Align Technology vs Envista
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KIRA’s take AI analyst
I put Align Technology and Envista side by side, using each one’s latest annual report. Here is what stands out:
- Align Technology is the larger business, with $4.0B of revenue in fiscal 2025 against $2.7B for Envista.
- Envista grew revenue faster (8.3%, against 0.9%).
- Align Technology kept more of each dollar of sales as operating profit (13.5% operating margin, against 8.0%).
- Align Technology turned more of its sales into free cash flow (12.2% FCF margin, against 8.5%).
- Align Technology earned a higher return on the capital invested in it (13.3%, against 3.2%).
- Investors pay more for each dollar of Envista’s earnings: a P/E of 40.8x against 26.5x for Align Technology.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Align Technology
ALGN
9/11
5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Envista
NVST
2/11
Revenue growthPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | ALGN FY25 | NVST FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.9B | $3.9B |
| Revenue | $4.0B | $2.7B |
| Free cash flow | $491M | $230M |
| Net income | $410M | $47.0M |
| Growth | ||
| Revenue growth | 0.9% | 8.3% |
| 5-year growth | 10.3% | 7.1% |
| Share count change | −3.2% | −1.7% |
| Profitability | ||
| Gross margin | 67.2% | 54.7% |
| Operating margin | 13.5% | 8.0% |
| Net margin | 10.2% | 1.7% |
| FCF margin | 12.2% | 8.5% |
| Return on capital | 13.3% | 3.2% |
| Return on equity | 10.4% | 1.6% |
| Balance sheet | ||
| Net debt | −$1.1B | $237M |
| Net debt / EBITDA | −1.4x | 0.7x |
| Dividends and buybacks | $466M | $167M |
| Valuation & quality | ||
| P/E | 26.5x | 40.8x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.