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Align Technology, Inc.

ALGN Healthcare Medical Instruments & Supplies

Align Technology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 0.90% from fiscal 2024.

Revenue: +1.92%
EPS: +143.9%
Free cash flow: +8.26%

Quarter to September 2026, against a year earlier

158.87 6.03 −3.66%

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Market cap: $11.3B
P/E: 23.1×
Fwd P/E: 20.4×
Dividend yield: —
F-score: 6/9
Altman Z: 4.73
Beneish M: −2.52
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Align Technology, Inc. (ALGN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Clear Aligner	3,245	80.43%
Systems and Services	790	19.57%
Gross margin		67.19%
Operating margin		13.53%
Pre-tax margin		14.51%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Clear Aligner	3,245 80.43%	3,230 80.77%	3,199 82.84%	3,073 82.27%	3,247 82.15%	2,101 85.01%	2,026 84.17%	1,691 86.01%	—	—	—	—	—	—	—	—	312 100.00%
Systems and Services	790 19.57%	769 19.23%	663 17.16%	662 17.73%	706 17.85%	370 14.99%	381 15.83%	275 13.99%	164 11.14%	122 11.26%	45 5.36%	49 6.45%	46 6.90%	51 9.19%	43 8.86%	35 8.95%	—
Invisalign Full	—	—	—	—	—	—	—	—	1,309 88.86%	958 88.74%	800 94.64%	713 93.55%	615 93.10%	434 77.57%	302 63.03%	265 68.39%	—
Scanners	—	—	—	—	—	—	—	—	—	—	—	—	—	43 7.76%	13 2.79%	0 0.00%	—
Invisalign Non-Case Revenues	—	—	—	—	—	—	—	—	—	—	—	—	—	31 5.48%	25 5.16%	20 5.21%	—
Invisalign Teen	—	—	—	—	—	—	—	—	—	—	—	—	—	—	55 11.37%	53 13.65%	—
Invisalign Assist	—	—	—	—	—	—	—	—	—	—	—	—	—	—	28 5.74%	15 3.81%	—
CADCAM Services	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15 3.05%	0 0.00%	—
Revenue	4,035	3,999	3,862	3,735	3,953	2,472	2,407	1,966	1,473	1,080	845	762	660	560	480	387	312

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Clear Aligner	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systems and Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate, Non-Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
U.S.	1,661 41.17%	1,696 42.40%	1,666 43.13%	1,660 44.45%	1,724 43.62%	1,100 44.48%	1,162 48.28%	1,024 52.05%	836 56.75%	692 64.11%	586 69.29%	533 69.92%	491 74.43%	428 76.41%	360 75.03%	291 75.13%	237 75.89%
Other International	1,453 36.01%	1,320 33.00%	1,028 26.62%	858 22.99%	875 22.14%	563 22.79%	288 11.95%	177 9.01%	99 6.75%	54 5.02%	92 10.94%	72 9.49%	46 7.01%	26 4.67%	22 4.56%	4 1.10%	3 0.98%
Switzerland	921 22.82%	984 24.60%	1,168 30.25%	1,216 32.56%	1,353 34.24%	809 32.73%	0 0.00%	0 0.00%	—	—	—	—	—	—	—	—	—
Netherlands	—	—	—	—	—	—	760 31.60%	610 31.02%	456 30.96%	287 26.57%	167 19.77%	157 20.59%	122 18.55%	106 18.92%	98 20.41%	92 23.77%	72 23.13%
China	—	—	—	—	—	—	197 8.17%	156 7.92%	82 5.54%	46 4.30%	—	—	—	—	—	—	—
Revenue	4,035	3,999	3,862	3,735	3,953	2,472	2,407	1,966	1,473	1,080	845	762	660	560	480	387	312

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Clear Aligner Shipments	Q3 FY2026	690.6K	647.8K	+6.62%
Number of Invisalign Trained Doctors Cases Were Shipped To	Q3 FY2026	90.9K	88.2K	+3.13%
Remaining performance obligations	Q4 FY2025	$1.4B	$1.4B	−6.38%
Total Utilization Rates	Q3 FY2026	7.6×	7.3×	+4.11%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q4 FY2022	Q4 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018
Clear Aligner Shipments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of Invisalign Trained Doctors Cases Were Shipped To	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Utilization Rates	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.