Align Technology, Inc.

ALGN · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$11,204	$15,566	$20,985	$16,474	$51,821	$42,138	$22,003	$16,514	$17,520	$7,580	$5,192	$4,515	$4,603	$2,235	$1,850	$1,482	$1,231	$585	$1,120	$884	$399	$645	$954	$132	$190	$94	$71
Enterprise value	$10,207	$14,641	$20,139	$15,601	$50,775	$41,263	$21,194	$15,779	$16,799	$6,940	$4,665	$4,060	$4,233	$1,900	$1,536	$1,178	$1,045	$474	$993	$831	$325	$577	$910	$100	$129	$83	$59
P/E (TTM) at period end	27.30×	36.94×	47.15×	45.56×	67.12×	23.73×	49.69×	41.26×	75.71×	39.96×	36.05×	30.96×	71.59×	38.07×	27.73×	19.95×	–	7.31×	31.37×	–	282.26×	73.52×	–	–	–	–	–
P/S (TTM) at period end	2.78×	3.89×	5.43×	4.41×	13.11×	17.05×	9.14×	8.40×	11.89×	7.02×	6.14×	5.93×	6.97×	3.99×	3.86×	3.83×	3.94×	1.92×	3.94×	4.28×	1.93×	3.73×	7.77×	1.90×	4.24×	13.89×	173.18×
P/B at period end	2.77×	4.04×	5.78×	4.57×	14.30×	13.03×	16.35×	13.18×	15.18×	7.59×	6.12×	6.00×	7.26×	3.84×	3.77×	3.92×	3.26×	2.68×	6.95×	10.57×	4.27×	7.52×	15.14×	1.87×	1.91×	–	–
EV / EBITDA (TTM)	13.03×	19.45×	25.63×	20.30×	46.79×	85.84×	34.10×	30.27×	42.93×	25.43×	22.58×	19.20×	38.13×	19.19×	14.99×	10.33×	–	18.62×	21.01×	–	25.17×	23.56×	458.07×	–	–	–	–
EV / Sales (TTM)	2.53×	3.66×	5.21×	4.18×	12.85×	16.69×	8.81×	8.02×	11.40×	6.43×	5.52×	5.33×	6.41×	3.39×	3.20×	3.04×	3.35×	1.56×	3.49×	4.03×	1.57×	3.34×	7.42×	1.43×	2.87×	12.32×	143.80×
Returns
Return on equity	10.1%	10.9%	12.3%	10.0%	21.3%	54.9%	32.9%	31.9%	20.0%	19.0%	17.0%	19.4%	10.1%	10.1%	13.6%	19.7%	(8.3%)	36.6%	22.2%	(41.8%)	1.5%	10.2%	(32.0%)	(103.1%)	(99.6%)	–	–
Return on invested capital	12.5%	14.4%	15.8%	13.9%	28.1%	16.4%	50.8%	66.4%	32.3%	32.2%	21.5%	26.8%	16.6%	21.7%	36.3%	90.0%	(14.9%)	11.8%	45.4%	(94.0%)	6.6%	48.9%	(91.1%)	(177.2%)	(200.3%)	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.36×	1.22×	1.18×	1.26×	1.30×	1.40×	1.68×	1.88×	2.32×	2.69×	2.69×	3.26×	3.11×	3.12×	2.60×	4.18×	3.22×	2.94×	3.00×	1.59×	2.30×	2.38×	2.06×	3.58×	4.57×	1.79×	3.68×
Debt / equity	0.01×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.14×	–	0.02×	0.06×	0.08×	0.00×	–	–
Effective tax rate	29.9%	30.8%	30.6%	39.6%	23.7%	(368.6%)	20.0%	12.4%	35.7%	21.1%	22.6%	23.4%	31.0%	30.4%	25.8%	27.2%	7.7%	(368.4%)	3.3%	(2.4%)	48.2%	10.2%	(0.4%)	–	(0.0%)	–	–
Share count
Diluted shares outstanding	73	75	77	78	80	79	80	81	82	81	82	82	83	83	80	78	69	68	71	63	63	64	58	48	42	6	4

