Align Technology Inc. (ALGN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.6	$2.64	+1.5%	—	$1.1B	—
Q1 26	$2.29	$2.58	+12.7%	—	$1B	—
Q4 25	$2.97	$3.29	+10.8%	—	$1B	—
Q3 25	$2.41	$2.61	+8.3%	—	$995.7M	—
Q2 25	$2.57	$2.49	-3.1%	—	$1B	—
Q1 25	$1.99	$2.13	+7.0%	—	$979.3M	—
Q4 24	$2.45	$2.44	-0.4%	—	$995.2M	—
Q3 24	$2.31	$2.35	+1.7%	—	$977.9M	—
Q2 24	$2.3	$2.41	+4.8%	—	$1B	—
Q1 24	$1.98	$2.14	+8.1%	—	$997.4M	—
Q4 23	$2.18	$2.42	+11.0%	—	$956.7M	—
Q3 23	$2.26	$2.14	-5.3%	—	$960.2M	—
Q2 23	$2.03	$2.22	+9.4%	—	$1B	—
Q1 23	$1.68	$1.82	+8.3%	—	$943.1M	—
Q4 22	$1.56	$1.73	+10.9%	—	$901.5M	—
Q3 22	$2.18	$1.36	-37.6%	—	$890.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.66	—	—	$4B	—
FY24	—	$5.63	—	—	$4B	—
FY23	—	$5.82	—	—	$3.9B	—
FY22	—	$4.62	—	—	$3.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.5B	$2B	$2.4B	$2.5B	$4B	$3.7B	$3.9B	$4B	$4B
YoY change	+27.7%	+36.4%	+33.5%	+22.4%	+2.71%	+59.9%	-5.51%	+3.42%	+3.54%	+0.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.5B	2B	2.4B	2.5B	4B	3.7B	3.9B	4B	4B
Cost of revenue	264.6M	356.5M	518.6M	662.9M	708.7M	1B	1.1B	1.2B	1.2B	1.3B
Gross profit	815.3M	1.1B	1.4B	1.7B	1.8B	2.9B	2.6B	2.7B	2.8B	2.7B
Gross margin	75.5%	75.8%	73.6%	72.5%	71.3%	74.3%	70.5%	70.1%	70%	67.2%
Research & development	75.7M	97.6M	128.9M	157.4M	175.3M	250.3M	305.3M	346.8M	364.2M	369.9M
Selling, general & administrative	490.7M	665.8M	852.4M	1.1B	1.2B	1.7B	1.7B	1.7B	1.8B	1.8B
Operating expenses	566.4M	763.3M	981.3M	1.2B	1.4B	2B	2B	2.1B	2.1B	2.1B
Operating income	248.9M	353.6M	466.6M	514.5M	387.2M	976.4M	654M	656.7M	671.8M	585.3M
Operating margin	23.1%	24%	23.7%	21.4%	15.7%	24.7%	17.5%	17%	16.8%	14.5%
Non-operating income, net	-10.6M	4.2M	-8.5M	35.7M	-11.3M	32.9M	-60.4M	-32.7M	-83M	-16.1M
Pretax income	242.6M	364.8M	466.7M	562.7M	378.9M	1B	599.1M	641.2M	609M	585.3M
Income tax	51.2M	130.2M	57.7M	112.3M	-1.4B	240.4M	237.5M	196.2M	187.6M	174.9M
Net income	189.7M	231.4M	400.2M	442.8M	1.8B	772M	361.6M	445.1M	421.4M	410.4M
Net margin	17.6%	15.7%	20.4%	18.4%	71.8%	19.5%	9.68%	11.5%	10.5%	10.2%
EBITDA	272.9M	391.4M	521.3M	565.5M	480.7M	1.1B	791.3M	812.4M	880.9M	862.3M
EPS	2.38	2.89	5	5.57	22.6	9.78	4.62	5.82	5.63	5.66
Diluted EPS	2.33	2.83	4.92	5.53	22.4	9.69	4.61	5.81	5.62	5.65

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	960.2M	956.7M	997.4M	1B	977.9M	995.2M	979.3M	1B	995.7M	1B	1B	1.1B
Cost of revenue	297.1M	287.2M	299.6M	305.9M	296.1M	298.3M	299.2M	304.3M	356.5M	364M	303.5M	298.8M
Gross profit	663.1M	669.5M	697.8M	722.6M	681.8M	696.9M	680.1M	708.1M	639.2M	683.6M	736.6M	757.4M
Gross margin	69.1%	70%	70%	70.3%	69.7%	70%	69.5%	69.9%	64.2%	65.3%	70.8%	71.7%
Research & development	88.7M	82.2M	91.9M	92.2M	85.3M	94.9M	97.2M	96.4M	93.3M	83M	98.7M	102M
Selling, general & administrative	408M	402.5M	451.8M	452.3M	434.1M	425M	447.6M	448.7M	417.8M	441.7M	465.3M	462.7M
