Illumina vs Waters
Illumina is the larger business, with $4.34bn of revenue in fiscal 2025 against $3.17bn for Waters (1.4 times as much). Waters grew faster (7.0% against -0.7%). Waters kept more of each dollar of sales as profit: a net margin of 20.3% against 19.6%.
| Latest fiscal year | IlluminaILMN, 2025 | WatersWAT, 2025 |
|---|---|---|
| Revenue | $4.34bn | $3.17bn |
| Revenue growth | -0.7% | 7.0% |
| Net income | $850m | $643m |
| Operating margin | 18.6% | — |
| Net margin | 19.6% | 20.3% |
| Return on equity | 33.4% | 29.3% |
| Free cash flow | $931m | $540m |
| Cash | $1.42bn | $588m |
| Total debt | $1.99bn | $1.87bn |
| Debt to equity | 73.0% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $742m | $14.7m |
| Employees | 8,600 | 8,200 |
| Market value | $36.51bn | $45.35bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 70 (Strong) | 78 (Strong) |
| Insider trades, 12 months | 2 buys, 113 sales | 2 buys, 1 sales |