ILMN vs. TMO: Illumina vs. Thermo Fisher Scientific Stock Comparison

November 11, 2026

How do Illumina (ILMN) and Thermo Fisher Scientific (TMO) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Illumina (ILMN) and Thermo Fisher Scientific (TMO) are both classified in the Life Sciences Tools & Services sub-industry within the broader Life Sciences Tools & Services industry, placing them in the closest GICS peer bucket.

Company profile comparison for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Profile Item	ILMN	TMO
Name	Illumina Inc.	Thermo Fisher Scientific Inc.
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Life Sciences Tools & Services	Life Sciences Tools & Services
GICS Sub-Industry	Life Sciences Tools & Services	Life Sciences Tools & Services
Market Capitalization	32.23 billion USD	257.42 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	July 28, 2000	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ILMN

TMO

GSPC

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Illumina (ILMN) and Thermo Fisher Scientific (TMO). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Illumina (ILMN) and Thermo Fisher Scientific (TMO). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
Total Return (1Y)	79.70%	24.62%
Total Return (3Y, Annualized)	28.16%	17.34%
Total Return (5Y, Annualized)	-10.65%	3.11%

Risk Profile

Drawdown History

ILMN

TMO

GSPC

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Illumina (ILMN) and Thermo Fisher Scientific (TMO). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
Volatility (1Y, Annualized)	48.47%	29.96%
Beta (5Y)	1.46	0.83
Max Drawdown (5Y)	-82.95%	-40.95%
Avg. Volume (3M)	2.77M	2.10M

Risk-Adjusted Performance

Risk-Return Positioning

ILMN and TMO are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
Sharpe Ratio (1Y)	1.56	0.68
Sortino Ratio (1Y)	2.25	1.02

Profitability

ROE (TTM)

Both Illumina (ILMN) at 32.39% and Thermo Fisher Scientific (TMO) at 13.38% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

32.39%

Max: 109.18%
ILMN: 32.39%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.38%

Max: 109.18%
TMO: 13.38%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Illumina (ILMN) at 19.72% keeps the most of each sales dollar — above its industry’s net margin range — and Thermo Fisher Scientific (TMO) at 14.94% also retains a top-quartile share.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

19.72%

ILMN: 19.72%
Max: 18.05%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

14.94%

Max: 18.05%
TMO: 14.94%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Both Illumina (ILMN) at 20.02% and Thermo Fisher Scientific (TMO) at 20.19% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

20.02%

Max: 83.12%
ILMN: 20.02%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

20.19%

Max: 83.12%
TMO: 20.19%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
ROE (TTM)	32.39%	13.38%
ROA (TTM)	8.32%	5.19%
Net Margin (TTM)	19.72%	14.94%
Operating Margin (TTM)	20.02%	20.19%
Gross Margin (TTM)	67.68%	41.26%

Growth

Revenue Growth

Thermo Fisher Scientific (TMO) at 3.91% is around its peer norm for revenue growth, while Illumina (ILMN) at -0.66% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Thermo Fisher Scientific (TMO) reports EPS growth of 7.32%, ranked against its industry; Illumina (ILMN) has no EPS growth figure this period.

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
Revenue Growth (YoY)	-0.66%	3.91%
Revenue Growth (3Y CAGR)	-1.78%	-0.27%
EPS Growth (YoY)	--	7.32%
EPS Growth (3Y CAGR)	--	0.21%

Financial Strength

Current Ratio (MRQ)

Illumina (ILMN) at 2.63 keeps current ratio within its industry’s typical mid-range, while Thermo Fisher Scientific (TMO) at 1.81 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for TMO.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.63

Max: 25.13
Q3: 12.13
Median: 5.52
ILMN: 2.63
Q1: 2.47
Min: 0.10

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.81

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
TMO: 1.81
Min: 0.10

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their current ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Debt / Equity (MRQ)

Both Illumina (ILMN) at 0.74 and Thermo Fisher Scientific (TMO) at 0.75 lean more heavily on debt funding than most peers, landing in the higher-leverage quartile of their industries.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.74

Max: 1.42
ILMN: 0.74
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.75

Max: 1.42
TMO: 0.75
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
Current Ratio (MRQ)	2.63	1.81
Debt / Equity (MRQ)	0.74	0.75
Net Debt / EBITDA	0.85	2.91

Dividends

Dividend Yield (TTM)

Illumina (ILMN) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Thermo Fisher Scientific (TMO) reports a yield of 0.27%, ranking against industry peers normally.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

ILMN: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.27%

TMO: 0.27%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Illumina (ILMN) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Thermo Fisher Scientific (TMO) reports a payout of 9.70%, ranking against industry peers normally.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

ILMN: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

9.70%

TMO: 9.70%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
Dividend Yield (TTM)	0.00%	0.27%
Dividend Payout Ratio (TTM)	0.00%	9.70%

Valuation

P/E Ratio (TTM)

Both Illumina (ILMN) at 36.68 and Thermo Fisher Scientific (TMO) at 36.64 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

36.68

Max: 85.34
Q3: 43.46
ILMN: 36.68
Median: 26.69
Q1: 13.30
Min: 0.07

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

36.64

Max: 85.34
Q3: 43.46
TMO: 36.64
Median: 26.69
Q1: 13.30
Min: 0.07

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Illumina (ILMN) at 7.10 and Thermo Fisher Scientific (TMO) at 5.44 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

7.10

Max: 58.18
Q3: 25.77
Median: 7.30
ILMN: 7.10
Q1: 3.01
Min: 0.01

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

5.44

Max: 58.18
Q3: 25.77
Median: 7.30
TMO: 5.44
Q1: 3.01
Min: 0.01

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

Thermo Fisher Scientific (TMO) at 4.70 is valued about in line with its industry on P/B ratio, while Illumina (ILMN) at 10.30 carries an above-peer premium to book — ILMN is pricier on assets.

ILMN

Pharmaceuticals, Biotechnology & Life Sciences industry group

10.30

Max: 13.53
ILMN: 10.30
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

4.70

Max: 13.53
Q3: 6.54
TMO: 4.70
Median: 3.25
Q1: 1.69
Min: -5.59

Illumina (ILMN) vs. Thermo Fisher Scientific (TMO): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Illumina (ILMN) and Thermo Fisher Scientific (TMO)
Metric	ILMN	TMO
P/E Ratio (TTM)	36.68	36.64
P/S Ratio (TTM)	7.10	5.44
P/B Ratio (MRQ)	10.30	4.70
Free Cash Flow Yield (TTM)	2.67%	2.50%