 37.6x for Mettler Toledo.
| Latest fiscal year | ILMN · FY25 | MTD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.2B | $33.7B |
| Revenue | $4.3B | $4.0B |
| Free cash flow | $931M | $849M |
| Net income | $850M | $869M |
| Growth | ||
| Revenue growth | −0.7% | 4.0% |
| 5-year growth | 6.0% | 5.5% |
| Share count change | −1.9% | −3.0% |
| Profitability | ||
| Gross margin | 66.1% | 59.4% |
| Operating margin | 18.6% | — |
| Net margin | 19.6% | 21.6% |
| FCF margin | 21.4% | 21.1% |
| Return on capital | 20.3% | 50.5% |
| Return on equity | 33.4% | — |
| Balance sheet | ||
| Net debt | $356M | $2.0B |
| Net debt / EBITDA | 0.3x | 1.7x |
| Dividends and buybacks | $742M | $800M |
| Valuation & quality | ||
| P/E | 50.3x | 37.6x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
ILMN $2.4B
MTD $2.5B
FY17
ILMN $2.8B
MTD $2.7B
FY18
ILMN $3.3B
MTD $2.9B
FY19
ILMN $3.5B
MTD $3.0B
FY20
ILMN $3.2B
MTD $3.1B
FY21
ILMN $4.5B
MTD $3.7B
FY22
ILMN $4.6B
MTD $3.9B
FY23
ILMN $4.5B
MTD $3.8B
FY24
ILMN $4.4B
MTD $3.9B
FY25
ILMN $4.3B
MTD $4.0B
ILMN
MTD
Operating margin
FY16
ILMN 24.5%
MTD —
FY17
ILMN 22.0%
MTD —
FY18
ILMN 26.5%
MTD —
FY19
ILMN 27.8%
MTD —
FY20
ILMN 17.9%
MTD —
FY21
ILMN −2.7%
MTD —
FY22
ILMN −91.2%
MTD —
FY23
ILMN −23.7%
MTD —
FY24
ILMN −19.1%
MTD —
FY25
ILMN 18.6%
MTD —
ILMN
MTD
Free cash flow
FY16
ILMN $519M
MTD $337M
FY17
ILMN $565M
MTD $389M
FY18
ILMN $846M
MTD $422M
FY19
ILMN $842M
MTD $506M
FY20
ILMN $891M
MTD $632M
FY21
ILMN $337M
MTD $801M
FY22
ILMN $106M
MTD $738M
FY23
ILMN $283M
MTD $861M
FY24
ILMN $709M
MTD $864M
FY25
ILMN $931M
MTD $849M
ILMN
MTD
Return on capital
FY16
ILMN 26.9%
MTD 36.8%
FY17
ILMN 21.4%
MTD 31.7%
FY18
ILMN 34.3%
MTD 39.2%
FY19
ILMN 35.3%
MTD 41.6%
FY20
ILMN 18.7%
MTD 43.4%
FY21
ILMN −1.7%
MTD 51.4%
FY22
ILMN −39.7%
MTD 52.6%
FY23
ILMN −13.3%
MTD 48.6%
FY24
ILMN −14.1%
MTD 55.7%
FY25
ILMN 20.3%
MTD 50.5%
ILMN
MTD
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.