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Align Technology vs Edwards Lifesciences: revenue, profit, margins and growth compared

Align Technology brought in $4B of revenue in fiscal 2025, Edwards Lifesciences $6.1B in fiscal 2025. Revenue changed by +0.9% at Align Technology and +11.5% at Edwards Lifesciences on the year before, so Edwards Lifesciences grew faster. Align Technology kept 10.2% of its revenue as net profit, Edwards Lifesciences 17.7%. Free cash flow was $490.8M at Align Technology and $1.3B at Edwards Lifesciences.

Side by side, latest fiscal year

ALGNEW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4B$6.1B
Revenue growth+0.9%+11.5%
Net income$410.4M$1.1B
Net margin10.2%17.7%
Free cash flow$490.8M$1.3B
Free cash flow margin12.2%22.0%
Earnings per share (diluted)$5.65$1.83
Cash$1.1B$2.9B
Debtn/a$598.3M
Price to earnings26.047.1
Market value$10.4B$49.7B
Dividend yieldn/an/a
Rank by revenue in sector#71 of 523 · Health care#54 of 523 · Health care

Over the years

Revenue
ALGN FY2018: $2BALGN FY2019: $2.4BALGN FY2020: $2.5BALGN FY2021: $4BALGN FY2022: $3.7BALGN FY2023: $3.9BALGN FY2024: $4BALGN FY2025: $4BEW FY2018: $3.7BEW FY2019: $4.3BEW FY2020: $4.4BEW FY2021: $5.2BEW FY2022: $4.5BEW FY2023: $5BEW FY2024: $5.4BEW FY2025: $6.1BFY18FY19FY20FY21FY22FY23FY24FY25
ALGN $4BEW $6.1B
Net income
ALGN FY2018: $400.2MALGN FY2019: $442.8MALGN FY2020: $1.8BALGN FY2021: $772MALGN FY2022: $361.6MALGN FY2023: $445.1MALGN FY2024: $421.4MALGN FY2025: $410.4MEW FY2018: $722.2MEW FY2019: $1BEW FY2020: $823.4MEW FY2021: $1.5BEW FY2022: $1.5BEW FY2023: $1.4BEW FY2024: $4.2BEW FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
ALGN $410.4MEW $1.1B
Net margin
ALGN FY2018: 20.4%ALGN FY2019: 18.4%ALGN FY2020: 71.8%ALGN FY2021: 19.5%ALGN FY2022: 9.7%ALGN FY2023: 11.5%ALGN FY2024: 10.5%ALGN FY2025: 10.2%EW FY2018: 19.4%EW FY2019: 24.1%EW FY2020: 18.8%EW FY2021: 28.7%EW FY2022: 34.1%EW FY2023: 28.0%EW FY2024: 76.7%EW FY2025: 17.7%FY18FY19FY20FY21FY22FY23FY24FY25
ALGN 10.2%EW 17.7%
Revenue growth
ALGN FY2019: +22.4%ALGN FY2020: +2.7%ALGN FY2021: +59.9%ALGN FY2022: -5.5%ALGN FY2023: +3.4%ALGN FY2024: +3.5%ALGN FY2025: +0.9%EW FY2019: +16.8%EW FY2020: +0.9%EW FY2021: +19.3%EW FY2022: -14.7%EW FY2023: +12.2%EW FY2024: +8.6%EW FY2025: +11.5%FY19FY20FY21FY22FY23FY24FY25
ALGN +0.9%EW +11.5%
Free cash flow
ALGN FY2018: $331.4MALGN FY2019: $597.6MALGN FY2020: $507.3MALGN FY2021: $771.4MALGN FY2022: $276.8MALGN FY2023: $608.1MALGN FY2024: $622.7MALGN FY2025: $490.8MEW FY2018: $688MEW FY2019: $928.5MEW FY2020: $647.3MEW FY2021: $1.4BEW FY2022: $973.6MEW FY2023: $642.8MEW FY2024: $289.9MEW FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
ALGN $490.8MEW $1.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Align Technology and Edwards Lifesciences

Which is bigger by revenue, Align Technology or Edwards Lifesciences?

Edwards Lifesciences is bigger by revenue: $6.1B in fiscal 2025, against $4B for Align Technology in fiscal 2025.

Which keeps more of its revenue as profit, Align Technology or Edwards Lifesciences?

Align Technology had a net margin of 10.2% in fiscal 2025; Edwards Lifesciences had 17.7% in fiscal 2025.

Which grew revenue faster, Align Technology or Edwards Lifesciences?

In their latest fiscal years revenue changed by +0.9% at Align Technology and +11.5% at Edwards Lifesciences.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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