NASDAQ : ALGN
Align Technology, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 149.89 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 10.65B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Align Technology, Inc. (ALGN) reported revenue of 4.16B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.16B | 4.03B | 4.00B | 3.86B | 3.73B | 3.95B |
| Cost of Revenue | 1.19B | 1.22B | 1.20B | 1.16B | 1.10B | 1.02B |
| Gross Profit | 2.97B | 2.82B | 2.80B | 2.71B | 2.63B | 2.94B |
| Selling, General & Admin | 1.78B | 1.76B | 1.76B | 1.70B | 1.67B | 1.71B |
| Research & Development | 377.60M | 369.91M | 364.20M | 346.83M | 305.26M | 250.31M |
| Operating Expenses | 2.16B | 2.13B | 2.13B | 2.05B | 1.98B | 1.96B |
| Operating Income | 808.79M | 692.97M | 671.76M | 656.65M | 654.05M | 976.40M |
| Interest & Investment Income | 19.38M | 16.05M | 20.22M | 17.26M | 5.37M | 3.10M |
| Currency Exchange Gain (Loss) | 11.30M | 11.30M | -21.00M | -7.00M | -43.80M | -13.30M |
| Other Non Operating Income (Expenses) | -24.96M | -5.89M | -7.87M | -7.40M | -5.11M | 2.82M |
| EBT Excluding Unusual Items | 814.50M | 714.42M | 663.11M | 659.51M | 610.51M | 969.02M |
| Merger & Restructuring Charges | -34.54M | -42.93M | -33.17M | -13.32M | -11.45M | |
| Gain (Loss) on Sale of Investments | 18.07M | 18.07M | 9.98M | -4.99M | ||
| Asset Writedown | -76.96M | -100.10M | ||||
| Legal Settlements | -76.00M | -4.18M | -30.97M | 43.40M | ||
| Pretax Income | 644.25M | 585.29M | 608.96M | 641.20M | 599.06M | 1.01B |
| Income Tax Expense | 152.38M | 174.94M | 187.60M | 196.15M | 237.48M | 240.40M |
| Net Income | 491.87M | 410.35M | 421.36M | 445.05M | 361.57M | 772.02M |
| Net Income to Common | 491.87M | 410.35M | 421.36M | 445.05M | 361.57M | 772.02M |
| Shares Outstanding (Basic) | 71.40M | 72.54M | 74.88M | 76.43M | 78.19M | 78.92M |
| Shares Outstanding (Diluted) | 71.53M | 72.59M | 74.99M | 76.57M | 78.42M | 79.67M |
| EPS (Basic) | 6.89 | 5.66 | 5.63 | 5.82 | 4.62 | 9.78 |
| EPS (Diluted) | 6.87 | 5.65 | 5.62 | 5.81 | 4.61 | 9.69 |
| Free Cash Flow | 647.45M | 490.78M | 622.65M | 608.06M | 276.83M | 771.45M |
| Free Cash Flow Per Share | 9.05 | 6.76 | 8.30 | 7.94 | 3.53 | 9.68 |
| Gross Margin | 71.34% | 69.86% | 70.00% | 70.08% | 70.52% | 74.26% |
| Operating Margin | 19.45% | 17.17% | 16.80% | 17.00% | 17.51% | 24.70% |
| Profit Margin | 11.83% | 10.17% | 10.54% | 11.52% | 9.68% | 19.53% |
| Free Cash Flow Margin | 15.57% | 12.16% | 15.57% | 15.74% | 7.41% | 19.52% |
| EBITDA | 954.17M | 853.40M | 816.80M | 799.05M | 779.84M | 1.09B |
| EBITDA Margin | 22.95% | 21.15% | 20.42% | 20.69% | 20.88% | 27.45% |
| D&A For EBITDA | 145.39M | 160.44M | 145.03M | 142.40M | 125.79M | 108.73M |
| EBIT | 808.79M | 692.97M | 671.76M | 656.65M | 654.05M | 976.40M |
| EBIT Margin | 19.45% | 17.17% | 16.80% | 17.00% | 17.51% | 24.70% |
| Effective Tax Rate | 23.65% | 29.89% | 30.81% | 30.59% | 39.64% | 23.75% |
