ALIGN TECHNOLOGY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALIGN TECHNOLOGY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,080	1,473	1,966	2,407	2,472	3,953	3,735	3,862	3,999	4,035
Cost of revenue	265	356	519	663	709	1,017	1,101	1,155	1,200	1,324
Gross profit	815	1,117	1,448	1,744	1,763	2,935	2,634	2,707	2,799	2,711
Research and development	75.7	97.6	129	157	175	250	305	347	364	370
Selling, general and administrative			852	1,072	1,201	1,709	1,674	1,703	1,763	1,756
Selling and marketing	491	666	852	1,072
Operating expenses	566	763	981	1,201	1,376	1,959	1,991	2,064	2,192	2,165
Operating income	249	354	467	542	387	976	643	643	608	546
Interest income			8.58	12.5	3.13	3.1	5.37	17.3	20.2	16
Other non-operating income	-10.6	4.24	-8.49	7.68	-11.3	32.9	-48.9	-19.4	-18.9	23.5
Pre-tax income	243	365	467	563	379	1,012	599	641	609	585
Income tax	51.2	130	57.7	112	-1,397	240	237	196	188	175
Net income	190	231	400	443	1,776	772	362	445	421	410
EBITDA	273	391	521	621	481	1,085	768	786	753	783
EPS, basic	2.38	2.89	5.00	5.57	22.55	9.78	4.62	5.82	5.63	5.66
EPS, diluted	2.33	2.83	4.92	5.53	22.41	9.69	4.61	5.81	5.62	5.65
Shares, basic (weighted)	79.9	80.1	80.1	79.4	78.8	78.9	78.2	76.4	74.9	72.5
Shares, diluted (weighted)	81.5	81.8	81.4	80.1	79.2	79.7	78.4	76.6	75	72.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	389	450	637	550	961	1,099	942	937	1,044	1,095
Short-term investments	251	272	98.5	318	0	72	57.5	35.3	0
Receivables	247	324	439	550	658	897	860	903	996	1,102
Inventory	27.1	31.7	55.6	112	139	230	339	297	254	226
Other current assets	38.2	80.9	6.51	24.4	61.7	31.5	16.8	77.3	81.6	47.3
Total current assets	953	1,158	1,302	1,633	1,850	2,494	2,424	2,447	2,492	2,617
Property, plant and equipment	175	349	521	632	735	1,082	1,232	1,291	1,271	1,131
Lease right-of-use assets			0	56.2	82.6	121	119	118	113	108
Goodwill	61	64.6	64	63.9	445	419	408	420	443	492
Intangible assets	21	24.5	17.9	11.8	130	110	95.7	82.1	103	93.9
Long-term investments	59.8	39.9	9.11	0	0	125	42	8.02	0
Other non-current assets	13.3	43.9	27	39.6	35.2	57.5	55.8	129	234	278
Total assets	1,396	1,784	2,052	2,501	4,830	5,942	5,948	6,084	6,215	6,234
Accounts payable	28.6	36.8	64.3	87.3	142	164	128	113	109	121
Accrued liabilities	134	196	235	320	406	607	454	526	598	537
Deferred revenue	191	268	393	564	778	1,153	1,344	1,428	1,331	1,262
Total current liabilities	354	500	692	971	1,326	1,924	1,926	2,067	2,038	1,920
Lease liabilities			0	43.5	64.4	103	100	97	88.2	82.5
Other non-current liabilities	1.29	15.6	29.5	37.3	100	175	196	173	140	114
Total liabilities	401	630	800	1,155	1,596	2,319	2,347	2,453	2,363	2,185
Paid-in capital	865	886	878	907	975	999	1,045	1,162	1,362	1,510
Retained earnings	131	267	378	440	2,216	2,619	2,567	2,447	2,484	2,464
Other comprehensive income	-0.94	0.57	-2.77	-0.69	43.5	4.33	-10.3	21.2	5.98	75.4
Shareholders' equity	999	1,154	1,253	1,346	3,234	3,623	3,601	3,630	3,852	4,049
Total equity	999	1,154	1,253	1,346	3,234	3,623	3,601	3,630	3,852	4,049
Total liabilities and equity	1,396	1,784	2,052	2,501	4,830	5,942	5,948	6,084	6,215	6,234
Shares outstanding	79.6	80	79.8	78.4	78.9	78.7	77.3	75.1	73.8	71.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	190	231	400	443	1,776	772	362	445	421	410
Depreciation and amortization	24	37.7	54.7	79	93.5	109	126	142	145	237
Stock-based compensation	54.1	58.9	70.8	88.2	98.4	114	133	154	174	186
Deferred income tax	-16.4	17.6	-15.7	0.31	-1,492	15.5	-39.5	-18.6	25.8	33.1
Change in receivables	-95.8	-91	-109	-121	-140	-262	21.5	-105	-153	-140
Change in inventory	-7.66	-5.48	-24.1	-58.3	-29.1	-112	-130	30.2	25.1	0.81
Change in payables	-3.4	8.18	25	22.1	52.2	19.7	-36.5	-7.7	-0.84	5.33
Cash from operations	248	439	555	747	662	1,173	569	786	738	593
Capital expenditures	-70.6	-196	-223	-150	-155	-401	-292	-178	-116	-102
Acquisitions	0	-8.95	0	0	-421	-8	-12.3	0	-77.1	0
Purchases of investments			-180	-693	-5.34	-201	-28	-2.91	0	0
Sales and maturities of investments	216	39.5	375	291	42.6	0.5	23.8	55.2	25.7	0
Cash from investing	73	-251	6.93	-350	-232	-563	-213	-196	-255	-112
Stock issued	13.8	14.5	16.6	17.9	20.3	25.6	26.1	26.6	25.3	21.7
Share buybacks	-96.2	-104	-300	-400	0	-375	-435	-592	-353	-466
Cash from financing	-95.5	-136	-369	-486	-30.8	-458	-502	-598	-356	-465
Exchange rate effect	-3.37	5.54	-4.73	2.28	10.5	-12.1	-11.5	4.67	-21.2	35
Net change in cash	222	57.1	187	-86.4	410	139	-158	-3.84	106	51.2
Free cash flow	177	243	331	598	507	771	277	608	623	491
Income taxes paid	47.3	51.2	115	71.7	76.3	203	232	295	177	135

