What the 10-K filed 2026-02-27 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-28.
Big customers
Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).
“No individual customer accounted for 10% or more of our accounts receivable, net balance at December 31, 2025 or 2024 nor net revenues for the years ended December 31, 2025, 2024 or 2023.”
Read it in the 10-K ↗
Key suppliers
Parts or manufacturing that depend on one or a few suppliers.
“We are highly dependent on third-party suppliers, some of whom are sole source suppliers, for certain key machines, components and materials, and our business, financial condition and results of operations could be materially adversely affected if supply is restricted or ends or the price materially increases.”
Read it in the 10-K ↗
“We purchase certain inventory from sole suppliers.”
Read it in the 10-K ↗
Lawsuits and legal claims
2 newPending cases, settlements and what the company has set aside for them.
“Legal settlement losses were incurred in 2025 and 2024 due to litigation and other settlements.”
Read it in the 10-K ↗
New “In 2025, we settled certain legal matters and issued a payment for the full settlement amount of $32 million, Settlement payments were made in accordance with the terms and conditions as set forth in the settlement agreement.”
Read it in the 10-K ↗
“District Court for the Northern District of California on behalf of itself and a putative class of similarly situated practices seeking treble monetary damages, interest, costs, attorneys’ fees, and injunctive relief relating to our alleged market activities in alleged clear aligner and intraoral scanner markets.”
Read it in the 10-K ↗
“Plaintiff filed an amended complaint and added VIP Dental Spas as a plaintiff on August 14, 2020.”
Read it in the 10-K ↗
New “In 2025, Align issued a payment for the full settlement amount, $31.75 million, consisting of $27.5 million accrued as of December 31, 2024 and an additional loss accrual of $4.25 million in the first quarter of 2025, to an escrow agency in accordance with the court's approval.”
Read it in the 10-K ↗
Guarantees and indemnities
Promises to pay someone else's debts or losses if they cannot.
“It is not possible to make a reasonable estimate of the maximum potential amount of future payments, if any, under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement.”
Read it in the 10-K ↗
Debt covenants
Conditions in loan agreements that, if broken, can make debt due early.
No specific sentence about this in the 10-K.
Commitments off the balance sheet
Contracts the company must pay for later: purchase obligations, take-or-pay deals.
“Our purchase commitments totaled $1,020 million.”
Read it in the 10-K ↗
Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗
Work on ALGN in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ALGN/export.csv") into a cell.