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ALGNAlign Technology

Health care · Medical Devices · Nasdaq
ALGN quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 0.9%, free cash flow down to $490.8M

XBRL, from each 10-K
RevenueStatements ↓
$4.0B
from $4.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$410.4M
from $421.4M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$490.8M
from $622.7M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$5.65
from $5.62 in FY2024
FY2016FY2025
Operating marginStatements ↓
13.5%
from 15.2% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)6.86Sales (ttm)4.2BNet income (ttm)491.9MSales growth+0.9%EPS growth+0.5%Sales Q/Q+1.9%
Free cash flow602.5MGross margin69.1%Oper. margin14.9%Net margin11.8%FCF margin14.5%ROE11.4%
ROA7.5%R&D / sales9.2%Dividend-Debt/Eq-Curr. ratio1.42Cash1.1B
Op. cash flow (ttm)749.9MEBITDA783.2MEBITDA margin19.4%Quick ratio1.31ROIC8.9%Tax rate29.9%
Stock pay / sales4.6%Shares out.70.5MShares Y/Y-3.2%Book / share61.08Cash / share16.24Sales / share59.00
Asset turnover0.64Inventory turns5.85Days sales out.100Sales 3Y CAGR+2.6%Sales 5Y CAGR+10.3%EPS 3Y CAGR+7.0%
EPS 5Y CAGR-24.1%Employees20,290Sales / employee205K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

ALGN against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
ALGNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+0.9%52nd of 60 · median +7.1%
Net margin
11.8%28th of 60 · median 9.6%
Return on equity
11.4%30th of 54 · median 13.1%
Free cash flow margin
14.5%30th of 56 · median 15.5%
ALGN and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ALGN Align Technology$4.2B +0.9%69.1%11.8%11.4%14.5%-
WAT Waters Corporation$4.6B +7.0%59.3%3.6%1.1%8.6%0.33
ILMN Illumina, Inc.$4.5B -0.7%67.9%19.7%28.5%23.3%0.57
COO Cooper Companies$4.2B +5.1%65.9%13.5%6.8%16.0%0.31
MTD Mettler Toledo$4.2B +4.0%60.4%22.2%-20.7%-
CRL Charles River Laboratories$4.0B -0.9%-1.0%1.2%10.0%0.76
Where each dollar goes

From $4.0B of sales to $772.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.9BRevenue to Cost of revenue: $1.0BGross profit to Operating profit: $976.4MGross profit to Operating expenses: $2.0BOperating profit to Net profit: $772.0MOperating profit to Tax & other: $204.4MOperating expenses to R&D: $250.3MOperating expenses to SG&A: $1.7B Revenue: $4.0B Revenue$4.0B +60% Y/Y Gross profit: $2.9B · 74% margin Gross profit$2.9B74% margin +66% Y/Y Cost of revenue: $1.0B · 26% of revenue Cost of revenue$1.0B26% of revenue Operating profit: $976.4M · 25% margin Operating profit$976.4M25% margin +152% Y/Y Operating expenses: $2.0B · 50% of revenue Operating expenses$2.0B50% of revenue Net profit: $772.0M · 20% margin Net profit$772.0M20% margin −57% Y/Y Tax & other: $204.4M · 5% of revenue Tax & other$204.4M5% of revenue R&D: $250.3M · 6% of revenue R&D$250.3M6% of revenue SG&A: $1.7B · 43% of revenue SG&A$1.7B43% of revenue

Swipe sideways for the whole flow →

From $3.7B of sales to $361.6M of profit

FY2022, from the 10-K income statement and revenue by segment
Clear Aligner to Revenue: $3.1BSystems And Services to Revenue: $662.0MRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $1.1BGross profit to Operating profit: $642.6MGross profit to Operating expenses: $2.0BOperating profit to Net profit: $361.6MOperating profit to Tax & other: $281.0MOperating expenses to R&D: $305.3MOperating expenses to SG&A: $1.7B Clear Aligner: $3.1B · 82% Clear Aligner$3.1B82% Systems And Services: $662.0M · 18% Systems And Services$662.0M18% Revenue: $3.7B Revenue$3.7B −6% Y/Y Gross profit: $2.6B · 71% margin Gross profit$2.6B71% margin −10% Y/Y Cost of revenue: $1.1B · 29% of revenue Cost of revenue$1.1B29% of revenue Operating profit: $642.6M · 17% margin Operating profit$642.6M17% margin −34% Y/Y Operating expenses: $2.0B · 53% of revenue Operating expenses$2.0B53% of revenue Net profit: $361.6M · 10% margin Net profit$361.6M10% margin −53% Y/Y Tax & other: $281.0M · 8% of revenue Tax & other$281.0M8% of revenue R&D: $305.3M · 8% of revenue R&D$305.3M8% of revenue SG&A: $1.7B · 45% of revenue SG&A$1.7B45% of revenue

