FirmAtlas
Company handbook · ALGN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ALGN · CIK 1097149 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
ALIGN TECHNOLOGY, INC.
$147.31
−2.03 (−1.36%)
Close, Oct 16, 2026 · 52-week $129–200
Last fiscal year
ALIGN TECHNOLOGY, INC. reported revenue of $4.0B for the year ended Dec 31, 2025 (FY25), up 0.9% from FY24. Net income was $410M, operating cash flow $593M and free cash flow $491M. Source: 10-K filed Feb 27, 2026.
Market cap
$10.5B
P/E
25.4
EV/EBITDA
12.0x
P/B
2.5
ROIC
13.3%
Revenue 1Y
0.9%/yr
EPS 1Y
0.5%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJoseph Hogan
HQTempe, AZ
AuditorPricewaterhouseCoopers LLP
Employees20,290
Year endsDecember
Revenue by segment · FY25
Clear Aligner80%
Invisalign Expresslite20%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
4.9%
−24.2%
−18.5%
13.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.1B deployed
Capex
$218M
19.6%
Acquisitions
$77M
6.9%
Buybacks
$819M
73.5%
Operating cash flow over the period: $1.3B. Total debt changed by $0M. R&D of $734M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,999
4,035+0.9%
4,140
YoY
+0.9%
Gross profit
2,799
2,711−3.1%
2,817
Gross margin
70.0%
67.2%−2.8 pp
—
Operating income
608
546−10.2%
548
Operating margin
15.2%
13.5%−1.7 pp
—
EBITDA
753
783+4.1%
—
EBITDA margin
18.8%
19.4%+0.6 pp
—
Net income
421
410−2.6%
414
YoY
−2.6%
Net margin
10.5%
10.2%−0.4 pp
—
EPS (diluted, $)
5.62
5.65+0.5%
5.76
YoY
+0.5%
Balance sheet
Total assets
6,215
6,234+0.3%
6,418
Cash & short-term investments
1,045
1,096+4.9%
—
Accounts receivable
996
1,102+10.7%
—
Inventory
254
226−11.0%
—
Net PP&E
1,271
1,131−11.0%
—
Other assets
2,649
2,678+1.1%
—
Total liabilities
2,363
2,185−7.5%
2,185
Accounts payable
109
121+11.7%
—
Other liabilities
2,254
2,063−8.5%
—
Shareholders’ equity
3,852
4,049+5.1%
4,232
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
738
593−19.6%
756
Net income
421
410−2.6%
—
Depreciation & amortization
145
237+63.7%
—
Stock-based compensation
174
186+7.0%
—
Working capital & other
(2)
(240)n/m
—
Cash from investing
(255)
(112)n/m
—
Capex
(116)
(102)n/m
—
Acquisitions
(77)
0n/m
—
Investments bought
0
0n/m
—
Investments sold / matured
26
0−100.0%
—
Other investing
(88)
(10)n/m
—
Cash from financing
(356)
(465)n/m
—
Buybacks
(353)
(466)n/m
—
Shares issued
25
22−14.0%
—
Other financing
(28)
(20)n/m
—
Net change in cash
106
51−51.9%
—
Free cash flow (OCF − capex)
623
491−21.2%
634
Where the cash went
Operating cash flow
738
593−19.6%
756
Reinvested in the business
193
102−46.8%
—
% of operating cash flow
26.1%
17.3%
Capex
116
102−11.4%
122
Acquisitions
77
0−100.0%
—
R&D (memo, already in costs)
364
370+1.6%
—
Free cash flow
623
491−21.2%
634
YoY
−21.2%
Returned to shareholders
353
466+32.0%
—
% of free cash flow
56.7%
94.9%
Buybacks
353
466+32.0%
—
FCF conversion (FCF ÷ net income)
147.8%
119.6%−28.2 pp
—
Owner earnings
—
480
—
Owner earnings margin
—
11.9%
—
Returns & ratios
ROIC (all capital)
15.0%
13.3%−1.7 pp
—
ROIC (operating)
17.4%
16.1%−1.3 pp
—
Cash conversion cycle (days)
135
129−7 d
—
ROE
10.9%
10.1%−0.8 pp
—
ROA
6.8%
6.6%−0.2 pp
—
ROCE
14.5%
12.7%−1.9 pp
—
NOPAT
420
383−9.0%
—
Invested capital (operating)
2,412
2,338−3.1%
—
Invested capital (all)
2,807
2,953+5.2%
—
Reinvestment rate
—
−19.4%
—
Debtor days
91
100+9 d
—
Inventory days
77
62−15 d
—
Days payable
33
33+0 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
996
1,048
1,040
1,056
vs year-ago quarter
Gross profit
639
684
737
757
Gross margin
64.2%
65.3%
70.8%
71.7%
Operating income
96
155
142
154
Net income
57
136
113
108
vs year-ago quarter
Net margin
5.7%
13.0%
10.8%
10.3%
EPS (diluted, $)
0.78
1.90
1.57
1.51
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
6,234
6,234
6,314
6,418
Cash & equivalents
1,006
1,096
1,061
1,104
Shareholders’ equity
3,957
4,049
4,149
4,232
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
189
223
151
193
Capex
20
36
31
36
Free cash flow
169
187
120
157
vs year-ago quarter