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Align Technology

ALGN Nasdaq Health Care Supplies Financials FY2016–FY2025

Align Technology's revenue rose 0.9% to $4.0 billion in fiscal 2025. Its operating margin was 13.5%, down from 15.2% a year earlier. Free cash flow was $491 million, down 21.2%. It paid out $466 million in dividends and buybacks, 95% of free cash flow. The diluted share count fell 3.2%.

Last close · Oct 23, 2026

$154.51

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$4.0B
0.9% vs prior year
Operating margin Operating income as a share of revenue.
13.5%
1.7 pts
Net income Profit after all expenses, interest and tax.
$410M
2.6%
Free cash flow Cash from operations minus capital spending.
$491M
21.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.3%
2.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
26.9x
On $5.74 EPS (TTM)

About these figures. Align Technology reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Align Technology does

No business description yet.

Legal name
ALIGN TECHNOLOGY, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001097149-26-000014
0001097149

Revenue and margins

Align Technology had $4.0B of revenue in fiscal 2025, up 0.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $491M in fiscal 2025, 12.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Align Technology returned $466M to shareholders in fiscal 2025, 95% of free cash flow. The diluted share count fell 3.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Align Technology yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.1B and divides by 72.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 26.9x · peers 40.7x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Align Technology can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$1,000M$973M$1.0B$1.1B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.1x−1.3x−1.2x−1.4x−1.4x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 1.3x1.3x1.2x1.2x1.4x
Quick ratio 1.2x1.1x1.0x1.1x1.2x
Total assets $5.9B$5.9B$6.1B$6.2B$6.2B
Total liabilities $2.3B$2.3B$2.5B$2.4B$2.2B
Shareholders' equity $3.6B$3.6B$3.6B$3.9B$4.0B
Net debt (− = net cash) −$1.2B−$1,000M−$973M−$1.0B−$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.5M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 18, 2026 John MoriciEVP, Chief Financial Officer Sold 7,969 $189.31 $1.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 96 / 95 / 9
Accruals ratio −5.7%−5.2%−2.9%
Altman Z'' 3.994.154.56

