Align Technology vs Envista
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The short version
- 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 40.7x against 26.9x for Align Technology.
| Latest fiscal year | ALGN · FY25 | NVST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.0B | $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 | 26.9x | 40.7x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
ALGN $1.1B
NVST —
FY17
ALGN $1.5B
NVST $2.8B
FY18
ALGN $2.0B
NVST $2.8B
FY19
ALGN $2.4B
NVST $2.3B
FY20
ALGN $2.5B
NVST $1.9B
FY21
ALGN $4.0B
NVST $2.5B
FY22
ALGN $3.7B
NVST $2.6B
FY23
ALGN $3.9B
NVST $2.6B
FY24
ALGN $4.0B
NVST $2.5B
FY25
ALGN $4.0B
NVST $2.7B
ALGN
NVST
Operating margin
FY16
ALGN 23.1%
NVST —
FY17
ALGN 24.0%
NVST 13.8%
FY18
ALGN 23.7%
NVST 10.5%
FY19
ALGN 22.5%
NVST 10.3%
FY20
ALGN 15.7%
NVST 2.3%
FY21
ALGN 24.7%
NVST 12.2%
FY22
ALGN 17.2%
NVST 12.4%
FY23
ALGN 16.7%
NVST 1.2%
FY24
ALGN 15.2%
NVST −41.4%
FY25
ALGN 13.5%
NVST 8.0%
ALGN
NVST
Free cash flow
FY16
ALGN $177M
NVST —
FY17
ALGN $243M
NVST $310M
FY18
ALGN $331M
NVST $328M
FY19
ALGN $598M
NVST $320M
FY20
ALGN $507M
NVST $236M
FY21
ALGN $771M
NVST $307M
FY22
ALGN $277M
NVST $107M
FY23
ALGN $608M
NVST $218M
FY24
ALGN $623M
NVST $303M
FY25
ALGN $491M
NVST $230M
ALGN
NVST
Return on capital
FY16
ALGN 57.8%
NVST —
FY17
ALGN 57.5%
NVST —
FY18
ALGN 86.1%
NVST —
FY19
ALGN 87.3%
NVST 3.9%
FY20
ALGN 28.2%
NVST 0.7%
FY21
ALGN 31.5%
NVST 6.0%
FY22
ALGN 15.4%
NVST 5.2%
FY23
ALGN 17.0%
NVST 0.5%
FY24
ALGN 15.4%
NVST −19.9%
FY25
ALGN 13.3%
NVST 3.2%
ALGN
NVST
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.