| Advertising Expenses | 188.70M | 185.00M | 201.20M | 222.00M | 325.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.14B | 1.09B | 1.04B | 937.44M | 942.05M | 1.10B |
| Short-Term Investments | 35.30M | 57.53M | 71.97M | |||
| Cash & Short-Term Investments | 1.14B | 1.09B | 1.04B | 972.74M | 999.58M | 1.17B |
| Accounts Receivable | 1.16B | 1.10B | 995.68M | 903.42M | 859.68M | 897.20M |
| Other Receivables | 55.82M | 34.03M | 143.73M | 140.48M | 93.61M | |
| Receivables | 1.16B | 1.16B | 1.03B | 1.05B | 1.00B | 990.81M |
| Inventory | 224.65M | 226.34M | 254.29M | 296.90M | 338.75M | 230.23M |
| Prepaid Expenses | 192.64M | 62.48M | 82.98M | 52.49M | 69.12M | 70.22M |
| Other Current Assets | 75.26M | 81.58M | 77.33M | 16.76M | 31.48M | |
| Total Current Assets | 2.73B | 2.62B | 2.49B | 2.45B | 2.42B | 2.49B |
| Property, Plant & Equipment | 1.28B | 1.24B | 1.38B | 1.41B | 1.35B | 1.20B |
| Long-Term Investments | 8.02M | 41.98M | 125.32M | |||
| Goodwill | 495.28M | 491.83M | 442.63M | 419.53M | 407.55M | 418.55M |
| Other Intangible Assets | 90.62M | 93.93M | 103.49M | 82.12M | 95.72M | 109.71M |
| Long-Term Deferred Tax Assets | 1.48B | 1.51B | 1.56B | 1.59B | 1.57B | 1.53B |
| Long-Term Deferred Charges | 29.20M | 25.80M | 25.10M | 27.40M | 31.10M | |
| Other Long-Term Assets | 455.48M | 248.85M | 208.36M | 103.58M | 28.43M | 26.41M |
| Total Assets | 6.52B | 6.23B | 6.21B | 6.08B | 5.95B | 5.94B |
| Accounts Payable | 117.88M | 121.45M | 108.69M | 113.12M | 127.87M | 163.89M |
| Accrued Expenses | 633.49M | 425.88M | 473.64M | 411.98M | 333.56M | 488.03M |
| Current Portion of Leases | 31.94M | 31.06M | 29.65M | 26.57M | 22.72M | |
| Current Income Taxes Payable | 44.05M | 48.81M | 38.10M | 74.32M | 33.84M | |
| Current Unearned Revenue | 1.16B | 1.26B | 1.33B | 1.43B | 1.34B | 1.15B |
| Other Current Liabilities | 34.88M | 44.67M | 46.04M | 19.92M | 62.73M | |
| Total Current Liabilities | 1.91B | 1.92B | 2.04B | 2.07B | 1.93B | 1.92B |
| Long-Term Leases | 112.30M | 82.51M | 88.21M | 96.97M | 100.33M | 102.66M |
| Long-Term Unearned Revenue | 85.54M | 102.16M | 138.00M | 160.66M | 136.68M | |
| Other Long-Term Liabilities | 189.24M | 96.48M | 134.21M | 151.81M | 159.71M | 155.99M |
| Total Liabilities | 2.22B | 2.18B | 2.36B | 2.45B | 2.35B | 2.32B |
| Common Stock | 4.31B | 7.00K | 7.00K | 7.00K | 8.00K | 8.00K |
| Additional Paid-In Capital | 1.51B | 1.36B | 1.16B | 1.04B | 999.01M | |
| Retained Earnings | 2.46B | 2.48B | 2.45B | 2.57B | 2.62B | |
| Comprehensive Income & Other | 75.39M | 5.98M | 21.17M | -10.28M | 4.33M | |
| Shareholders' Equity | 4.31B | 4.05B | 3.85B | 3.63B | 3.60B | 3.62B |
| Total Liabilities & Equity | 6.52B | 6.23B | 6.21B | 6.08B | 5.95B | 5.94B |
| Total Debt | 112.30M | 114.45M | 119.28M | 126.62M | 126.91M | 125.38M |
| Net Cash (Debt) | 1.03B | 980.46M | 924.61M | 854.14M | 914.65M | 1.17B |
