ILMN vs NTRA: Illumina and Natera compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Natera is the larger company, worth $57.6B, about 1.4 times Illumina.
- Natera grew revenue faster over the last year (+37.7% vs +9.4%).
- Illumina keeps more of each dollar of revenue as operating profit (19.6% vs -10.7%).
- Natera's price assumes faster free cash flow growth: about 51% a year, against 15% for Illumina (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 | NTRA |
|---|---|---|
| Market cap | $41.1B | $57.6B |
| Share price | $278.17 | $400.71 |
| Revenue (last fiscal year) | $4.3B | $2.3B |
| Free cash flow (last fiscal year) | $931M | $109M |
| Revenue growth, last year | +9.4% | +37.7% |
| Revenue growth per year, last 5 fiscal years | -1.0% | +38.6% |
| Operating margin | 19.6% | -10.7% |
| Net margin | 18.4% | -7.1% |
| Return on equity | 29.1% | -10.6% |
| P/E (trailing) | 49.4x | — |
| Price / free cash flow | 44.2x | 527.9x |
| EV / EBITDA | 30.8x | — |
| FCF growth the price implies | 15.4% | 50.7% |
| Dividend yield | — | — |
| Debt / equity | 1.34x | 0.46x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 9 |
| 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% |
Natera
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $625M | -$376M | -74.8% |
| 2022 | $820M | -$479M | -66.0% |
| 2023 | $1.1B | -$286M | -41.2% |
| 2024 | $1.7B | $69M | -13.1% |
| 2025 | $2.3B | $109M | -13.4% |
Where the revenue comes from
Illumina · by segments, 2025
Sequencing$4.0B92%
Microarray$358M8%
Natera · by products, 2025
Product$2.3B100%
Licensing and other$10M0%
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 Natera?
Natera (NTRA), at $57.6B against $41.1B.
Which grows faster, ILMN or NTRA?
Natera: revenue grew +37.7% over the last year, against +9.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.