ILMN vs WAT: Illumina and Waters compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Waters is the larger company, worth $42.6B, close to Illumina's $41.1B.
- Waters grew revenue faster over the last year (+113.3% vs +9.4%).
- Illumina keeps more of each dollar of revenue as operating profit (19.6% vs 7.1%).
- On earnings, Illumina is the cheaper stock (49.4x vs 108.7x).
- Waters's price assumes faster free cash flow growth: about 23% 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 | WAT |
|---|---|---|
| Market cap | $41.1B | $42.6B |
| Share price | $278.17 | $435.99 |
| Revenue (last fiscal year) | $4.3B | $3.2B |
| Free cash flow (last fiscal year) | $931M | $540M |
| Revenue growth, last year | +9.4% | +113.3% |
| Revenue growth per year, last 5 fiscal years | -1.0% | +3.2% |
| Operating margin | 19.6% | 7.1% |
| Net margin | 18.4% | 3.6% |
| Return on equity | 29.1% | 1.1% |
| P/E (trailing) | 49.4x | 108.7x |
| Price / free cash flow | 44.2x | 78.9x |
| EV / EBITDA | 30.8x | 49.2x |
| FCF growth the price implies | 15.4% | 23.1% |
| Dividend yield | — | — |
| Debt / equity | 1.34x | 0.63x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 10 |
| Insider purchases, last 12 months | 6 | 3 |
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% |
Waters
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.8B | — | 29.5% |
| 2022 | $3.0B | — | 29.4% |
| 2023 | $3.0B | $442M | 27.7% |
| 2024 | $3.0B | $620M | 27.9% |
| 2025 | $3.2B | $540M | 25.4% |
Where the revenue comes from
Illumina · by segments, 2025
Sequencing$4.0B92%
Microarray$358M8%
Waters · by products, 2025
Product$2.0B62%
Service$1.2B38%
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 Waters?
Waters (WAT), at $42.6B against $41.1B.
Is ILMN or WAT cheaper?
By trailing P/E, Illumina (49.4x) is cheaper than Waters (108.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ILMN or WAT?
Waters: revenue grew +113.3% 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.