| Net Cash Per Share | 14.44 | 13.51 | 12.33 | 11.16 | 11.66 | 14.70 |
| Filing Date Shares Outstanding | 70.99M | 71.28M | 73.60M | 75.10M | 76.61M | 78.80M |
| Total Common Shares Outstanding | 70.99M | 71.36M | 73.85M | 75.08M | 77.27M | 78.71M |
| Working Capital | 812.58M | 696.55M | 454.41M | 380.01M | 498.50M | 570.00M |
| Book Value Per Share | 60.65 | 56.74 | 52.16 | 48.36 | 46.61 | 46.03 |
| Tangible Book Value | 3.72B | 3.46B | 3.31B | 3.13B | 3.10B | 3.09B |
| Tangible Book Value Per Share | 52.39 | 48.53 | 44.77 | 41.68 | 40.10 | 39.31 |
| Land | 57.87M | 63.88M | 63.88M | 58.88M | 58.87M | |
| Buildings | 524.61M | 529.72M | 517.55M | 466.00M | 310.34M | |
| Machinery | 1.00B | 1.01B | 826.62M | 686.71M | 524.85M | |
| Construction In Progress | 127.94M | 133.68M | 245.72M | 285.20M | 367.69M | |
| Leasehold Improvements | 67.40M | 62.17M | 62.22M | 64.24M | 61.29M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 491.87M | 410.35M | 421.36M | 445.05M | 361.57M | 772.02M |
| Depreciation & Amortization | 160.44M | 160.44M | 145.03M | 142.40M | 125.79M | 108.73M |
| Loss (Gain) From Sale of Assets | 23.14M | 23.14M | ||||
| Asset Writedown & Restructuring Costs | 77.00M | 77.00M | ||||
| Loss (Gain) From Sale of Investments | -18.07M | -18.07M | -5.88M | 4.99M | ||
| Stock-Based Compensation | 185.87M | 185.87M | 173.70M | 154.03M | 133.37M | 114.34M |
| Other Operating Activities | 185.66M | 110.51M | 76.45M | 47.20M | 32.31M | 23.22M |
| Change in Accounts Receivable | -139.91M | -139.91M | -153.49M | -104.61M | 21.55M | -262.07M |
| Change in Inventory | 808.00K | 808.00K | 25.05M | 30.17M | -130.10M | -112.45M |
| Change in Accounts Payable | 5.33M | 5.33M | -843.00K | -7.70M | -36.52M | 19.75M |
| Change in Unearned Revenue | -111.76M | -111.76M | -80.11M | 86.71M | 241.89M | 462.64M |
| Change in Income Taxes | -28.27M | -28.27M | -20.28M | -7.77M | 6.33M | 12.45M |
| Change in Other Net Operating Assets | -82.22M | -82.22M | 157.23M | -4.69M | -187.46M | 33.92M |
| Operating Cash Flow | 749.89M | 593.22M | 738.23M | 785.78M | 568.73M | 1.17B |
| Capital Expenditures | -102.44M | -102.44M | -115.58M | -177.72M | -291.90M | -401.10M |
| Cash Acquisitions | -77.08M | -12.30M | -8.00M | |||
| Investment in Securities | -10.00M | -10.00M | -62.49M | -18.50M | 93.10M | -197.32M |
| Other Investing Activities | -184.27M | 235.00K | 278.00K | -2.21M | 42.99M | |
| Investing Cash Flow | -296.71M | -112.44M | -254.91M | -195.94M | -213.32M | -563.43M |
| Issuance of Common Stock | 21.75M | 21.75M | 25.28M | 26.59M | 26.15M | 25.62M |
| Repurchase of Common Stock | -486.33M | -486.33M | -381.00M | -614.93M | -487.83M | -483.95M |
| Other Financing Activities | 156.68M | -10.00M | -40.00M | |||
| Financing Cash Flow | -307.90M | -464.58M | -355.72M | -598.34M | -501.69M | -458.33M |
| Foreign Exchange Rate Adjustments | -4.80M | 35.02M | -21.15M | 4.67M | -11.51M | -12.12M |
