Illumina vs Waters
Illumina reported revenue of $4.3 billion in fiscal 2025, 1.4 times Waters' $3.2 billion in fiscal 2025. Illumina's revenue fell 0.7% in its latest year, and Waters' grew 7.0%. Illumina had an operating margin of 18.6%, against 25.4% at Waters. Free cash flow was $931 million at Illumina and $540 million at Waters. Their fiscal years end in different months (December 28 and December 31), so the periods don't line up exactly.
Side by side
| Illumina | Waters | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 28, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $4.3B | $3.2B |
| Revenue growth | −0.7% | 7.0% |
| Revenue growth a year, last 5 years | 6.0% | 6.0% |
| Gross margin | 66.1% | 59.3% |
| Operating margin | 18.6% | 25.4% |
| Net margin | 19.6% | 20.3% |
| Free cash flow | $931M | $540M |
| Free cash flow margin | 21.4% | 17.1% |
| Return on capital | 20.3% | 21.0% |
| Net debt to EBITDA | 0.3x | 0.8x |
| Dividends and buybacks | $742M | $15M |
| Change in diluted share count | −1.9% | 0.3% |
| Last close | $271.04 | $455.98 |
| P/E at the last close | 50.6× | — |
| Insider trades, last 12 months | bought $84,627, sold $592.9 million | bought $451,070, sold $1.4 million |
| Piotroski F-score | 8 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ 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
IlluminaWaters
Operating margin
Percent of revenue
IlluminaWaters
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IlluminaWaters