Align Technology

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

                    Revenue
                    FY2025
                
$4.0B
                    3y CAGR +2.6%
                    
                    P36
                    
                    +0.9%
                    
                    Net income
                    FY2025
                
$410.4M
                    Net margin +10.2%
                    
                    P50
                    
                    -2.6%
                    
                    Total assets
                    FY2025
                
$6.2B
                    ROA +6.6%
                    
                    P57
                    
                    +0.3%
                    
                    Operating cash flow
                    FY2025
                
$593.2M
                    FCF margin +12.2%
                    
                    P35
                    
                    -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

30 accounts · 5 years

Total assets $6.2B

Total liabilities $2.2B

Shareholders equity $4.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	17.6%	16.8%	15.4%	15.8%	18.5%
Accounts Receivable	17.7%	16.0%	14.8%	14.5%	15.1%
Inventory	3.6%	4.1%	4.9%	5.7%	3.9%
Prepaid Expenses	2.7%	3.2%	4.5%	3.8%	3.3%
Other Current Assets	0.8%	1.3%	1.3%	0.3%	2.1%
Total Current Assets	42.0%	40.1%	40.2%	40.8%	42.0%
Property,Plant and Equipment	18.2%	20.5%	21.2%	20.7%	18.2%
Operating Lease Assets	1.7%	1.8%	1.9%	2.0%	2.0%
Goodwill	7.9%	7.1%	6.9%	6.9%	7.0%
Intangible Assets	1.5%	1.7%	1.3%	1.6%	1.8%
Deferred Tax Assets	24.3%	25.1%	26.1%	26.4%	25.8%
Other Noncurrent Assets	4.5%	3.8%	2.1%	0.9%	1.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.9%	1.7%	1.9%	2.1%	2.8%
Accrued Liabilities	8.6%	9.6%	8.6%	7.6%	10.2%
Deferred Revenue	20.2%	21.4%	23.5%	22.6%	19.4%
Operating Lease Liabilities	0.5%	0.5%	0.5%	0.4%	0.4%
Other Current Liabilities	1.8%	2.3%	2.8%	3.3%	2.9%
Total Current Liabilities	30.8%	32.8%	34.0%	32.4%	32.4%
Deferred Revenue Noncurrent	1.4%	1.6%	2.3%	2.7%	2.3%
Operating Lease Liabilities Noncurrent	1.3%	1.4%	1.6%	1.7%	1.7%
Other Noncurrent Liabilities	1.8%	2.3%	2.8%	3.3%	2.9%
Total Liabilities	35.0%	38.0%	40.3%	39.5%	39.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	24.2%	21.9%	19.1%	17.6%	16.8%
Retained Earnings	39.5%	40.0%	40.2%	43.2%	44.1%
Accumulated Other Comprehensive Income	1.2%	0.1%	0.3%	-0.2%	0.1%
Total Stockholders Equity	65.0%	62.0%	59.7%	60.5%	61.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $4.0B

Operating income $545.8M

Net income $410.4M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	64.7%	64.3%	63.5%	62.8%	66.5%
Expenses Cost of Revenue	21.2%	19.3%	19.0%	18.5%	17.1%
Expenses Research and Development	5.9%	5.9%	5.7%	5.1%	4.2%
Expenses Selling,General and Administrative	28.2%	28.4%	28.0%	28.2%	28.8%
Expenses Depreciation and Amortization	3.8%	2.3%	2.3%	2.1%	1.8%
Expenses Share Based Compensation	3.0%	2.8%	2.5%	2.2%	1.9%
Expenses Operating Expenses	34.7%	35.3%	33.9%	33.5%	33.0%
Other Income Expense Gross Profit	43.5%	45.0%	44.5%	44.3%	49.4%
Other Income Expense Operating Income	8.8%	9.8%	10.6%	10.8%	16.4%
Other Income Expense Income Before Tax	9.4%	9.8%	10.5%	10.1%	17.0%
Income Tax Income Tax Expense	2.8%	3.0%	3.2%	4.0%	4.0%
net Income net Income	6.6%	6.8%	7.3%	6.1%	13.0%
net Income Comprehensive Income	7.7%	6.5%	7.8%	5.8%	12.3%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	1.2%	1.2%	1.3%	1.3%	1.3%
Earnings Per Share Weighted Average Shares Diluted	1.2%	1.2%	1.3%	1.3%	1.3%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $593.2M

Investing cash flow $-112.4M

Financing cash flow $-464.6M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	6.6%	6.8%	7.3%	6.1%	13.0%
Operating Activities Depreciation and Amortization	3.8%	2.3%	2.3%	2.1%	1.8%
Operating Activities Stock Based Compensation	3.0%	2.8%	2.5%	2.2%	1.9%
Operating Activities Deferred Income Taxes	0.5%	0.4%	-0.3%	-0.7%	0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	-0.3%	3.4%	6.4%	16.5%
Operating Activities net Cash From Operating Activities	9.5%	11.9%	12.9%	9.6%	19.7%
Investing Activities Capital Expenditures	1.6%	1.9%	2.9%	4.9%	6.8%
Investing Activities Business Acquisitions	0.0%	1.2%	0.0%	0.2%	0.1%
Investing Activities Purchases of Investments	0.0%	0.0%	0.0%	0.5%	3.4%
Investing Activities Proceeds From Sale of Investments	0.0%	0.4%	0.9%	0.4%	0.0%
Investing Activities Other Investing Activities	0.0%	-0.0%	-0.0%	0.0%	0.1%
Investing Activities net Cash From Investing Activities	-1.8%	-4.1%	-3.2%	-3.6%	-9.5%
Financing Activities Repurchase of Common Stock	7.5%	5.7%	9.7%	7.3%	6.3%
Financing Activities Proceeds From Stock Issuance	0.3%	0.4%	0.4%	0.4%	0.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.3%	0.5%	0.4%	0.9%	1.8%
Financing Activities net Cash From Financing Activities	-7.5%	-5.7%	-9.8%	-8.4%	-7.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	-0.3%	0.1%	-0.2%	-0.2%
Cash Reconciliation net Change In Cash	0.8%	1.7%	-0.1%	-2.7%	2.3%
Cash Reconciliation Cash At Beginning of Period	17.6%	16.8%	15.4%	15.8%	18.5%
Cash Reconciliation Cash At End of Period	17.6%	16.8%	15.4%	15.8%	18.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+67.2%	+70.0%	+70.1%	+70.5%	+74.3%
Operating margin	+13.5%	+15.2%	+16.7%	+17.2%	+24.7%
Net margin	+10.2%	+10.5%	+11.5%	+9.7%	+19.5%
FCF margin	+12.2%	+15.6%	+15.7%	+7.4%	+19.5%
Growth
Revenue CAGR (3y)	+2.6%	+0.4%	+16.0%	+15.8%	+26.2%
Returns
ROE	+10.1%	+10.9%	+12.3%	+10.0%	+21.3%
ROA	+6.6%	+6.8%	+7.3%	+6.1%	+13.0%
ROIC	—	—	—	—	—
Liquidity
Current ratio	1.36x	1.22x	1.18x	1.26x	1.30x
Quick ratio	1.14x	1.00x	0.89x	0.94x	1.04x
Leverage
D/E	0.54x	0.61x	0.68x	0.65x	0.64x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.65x	0.64x	0.63x	0.63x	0.67x
Cash conversion cycle	+129d	+135d	+143d	+154d	+107d

Valuation

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FY2025 fundamentals · no price

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