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ALGN

Align Technology, Inc.

ALGN

Align Technology, Inc. • NASDAQ
$147.19 ▼ -0.03% (-0.04)
Market Cap $10.56 B
52w High $246.19
52w Low $122.00
Dividend Yield 0%
P/E 28.47
Volume 607.11K
Outstanding Shares 71.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $995.692M ▼ $542.903M ▼ $56.753M ▼ 5.7% ▼ $0.78 ▼ $152.015M ▼
Q2-2025 $1.012B ▲ $545.084M ▼ $124.608M ▲ 12.308% ▲ $1.72 ▲ $203.609M ▲
Q1-2025 $979.262M ▼ $549.008M ▼ $93.23M ▼ 9.52% ▼ $1.27 ▼ $174.426M ▼
Q4-2024 $995.219M ▲ $552.792M ▲ $103.807M ▼ 10.431% ▼ $1.39 ▼ $215.221M ▲
Q3-2024 $977.872M $519.476M $115.963M 11.859% $1.55 $200.157M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.032B ▲ $6.234B ▲ $2.276B ▼ $3.957B ▲
Q2-2025 $901.157M ▲ $6.219B ▲ $2.306B ▼ $3.913B ▲
Q1-2025 $873.012M ▼ $6.103B ▼ $2.309B ▼ $3.794B ▼
Q4-2024 $1.044B ▲ $6.215B ▼ $2.363B ▼ $3.852B ▼
Q3-2024 $1.042B $6.366B $2.422B $3.944B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $56.753M ▲ $188.72M ▲ $-19.761M ▲ $-64.119M ▲ $103.466M ▲ $122.191M ▼
Q2-2025 $-93.23M ▼ $128.65M ▲ $-31.479M ▼ $-96.299M ▲ $28.268M ▲ $153.939M ▲
Q1-2025 $93.23M ▼ $52.676M ▼ $-25.289M ▲ $-206.756M ▼ $-170.889M ▼ $27.387M ▼
Q4-2024 $103.807M ▼ $286.078M ▲ $-53.916M ▼ $-203.019M ▼ $1.982M ▼ $263.117M ▲
Q3-2024 $115.963M $263.662M $-8.919M $10.572M $280.519M $233.862M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
Clear Aligner
Clear Aligner
 $820.00M ▲$830.00M ▲$790.00M ▼$790.00M ▲
Scanners And Services
Scanners And Services
 $180.00M ▲$200.00M ▲$190.00M ▼$200.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, with only a mild dip during the early 2020s and a return to growth more recently. Profitability at the gross margin level remains strong, showing that the core products still carry healthy markups. Operating profits have been fairly stable, suggesting good cost control despite higher marketing, R&D, and inflationary pressures. Net income, however, is more volatile. There was an unusually high profit spike earlier in the decade that does not look repeatable, followed by more normal, mid‑range profitability in recent years. Earnings per share largely mirror this pattern: strong overall, but with a one‑time peak and then a reset to more typical levels. Overall, the income statement reflects a mature, profitable business that is growing at a measured pace rather than surging.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets have grown gradually, not explosively, indicating controlled expansion rather than aggressive balance sheet risk. Cash levels are solid and have stayed relatively stable, giving the company flexibility for investment, acquisitions, or weathering slowdowns. Debt is very low compared with the size of the business, so financial leverage risk appears limited. Shareholders’ equity has trended upward over time, which reflects retained profits and a strengthening capital base. In plain terms, Align is funded largely by its own earnings, not by heavy borrowing, which generally supports stability through industry or economic cycles.

Cash Flow

Cash Flow Operating cash flow is consistently positive and broadly in line with reported profits, which is a good sign that earnings are backed by real cash, not just accounting. There was a particularly strong cash flow year early in the period, but even in softer years the company continued to generate healthy cash from its operations. Free cash flow has remained positive throughout, even as the company increased its investment in equipment and facilities. Capital spending has risen compared with earlier years but still appears manageable relative to the cash being generated. Overall, the cash flow profile suggests a business that can fund its growth and innovation internally while maintaining financial flexibility.

Competitive Edge

Competitive Edge Align holds a leading position in clear aligners and digital orthodontics, with Invisalign as a flagship consumer brand that is widely recognized by both patients and dentists. The combination of Invisalign, iTero scanners, and treatment‑planning software creates an integrated digital ecosystem that is hard to replicate. This ecosystem, along with a large network of trained clinicians, makes switching to another platform less attractive for many practices. The company also benefits from scale and a deep patent portfolio, which together form a meaningful barrier for smaller or newer competitors. That said, competition in clear aligners and traditional orthodontics is real and intensifying, including lower‑cost offerings and direct‑to‑consumer alternatives. Demand is also somewhat tied to discretionary dental spending, which can soften during economic downturns. So while the moat is strong, it is not without pressure.

Innovation and R&D

Innovation and R&D Innovation is central to Align’s strategy. The company has moved orthodontics firmly into the digital era, combining custom materials, 3D printing, and advanced software to optimize tooth movement. Smart materials, tooth‑specific attachments, and algorithm‑driven treatment sequencing all underscore a high level of technical depth behind what appears to patients as a simple clear tray. The iTero scanner and the broader Align Digital Platform deepen this advantage, giving doctors a smoother workflow and patients a more visual and engaging experience. Recent moves into AI‑supported diagnostics, enhanced scanning, and the acquisition of a 3D printing specialist show continued investment in future capabilities. New solutions for children and teens, such as palatal expanders and mandibular advancement, broaden the addressable market. The key risk is that Align must continually innovate to stay ahead of fast‑moving competitors and shifting technologies; if it ever slows down on R&D or misjudges where orthodontic technology is heading, its edge could narrow over time.

Summary

Align Technology combines a strong, differentiated product platform with solid financial foundations. Revenue and operating profits are growing at a steady, not explosive, pace, underpinned by healthy margins. The balance sheet is conservative, with ample cash and minimal debt, and cash generation is robust enough to fund ongoing investments without relying heavily on external financing. Strategically, Align enjoys a powerful brand, entrenched relationships with dental professionals, and a tightly integrated digital workflow that reinforces customer loyalty. Its innovation engine—spanning materials, software, AI, and 3D printing—supports its leadership in clear aligners and digital dentistry. Key uncertainties include rising competition, pricing pressure, consumer sensitivity to economic conditions, and the need to keep innovating to maintain its technological edge. Overall, Align appears to be a financially sound, innovation‑driven leader in a niche of healthcare that still has room to digitize and expand, but its long‑term trajectory will depend on how well it manages competition and continues to evolve its technology and ecosystem.

NEWS

November 25, 2025 · 7:02 PM UTC

Align Technology Recognized for the 3rd Time in Extel's 2025 All-America Executive Team Rankings, Including the Most Honored Company Distinction

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November 24, 2025 · 8:00 PM UTC

Align Technology Announces Invisalign® System With Mandibular Advancement Featuring Occlusal Blocks for Class II Skeletal and Dental Correction

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November 4, 2025 · 4:01 PM UTC

Align Technology to Speak at Upcoming Financial Conferences

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November 3, 2025 · 4:02 PM UTC

Align Technology Opens 2026 Annual Research Program to Advance Orthodontic and Dental Patient Care

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October 29, 2025 · 4:03 PM UTC

Align Technology Announces Third Quarter 2025 Financial Results

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