Illumina vs Waters
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KIRA’s take AI analyst
I put Illumina and Waters side by side, using each one’s latest annual report. Here is what stands out:
- Illumina is the larger business, with $4.3B of revenue in fiscal 2025 against $3.2B for Waters.
- Waters grew revenue faster (7.0%, against −0.7%).
- Waters kept more of each dollar of sales as operating profit (25.4% operating margin, against 18.6%).
- Illumina turned more of its sales into free cash flow (21.4% FCF margin, against 17.1%).
- Waters earned a higher return on the capital invested in it (21.0%, against 20.3%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Illumina
ILMN
7/11
5-year growthGross marginFCF marginReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Waters
WAT
4/11
Revenue growthOperating marginNet marginReturn on capital
Side by side
Best in the row
| Latest fiscal year | ILMN FY25 | WAT FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.5B | $44.8B |
| Revenue | $4.3B | $3.2B |
| Free cash flow | $931M | $540M |
| Net income | $850M | $643M |
| Growth | ||
| Revenue growth | −0.7% | 7.0% |
| 5-year growth | 6.0% | 6.0% |
| Share count change | −1.9% | 0.3% |
| Profitability | ||
| Gross margin | 66.1% | 59.3% |
| Operating margin | 18.6% | 25.4% |
| Net margin | 19.6% | 20.3% |
| FCF margin | 21.4% | 17.1% |
| Return on capital | 20.3% | 21.0% |
| Return on equity | 33.4% | 29.3% |
| Balance sheet | ||
| Net debt | $356M | $822M |
| Net debt / EBITDA | 0.3x | 0.8x |
| Dividends and buybacks | $742M | $14.7M |
| Valuation & quality | ||
| P/E | 50.6x | — |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.