Alcon vs Align Technology
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KIRA’s take AI analyst
I put Alcon and Align Technology side by side, using each one’s latest annual report. Here is what stands out:
- Alcon is the larger business, with $10.4B of revenue in fiscal 2025 against $4.0B for Align Technology, about 2.6 times as much.
- Alcon grew revenue faster (4.9%, against 0.9%).
- Alcon turned more of its sales into free cash flow (16.6% FCF margin, against 12.2%).
- Align Technology earned a higher return on the capital invested in it (13.3%, against 4.6%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Alcon
ALC
3/10
Revenue growthFCF marginPiotroski F-score
Align Technology
ALGN
7/10
5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | ALC FY25 | ALGN FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.7B | $10.9B |
| Revenue | $10.4B | $4.0B |
| Free cash flow | $1.7B | $491M |
| Net income | $980M | $410M |
| Growth | ||
| Revenue growth | 4.9% | 0.9% |
| 5-year growth | 8.8% | 10.3% |
| Share count change | −0.3% | −3.2% |
| Profitability | ||
| Gross margin | 55.2% | 67.2% |
| Operating margin | 13.1% | 13.5% |
| Net margin | 9.4% | 10.2% |
| FCF margin | 16.6% | 12.2% |
| Return on capital | 4.6% | 13.3% |
| Return on equity | 4.5% | 10.4% |
| Balance sheet | ||
| Net debt | $3.2B | −$1.1B |
| Net debt / EBITDA | — | −1.4x |
| Dividends and buybacks | $842M | $466M |
| Valuation & quality | ||
| P/E | — | 26.5x |
| Piotroski F-score | 6 | 5 |
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.