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Align Technology ALGN $11.0B 0.9% 13.5% 12.2% 13.3% 26.9x 5
Cooper Companies COO $11.8B 5.1% 16.7% 10.6% 4.3% 21.0x 5 Compare →
Dentsply Sirona XRAY $1.9B −3.0% −11.5% 2.8% −9.9% — 6 Compare →
West Pharmaceutical Services WST $28.0B 6.3% 19.0% 15.3% 18.7% 50.2x 9 Compare →
Envista NVST $3.9B 8.3% 8.0% 8.5% 3.2% 40.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.5B $2.0B $2.4B $2.5B $4.0B $3.7B $3.9B $4.0B $4.0B
Gross profit $815M $1.1B $1.4B $1.7B $1.8B $2.9B $2.6B $2.7B $2.8B $2.7B
Research and development $75.7M $97.6M $129M $157M $175M $250M $305M $347M $364M $370M
Operating income $249M $354M $467M $543M $387M $976M $643M $643M $608M $546M
Pretax income $243M $365M $467M $563M $379M $1.0B $599M $641M $609M $585M
Income tax $51.2M $130M $57.7M $112M −$1.4B $240M $238M $196M $188M $175M
Net income $190M $231M $400M $443M $1.8B $772M $362M $445M $421M $410M
Diluted EPS $2.33 $2.83 $4.92 $5.53 $22.41 $9.69 $4.61 $5.81 $5.62 $5.65
Diluted shares 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.07B
Cash flow
Cash from operations $248M $439M $555M $747M $662M $1.2B $569M $786M $738M $593M
Capital expenditure $70.6M $196M $223M $150M $155M $401M $292M $178M $116M $102M
Free cash flow $177M $243M $331M $598M $507M $771M $277M $608M $623M $491M
Depreciation and amortization $24.0M $37.7M $54.7M $79.0M $93.5M $109M $126M $142M $145M $237M
Stock-based compensation $54.1M $58.9M $70.8M $88.2M $98.4M $114M $133M $154M $174M $186M
Acquisitions $0.0M $9.0M $0.0M $0.0M $421M $8.0M $12.3M $0.0M $77.1M $0.0M
Share buybacks $96.2M $104M $300M $400M $0.0M $375M $435M $592M $353M $466M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $96.2M $104M $300M $400M $0.0M $375M $435M $592M $353M $466M
Balance sheet
Cash and short-term investments $640M $722M $735M $869M $961M $1.2B $1,000M $973M $1.0B $1.1B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $953M $1.2B $1.3B $1.6B $1.8B $2.5B $2.4B $2.4B $2.5B $2.6B
Current liabilities $354M $500M $692M $971M $1.3B $1.9B $1.9B $2.1B $2.0B $1.9B
Inventory $27.1M $31.7M $55.6M $112M $139M $230M $339M $297M $254M $226M
Property and equipment, net $175M $349M $521M $632M $735M $1.1B $1.2B $1.3B $1.3B $1.1B
Total assets $1.4B $1.8B $2.1B $2.5B $4.8B $5.9B $5.9B $6.1B $6.2B $6.2B
Total liabilities $401M $630M $800M $1.2B $1.6B $2.3B $2.3B $2.5B $2.4B $2.2B
Shareholders' equity $999M $1.2B $1.3B $1.3B $3.2B $3.6B $3.6B $3.6B $3.9B $4.0B
Margins
Gross margin 75.5% 75.8% 73.6% 72.5% 71.3% 74.3% 70.5% 70.1% 70.0% 67.2%
Operating margin 23.1% 24.0% 23.7% 22.5% 15.7% 24.7% 17.2% 16.7% 15.2% 13.5%
EBITDA margin 25.3% 26.6% 26.5% 25.8% 19.5% 27.5% 20.6% 20.3% 18.8% 19.4%
Net margin 17.6% 15.7% 20.4% 18.4% 71.8% 19.5% 9.7% 11.5% 10.5% 10.2%
FCF margin 16.4% 16.5% 16.9% 24.8% 20.5% 19.5% 7.4% 15.7% 15.6% 12.2%
Returns
Return on capital 57.8% 57.5% 86.1% 87.3% 28.2% 31.5% 15.4% 17.0% 15.4% 13.3%
Return on capital employed 25.8% 30.4% 35.3% 37.5% 15.4% 26.0% 16.0% 16.0% 14.8% 12.9%
Return on equity 20.5% 21.5% 33.3% 34.1% 77.6% 22.5% 10.0% 12.3% 11.3% 10.4%
Return on assets 14.9% 14.6% 20.9% 19.5% 48.5% 14.3% 6.1% 7.4% 6.9% 6.6%
Growth
Revenue growth 27.7% 36.4% 33.5% 22.4% 2.7% 59.9% −5.5% 3.4% 3.5% 0.9%
Net income growth 31.7% 22.0% 73.0% 10.6% 301.1% −56.5% −53.2% 23.1% −5.3% −2.6%
EPS growth 31.6% 21.5% 73.9% 12.4% 305.2% −56.8% −52.4% 26.0% −3.3% 0.5%
FCF growth −4.1% 37.1% 36.5% 80.3% −15.1% 52.1% −64.1% 119.7% 2.4% −21.2%
Share count change −0.1% 0.4% −0.6% −1.6% −1.1% 0.6% −1.6% −2.4% −2.1% −3.2%
Financial health
Net debt / EBITDA −2.4x −1.8x −1.4x −1.4x −2.0x −1.1x −1.3x −1.2x −1.4x −1.4x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 2.7x 2.3x 1.9x 1.7x 1.4x 1.3x 1.3x 1.2x 1.2x 1.4x
Quick ratio 2.6x 2.3x 1.8x 1.6x 1.3x 1.2x 1.1x 1.0x 1.1x 1.2x
Capital allocation
Capex / revenue 6.5% 13.3% 11.4% 6.2% 6.3% 10.2% 7.8% 4.6% 2.9% 2.5%
Stock comp / revenue 5.0% 4.0% 3.6% 3.7% 4.0% 2.9% 3.6% 4.0% 4.3% 4.6%
Payouts / FCF 54.3% 42.7% 90.5% 66.9% 0.0% 48.6% 157.2% 97.4% 56.7% 94.9%
Quality scores
Piotroski F-score 6.0 6.0 6.0 5.0 4.0 4.0 4.0 6.0 6.0 5.0
Altman Z'' 6.9 6.2 5.7 5.0 4.9 4.8 4.3 4.0 4.2 4.6
Accruals ratio −4.5% −13.0% −8.1% −13.4% 30.4% −7.4% −3.5% −5.7% −5.2% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0001097149). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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