Avantor vs Illumina
Avantor reported revenue of $6.6 billion in fiscal 2025, 1.5 times Illumina's $4.3 billion in fiscal 2025. Avantor's revenue fell 3.4% in its latest year, and Illumina's fell 0.7%. Avantor had an operating margin of -3.8%, against 18.6% at Illumina. Free cash flow was $495 million at Avantor and $931 million at Illumina. Their fiscal years end in different months (December 31 and December 28), so the periods don't line up exactly.
Side by side
| Avantor | Illumina | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 28, 2025 |
| Revenue | $6.6B | $4.3B |
| Revenue growth | −3.4% | −0.7% |
| Revenue growth a year, last 5 years | 0.5% | 6.0% |
| Gross margin | 32.6% | 66.1% |
| Operating margin | −3.8% | 18.6% |
| Net margin | −8.1% | 19.6% |
| Free cash flow | $495M | $931M |
| Free cash flow margin | 7.5% | 21.4% |
| Return on capital | −2.0% | 20.3% |
| Net debt to EBITDA | 22.0x | 0.3x |
| Dividends and buybacks | $75M | $742M |
| Change in diluted share count | −0.2% | −1.9% |
| Last close | $17.29 | $271.04 |
| P/E at the last close | — | 50.6× |
| Insider trades, last 12 months | bought $8.7 million, sold $0 | bought $84,627, sold $592.9 million |
| Piotroski F-score | 5 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AvantorIllumina
Operating margin
Percent of revenue
AvantorIllumina
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AvantorIllumina