Align Technology

Health Care Health Care Supplies Tempe, Arizona Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.0B
                    3y CAGR +2.6%
                    
                    P37
                    
                    +0.9%
                    
                    Net income
                    FY2025
                
$410.4M
                    Net margin +10.2%
                    
                    P45
                    
                    -2.6%
                    
                    Total assets
                    FY2025
                
$6.2B
                    ROA +6.6%
                    
                    P57
                    
                    +0.3%
                    
                    Operating cash flow
                    FY2025
                
$593.2M
                    FCF margin +12.2%
                    
                    P31
                    
                    -19.6%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $6.2B

Total liabilities $2.2B

Shareholders equity $4.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	17.6%	16.8%	15.4%	15.8%	18.5%	19.9%	22.0%	31.0%	25.3%	27.9%
Accounts Receivable	17.7%	16.0%	14.8%	14.5%	15.1%	13.6%	22.0%	21.4%	18.2%	17.7%
Inventory	3.6%	4.1%	4.9%	5.7%	3.9%	2.9%	4.5%	2.7%	1.8%	1.9%
Prepaid Expenses	2.7%	3.2%	4.5%	3.8%	3.3%	1.9%	4.1%	3.5%	4.6%	2.7%
Other Current Assets	0.4%	0.0%	—	—	—	—	—	—	—	—
Total Current Assets	42.0%	40.1%	40.2%	40.8%	42.0%	38.3%	65.3%	63.5%	65.1%	68.3%
Property,Plant and Equipment	18.2%	20.5%	21.2%	20.7%	18.2%	15.2%	25.3%	25.4%	19.6%	12.5%
Operating Lease Assets	1.7%	1.8%	1.9%	2.0%	2.0%	1.7%	2.2%	—	—	—
Goodwill	7.9%	7.1%	6.9%	6.9%	7.0%	9.2%	2.6%	—	—	—
Intangible Assets	1.5%	1.7%	1.3%	1.6%	1.8%	2.7%	0.5%	4.0%	5.0%	5.9%
Deferred Tax Assets	24.3%	25.1%	26.1%	26.4%	25.8%	32.2%	2.6%	3.2%	2.8%	4.9%
Other Noncurrent Assets	4.5%	3.8%	2.1%	0.9%	1.0%	0.7%	1.6%	1.3%	2.2%	1.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.9%	1.7%	1.9%	2.1%	2.8%	2.9%	3.5%	3.1%	2.1%	2.0%
Accrued Liabilities	8.6%	9.6%	8.6%	7.6%	10.2%	8.4%	12.8%	11.4%	10.9%	9.6%
Deferred Revenue	20.2%	21.4%	23.5%	22.6%	19.4%	16.1%	22.5%	19.2%	15.0%	13.7%
Total Current Liabilities	30.8%	32.8%	34.0%	32.4%	32.4%	27.4%	38.8%	33.7%	28.0%	25.4%
Operating Lease Liabilities Noncurrent	1.3%	1.4%	1.6%	1.7%	1.7%	1.3%	1.7%	—	—	—
Other Noncurrent Liabilities	2.9%	3.8%	4.8%	5.4%	4.9%	4.3%	5.6%	5.2%	7.3%	3.3%
Total Liabilities	35.0%	38.0%	40.3%	39.5%	39.0%	33.0%	46.2%	39.0%	35.3%	28.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	24.2%	21.9%	19.1%	17.6%	16.8%	20.2%	36.3%	42.8%	49.9%	61.9%
Retained Earnings	39.5%	40.0%	40.2%	43.2%	44.1%	45.9%	17.6%	18.4%	14.8%	9.4%
Accumulated Other Comprehensive Income	1.2%	0.1%	0.3%	-0.2%	0.1%	0.9%	-0.0%	-0.1%	0.0%	-0.1%
Total Stockholders Equity	65.0%	62.0%	59.7%	60.5%	61.0%	67.0%	53.8%	61.0%	64.7%	71.3%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $4.0B

Operating income $545.8M

Net income $410.4M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	64.7%	64.3%	63.5%	62.8%	66.5%	51.2%	96.2%	95.8%	82.9%	77.3%
Expenses Cost of Revenue	21.2%	19.3%	19.0%	18.5%	17.1%	14.7%	26.5%	25.3%	20.1%	19.0%
Other Income Expense Gross Profit	43.5%	45.0%	44.5%	44.3%	49.4%	36.5%	69.7%	70.5%	62.8%	58.4%
Expenses Research and Development	5.9%	5.9%	5.7%	5.1%	4.2%	3.6%	6.3%	6.3%	5.5%	5.4%
Expenses Selling,General and Administrative	28.2%	28.4%	28.0%	28.2%	28.8%	24.9%	42.9%	41.5%	37.4%	35.1%
Expenses Other Operating Expenses	0.6%	1.0%	0.2%	0.2%	0.0%	0.0%	-1.1%	0.0%	0.0%	—
Expenses Operating Expenses	34.7%	35.3%	33.9%	33.5%	33.0%	28.5%	48.0%	47.8%	42.9%	40.6%
Other Income Expense Operating Income	8.8%	9.8%	10.6%	10.8%	16.4%	8.0%	21.7%	22.7%	19.9%	17.8%
Other Income Expense Interest Income	0.3%	0.3%	0.3%	0.1%	0.1%	0.1%	0.5%	0.4%	—	—
Other Income Expense Other Income/expense	0.4%	-0.3%	-0.3%	-0.8%	0.6%	-0.2%	0.3%	-0.4%	0.6%	-0.5%
Other Income Expense Income Before Tax	9.4%	9.8%	10.5%	10.1%	17.0%	7.8%	22.5%	22.7%	20.5%	17.4%
Income Tax Income Tax Expense	2.8%	3.0%	3.2%	4.0%	4.0%	-28.9%	4.5%	2.8%	7.3%	3.7%
net Income net Income	6.6%	6.8%	7.3%	6.1%	13.0%	36.8%	17.7%	19.5%	13.0%	13.6%
net Income Comprehensive Income	7.7%	6.5%	7.8%	5.8%	12.3%	37.7%	17.8%	19.3%	13.1%	13.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	1.2%	1.2%	1.3%	1.3%	1.3%	1.6%	3.2%	4.0%	4.6%	5.8%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $593.2M