Swipe sideways for the whole flow →

From $3.9B of sales to $445.1M of profit

FY2023, from the 10-K income statement and revenue by segment
Clear Aligner to Revenue: $3.2BSystems And Services to Revenue: $662.9MRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $1.2BGross profit to Operating profit: $643.3MGross profit to Operating expenses: $2.1BOperating profit to Net profit: $445.1MOperating profit to Tax & other: $198.3MOperating expenses to R&D: $346.8MOperating expenses to SG&A: $1.7B Clear Aligner: $3.2B · 83% Clear Aligner$3.2B83% Systems And Services: $662.9M · 17% Systems And Services$662.9M17% Revenue: $3.9B Revenue$3.9B +3% Y/Y Gross profit: $2.7B · 70% margin Gross profit$2.7B70% margin +3% Y/Y Cost of revenue: $1.2B · 30% of revenue Cost of revenue$1.2B30% of revenue Operating profit: $643.3M · 17% margin Operating profit$643.3M17% margin +0% Y/Y Operating expenses: $2.1B · 53% of revenue Operating expenses$2.1B53% of revenue Net profit: $445.1M · 12% margin Net profit$445.1M12% margin +23% Y/Y Tax & other: $198.3M · 5% of revenue Tax & other$198.3M5% of revenue R&D: $346.8M · 9% of revenue R&D$346.8M9% of revenue SG&A: $1.7B · 44% of revenue SG&A$1.7B44% of revenue

Swipe sideways for the whole flow →

From $4.0B of sales to $421.4M of profit

FY2024, from the 10-K income statement and revenue by segment
Clear Aligner to Revenue: $3.2BSystems And Services to Revenue: $768.9MRevenue to Gross profit: $2.8BRevenue to Cost of revenue: $1.2BGross profit to Operating profit: $607.6MGross profit to Operating expenses: $2.2BOperating profit to Net profit: $421.4MOperating profit to Tax: $186.3MOperating expenses to R&D: $364.2MOperating expenses to Sales, admin & other: $1.8B Clear Aligner: $3.2B · 81% Clear Aligner$3.2B81% Systems And Services: $768.9M · 19% Systems And Services$768.9M19% Revenue: $4.0B Revenue$4.0B +4% Y/Y Gross profit: $2.8B · 70% margin Gross profit$2.8B70% margin +3% Y/Y Cost of revenue: $1.2B · 30% of revenue Cost of revenue$1.2B30% of revenue Operating profit: $607.6M · 15% margin Operating profit$607.6M15% margin −6% Y/Y Operating expenses: $2.2B · 55% of revenue Operating expenses$2.2B55% of revenue Net profit: $421.4M · 11% margin Net profit$421.4M11% margin −5% Y/Y Tax: $186.3M · 5% of revenue Tax$186.3M5% of revenue R&D: $364.2M · 9% of revenue R&D$364.2M9% of revenue Sales, admin & other: $1.8B · 46% of revenue Sales, admin & other$1.8B46% of revenue

Swipe sideways for the whole flow →

From $4.0B of sales to $410.4M of profit

FY2025, from the 10-K income statement and revenue by segment
Clear Aligner to Revenue: $3.2BSystems And Services to Revenue: $789.6MRevenue to Gross profit: $2.7BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $545.8MGross profit to Operating expenses: $2.2BOperating profit to Net profit: $410.4MOperating profit to Tax & other: $135.4MOperating expenses to R&D: $369.9MOperating expenses to SG&A: $1.8B Clear Aligner: $3.2B · 80% Clear Aligner$3.2B80% Systems And Services: $789.6M · 20% Systems And Services$789.6M20% Revenue: $4.0B Revenue$4.0B +1% Y/Y Gross profit: $2.7B · 67% margin Gross profit$2.7B67% margin −3% Y/Y Cost of revenue: $1.3B · 33% of revenue Cost of revenue$1.3B33% of revenue Operating profit: $545.8M · 14% margin Operating profit$545.8M14% margin −10% Y/Y Operating expenses: $2.2B · 54% of revenue Operating expenses$2.2B54% of revenue Net profit: $410.4M · 10% margin Net profit$410.4M10% margin −3% Y/Y Tax & other: $135.4M · 3% of revenue Tax & other$135.4M3% of revenue R&D: $369.9M · 9% of revenue R&D$369.9M9% of revenue SG&A: $1.8B · 44% of revenue SG&A$1.8B44% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • ✓
    Net margin above the peer median11.8% vs 9.6%
  • !
    Gross margin down over 5 years71.3% → 67.2%
  • !
    Return on equity below 15%11.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 17.6% → 10.2%