Operating expenses	496.7M	484.7M	543.7M	544.5M	519.4M	519.8M	544.8M	545.1M	511.1M	524.7M	564M	564.7M
Operating income	166.3M	184.9M	154.1M	178.2M	162.4M	177.1M	135.3M	163M	128.1M	158.9M	172.6M	192.7M
Operating margin	17.3%	19.3%	15.5%	17.3%	16.6%	17.8%	13.8%	16.1%	12.9%	15.2%	16.6%	18.2%
Non-operating income, net	-9.8M	-17M	-141K	-37.6M	-437K	-44.8M	-152K	7.6M	-36.6M	13.1M	-27.6M	-48.7M
Pretax income	162.1M	172.9M	158.4M	143.9M	165.9M	140.8M	140.4M	173.5M	94.7M	176.6M	148.9M	148.7M
Income tax	40.7M	48.9M	53.4M	47.3M	50M	37M	47.2M	48.9M	38M	40.8M	36.1M	40.4M
Net income	121.4M	124M	105M	96.6M	116M	103.8M	93.2M	124.6M	56.8M	135.8M	112.8M	108.3M
Net margin	12.6%	13%	10.5%	9.39%	11.9%	10.4%	9.52%	12.3%	5.7%	13%	10.8%	10.3%
EBITDA	203.4M	218.6M	187.1M	245.5M	200.2M	248.2M	178.6M	203.6M	215.7M	264.4M	259.8M	271.6M
EPS	1.59	1.64	1.4	1.28	1.55	1.39	1.27	1.72	0.78	1.89	1.58	1.51
Diluted EPS	1.58	1.64	1.39	1.28	1.55	1.39	1.27	1.72	0.78	1.89	1.57	1.51

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.7B	17.8B	16.8B	22.2B	42.1B	51.9B	16.5B	20.9B	15.6B	11.3B	10.3B
Enterprise value	7B	17.1B	16B	21.4B	41.2B	50.8B	15.6B	20.1B	14.7B	10.3B	9.4B
Shares outstanding	79.9M	80.1M	80.1M	79.4M	78.8M	78.9M	78.2M	76.4M	74.9M	72.5M	72.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	40.5	76.9	41.9	50.1	23.7	67.2	45.6	47.1	37.1	27.6	25.5
P/S	7.11	12.1	8.53	9.21	17	13.1	4.42	5.42	3.9	2.81	2.52
P/B	7.71	15.4	13.4	16.5	13	14.3	4.58	5.77	4.05	2.8	2.47
EV/EBITDA	25.8	43.6	30.8	37.8	85.7	46.8	19.7	24.7	16.7	12	10.2
EV/Sales	6.52	11.6	8.15	8.87	16.7	12.9	4.18	5.2	3.67	2.56	2.28
Earnings yield	2.47%	1.3%	2.39%	2%	4.22%	1.49%	2.19%	2.13%	2.7%	3.62%	3.92%
FCF yield	2.31%	1.36%	1.98%	2.7%	1.21%	1.49%	1.68%	2.9%	3.99%	4.33%	5.77%
PEG	—	—	—	—	—	—	—	—	—	—	-2.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	75.5%	75.8%	73.6%	72.5%	71.3%	74.3%	70.5%	70.1%	70%	67.2%	71.7%
Operating margin	23.1%	24%	23.7%	21.4%	15.7%	24.7%	17.5%	17%	16.8%	14.5%	18.2%
Net margin	17.6%	15.7%	20.4%	18.4%	71.8%	19.5%	9.68%	11.5%	10.5%	10.2%	9.99%
ROE	19.1%	20%	31.9%	32.9%	54.9%	21.3%	10%	12.3%	10.9%	10.1%	10.2%
ROA	13.6%	13%	19.5%	17.7%	36.8%	13%	6.08%	7.32%	6.78%	6.58%	7.56%
ROIC	55.3%	52.6%	79%	76.7%	16.4%	28.9%	14.5%	16.4%	15.9%	13.4%	14.6%
Return on tangible assets	15.4%	14.4%	21.2%	18.8%	48.3%	15.8%	7.32%	8.76%	8.23%	8.11%	7.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.69	2.32	1.88	1.68	1.4	1.3	1.26	1.18	1.22	1.36	1.4
Quick ratio	2.61	2.25	1.8	1.57	1.29	1.18	1.08	1.04	1.1	1.24	1.28
Debt / equity	—	—	0	0.04	0.03	0.03	0.04	0.03	0.03	0.03	0.03
Debt / assets	—	—	0	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Net debt / EBITDA	—	—	-1.41	-1.43	-1.82	-0.96	-1.1	-1.04	-1.05	-1.14	-0.97
Effective tax rate	21.1%	35.7%	12.4%	20%	0%	23.7%	39.6%	30.6%	30.8%	29.9%	27.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.5	18.4	24.6	30.3	31.4	50.1	47.8	50.5	53.4	55.6	57.7
