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

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	$1.1B 4.9%	$1.0B 11.4%	$937.4M -0.5%	$942.0M -14.3%	$1.1B
Accounts Receivable	$1.1B 10.7%	$995.7M 10.2%	$903.4M 5.1%	$859.7M -4.2%	$897.2M
Inventory	$226.3M -11.0%	$254.3M -14.4%	$296.9M -12.4%	$338.8M 47.1%	$230.2M
Prepaid Expenses	$165.6M -16.6%	$198.6M -27.4%	$273.6M 20.8%	$226.4M 15.9%	$195.3M
Other Current Assets	$47.3M -42.0%	$81.6M 5.5%	$77.3M 361.4%	$16.8M -86.6%	$125.1M
Total Current Assets	$2.6B 5.0%	$2.5B 1.9%	$2.4B 0.9%	$2.4B -2.8%	$2.5B
Property,Plant and Equipment	$1.1B -11.0%	$1.3B -1.5%	$1.3B 4.8%	$1.2B 13.9%	$1.1B
Operating Lease Assets	$108.3M -4.5%	$113.4M -3.9%	$118.0M -0.7%	$118.9M -2.0%	$121.3M
Goodwill	$491.8M 11.1%	$442.6M 5.5%	$419.5M 2.9%	$407.6M -2.6%	$418.5M
Intangible Assets	$93.9M -9.2%	$103.5M 26.0%	$82.1M -14.2%	$95.7M -12.8%	$109.7M
Deferred Tax Assets	$1.5B -2.8%	$1.6B -2.1%	$1.6B 1.2%	$1.6B 2.5%	$1.5B
Other Noncurrent Assets	$278.0M 18.7%	$234.2M 82.0%	$128.7M 130.5%	$55.8M -2.9%	$57.5M
Total Assets	$6.2B 0.3%	$6.2B 2.1%	$6.1B 2.3%	$5.9B 0.1%	$5.9B
Liabilities
Accounts Payable	$121.5M 11.7%	$108.7M -3.9%	$113.1M -11.5%	$127.9M -22.0%	$163.9M
Accrued Liabilities	$536.7M -10.3%	$598.2M 13.8%	$525.8M 15.7%	$454.4M -25.2%	$607.3M
Deferred Revenue	$1.3B -5.2%	$1.3B -6.8%	$1.4B 6.3%	$1.3B 16.5%	$1.2B
Operating Lease Liabilities	$31.9M 2.8%	$31.1M 4.8%	$29.7M 11.6%	$26.6M 17.0%	$22.7M
Other Current Liabilities	$113.8M -18.6%	$139.9M -19.2%	$173.1M -11.7%	$196.0M 12.2%	$174.6M
Total Current Liabilities	$1.9B -5.8%	$2.0B -1.4%	$2.1B 7.3%	$1.9B 0.1%	$1.9B
Deferred Revenue Noncurrent	$85.5M -16.3%	$102.2M -26.0%	$138.0M -14.1%	$160.7M 17.5%	$136.7M
Operating Lease Liabilities Noncurrent	$82.5M -6.5%	$88.2M -9.0%	$97.0M -3.4%	$100.3M -2.3%	$102.7M
Other Noncurrent Liabilities	$113.8M -18.6%	$139.9M -19.2%	$173.1M -11.7%	$196.0M 12.2%	$174.6M
Total Liabilities	$2.2B -7.5%	$2.4B -3.7%	$2.5B 4.6%	$2.3B 1.2%	$2.3B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$7.0K 0.0%	$7.0K 0.0%	$7.0K -12.5%	$8.0K 0.0%	$8.0K
Additional Paid In Capital	$1.5B 10.8%	$1.4B 17.2%	$1.2B 11.2%	$1.0B 4.6%	$999.0M
Retained Earnings	$2.5B -0.8%	$2.5B 1.5%	$2.4B -4.7%	$2.6B -2.0%	$2.6B
Accumulated Other Comprehensive Income	$75.4M 1161.1%	$6.0M -71.8%	$21.2M 305.8%	$-10.3M -337.7%	$4.3M
Total Stockholders Equity	$4.0B 5.1%	$3.9B 6.1%	$3.6B 0.8%	$3.6B -0.6%	$3.6B
Total Liabilitiesand Equity	$6.2B 0.3%	$6.2B 2.1%	$6.1B 2.3%	$5.9B 0.1%	$5.9B

