Align Technology
ALGN · Health Care Supplies
$154.51
0.6%Dentsply Sirona
XRAY · Health Care Supplies
$9.43
0.7%The short version
- Align Technology is the larger business, with $4.0B of revenue in fiscal 2025 against $3.7B for Dentsply Sirona.
- Align Technology grew revenue faster (0.9%, against −3.0%).
- Align Technology kept more of each dollar of sales as operating profit (13.5% operating margin, against −11.5% operating margin).
- Align Technology turned more of its sales into free cash flow (12.2% FCF margin, against 2.8% FCF margin).
- Align Technology earned a higher return on the capital invested in it (13.3%, against −9.9%).
| Latest fiscal year | ALGN · FY25 | XRAY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.0B | $1.9B |
| Revenue | $4.0B | $3.7B |
| Free cash flow | $491M | $104M |
| Net income | $410M | −$598M |
| Growth | ||
| Revenue growth | 0.9% | −3.0% |
| 5-year growth | 10.3% | 2.0% |
| Share count change | −3.2% | −1.9% |
| Profitability | ||
| Gross margin | 67.2% | 50.0% |
| Operating margin | 13.5% | −11.5% |
| Net margin | 10.2% | −16.3% |
| FCF margin | 12.2% | 2.8% |
| Return on capital | 13.3% | −9.9% |
| Return on equity | 10.4% | −36.5% |
| Balance sheet | ||
| Net debt | −$1.1B | $2.0B |
| Net debt / EBITDA | −1.4x | — |
| Dividends and buybacks | $466M | $128M |
| Valuation & quality | ||
| P/E | 26.9x | — |
| Piotroski F-score | 5 | 6 |
FY16
ALGN $1.1B
XRAY $0.0M
FY17
ALGN $1.5B
XRAY $4.0B
FY18
ALGN $2.0B
XRAY $4.0B
FY19
ALGN $2.4B
XRAY $4.0B
FY20
ALGN $2.5B
XRAY $3.3B
FY21
ALGN $4.0B
XRAY $4.2B
FY22
ALGN $3.7B
XRAY $3.9B
FY23
ALGN $3.9B
XRAY $4.0B
FY24
ALGN $4.0B
XRAY $3.8B
FY25
ALGN $4.0B
XRAY $3.7B
ALGN
XRAY
FY16
ALGN 23.1%
XRAY —
FY17
ALGN 24.0%
XRAY −39.1%
FY18
ALGN 23.7%
XRAY −24.0%
FY19
ALGN 22.5%
XRAY 8.8%
FY20
ALGN 15.7%
XRAY −0.1%
FY21
ALGN 24.7%
XRAY 14.4%
FY22
ALGN 17.2%
XRAY −23.9%
FY23
ALGN 16.7%
XRAY −2.1%
FY24
ALGN 15.2%
XRAY −23.2%
FY25
ALGN 13.5%
XRAY −11.5%
ALGN
XRAY
FY16
ALGN $177M
XRAY $438M
FY17
ALGN $243M
XRAY $458M
FY18
ALGN $331M
XRAY $317M
FY19
ALGN $598M
XRAY $516M
FY20
ALGN $507M
XRAY $562M
FY21
ALGN $771M
XRAY $515M
FY22
ALGN $277M
XRAY $368M
FY23
ALGN $608M
XRAY $228M
FY24
ALGN $623M
XRAY $281M
FY25
ALGN $491M
XRAY $104M
ALGN
XRAY
FY16
ALGN 57.8%
XRAY 7.1%
FY17
ALGN 57.5%
XRAY −14.4%
FY18
ALGN 86.1%
XRAY −10.6%
FY19
ALGN 87.3%
XRAY 4.3%
FY20
ALGN 28.2%
XRAY −0.0%
FY21
ALGN 31.5%
XRAY 6.9%
FY22
ALGN 15.4%
XRAY −12.4%
FY23
ALGN 17.0%
XRAY −1.3%
FY24
ALGN 15.4%
XRAY −16.8%
FY25
ALGN 13.3%
XRAY −9.9%
ALGN
XRAY
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