Investing cash flow $-112.4M

Financing cash flow $-464.6M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	6.6%	6.8%	7.3%	6.1%	13.0%	36.8%	17.7%	19.5%	13.0%	13.6%
Operating Activities Depreciation and Amortization	4.4%	3.0%	2.9%	2.6%	2.3%	2.4%	3.9%	2.7%	2.1%	1.7%
Operating Activities Stock Based Compensation	3.0%	2.8%	2.5%	2.2%	1.9%	2.0%	3.5%	3.4%	3.3%	3.9%
Operating Activities Deferred Income Taxes	0.5%	0.4%	-0.3%	-0.7%	0.3%	-30.9%	0.0%	-0.8%	1.0%	-1.2%
Operating Activities Changes In Operating Assets and Liabilities	-5.7%	-1.2%	-0.1%	-1.4%	2.6%	2.7%	3.0%	0.9%	4.3%	-1.2%
Operating Activities Other Non Cash Items	0.7%	0.1%	0.6%	0.7%	-0.3%	0.7%	1.7%	1.3%	0.8%	0.9%
Operating Activities net Cash From Operating Activities	9.5%	11.9%	12.9%	9.6%	19.7%	13.7%	29.9%	27.0%	24.7%	17.7%
Investing Activities Capital Expenditures	-1.6%	-1.9%	-2.9%	-4.9%	-6.8%	-3.2%	-6.0%	-10.9%	-11.0%	-5.1%
Investing Activities Business Acquisitions	0.0%	-1.2%	0.0%	-0.2%	-0.1%	-8.7%	0.0%	0.0%	-0.5%	0.0%
Investing Activities Purchases of Investments	-0.2%	-1.7%	-1.3%	-0.5%	-3.4%	-0.1%	-27.7%	-9.0%	-22.7%	-32.4%
Investing Activities Proceeds From Sale of Investments	0.0%	0.7%	1.0%	2.0%	0.1%	6.7%	19.4%	18.7%	21.9%	43.3%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%	-0.0%	0.7%	0.6%	0.3%	1.5%	-1.8%	-0.6%
Investing Activities net Cash From Investing Activities	-1.8%	-4.1%	-3.2%	-3.6%	-9.5%	-4.8%	-14.0%	0.3%	-14.1%	5.2%
Financing Activities Repurchase of Common Stock	-7.5%	-5.7%	-9.9%	-8.0%	-6.3%	0.0%	-16.0%	-14.6%	-5.8%	-6.9%
Financing Activities Proceeds From Stock Issuance	0.3%	0.4%	0.4%	0.4%	0.4%	0.4%	0.7%	0.8%	0.8%	1.0%
Financing Activities Tax Withholding On Stock Based Compensation	-0.3%	-0.5%	-0.4%	-0.9%	-1.8%	-1.1%	-2.3%	-4.2%	-2.6%	-0.9%
Financing Activities net Cash From Financing Activities	-7.5%	-5.7%	-9.8%	-8.4%	-7.7%	-0.6%	-19.4%	-18.0%	-7.6%	-6.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	-0.3%	0.1%	-0.2%	-0.2%	0.2%	0.1%	-0.2%	0.3%	-0.2%
Cash Reconciliation net Change In Cash	0.8%	1.7%	-0.1%	-2.7%	2.3%	8.5%	-3.5%	9.1%	3.2%	15.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+67.2%	+70.0%	+70.1%	+70.5%	+74.3%	+71.3%	+72.5%	+73.6%	+75.8%	+75.5%
Operating margin	+13.5%	+15.2%	+16.7%	+17.2%	+24.7%	+15.7%	+22.5%	+23.7%	+24.0%	+23.1%
Net margin	+10.2%	+10.5%	+11.5%	+9.7%	+19.5%	+71.8%	+18.4%	+20.4%	+15.7%	+17.6%
FCF margin	+12.2%	+15.6%	+15.7%	+7.4%	+19.5%	+20.5%	+24.8%	+16.9%	+16.5%	+16.4%
Growth
Revenue CAGR (3y)	+2.6%	+0.4%	+16.0%	+15.8%	+26.2%	+18.8%	+30.6%	+32.5%	+24.6%	+17.8%
Returns
ROE	+10.1%	+10.9%	+12.3%	+10.0%	+21.3%	+54.9%	+32.9%	+31.9%	+20.1%	+19.1%
ROA	+6.6%	+6.8%	+7.3%	+6.1%	+13.0%	+36.8%	+17.7%	+19.5%	+13.0%	+13.6%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.36x	1.22x	1.18x	1.26x	1.30x	1.40x	1.68x	1.88x	2.32x	2.69x
Quick ratio	1.14x	1.00x	0.89x	0.94x	1.04x	1.22x	1.13x	1.55x	1.55x	1.80x
Leverage
D/E	0.54x	0.61x	0.68x	0.65x	0.64x	0.49x	0.86x	0.64x	0.55x	0.40x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.65x	0.64x	0.63x	0.63x	0.67x	0.51x	0.96x	0.96x	0.83x	0.77x
Cash conversion cycle	+129d	+135d	+143d	+154d	+107d	+96d	+97d	+75d	+75d	+82d

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