Illumina (ILMN) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Illumina (ILMN) has outperformed Waters (WAT) over the past year, gaining 177.0% versus a gain of 37.0%. Over five years, WAT leads with a +26.5% price change compared with -32.9% for ILMN. Waters is the larger company by market cap ($42.81 billion vs $40.43 billion), about 1.1 times the size.
On valuation, Waters trades at a lower forward P/E (26.4x vs 43.8x for Illumina). Waters converts more of its revenue into profit, with a net margin of 20.3% versus 19.6%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | ILMN | WAT |
|---|---|---|
| Share price | $267.76 | $435.99 |
| Market cap | $40.43B | $42.81B |
| 1-day change | -2.11% | -0.10% |
| YTD return | +104.15% | +14.79% |
| 1-year return | +176.95% | +36.95% |
| 5-year return | -32.85% | +26.48% |
| P/E ratio (TTM) | 49.96 | 110.38 |
| Forward P/E | 43.83 | 26.36 |
| EPS (TTM) | $5.36 | $3.95 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $4.34B | $3.17B |
| Revenue growth (YoY) | -0.66% | +6.99% |
| Net income (latest FY) | $850.00M | $642.63M |
| Gross margin | 66.08% | 59.28% |
| Operating margin | 18.58% | 25.36% |
| Net margin | 19.57% | 20.30% |
| 52-week high | $309.35 | $454.54 |
| 52-week low | $88.00 | $282.77 |
| Distance from 52-week high | -13.44% | -4.08% |
| Analyst consensus | buy | buy |
| Avg. price target upside | -16.40% | +3.96% |
| Average volume | 2.66M | 769.61K |
| Shares outstanding | 151.00M | 98.19M |
| Employees | 8,600 | 16,000 |
| Sector | Health Care | Industrials |
| Industry | Medical Specialities | Biotechnology: Laboratory Analytical Instruments |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- ILMN has outperformed WAT by 140.0 percentage points over the past year.
- Waters trades at a higher earnings multiple (110.4x vs 50.0x trailing P/E).
- Waters grew revenue faster in its latest fiscal year (+6.99% vs -0.66%).
- The two companies sit in different sectors: Illumina in Health Care and Waters in Industrials.
About Illumina
ILMN stock →Illumina, Inc. provides sequencing- and array-based solutions for genetic and genomic analysis in the Americas, Europe, Greater China, the Asia Pacific, the Middle East, and Africa.
Health Care · Medical Specialities · 8,600 employees
About Waters
WAT stock →Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Industrials · Biotechnology: Laboratory Analytical Instruments · 16,000 employees
ILMN vs WAT FAQ
Which is bigger, Illumina or Waters?
Waters (WAT) is larger, with a market capitalization of $42.81B compared with $40.43B for Illumina (ILMN).
Which stock has performed better over the past year, ILMN or WAT?
ILMN returned +176.95% over the past 12 months, compared with +36.95% for WAT (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, ILMN or WAT?
ILMN has the lower trailing P/E at 50.0, versus 110.4 for WAT. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are Illumina and Waters in the same industry?
No. Illumina is in the Health Care sector, while Waters is in Industrials.