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$490.8M last year
  • ✓
    Share count down over 5 years−8.4%
  • ✓
    Cash from operations above net income$593.2M vs $410.4M
Free cash flow, FY2016 to FY2025: 177.1M → 490.8M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 4.0B Net income 410.4M
FY2016 revenue 1.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-19-000009 FY2016 net income 189.7M · NetIncomeLoss, 0001097149-19-000009 1.1B FY2016 FY2017 revenue 1.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-20-000008 FY2017 net income 231.4M · NetIncomeLoss, 0001097149-20-000008 1.5B FY2017 FY2018 revenue 2.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-21-000007 FY2018 net income 400.2M · NetIncomeLoss, 0001097149-21-000007 2.0B FY2018 FY2019 revenue 2.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-22-000011 FY2019 net income 442.8M · NetIncomeLoss, 0001097149-22-000011 2.4B FY2019 FY2020 revenue 2.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-23-000013 FY2020 net income 1.8B · NetIncomeLoss, 0001097149-23-000013 2.5B FY2020 FY2021 revenue 4.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-24-000011 FY2021 net income 772.0M · NetIncomeLoss, 0001097149-24-000011 4.0B FY2021 FY2022 revenue 3.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-25-000012 FY2022 net income 361.6M · NetIncomeLoss, 0001097149-25-000012 3.7B FY2022 FY2023 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-26-000014 FY2023 net income 445.1M · NetIncomeLoss, 0001097149-26-000014 3.9B FY2023 FY2024 revenue 4.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-26-000014 FY2024 net income 421.4M · NetIncomeLoss, 0001097149-26-000014 4.0B FY2024 FY2025 revenue 4.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097149-26-000014 FY2025 net income 410.4M · NetIncomeLoss, 0001097149-26-000014 4.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ALGN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue4.0B
FY2016: 1.1BFY2017: 1.5BFY2018: 2.0BFY2019: 2.4BFY2020: 2.5BFY2021: 4.0BFY2022: 3.7BFY2023: 3.9BFY2024: 4.0BFY2025: 4.0B FY2017FY2019FY2021FY2023FY2025
Net income410.4M
FY2016: 189.7MFY2017: 231.4MFY2018: 400.2MFY2019: 442.8MFY2020: 1.8BFY2021: 772.0MFY2022: 361.6MFY2023: 445.1MFY2024: 421.4MFY2025: 410.4M FY2017FY2019FY2021FY2023FY2025
Free cash flow490.8M
FY2016: 177.1MFY2017: 242.8MFY2018: 331.4MFY2019: 597.6MFY2020: 507.3MFY2021: 771.4MFY2022: 276.8MFY2023: 608.1MFY2024: 622.7MFY2025: 490.8M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)5.65
FY2016: 2.33FY2017: 2.83FY2018: 4.92FY2019: 5.53FY2020: 22.41FY2021: 9.69FY2022: 4.61FY2023: 5.81FY2024: 5.62FY2025: 5.65 FY2017FY2019FY2021FY2023FY2025
Diluted shares72.6M
FY2016: 81.5MFY2017: 81.8MFY2018: 81.4MFY2019: 80.1MFY2020: 79.2MFY2021: 79.7MFY2022: 78.4MFY2023: 76.6MFY2024: 75.0MFY2025: 72.6M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Clear Aligner 3.2B80.4% +0.5%
Systems And Services 789.6M19.6% +2.7%

10-K 0001097149-26-000014, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. 1.7B41.2% -2.0%
Other International 1.5B36.0% +10.1%
Switzerland 920.6M22.8% -6.4%