EPS (basic)	2.38	2.89	5	5.57	22.6	9.78	4.62	5.82	5.63	5.66	5.66
EPS (diluted)	2.33	2.83	4.92	5.53	22.4	9.69	4.61	5.81	5.62	5.65	5.75
Book value per share	12.5	14.4	15.6	16.9	41.1	45.9	46.1	47.5	51.4	55.8	59.4
FCF per share	2.22	3.03	4.14	7.52	6.44	9.78	3.54	7.96	8.32	6.77	8.86
Cash per share	8.02	9.01	9.18	10.9	12.2	14.8	12.8	12.7	13.9	15.1	15.5
Capex per share	0.88	2.44	2.79	1.88	1.97	5.08	3.73	2.33	1.54	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.54%	13.3%	11.4%	6.22%	6.27%	10.1%	7.82%	4.6%	2.89%	—	—
Capex / operating cash flow	30.3%	55.8%	40.3%	22.1%	24.1%	34.3%	38.9%	22.4%	19%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$960.2M	$956.7M	$997.4M	$1B	$977.9M	$995.2M	$979.3M	$1B	$995.7M	$1B	$1B	$1.1B
YoY change	+7.85%	+6.12%	+5.76%	+2.63%	+1.84%	+4.02%	-1.82%	-1.56%	+1.82%	+5.26%	+6.21%	+4.32%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	640.3M	721.5M	735.4M	868.6M	960.8M	1.2B	999.6M	972.7M	1B	1.1B
Receivables	247.4M	324.2M	439M	550.3M	657.7M	897.2M	859.7M	903.4M	995.7M	1.1B
Inventory	27.1M	31.7M	55.6M	112.1M	139.2M	230.2M	338.8M	296.9M	254.3M	226.3M
Total current assets	953M	1.2B	1.3B	1.6B	1.8B	2.5B	2.4B	2.4B	2.5B	2.6B
Property, plant & equipment	167.9M	284.9M	382M	478.3M	573.1M	892.8M	884.7M	891.3M	854.8M	715.2M
Goodwill & intangibles	164M	178.1M	163.9M	151.4M	1.1B	1.1B	1B	1B	1.1B	1.2B
Total assets	1.4B	1.8B	2.1B	2.5B	4.8B	5.9B	5.9B	6.1B	6.2B	6.2B
Accounts payable	28.6M	36.8M	64.3M	87.3M	142.1M	163.9M	127.9M	113.1M	108.7M	121.5M
Short-term debt	—	—	—	15.7M	21.7M	22.7M	26.6M	29.7M	31.1M	31.9M
Total current liabilities	354.3M	500.1M	692.1M	971M	1.3B	1.9B	1.9B	2.1B	2B	1.9B
Long-term debt	—	—	0	43.5M	64.4M	102.7M	100.3M	97M	88.2M	82.5M
Total liabilities	400.8M	629.7M	799.6M	1.2B	1.6B	2.3B	2.3B	2.5B	2.4B	2.2B
Shareholders' equity	995.4M	1.2B	1.3B	1.3B	3.2B	3.6B	3.6B	3.6B	3.9B	4B
Total debt	—	—	0	59.2M	86.2M	125.4M	126.9M	126.6M	119.3M	114.4M
Net debt	—	—	-636.9M	-491.2M	-874.7M	-974M	-815.1M	-810.8M	-924.6M	-980.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.3B	972.7M	898.9M	782.1M	1B	1B	873M	901.2M	1B	1.1B	1.1B	1.1B
Receivables	904.2M	903.4M	950.7M	1B	1B	995.7M	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Inventory	296.2M	296.9M	280.1M	259.5M	254.1M	254.3M	246.6M	243.8M	228.2M	226.3M	214.9M	212.2M
Total current assets	2.7B	2.4B	2.5B	2.4B	2.6B	2.5B	2.4B	2.4B	2.5B	2.6B	2.7B	2.7B
Property, plant & equipment	1.4B	891.3M	1.4B	1.4B	1.4B	854.8M	1.4B	1.4B	1.3B	715.2M	1.2B	1.2B
Goodwill & intangibles	974.1M	1B	1.2B	1.1B	1.2B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B
Total assets	6.3B	6.1B	6.2B	6.2B	6.4B	6.2B	6.1B	6.2B	6.2B	6.2B	6.3B	6.4B
Accounts payable	99.7M	113.1M	117.2M	105.8M	109M	108.7M	125.4M	114.4M	125.5M	121.5M	123.7M	109.8M
