ALIGN TECHNOLOGY INC

Listed Company

ALGNCIK 0001097149NasdaqLarge AcceleratedOrthopedic, Prosthetic & Surgical Appliances & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.04B

Net Income

$410.35M

Total Assets

$6.23B

Equity

$4.05B

Shares Out

71.28M

Op. Cash Flow

$593.22M

Business

ALIGN TECHNOLOGY INC is a global medical device company that designs, manufactures and markets digital orthodontic and restorative solutions, including Invisalign clear aligners, Vivera retainers, iTero intraoral scanners and exocad CAD/CAM software. Its primary offerings include doctor-prescribed Invisalign clear aligner treatment and retainers, intraoral scanning systems and imaging, CAD/CAM software, digital treatment planning tools and complementary accessories and services. The company operates through two segments: Clear Aligner and Systems and Services (Imaging Systems and CAD/CAM). It sells primarily to orthodontists, general dentists, dental laboratories and dental support organizations worldwide via a direct sales force, distributors, online platforms and retail channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenues	4,035	3,999	3,862	3,735	3,953
Cost of net revenues	1,324	1,200	1,155	1,101	1,017
Gross profit	2,711	2,799	2,707	2,634	2,935
Selling, general and administrative	1,756	1,763	1,703	1,674	1,709
Research and development	370	364	347	305	250
Restructuring and other charges	35	33	13	11	—
Legal settlement loss	4	31	0	0	0
Total operating expenses	2,165	2,192	2,064	1,991	1,959
Income from operations	546	608	643	643	976
Interest income	16	20	17	5	3
Other income (expense), net	23	−19	−19	−49	33
Total interest income and other income (expense), net	40	1	−2	−44	36
Net income before provision for income taxes	585	609	641	599	1,012
Income Tax expense	175	188	196	237	240
Net income	410	421	445	362	772
Net income per share, basic (usd per share)	5.66	5.63	5.82	4.62	9.78
Diluted (usd per share)	5.65	5.62	5.81	4.61	9.69
Basic (shares)	73	75	76	78	79
Diluted (shares)	73	75	77	78	80

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,095	1,044	937	942	1,099
Accounts receivable, net of allowance for doubtful accounts of $34,213 and $19,131, respectively	1,102	996	903	860	897
Inventories	226	254	297	339	230
Prepaid expenses and other current assets	166	199	274	226	195
Assets held for sale	28	0	—	—	—
Total current assets	2,617	2,492	2,447	2,424	2,494
Property, plant and equipment, net	1,131	1,271	1,291	1,232	1,082
Operating lease right-of-use assets, net	108	113	118	119	121
Goodwill	492	443	420	408	419
Intangible assets, net	94	103	82	96	110
Deferred tax assets	1,514	1,557	1,590	1,572	1,534
Other assets	278	234	129	56	58
Total assets	6,234	6,215	6,084	5,948	5,942
Accounts payable	121	109	113	128	164
Accrued liabilities	537	598	526	454	607
Deferred revenues	1,262	1,331	1,428	1,344	1,153
Total current liabilities	1,920	2,038	2,067	1,926	1,924
Income tax payable	68	96	117	124	118
Operating lease liabilities	83	88	97	100	103
Other long-term liabilities	114	140	173	196	175
Total liabilities	2,185	2,363	2,453	2,347	2,319
Commitments and contingencies (Notes 8 and 9)	—	—	—	—	—
Preferred stock, $0.0001 par value (5,000 shares authorized; none issued)	0	0	0	0	0
Common stock, $0.0001 par value (200,000 shares authorized; 71,364 and 73,849 issued and outstanding, respectively)	7,000	7,000	7,000	8,000	8,000
Additional paid-in capital	1,510	1,362	1,162	1,045	999
Accumulated other comprehensive income (loss), net	75	6	21	−10	4
Retained earnings	2,464	2,484	2,447	2,567	2,619
Total stockholders equity	4,049	3,852	3,630	3,601	3,623
Total liabilities and stockholders equity	6,234	6,215	6,084	5,948	5,942

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred taxes	33	26	−19	−39	15
Depreciation and amortization	237	145	142	126	109
Stock-based compensation	186	174	154	133	114
Non-cash operating lease cost	40	38	33	31	27
Impairment loss on Assets held for sale	23	0	0	—	—
Impairment and fair value adjustments for equity investments	−18	−6	5	0	—
Other non-cash operating activities	38	12	33	41	24
Accounts receivable	−140	−153	−105	22	−262
Inventories	808,000	25	30	−130	−112
Prepaid expenses and other assets	13	68	−51	−66	−125
Accounts payable	5	−843,000	−8	−37	20
Accrued and other long-term liabilities	−96	90	46	−122	159
Long-term income tax payable	−28	−20	−8	6	12
Deferred revenues	−112	−80	87	242	463
Net cash provided by operating activities	593	738	786	569	1,173
Acquisitions, net of cash acquired	0	−77	0	−12	−8
Purchase of property, plant and equipment	−102	−116	−178	−292	−401
Purchase of marketable securities	0	0	−3	−28	−201
Proceeds from maturities of marketable securities	0	26	55	24	498,000
Proceeds from sales of marketable securities	0	18	6	97	3
Purchase of equity investments	−10	−106	−77	0	0
Other investing activities	0	235,000	278,000	−2	−5
Net cash used in investing activities	−112	−255	−196	−213	−563
Proceeds from issuance of common stock	22	25	27	26	26
Common stock repurchases, net of excise tax	−466	−353	−592	−435	−375
Activity for equity forward contracts related to accelerated stock repurchase agreements, net	0	0	−10	−40	0
Payroll taxes paid upon the vesting of equity awards	−20	−28	−23	−53	−109
Net cash used in financing activities	−465	−356	−598	−502	−458
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	35	−21	5	−12	−12
Net (decrease) increase in cash, cash equivalents, and restricted cash	51	106	−4	−158	139

Filings

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