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $146.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.0%	Gross profit / revenue.
Operating margin	13.2%	Operating income / revenue.
EBITDA margin	19.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.7%	Pre-tax income / revenue.
Net margin	10.0%	Net income / revenue.
FCF margin	15.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.3%	Cash from operations / revenue.
Effective tax rate	27.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.4%	Net income / average total assets.
Return on invested capital (ROIC)	12.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.1%	Research and development expense / revenue.
SG&A / revenue	43.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.0%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-10.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-25.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-24.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-19.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-21.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.40x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.58x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.0%	Total liabilities / total assets.
Working capital	$754.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.64B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	3.72x	Revenue / average property, plant and equipment.
Inventory turnover	6.23x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	3.60x	Revenue / average receivables.
Days sales outstanding	101 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	130 days	Days inventory + days sales outstanding - days payables.
FCF conversion	153.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$57.88	Revenue / diluted weighted shares.
FCF per share	$8.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.57	Cash from operations / diluted weighted shares.
Book value per share	$59.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$51.09	Tangible book value / shares outstanding.
Cash per share	$15.48	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	42.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.43B	Share price x shares outstanding.
Enterprise value	$9.32B	Market cap + total debt - cash - short-term investments.
P/E	25.2x	Market cap / net income. Only when net income is positive.
P/S	2.52x	Market cap / revenue.
P/B	2.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.86x	Market cap / tangible book value, when positive.
P/FCF	16.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.8x	Market cap / cash from operations, when positive.
EV/Sales	2.25x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	3.59x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ALIGN TECHNOLOGY INC's revenue in fiscal 2025?

ALIGN TECHNOLOGY INC reported revenue of $4.03B for fiscal 2025, 0.9% higher than the year before.

Was ALIGN TECHNOLOGY INC profitable in fiscal 2025?

Yes. Net income was $410.4M, a net margin of 10.2%.

How much free cash flow did ALIGN TECHNOLOGY INC generate in fiscal 2025?

Cash from operations of $593.2M minus capital expenditures of $102.4M left free cash flow of $490.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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