Short-term debt	28.3M	29.7M	31.3M	30.8M	31.2M	31.1M	32M	32.5M	34M	31.9M	32.6M	34.2M
Total current liabilities	2.1B	2.1B	2B	2B	2.1B	2B	2B	2B	2B	1.9B	1.9B	1.9B
Long-term debt	98.5M	97M	95.1M	98.3M	96.4M	88.2M	86.5M	90.5M	87.3M	82.5M	83.4M	86.6M
Total liabilities	2.5B	2.5B	2.4B	2.4B	2.4B	2.4B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B
Shareholders' equity	3.8B	3.6B	3.8B	3.8B	3.9B	3.9B	3.8B	3.9B	4B	4B	4.1B	4.2B
Total debt	126.8M	126.6M	126.4M	129.1M	127.6M	119.3M	118.5M	123M	121.3M	114.4M	116M	120.8M
Net debt	-1.1B	-810.8M	-739.4M	-632.3M	-914.3M	-924.6M	-754.5M	-778.1M	-883.3M	-980.5M	-943.8M	-981.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	189.7M	231.4M	400.2M	442.8M	1.8B	772M	361.6M	445.1M	421.4M	410.4M
Depreciation & amortization	24M	37.7M	54.7M	79M	93.5M	108.7M	125.8M	142.4M	145M	237.4M
Stock-based compensation	54.1M	58.9M	70.8M	88.2M	98.4M	114.3M	133.4M	154M	173.7M	185.9M
Change in working capital	-46.2M	-8.6M	28.1M	31.9M	111.5M	107.9M	96.8M	4.6M	-209.4M	-245.5M
Operating cash flow	233.1M	350.8M	554.5M	677.8M	643.9M	1.2B	749.9M	793.2M	607.2M	593.2M
Capital expenditure	-70.6M	-195.7M	-223.3M	-149.7M	-154.9M	-401.1M	-291.9M	-177.7M	-115.6M	—
Investing cash flow	73M	-251.5M	6.9M	-350.4M	-231.5M	-563.4M	-213.3M	-195.9M	-254.9M	-10M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-96.2M	-103.8M	-300M	-400M	0	-375M	-435M	-592.4M	-352.9M	-465.9M
Financing cash flow	-95.5M	-135.5M	-369.4M	-485.5M	-30.8M	-458.3M	-501.7M	-598.3M	-355.7M	-464.6M
Net change in cash	210.6M	-36.2M	192M	-158.1M	381.6M	147.8M	34.9M	-1M	-3.5M	118.6M
Free cash flow	177.1M	242.8M	331.4M	597.6M	507.3M	771.4M	276.8M	608.1M	622.7M	490.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	121.4M	124M	105M	96.6M	116M	103.8M	93.2M	124.6M	56.8M	135.8M	112.8M	108.3M
Depreciation & amortization	37M	33.7M	32.9M	36.2M	37.8M	38.1M	39.1M	40.6M	55.7M	102M	56.5M	40.1M
Stock-based compensation	39.6M	38.8M	38.8M	47M	49M	38.8M	45M	48.2M	48.4M	44.3M	40.9M	45.6M
Change in working capital	19.4M	-6.5M	-64.3M	-85.5M	-26.6M	-33M	-84.3M	-100.4M	-12M	-48.9M	-57.8M	-83M
Operating cash flow	246.4M	207.5M	137.7M	99.8M	198.3M	171.3M	139.2M	93.2M	188.7M	223.2M	151M	192.8M
Capital expenditure	-21.6M	-33.4M	-9.4M	-53.5M	-29.8M	-23M	-25.3M	-21.5M	—	—	—	—
Investing cash flow	-4.3M	-13.3M	-79.6M	-112.5M	-8.9M	-53.9M	-25.3M	-31.5M	0	0	-100.8M	-88.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-300M	0	-150M	0	-202.9M	-201.1M	-96M	-71.6M	-97.2M	-31.2M	-66.9M
Financing cash flow	11.8M	-350.3M	-11.7M	-151.6M	10.6M	-203M	-206.8M	-96M	-63.7M	-97.2M	-19.5M	-67.4M
Net change in cash	254M	-156.1M	46.4M	-164.2M	200M	-85.7M	-92.8M	-34.3M	125M	125.9M	30.8M	36.8M
Free cash flow	265.6M	13.5M	19.3M	106.4M	233.9M	263.1M	27.4M	107.2M	169M	187.3M	120.3M	157.1M

Align Technology Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement