ILMN vs MTD: Illumina and Mettler-Toledo International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Illumina is the larger company, worth $41.1B, about 1.2 times Mettler-Toledo International.
- Illumina grew revenue faster over the last year (+9.4% vs +4.5%).
- On earnings, Mettler-Toledo International is the cheaper stock (38.9x vs 49.4x).
- Illumina's price assumes faster free cash flow growth: about 15% a year, against 14% for Mettler-Toledo International (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ILMN | MTD |
|---|---|---|
| Market cap | $41.1B | $33.4B |
| Share price | $278.17 | $1,549.99 |
| Revenue (last fiscal year) | $4.3B | $4.0B |
| Free cash flow (last fiscal year) | $931M | $849M |
| Revenue growth, last year | +9.4% | +4.5% |
| Revenue growth per year, last 5 fiscal years | -1.0% | +2.0% |
| Operating margin | 19.6% | — |
| Net margin | 18.4% | 21.9% |
| Return on equity | 29.1% | 7062.4% |
| P/E (trailing) | 49.4x | 38.9x |
| Price / free cash flow | 44.2x | 39.4x |
| EV / EBITDA | 30.8x | 28.4x |
| FCF growth the price implies | 15.4% | 13.9% |
| Dividend yield | — | — |
| Debt / equity | 1.34x | 285.3x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Illumina
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.5B | $337M | -2.7% |
| 2022 | $4.6B | $106M | -91.2% |
| 2023 | $4.5B | $283M | -23.7% |
| 2024 | $4.4B | $709M | -19.1% |
| 2025 | $4.3B | $931M | 18.6% |
Mettler-Toledo International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.7B | $801M | — |
| 2022 | $3.9B | $738M | — |
| 2023 | $3.8B | $861M | — |
| 2024 | $3.9B | $864M | — |
| 2025 | $4.0B | $849M | — |
Where the revenue comes from
Illumina · by segments, 2025
Sequencing$4.0B92%
Microarray$358M8%
Mettler-Toledo International · by segments, 2025
US Operations$1.5B37%
Western European Operations$896M22%
Other Operations$789M20%
Chinese Operations$635M16%
Swiss Operations$211M5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ILMN in InvestinglyQuestions
Which is bigger, Illumina or Mettler-Toledo International?
Illumina (ILMN), at $41.1B against $33.4B.
Is ILMN or MTD cheaper?
By trailing P/E, Mettler-Toledo International (38.9x) is cheaper than Illumina (49.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ILMN or MTD?
Illumina: revenue grew +9.4% over the last year, against +4.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.