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$4,140	$4,035	$3,999	$3,862	$3,735	$3,953	$2,472	$2,407	$1,966	$1,473	$1,080	$845	$762	$660	$560	$480	$387	$312	$304	$284	$206	$207	$173	$123	$70	$45	$7	$0
Cost of revenue	($1,323)	($1,324)	($1,200)	($1,155)	($1,101)	($1,017)	($709)	($663)	($519)	($356)	($265)	($205)	($183)	($162)	($144)	($118)	($84)	($79)	($79)	($75)	($65)	($64)	($58)	($52)	($45)	($47)	($20)	($2)
Gross profit	$2,817	$2,711	$2,799	$2,707	$2,634	$2,935	$1,763	$1,744	$1,448	$1,117	$815	$640	$578	$498	$416	$361	$303	$233	$225	$209	$142	$143	$115	$71	$25	($2)	($14)	($1)
Operating expenses
Research and development	($377)	($370)	($364)	($347)	($305)	($250)	($175)	($157)	($129)	($98)	($76)	($61)	($53)	($44)	($43)	($37)	($26)	($22)	($26)	($26)	($18)	($19)	($16)	($13)	($13)	($16)	($9)	($4)
Selling, general and administrative	($1,787)	($1,756)	($1,763)	($1,703)	($1,674)	($1,709)	($1,201)	($1,072)	($852)	($666)	($491)	($390)	($115)	($113)	($99)	($92)	($65)	($62)	($62)	($152)	($161)	($122)	($90)	($78)	($85)	($83)	($58)	($9)
Total operating expenses	($2,269)	($2,165)	($2,192)	($2,064)	($1,991)	($1,959)	($1,376)	($1,201)	($981)	($763)	($566)	($451)	($385)	($404)	($331)	($271)	($201)	($268)	($210)	($175)	($179)	($141)	($106)	($91)	($98)	($99)	($68)	($13)
Total costs and expenses	($3,592)	($3,489)	($3,391)	($3,219)	($3,092)	($2,976)	($2,085)	($1,864)	($1,500)	($1,120)	($831)	($657)	($568)	($566)	($474)	($389)	($284)	($346)	($288)	($250)	($244)	($205)	($163)	($143)	($143)	($146)	($88)	($15)
Operating income	$548	$546	$608	$643	$643	$976	$387	$542	$467	$354	$249	$189	$194	$94	$86	$90	$103	($34)	$16	$34	($38)	$2	$10	($20)	($73)	($101)	($81)	($15)
Earnings
EBITDA	$802	$783	$753	$786	$768	$1,085	$481	$621	$521	$391	$273	$207	$211	$111	$99	$102	$114	($24)	$25	$47	($27)	$13	$24	$2	($44)	($71)	($79)	($14)
Interest income	$16	$16	$20	$17	$5	$3	$3	$12	$9	$7	$4	–	–	–	$1	$1	$1	$1	$3	$4	$3	$2	$1	$1	$1	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	($3)	($3)	($1)	($2)	($0)	($0)	($0)	($0)	–	–	–	–	–	–	–	–	–
Pre-tax income	$569	$585	$609	$641	$599	$1,012	$379	$563	$467	$365	$243	$186	$190	$93	$84	$90	$102	($34)	$17	$37	($34)	$3	$10	($20)	($73)	($99)	($89)	–
Income tax expense	($155)	($175)	($188)	($196)	($237)	($240)	$1,397	($112)	($58)	($130)	($51)	($42)	($45)	($29)	($26)	($23)	($28)	$3	$63	($1)	($1)	($1)	($1)	($0)	–	($0)	–	–
Net income	$414	$410	$421	$445	$362	$772	$1,776	$443	$400	$231	$190	$144	$146	$64	$59	$67	$74	($31)	$80	$36	($35)	$1	$9	($20)	($73)	($99)	($89)	($15)
Per share
Diluted EPS (GAAP)	$5.75	$5.65	$5.62	$5.81	$4.61	$9.69	$22.41	$5.53	$4.92	$2.83	$2.33	$1.77	$1.77	$0.78	$0.71	$0.83	$0.95	($0.45)	$1.18	$0.50	($0.55)	$0.02	$0.14	($0.35)	($1.42)	($2.31)	($16.00)	($3.65)
Basic EPS (GAAP)	$5.76	$5.66	$5.63	$5.82	$4.62	$9.78	$22.55	$5.57	$5.00	$2.89	$2.38	$1.80	$1.81	$0.80	$0.73	$0.86	$0.98	($0.45)	$1.20	$0.53	($0.55)	$0.02	$0.15	($0.35)	($1.42)	($2.31)	($16.00)	($3.65)
Basic shares outstanding	72	73	75	76	78	79	79	79	80	80	80	80	81	81	81	78	76	69	67	67	63	62	60	58	48	42	6	4
Margins
Gross margin	68.0%	67.2%	70.0%	70.1%	70.5%	74.3%	71.3%	72.5%	73.6%	75.8%	75.5%	75.7%	75.9%	75.4%	74.3%	75.3%	78.4%	74.8%	74.1%	73.6%	68.6%	69.2%	66.7%	58.0%	35.4%	(4.5%)	(200.4%)	(326.8%)
Operating margin	13.2%	13.5%	15.2%	16.7%	17.2%	24.7%	15.7%	22.5%	23.7%	24.0%	23.1%	22.3%	25.4%	14.3%	15.3%	18.8%	26.5%	(10.9%)	5.1%	11.9%	(18.2%)	1.2%	5.7%	(16.2%)	(104.5%)	(224.9%)	(1203.3%)	(3577.9%)
Net margin	10.0%	10.2%	10.5%	11.5%	9.7%	19.5%	71.8%	18.4%	20.4%	15.7%	17.6%	17.0%	19.1%	9.7%	10.5%	13.9%	19.2%	(10.0%)	26.3%	12.6%	(16.9%)	0.7%	5.1%	(16.4%)	(104.5%)	(221.1%)	(1316.5%)	(3750.6%)