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	$4.0B 0.9%	$4.0B 3.5%	$3.9B 3.4%	$3.7B -5.5%	$4.0B
Expenses Cost of Revenue	$1.3B 10.3%	$1.2B 3.8%	$1.2B 5.0%	$1.1B 8.2%	$1.0B
Expenses Research and Development	$369.9M 1.6%	$364.2M 5.0%	$346.8M 13.6%	$305.3M 21.9%	$250.3M
Expenses Selling,General and Administrative	$1.8B -0.4%	$1.8B 3.5%	$1.7B 1.7%	$1.7B -2.0%	$1.7B
Expenses Depreciation and Amortization	$237.4M 63.7%	$145.0M 1.8%	$142.4M 13.2%	$125.8M 15.7%	$108.7M
Expenses Share Based Compensation	$185.9M 7.0%	$173.7M 12.8%	$154.0M 15.5%	$133.4M 16.6%	$114.3M
Expenses Operating Expenses	$2.2B -1.2%	$2.2B 6.2%	$2.1B 3.6%	$2.0B 1.6%	$2.0B
Other Income Expense Gross Profit	$2.7B -3.1%	$2.8B 3.4%	$2.7B 2.8%	$2.6B -10.3%	$2.9B
Other Income Expense Operating Income	$545.8M -10.2%	$607.6M -5.6%	$643.3M 0.1%	$642.6M -34.2%	$976.4M
Other Income Expense Income Before Tax	$585.3M -3.9%	$609.0M -5.0%	$641.2M 7.0%	$599.1M -40.8%	$1.0B
Income Tax Income Tax Expense	$174.9M -6.7%	$187.6M -4.4%	$196.2M -17.4%	$237.5M -1.2%	$240.4M
net Income net Income	$410.4M -2.6%	$421.4M -5.3%	$445.1M 23.1%	$361.6M -53.2%	$772.0M
net Income Comprehensive Income	$479.8M 18.1%	$406.2M -14.8%	$476.5M 37.3%	$347.0M -52.7%	$732.8M
Earnings Per Share Basic Eps	$6 0.5%	$6 -3.3%	$6 26.0%	$5 -52.8%	$10
Earnings Per Share Diluted Eps	$6 0.5%	$6 -3.3%	$6 26.0%	$5 -52.4%	$10
Earnings Per Share Weighted Average Shares Basic	$72.5M -3.1%	$74.9M -2.0%	$76.4M -2.3%	$78.2M -0.9%	$78.9M
Earnings Per Share Weighted Average Shares Diluted	$72.6M -3.2%	$75.0M -2.1%	$76.6M -2.4%	$78.4M -1.6%	$79.7M

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	$410.4M -2.6%	$421.4M -5.3%	$445.1M 23.1%	$361.6M -53.2%	$772.0M
Operating Activities Depreciation and Amortization	$237.4M 63.7%	$145.0M 1.8%	$142.4M 13.2%	$125.8M 15.7%	$108.7M
Operating Activities Stock Based Compensation	$185.9M 7.0%	$173.7M 12.8%	$154.0M 15.5%	$133.4M 16.6%	$114.3M
Operating Activities Deferred Income Taxes	$33.1M 28.5%	$25.8M 238.2%	$-18.6M 52.8%	$-39.5M -355.5%	$15.5M
Operating Activities Changes In Operating Assets and Liabilities	$19.2M 196.0%	$-20.0M -109.8%	$204.5M -46.1%	$379.4M -61.3%	$981.5M
Operating Activities net Cash From Operating Activities	$593.2M -19.6%	$738.2M -6.1%	$785.8M 38.2%	$568.7M -51.5%	$1.2B
Investing Activities Capital Expenditures	$102.4M -11.4%	$115.6M -35.0%	$177.7M -39.1%	$291.9M -27.2%	$401.1M
Investing Activities Business Acquisitions	$0 -100.0%	$77.1M	$0 -100.0%	$12.3M 53.8%	$8.0M
Investing Activities Purchases of Investments	$0	$0 -100.0%	$2.9M -89.6%	$28.0M -86.1%	$200.9M
Investing Activities Proceeds From Sale of Investments	$0 -100.0%	$25.7M -53.5%	$55.2M 132.0%	$23.8M 4676.1%	$498.0K
Investing Activities Other Investing Activities	$0 100.0%	$-235.0K 15.5%	$-278.0K -112.6%	$2.2M -55.9%	$5.0M
Investing Activities net Cash From Investing Activities	$-112.4M 55.9%	$-254.9M -30.1%	$-195.9M 8.1%	$-213.3M 62.1%	$-563.4M
Financing Activities Repurchase of Common Stock	$465.9M 32.0%	$352.9M -40.4%	$592.4M 36.2%	$435.0M 16.0%	$375.0M
Financing Activities Proceeds From Stock Issuance	$21.7M -14.0%	$25.3M -4.9%	$26.6M 1.7%	$26.1M 2.1%	$25.6M
Financing Activities Tax Withholding On Stock Based Compensation	$20.4M -27.5%	$28.1M 24.6%	$22.6M -57.2%	$52.8M -51.5%	$108.9M
Financing Activities net Cash From Financing Activities	$-464.6M -30.6%	$-355.7M 40.5%	$-598.3M -19.3%	$-501.7M -9.5%	$-458.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$35.0M 265.6%	$-21.2M -552.9%	$4.7M 140.6%	$-11.5M 5.0%	$-12.1M
Cash Reconciliation net Change In Cash	$51.2M -51.9%	$106.4M 2874.9%	$-3.8M 97.6%	$-157.8M -213.8%	$138.7M
Cash Reconciliation Cash At Beginning of Period	$1.1B 4.9%	$1.0B 11.3%	$938.5M -0.4%	$942.4M -14.3%	$1.1B
Cash Reconciliation Cash At End of Period	$1.1B 4.9%	$1.0B 11.3%	$938.5M -0.4%	$942.4M -14.3%	$1.1B

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

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