Align Technology, Inc. provides Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers Invisalign comprehensive package to treat adults and teens malocclusion and features, and orthodontic needs of teenage or younger patients; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients between the ages of six and ten years with a mixture of primary/baby and permanent teeth. This segment also provides Invisalign express, Invisalign lite, and Invisalign moderate; Invisalign Go, Invisalign Go express, and Invisalign Go Plus; retention products, Invisalign training, adjusting tools used by dental professionals during treatment, ancillary Invisalign accessory products, and other oral health products; Invisalign Professional Whitening system; Invisalign Palatal Expander, a 3D printed orthodontic device; and 3D printing solutions. Its Imaging Systems and CAD/CAM Services segment offers iTero intraoral scanning system, a single hardware platform for restorative or orthodontic procedures; exocad, a computer-aided design and computer-aided manufacturing software; orthodontist software for digital records storage, orthodontic diagnosis, and fabrication of printed models and retainers; and restorative software for general practitioner dentists, prosthodontists, periodontists, and oral surgeons. This segment also offers Invisalign outcome simulator, a chair-side and cloud-based application for the iTero scanner; Invisalign progress assessment tool; Align Oral Health Suite, a digital interface for dental consultations; iTero TimeLapse technology for doctors or practitioners to compare a patient's historic 3D scans to the present-day scan; and subscription software, disposables, rents scanners, and pay per scan services. Align Technology, Inc. was incorporated in 1997 and is headquartered in Tempe, Arizona.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.0B | $823M | $410M | $491M | 10.1% | 0.9% | -2.6% |
| 2024 | $4.0B | $817M | $421M | $623M | 10.9% | 3.5% | -5.3% |
| 2023 | $3.9B | $799M | $445M | $608M | 12.3% | 3.4% | 23.1% |
| 2022 | $3.7B | $780M | $362M | $277M | 10.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,734.64 | 3,862.26 | 3,999.01 | 4,034.96 |
| Operating Revenue | - | 3,734.64 | 3,862.26 | 3,999.01 | 4,034.96 |
| Cost Of Revenue | - | 1,100.86 | 1,155.40 | 1,199.85 | 1,323.95 |
| Gross Profit | - | 2,633.78 | 2,706.86 | 2,799.16 | 2,711.01 |
| Operating Expense | - | 1,979.73 | 2,050.21 | 2,127.40 | 2,125.70 |
| Research And Development | - | 305.26 | 346.83 | 364.20 | 369.91 |
| Selling General And Administration | - | 1,674.47 | 1,703.38 | 1,763.19 | 1,755.79 |
| Total Expenses | - | 3,080.59 | 3,205.61 | 3,327.25 | 3,449.65 |
| Operating Income | - | 654.05 | 656.65 | 671.76 | 585.31 |
| Total Operating Income As Reported | - | 642.60 | 643.34 | 607.63 | 545.76 |
| EBITDA | - | 779.84 | 799.06 | 816.80 | 822.75 |
| Normalized EBITDA | - | 791.29 | 812.37 | 880.93 | 862.30 |
| EBIT | - | 654.05 | 656.65 | 671.76 | 585.31 |
| Interest Income | - | 5.37 | 17.26 | 20.22 | 16.05 |
| Net Interest Income | - | 5.37 | 17.26 | 20.22 | 16.05 |
| Other Non Operating Income Expenses | - | -48.90 | -19.39 | -18.89 | 23.49 |
| Other Income Expense | - | -60.36 | -32.71 | -83.02 | -16.07 |
| Interest Income Non Operating | - | 5.37 | 17.26 | 20.22 | 16.05 |
| Net Non Operating Interest Income Expense | - | 5.37 | 17.26 | 20.22 | 16.05 |
| Pretax Income | - | 599.06 | 641.20 | 608.96 | 585.29 |
| Tax Provision | - | 237.48 | 196.15 | 187.60 | 174.94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.54 | -4.07 | -19.76 | -11.82 |
| Net Income Continuous Operations | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Net Income From Continuing And Discontinued Operation | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Net Income From Continuing Operation Net Minority Interest | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Net Income | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Net Income Common Stockholders | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Net Income Including Noncontrolling Interests | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Normalized Income | - | 368.49 | 454.29 | 465.74 | 438.08 |
| Diluted NI Availto Com Stockholders | - | 361.57 | 445.05 | 421.36 | 410.35 |
| Basic Average Shares | - | 78.19 | 76.43 | 74.88 | 72.54 |
| Diluted Average Shares | - | 78.42 | 76.57 | 74.99 | 72.59 |
| Reconciled Depreciation | - | 125.79 | 142.40 | 145.03 | 237.44 |
| Reconciled Cost Of Revenue | - | 1,100.86 | 1,155.40 | 1,199.85 | 1,323.95 |
| Total Unusual Items | - | -11.45 | -13.32 | -64.14 | -39.56 |
| Total Unusual Items Excluding Goodwill | - | -11.45 | -13.32 | -64.14 | -39.56 |
| Earnings From Equity Interest Net Of Tax | 0 | - | - | - | - |
| Special Income Charges | - | -11.45 | -13.32 | -64.14 | -39.56 |
| Other Special Charges | - | - | - | 30.97 | 4.18 |
| Impairment Of Capital Assets | 0 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 11.45 | 13.32 | 33.17 | 35.38 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Align Technology, Inc.this co. | ALGN | $12.1B | 29.37β premium | 2.98 | 10.1% | 13.46 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Zimmer Biomet Holdings, Inc. | ZBH | $16.8B | 23.79 | 1.32 | 5.6% | 10.69 |
| Solventum Corporation | SOLV | $14.3B | 9.17 |
| - |
| - |
| - |
| - |
| - |
| 2.83 |
| 30.8% |
| 7.23 |
| DaVita Inc. | DVA | $12.3B | 16.52 | -18.94 | -114.7% | 9.29 |
| The Cooper Companies, Inc. | COO | $12.1B | 32.28 | 1.47 | 4.6% | 13.89 |
| Insulet Corporation | PODD | $10.1B | 41.04 | 6.69 | 16.3% | 21.20 |
| Universal Health Services, Inc. | UHS | $8.6B | 5.80 | 1.19 | 20.5% | 4.98 |
| Peer Median | - | 16.52 | 1.39 | 10.9% | 9.75 | |