ILMN vs. WAT: Illumina vs. Waters Stock Comparison

November 11, 2026

How do Illumina (ILMN) and Waters (WAT) 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 Waters (WAT) 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 Waters (WAT)
Profile Item	ILMN	WAT
Name	Illumina Inc.	Waters Corporation
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	44.93 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	July 28, 2000	November 17, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ILMN

WAT

GSPC

Illumina (ILMN) vs. Waters (WAT), 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 Waters (WAT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Illumina (ILMN) and Waters (WAT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Illumina (ILMN) and Waters (WAT)
Metric	ILMN	WAT
Total Return (1Y)	79.70%	27.70%
Total Return (3Y, Annualized)	28.16%	23.32%
Total Return (5Y, Annualized)	-10.65%	6.27%

Risk Profile

Drawdown History

ILMN

WAT

GSPC

Illumina (ILMN) vs. Waters (WAT), 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 Waters (WAT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Illumina (ILMN) and Waters (WAT)
Metric	ILMN	WAT
Volatility (1Y, Annualized)	48.47%	35.45%
Beta (5Y)	1.46	1.13
Max Drawdown (5Y)	-82.95%	-36.47%
Avg. Volume (3M)	2.77M	816.72K

Risk-Adjusted Performance

Risk-Return Positioning

ILMN and WAT 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 Waters (WAT)
Metric	ILMN	WAT
Sharpe Ratio (1Y)	1.56	0.66
Sortino Ratio (1Y)	2.25	0.98

Profitability

ROE (TTM)

Illumina (ILMN) at 32.39% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for ILMN.

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%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.12%

Max: 109.18%
Q3: 6.23%
WAT: 1.12%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Illumina (ILMN) vs. Waters (WAT): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Illumina (ILMN) at 19.72% converts revenue to bottom-line profit above its industry’s benchmark range, while Waters (WAT) at 1.76% keeps roughly the typical share for its industry.

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%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.76%

Max: 18.05%
Q3: 4.78%
WAT: 1.76%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

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

Operating Margin (TTM)

Illumina (ILMN) at 20.02% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.

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%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

11.38%

Max: 83.12%
Q3: 14.77%
WAT: 11.38%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

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

Profitability Metrics

Profitability metrics for Illumina (ILMN) and Waters (WAT)
Metric	ILMN	WAT
ROE (TTM)	32.39%	1.12%
ROA (TTM)	8.32%	2.36%
Net Margin (TTM)	19.72%	1.76%
Operating Margin (TTM)	20.02%	11.38%
Gross Margin (TTM)	67.68%	49.83%

Growth

Revenue Growth

Waters (WAT) at 6.99% 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. Waters (WAT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Waters (WAT) reports EPS growth of 0.47%, ranked against its industry; Illumina (ILMN) has no EPS growth figure this period.

Illumina (ILMN) vs. Waters (WAT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Illumina (ILMN) and Waters (WAT)
Metric	ILMN	WAT
Revenue Growth (YoY)	-0.66%	6.99%
Revenue Growth (3Y CAGR)	-1.78%	2.12%
EPS Growth (YoY)	--	0.47%
EPS Growth (3Y CAGR)	--	-2.84%

Financial Strength

Current Ratio (MRQ)

Short-term liquidity can only be read on one side of this pairing: Illumina (ILMN) shows current ratio of 2.63 against its industry benchmark, while Waters (WAT) has no reading this period.

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

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
Min: 0.10
WAT: --

Illumina (ILMN) vs. Waters (WAT): WAT does not report current ratio, so it has no value marker; ILMN is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

Debt / Equity (MRQ)

Waters (WAT) at 0.34 carries an industry-typical debt-to-equity mix, while Illumina (ILMN) at 0.74 uses more debt funding than most peers.

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

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.34

Max: 1.42
Q3: 0.65
WAT: 0.34
Median: 0.15
Q1: 0.02
Min: 0.00

Illumina (ILMN) vs. Waters (WAT): 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 Waters (WAT)
Metric	ILMN	WAT
Current Ratio (MRQ)	2.63	--
Debt / Equity (MRQ)	0.74	0.34
Net Debt / EBITDA	0.85	3.23

Dividends

Dividend Yield (TTM)

Neither Illumina (ILMN) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

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%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

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

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

Dividend Payout Ratio (TTM)

Neither Illumina (ILMN) nor Waters (WAT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

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%

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

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

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

Dividend Metrics

Dividend metrics for Illumina (ILMN) and Waters (WAT)
Metric	ILMN	WAT
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Illumina (ILMN) at 36.68 is near its industry’s usual P/E ratio, while Waters (WAT) at 191.46 sits above its peer range — an unusually expensive price for WAT’s trailing earnings.

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

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

191.46

WAT: 191.46
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

Illumina (ILMN) vs. Waters (WAT): 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 Waters (WAT) at 8.01 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

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.01

Max: 58.18
Q3: 25.77
WAT: 8.01
Median: 7.30
Q1: 3.01
Min: 0.01

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

P/B Ratio (MRQ)

Waters (WAT) at 2.94 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

WAT

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.94

Max: 13.53
Q3: 6.54
Median: 3.25
WAT: 2.94
Q1: 1.69
Min: -5.59

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

Valuation Metrics

Valuation metrics for Illumina (ILMN) and Waters (WAT)
Metric	ILMN	WAT
P/E Ratio (TTM)	36.68	191.46
P/S Ratio (TTM)	7.10	8.01
P/B Ratio (MRQ)	10.30	2.94
Free Cash Flow Yield (TTM)	2.67%	--