| Net Cash Flow | 140.48M | 51.22M | 106.44M | -3.84M | -157.78M | 138.66M |
| Free Cash Flow | 647.45M | 490.78M | 622.65M | 608.06M | 276.83M | 771.45M |
| Free Cash Flow Margin | 15.57% | 12.16% | 15.57% | 15.74% | 7.41% | 19.52% |
| Free Cash Flow Per Share | 9.05 | 6.76 | 8.30 | 7.94 | 3.53 | 9.68 |
| Levered Free Cash Flow | 662.67M | 484.98M | 618.34M | 617.70M | 271.93M | 595.66M |
| Unlevered Free Cash Flow | 662.67M | 484.98M | 618.34M | 617.70M | 271.93M | 595.66M |
| Cash Income Tax Paid | 134.75M | 134.75M | 177.08M | 294.57M | 231.88M | 203.31M |
| Change in Working Capital | -356.01M | -356.01M | -72.43M | -7.89M | -84.31M | 154.24M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.65B | 11.20B | 15.57B | 20.99B | 16.47B | 51.82B |
| Enterprise Value | 9.62B | 10.32B | 14.65B | 19.81B | 15.45B | 50.68B |
| Last Close Price | 149.89 | 156.15 | 208.51 | 274.00 | 210.90 | 657.18 |
| PE Ratio | 21.82 | 27.30 | 36.94 | 47.15 | 45.56 | 67.12 |
| Forward PE | 12.58 | 14.45 | 21.07 | 30.51 | 27.93 | 52.51 |
| PS Ratio | 2.56 | 2.78 | 3.89 | 5.43 | 4.41 | 13.11 |
| PB Ratio | 2.47 | 2.77 | 4.04 | 5.78 | 4.57 | 14.30 |
| P/TBV Ratio | 2.86 | 3.23 | 4.71 | 6.71 | 5.32 | 16.75 |
| P/FCF Ratio | 16.45 | 22.83 | 25.00 | 34.51 | 59.51 | 67.17 |
| P/OCF Ratio | 14.20 | 18.89 | 21.09 | 26.71 | 28.97 | 44.20 |
| PEG Ratio | 1.32 | 1.60 | 2.07 | 5.96 | 2.71 | 2.16 |
| EV/Sales Ratio | 2.31 | 2.56 | 3.66 | 5.13 | 4.14 | 12.82 |
| EV/EBITDA Ratio | 10.08 | 12.09 | 17.94 | 24.79 | 19.82 | 46.70 |
| EV/EBIT Ratio | 11.89 | 14.89 | 21.81 | 30.17 | 23.63 | 51.90 |
| EV/FCF Ratio | 14.85 | 21.03 | 23.53 | 32.58 | 55.82 | 65.69 |
| Debt / Equity Ratio | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 |
| Debt / EBITDA Ratio | 0.11 | 0.13 | 0.14 | 0.15 | 0.15 | 0.11 |
| Debt / FCF Ratio | 0.17 | 0.23 | 0.19 | 0.21 | 0.46 | 0.16 |
| Net Debt / Equity Ratio | -0.24 | -0.24 | -0.24 | -0.23 | -0.25 | -0.32 |
| Net Debt / EBITDA Ratio | -1.08 | -1.15 | -1.13 | -1.07 | -1.17 | -1.08 |
| Net Debt / FCF Ratio | -1.59 | -2.00 | -1.49 | -1.41 | -3.30 | -1.52 |
| Asset Turnover | 0.65 | 0.65 | 0.65 | 0.64 | 0.63 | 0.73 |
| Inventory Turnover | 5.26 | 5.06 | 4.35 | 3.63 | 3.87 | 5.51 |
| Quick Ratio | 1.21 | 1.17 | 1.02 | 0.98 | 1.04 | 1.12 |
| Current Ratio | 1.43 | 1.36 | 1.22 | 1.18 | 1.26 | 1.30 |
| Return on Equity (ROE) | 11.91% | 10.39% | 11.26% | 12.31% | 10.01% | 22.52% |
| Return on Assets (ROA) | 7.93% | 6.96% | 6.83% | 6.82% | 6.88% | 11.33% |
| Return on Invested Capital (ROIC) | 18.93% | 16.21% | 16.28% | 16.53% | 14.88% | 30.17% |
| Return on Capital Employed (ROCE) | 17.60% | 16.10% | 16.10% | 16.30% | 16.30% | 24.30% |
| Earnings Yield | 4.58% | 3.66% | 2.71% | 2.12% | 2.20% | 1.49% |
| FCF Yield | 6.08% | 4.38% | 4.00% | 2.90% | 1.68% | 1.49% |
| Buyback Yield / Dilution | 2.39% | 3.21% | 2.06% | 2.36% | 1.57% | -0.56% |