Analyst consensus

Buy33 analysts

Bearish · 2 · Hold · 9 · Bullish · 22

Earnings history

	EPS	Estimate
Q3 2024	$2.35	$2.31	Beat
Q4 2024	$2.44	$2.43	Beat
Q1 2025	$2.13	$1.99	Beat
Q2 2025	$2.49	$2.57	Miss
Q3 2025	$2.61	$2.40	Beat
Q4 2025	$3.29	$2.99	Beat
Q1 2026	$2.58	$2.30	Beat
Q2 2026	$2.64	$2.62	Beat

Peers

Company overview

IPO dateJan 30, 2001

CEOJoseph Hogan

Employees20,435

SectorHealthcare

IndustryMedical - Devices

CountryUS

ExchangeNASDAQ Global Select

Websitewww.aligntech.com

Align Technology, Inc. is a medical technology enterprise that develops, produces, and markets its leading products: Invisalign transparent dental aligners and iTero digital intraoral scanners, along with related services. These offerings serve a wide range of dental professionals, including orthodontists, general dentists, and those specializing in restorative and cosmetic dentistry. The company's operations are divided into two main business units: "Clear Aligner" and "Scanners and Services." The Clear Aligner segment offers a variety of solutions. Its comprehensive products include the full Invisalign treatment for teenage patients, designed to address complex orthodontic needs such as mandibular advancement, patient compliance tracking, and managing tooth eruption. It also features specialized Invisalign First Phase I and Phase 2 packages for younger children, typically aged seven to ten, who have mixed dentition (a combination of primary and permanent teeth). Beyond these, the segment provides non-comprehensive aligner options like Invisalign moderate, lite, express, and Invisalign Go. Additional non-case products include retention devices, fees for Invisalign training, and sales of ancillary items such as cleaning materials and adjustment tools used by dental practitioners during treatment. The Scanners and Services segment centers around the iTero scanner, a unified hardware platform offering various software applications for both restorative and orthodontic procedures. It supplies specialized restorative software to general dentists, prosthodontists, periodontists, and oral surgeons, as well as distinct software for orthodontists to manage digital patient records, perform diagnoses, and facilitate the fabrication of printed models and retainers. This segment also provides computer-aided design and manufacturing (CAD/CAM) services, along with supplementary products like disposable covers for the scanner wand and iTero models and dies. Furthermore, it includes third-party scanners and digital scan solutions, the Invisalign Outcome Simulator (a chair-side and cloud-based application for the iTero scanner), the Invisalign Progress Assessment tool, and TimeLapse technology, which enables clinicians to compare a patient's historical 3D scans against current data. Align Technology distributes its products worldwide, with a strong presence in the United States, Switzerland, and China. Founded in 1997, the company is headquartered in Tempe, Arizona.

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