Align Technology
ALGN · NasdaqOrthopedic, Prosthetic & Surgical Appliances & Supplies · Fiscal year ends Dec 31
Align Technology reported revenue of $4B in the fiscal year ended Dec 2025, up 0.9% from the year before. Operating income was $546M, an operating margin of 13.5%, and net income was $410M. Operating cash flow of $593M less capital expenditure of $102M left free cash flow of $491M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4B | $3.7B | $3.9B | $4B | $4B |
| Cost of revenue | $1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Gross profit | $2.9B | $2.6B | $2.7B | $2.8B | $2.7B |
| Research & development | $250M | $305M | $347M | $364M | $370M |
| Selling, general & admin | $1.7B | $1.7B | $1.7B | $1.8B | $1.8B |
| Operating income | $976M | $643M | $643M | $608M | $546M |
| Pre-tax income | $1B | $599M | $641M | $609M | $585M |
| Income tax | $240M | $237M | $196M | $188M | $175M |
| Net income | $772M | $362M | $445M | $421M | $410M |
| Diluted EPS | 9.69 | 4.61 | 5.81 | 5.62 | 5.65 |
| Diluted shares | 80M | 78M | 77M | 75M | 73M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $942M | $937M | $1B | $1.1B |
| Receivables | $897M | $860M | $903M | $996M | $1.1B |
| Inventory | $230M | $339M | $297M | $254M | $226M |
| Current assets | $2.5B | $2.4B | $2.4B | $2.5B | $2.6B |
| Net PP&E | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B |
| Goodwill | $419M | $408M | $420M | $443M | $492M |
| Total assets | $5.9B | $5.9B | $6.1B | $6.2B | $6.2B |
| Payables | $164M | $128M | $113M | $109M | $121M |
| Deferred revenue | $1.2B | $1.3B | $1.4B | $1.3B | $1.3B |
| Current liabilities | $1.9B | $1.9B | $2.1B | $2B | $1.9B |
| Total liabilities | $2.3B | $2.3B | $2.5B | $2.4B | $2.2B |
| Shareholders' equity | $3.6B | $3.6B | $3.6B | $3.9B | $4B |
| Backlog (remaining obligations) | $1.3B | $1.5B | $1.6B | $1.4B | $1.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $569M | $786M | $738M | $593M |
| Capital expenditure | $401M | $292M | $178M | $116M | $102M |
| Free cash flow | $771M | $277M | $608M | $623M | $491M |
| Depreciation & amortisation | $109M | $126M | $142M | $145M | $237M |
| Stock-based compensation | $114M | $133M | $154M | $174M | $186M |
| Acquisitions | $8M | $12M | $0 | $77M | $0 |
| Share buybacks | $375M | $435M | $592M | $353M | $466M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −5.5% | 3.4% | 3.5% | 0.9% |
| Operating income growth (YoY) | – | −34.2% | 0.1% | −5.6% | −10.2% |
| EPS growth (YoY) | – | −52.4% | 26.0% | −3.3% | 0.5% |
| Gross margin | 74.3% | 70.5% | 70.1% | 70.0% | 67.2% |
| Operating margin | 24.7% | 17.2% | 16.7% | 15.2% | 13.5% |
| Net margin | 19.5% | 9.7% | 11.5% | 10.5% | 10.2% |
| Return on equityBlank when equity is negative | 21.3% | 10.0% | 12.3% | 10.9% | 10.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 24.3% | 16.0% | 16.0% | 14.5% | 12.7% |
| Free cash flow margin | 19.5% | 7.4% | 15.7% | 15.6% | 12.2% |
| Cash conversion (CFO ÷ net income) | 1.52x | 1.57x | 1.77x | 1.75x | 1.45x |
| Receivable days | 83 | 84 | 85 | 91 | 100 |
| Inventory days | 83 | 112 | 94 | 77 | 62 |
| Payable days | 59 | 42 | 36 | 33 | 33 |
| Current ratio | 1.30x | 1.26x | 1.18x | 1.22x | 1.36x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.