10-K 0001097149-26-000014, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.1B1.5B2.0B2.4B2.5B4.0B3.7B3.9B4.0B4.0B
Cost of revenue264.6M356.5M518.6M662.9M708.7M1.0B1.1B1.2B1.2B1.3B
Gross profit815.3M1.1B1.4B1.7B1.8B2.9B2.6B2.7B2.8B2.7B
R&D75.7M97.6M128.9M157.4M175.3M250.3M305.3M346.8M364.2M369.9M
SG&A--852.4M1.1B1.2B1.7B1.7B1.7B1.8B1.8B
Operating income248.9M353.6M466.6M542.5M387.2M976.4M642.6M643.3M607.6M545.8M
Pretax income242.6M364.8M466.7M562.7M378.9M1.0B599.1M641.2M609.0M585.3M
Income tax51.2M130.2M57.7M112.3M-1.4B240.4M237.5M196.2M187.6M174.9M
Net income189.7M231.4M400.2M442.8M1.8B772.0M361.6M445.1M421.4M410.4M
EPS (diluted)2.332.834.925.5322.419.694.615.815.625.65
Diluted shares81.5M81.8M81.4M80.1M79.2M79.7M78.4M76.6M75.0M72.6M
Depreciation & amortization24.0M37.7M54.7M79.0M93.5M108.7M125.8M142.4M145.0M237.4M
EBITDA272.9M391.4M521.3M621.5M480.7M1.1B768.4M785.7M752.7M783.2M
Gross margin75.5%75.8%73.6%72.5%71.3%74.3%70.5%70.1%70.0%67.2%
Operating margin23.1%24.0%23.7%22.5%15.7%24.7%17.2%16.7%15.2%13.5%
Net margin17.6%15.7%20.4%18.4%71.8%19.5%9.7%11.5%10.5%10.2%
Revenue growth-+36.4%+33.5%+22.4%+2.7%+59.9%-5.5%+3.4%+3.5%+0.9%
EPS growth-+21.5%+73.9%+12.4%+305%-56.8%-52.4%+26.0%-3.3%+0.5%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash389.3M449.5M636.9M550.4M960.8M1.1B942.0M937.4M1.0B1.1B
Short-term investments251.0M272.0M98.5M318.2M072.0M57.5M35.3M0-
Receivables247.4M324.2M439.0M550.3M657.7M897.2M859.7M903.4M995.7M1.1B
Inventory27.1M31.7M55.6M112.1M139.2M230.2M338.8M296.9M254.3M226.3M
Current assets953.0M1.2B1.3B1.6B1.8B2.5B2.4B2.4B2.5B2.6B
Property & equipment175.2M348.8M521.3M631.7M734.7M1.1B1.2B1.3B1.3B1.1B
Goodwill61.0M64.6M64.0M63.9M444.8M418.5M407.6M419.5M442.6M491.8M
Total assets1.4B1.8B2.1B2.5B4.8B5.9B5.9B6.1B6.2B6.2B
Accounts payable28.6M36.8M64.3M87.2M142.1M163.9M127.9M113.1M108.7M121.5M
Current liabilities354.3M500.1M692.1M971.0M1.3B1.9B1.9B2.1B2.0B1.9B
Total liabilities400.8M629.7M799.6M1.2B1.6B2.3B2.3B2.5B2.4B2.2B
Shareholders' equity999.3M1.2B1.3B1.3B3.2B3.6B3.6B3.6B3.9B4.0B
Retained earnings131.4M267.3M378.1M439.9M2.2B2.6B2.6B2.4B2.5B2.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow247.7M438.5M554.7M747.3M662.2M1.2B568.7M785.8M738.2M593.2M
Capital spending70.6M195.7M223.3M149.7M154.9M401.1M291.9M177.7M115.6M102.4M
Free cash flow177.1M242.8M331.4M597.6M507.3M771.4M276.8M608.1M622.7M490.8M
Stock-based pay (added back)54.1M58.9M70.8M88.2M98.4M114.3M133.4M154.0M173.7M185.9M
Buybacks96.2M103.8M300.0M400.0M0375.0M435.0M592.4M352.9M465.9M
Acquisitions09.0M00420.8M8.0M12.3M077.1M0
Investing cash flow73.0M-251.5M6.9M-350.4M-231.5M-563.4M-213.3M-195.9M-254.9M-112.4M
Financing cash flow-95.5M-135.5M-369.4M-485.5M-30.8M-458.3M-501.7M-598.3M-355.7M-464.6M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)54.1M58.9M70.8M88.2M98.4M114.3M133.4M154.0M173.7M185.9M
Stock-based pay / revenue5.0%4.0%3.6%3.7%4.0%2.9%3.6%4.0%4.3%4.6%
Operating lease cost---22.8M27.8M33.2M37.9M44.6M42.3M43.4M
Operating lease cash paid--026.3M26.0M29.8M31.0M33.7M39.5M39.9M
Finance lease principal paid--045.8M00----
Right-of-use assets--056.2M82.6M121.3M118.9M118.0M113.4M108.3M
Operating lease liabilities--059.2M86.2M125.4M126.9M126.6M119.3M114.4M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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