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Side-by-side financial comparison of ILLUMINA, INC. (ILMN) and RAPID MICRO BIOSYSTEMS, INC. (RPID). Click either name above to swap in a different company.
ILLUMINA, INC. is the larger business by last-quarter revenue ($1.1B vs $11.3M, roughly 97.9× RAPID MICRO BIOSYSTEMS, INC.). ILLUMINA, INC. runs the higher net margin — 16.8% vs -110.8%, a 127.6% gap on every dollar of revenue. On growth, RAPID MICRO BIOSYSTEMS, INC. posted the faster year-over-year revenue change (37.3% vs -1.6%). ILLUMINA, INC. produced more free cash flow last quarter ($335.0M vs $-3.3M). Over the past eight quarters, RAPID MICRO BIOSYSTEMS, INC.'s revenue compounded faster (41.8% CAGR vs 0.8%).
Illumina, Inc. is an American biotechnology company, headquartered in San Diego, California. Incorporated on April 1, 1998, Illumina develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function. The company provides a line of products and services that serves the sequencing, genotyping and gene expression, and proteomics markets, and serves more than 155 countries.
Rapid Micro Biosystems, Inc. develops and manufactures automated microbial detection and quality control solutions for the life sciences industry. Its core products serve biopharmaceutical manufacturers, contract development and manufacturing organizations, operating across key global markets including North America, Europe and Asia-Pacific, helping clients cut testing timelines and improve operational efficiency.
ILMN vs RPID — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $11.3M |
| Net Profit | $186.0M | $-12.5M |
| Gross Margin | 65.9% | — |
| Operating Margin | 15.8% | -108.2% |
| Net Margin | 16.8% | -110.8% |
| Revenue YoY | -1.6% | 37.3% |
| Net Profit YoY | 205.7% | -29.3% |
| EPS (diluted) | $1.16 | $-0.26 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $11.3M | ||
| Q3 25 | — | $7.8M | ||
| Q2 25 | — | $7.3M | ||
| Q1 25 | — | $7.2M | ||
| Q4 24 | $1.1B | $8.2M | ||
| Q3 24 | $1.1B | $7.6M | ||
| Q2 24 | $1.1B | $6.6M | ||
| Q1 24 | $1.1B | $5.6M |
| Q4 25 | — | $-12.5M | ||
| Q3 25 | — | $-11.5M | ||
| Q2 25 | — | $-11.9M | ||
| Q1 25 | — | $-11.3M | ||
| Q4 24 | $186.0M | $-9.7M | ||
| Q3 24 | $705.0M | $-11.3M | ||
| Q2 24 | $-2.0B | $-12.6M | ||
| Q1 24 | $-126.0M | $-13.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 65.9% | — | ||
| Q3 24 | 69.0% | — | ||
| Q2 24 | 64.8% | — | ||
| Q1 24 | 62.0% | — |
| Q4 25 | — | -108.2% | ||
| Q3 25 | — | -145.1% | ||
| Q2 25 | — | -167.3% | ||
| Q1 25 | — | -161.8% | ||
| Q4 24 | 15.8% | -124.5% | ||
| Q3 24 | 68.6% | -158.3% | ||
| Q2 24 | -147.2% | -202.1% | ||
| Q1 24 | -10.3% | -254.4% |
| Q4 25 | — | -110.8% | ||
| Q3 25 | — | -146.8% | ||
| Q2 25 | — | -163.3% | ||
| Q1 25 | — | -156.3% | ||
| Q4 24 | 16.8% | -117.6% | ||
| Q3 24 | 65.3% | -148.9% | ||
| Q2 24 | -178.8% | -190.1% | ||
| Q1 24 | -11.7% | -237.4% |
| Q4 25 | — | $-0.26 | ||
| Q3 25 | — | $-0.26 | ||
| Q2 25 | — | $-0.27 | ||
| Q1 25 | — | $-0.26 | ||
| Q4 24 | $1.16 | $-0.22 | ||
| Q3 24 | $4.42 | $-0.26 | ||
| Q2 24 | $-12.48 | $-0.29 | ||
| Q1 24 | $-0.79 | $-0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $93.0M | $20.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.4B | $33.2M |
| Total Assets | $6.3B | $74.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.0M | ||
| Q3 25 | — | $18.9M | ||
| Q2 25 | — | $18.3M | ||
| Q1 25 | — | $18.9M | ||
| Q4 24 | $93.0M | $16.9M | ||
| Q3 24 | $70.0M | $22.0M | ||
| Q2 24 | $74.0M | $37.1M | ||
| Q1 24 | — | $22.4M |
| Q4 25 | — | $33.2M | ||
| Q3 25 | — | $44.3M | ||
| Q2 25 | — | $54.5M | ||
| Q1 25 | — | $65.5M | ||
| Q4 24 | $2.4B | $75.4M | ||
| Q3 24 | $2.1B | $84.4M | ||
| Q2 24 | $1.4B | $94.6M | ||
| Q1 24 | $5.7B | $105.9M |
| Q4 25 | — | $74.9M | ||
| Q3 25 | — | $84.4M | ||
| Q2 25 | — | $75.6M | ||
| Q1 25 | — | $85.4M | ||
| Q4 24 | $6.3B | $98.2M | ||
| Q3 24 | $6.0B | $105.8M | ||
| Q2 24 | $6.1B | $117.1M | ||
| Q1 24 | $10.0B | $127.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $364.0M | $-3.2M |
| Free Cash FlowOCF − Capex | $335.0M | $-3.3M |
| FCF MarginFCF / Revenue | 30.3% | -29.6% |
| Capex IntensityCapex / Revenue | 2.6% | 0.8% |
| Cash ConversionOCF / Net Profit | 1.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $709.0M | $-31.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.2M | ||
| Q3 25 | — | $-9.1M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-9.1M | ||
| Q4 24 | $364.0M | $-9.9M | ||
| Q3 24 | $316.0M | $-8.6M | ||
| Q2 24 | $80.0M | $-10.1M | ||
| Q1 24 | $77.0M | $-15.5M |
| Q4 25 | — | $-3.3M | ||
| Q3 25 | — | $-9.1M | ||
| Q2 25 | — | $-10.1M | ||
| Q1 25 | — | $-9.4M | ||
| Q4 24 | $335.0M | $-10.0M | ||
| Q3 24 | $284.0M | $-8.8M | ||
| Q2 24 | $49.0M | $-10.6M | ||
| Q1 24 | $41.0M | $-16.1M |
| Q4 25 | — | -29.6% | ||
| Q3 25 | — | -116.4% | ||
| Q2 25 | — | -138.6% | ||
| Q1 25 | — | -130.2% | ||
| Q4 24 | 30.3% | -121.8% | ||
| Q3 24 | 26.3% | -116.0% | ||
| Q2 24 | 4.4% | -159.8% | ||
| Q1 24 | 3.8% | -287.1% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 5.0% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | 2.6% | 1.2% | ||
| Q3 24 | 3.0% | 2.9% | ||
| Q2 24 | 2.8% | 6.9% | ||
| Q1 24 | 3.3% | 10.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILMN
| Sequencing | $1.0B | 91% |
| Microarray | $101.0M | 9% |
| Investee | $7.0M | 1% |
RPID
| Products | $9.3M | 83% |
| Services | $2.0M | 17% |
