ALIGN TECHNOLOGY INC ALGN
Align Technology, Inc. ("we," "us," "our," "Align" or the "Company") is a global medical device company primarily engaged in the design, manufacture and marketing of Invisalign® clear aligners for the treatment of malocclusions, or the misalignment of teeth, by orthodontists and general dental practitioners ("GPs"), ViveraTM retainers for retention, iTeroTM intraoral scanners and services for dentistry, and exocadTM computer-aided design and computer-aided manufacturing ("CAD/CAM") software for dental laboratories and dental practitioners. Our vision and strategy is to revolutionize orthodontic and restorative dentistry through digital treatment planning and implementation using the AlignTM Digital Platform, an integrated suite of proprietary technologies and services designed to deliver a seamless, end-to-end solution for patients, consumers, orthodontists, GPs and lab partners. We strive to achieve our vision and strategy through key objectives made possible with the proprietary technologies and services of the AlignTM Digital Platform to establish: clear aligners as the principal solution for the treatment of malocclusions with the Invisalign System as the treatment solution of choice by orthodontists, GPs and patients
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.03B | $4.00B | $3.86B | $3.73B | $3.95B | $2.47B | $2.41B | $1.97B | $1.47B | $1.08B |
| Cost of revenue | $1.32B | $1.20B | $1.16B | $1.10B | $1.02B | $708.7M | $662.9M | $518.6M | $356.5M | $264.6M |
| Gross profit | $2.71B | $2.80B | $2.71B | $2.63B | $2.94B | $1.76B | $1.74B | $1.45B | $1.12B | $815.3M |
| R&D | $369.9M | $364.2M | $346.8M | $305.3M | $250.3M | $175.3M | $157.4M | $128.9M | $97.6M | $75.7M |
| SG&A | $1.76B | $1.76B | $1.70B | $1.67B | $1.71B | $1.20B | $1.07B | $852.4M | — | — |
| Total operating expenses | $2.17B | $2.19B | $2.06B | $1.99B | $1.96B | $1.38B | $1.20B | $981.3M | $763.3M | $566.4M |
| Operating income | $545.8M | $607.6M | $643.3M | $642.6M | $976.4M | $387.2M | $542.5M | $466.6M | $353.6M | $248.9M |
| Pre-tax income | $585.3M | $609.0M | $641.2M | $599.1M | $1.01B | $378.9M | $562.7M | $466.7M | $364.8M | $242.6M |
| Income tax | $174.9M | $187.6M | $196.2M | $237.5M | $240.4M | $1.40B | $112.3M | $57.7M | $130.2M | $51.2M |
| Net income | $410.0M | $421.0M | $445.0M | $362.0M | $772.0M | $1.78B | $442.8M | $400.2M | $231.4M | $189.7M |
| EPS, basic | 5.66 | 5.63 | 5.82 | 4.62 | 9.78 | 22.55 | 5.57 | 5.00 | 2.89 | 2.38 |
| EPS, diluted | 5.65 | 5.62 | 5.81 | 4.61 | 9.69 | 22.41 | 5.53 | 4.92 | 2.83 | 2.33 |
| Shares, diluted (wtd. avg.) | $72.6M | $75.0M | $76.6M | $78.4M | $79.7M | $79.2M | $80.1M | $81.4M | $81.8M | $81.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.09B | $1.04B | $938.5M | $942.4M | $1.10B | $961.5M | $551.1M | $637.6M | $450.1M | $393.0M |
| Short-term investments | — | $0 | $35.3M | $57.5M | $72.0M | $0 | $318.2M | $98.5M | $272.0M | $251.0M |
| Receivables | $1.10B | $995.7M | $903.4M | $859.7M | $897.2M | $657.7M | $550.3M | $439.0M | $324.2M | $247.4M |
| Inventory | $226.3M | $254.3M | $296.9M | $338.8M | $230.2M | $139.2M | $112.1M | $55.6M | $31.7M | $27.1M |
| Total current assets | $2.62B | $2.49B | $2.45B | $2.42B | $2.49B | $1.85B | $1.63B | $1.30B | $1.16B | $953.0M |
| Property, plant and equipment | $1.13B | $1.27B | $1.29B | $1.23B | $1.08B | $734.7M | $631.7M | $521.3M | $348.8M | $175.2M |
| Goodwill | $491.8M | $442.6M | $419.5M | $407.6M | $418.5M | $444.8M | $63.9M | $64.0M | $64.6M | $61.0M |
| Other intangibles | $93.9M | $103.5M | $82.1M | $95.7M | $109.7M | $130.1M | $11.8M | $17.9M | $24.5M | $21.0M |
| Total assets | $6.23B | $6.21B | $6.08B | $5.95B | $5.94B | $4.83B | $2.50B | $2.05B | $1.78B | $1.40B |
| Accounts payable | $121.5M | $108.7M | $113.1M | $127.9M | $163.9M | $142.1M | $87.2M | $64.3M | $36.8M | $28.6M |
| Total current liabilities | $1.92B | $2.04B | $2.07B | $1.93B | $1.92B | $1.33B | $971.0M | $692.1M | $500.1M | $354.3M |
| Total liabilities | $2.18B | $2.36B | $2.45B | $2.35B | $2.32B | $1.60B | $1.15B | $799.6M | $629.7M | $400.8M |
| Retained earnings | $2.46B | $2.48B | $2.45B | $2.57B | $2.62B | $2.22B | $439.9M | $378.1M | $267.3M | $131.4M |
| Total equity | $4.05B | $3.85B | $3.63B | $3.60B | $3.62B | $3.23B | $1.35B | $1.25B | $1.15B | $999.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $593.2M | $738.2M | $785.8M | $568.7M | $1.17B | $662.2M | $747.3M | $554.7M | $438.5M | $247.7M |
| Depreciation and amortisation | $237.4M | $145.0M | $142.4M | $125.8M | $108.7M | $93.5M | $79.0M | $54.7M | $37.7M | $24.0M |
| Stock-based compensation | $185.9M | $173.7M | $154.0M | $133.4M | $114.3M | $98.4M | $88.2M | $70.8M | $58.9M | $54.1M |
| Capital expenditure | $102.4M | $115.6M | $177.7M | $291.9M | $401.1M | $154.9M | $149.7M | $223.3M | $195.7M | $70.6M |
| Investing cash flow | -$112.4M | -$254.9M | -$195.9M | -$213.3M | -$563.4M | -$231.5M | -$350.4M | $6.9M | -$251.5M | $73.0M |
| Financing cash flow | -$464.6M | -$355.7M | -$598.3M | -$501.7M | -$458.3M | -$30.8M | -$485.5M | -$369.4M | -$135.5M | -$95.5M |
| Buybacks | $465.9M | $352.9M | $592.4M | $435.0M | $375.0M | $0 | $400.0M | $300.0M | $103.8M | $96.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001097149-26-000023.
Others in SIC 3842
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ISRG | INTUITIVE SURGICAL INC | $129.55B | 46.6x | 20.5% |
| EW | Edwards Lifesciences Corp | $51.82B | 49.1x | 11.5% |
| STE | STERIS plc | $21.90B | 28.3x | 8.7% |
| ZBH | ZIMMER BIOMET HOLDINGS, INC. | $18.71B | 27.6x | 7.2% |
| MSA | MSA Safety Inc | $7.28B | 26.6x | 3.7% |
| ESTA | ESTABLISHMENT LABS HOLDINGS INC. | $2.21B | — | 27.1% |
| CDRE | Cadre Holdings, Inc. | $1.27B | 29.2x | 7.5% |
| ENOV | Enovis CORP | $1.07B | — | 6.7% |