Explain this page
Arphra AIPlain-English read on Align Technology, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +74.26% | +70.52% | +70.08% | +70.00% | +68.33% | +68.65% | +71.37% | +67.67% | +70.57% |
| Operating margin | +24.70% | +17.21% | +16.66% | +15.19% | +15.27% | +16.17% | +15.47% | +16.09% | +16.00% |
| EBITDA margin | +27.45% | +20.88% | +20.69% | +20.42% | +18.98% | +20.49% | +20.37% | +19.83% | +20.57% |
| EBIT margin | +24.70% | +17.51% | +17.00% | +16.80% | +14.51% | +16.02% | +16.38% | +15.85% | +15.69% |
| Pre-tax margin | +25.61% | +16.04% | +16.60% | +15.23% | +14.51% | +15.86% | +15.17% | +15.66% | +15.30% |
| Net margin | +19.53% | +9.68% | +11.52% | +10.54% | +10.17% | +10.56% | +10.81% | +10.64% | +11.04% |
| Cost structure | |||||||||
| Cost of revenue / sales | +25.74% | +29.48% | +29.92% | +30.00% | +31.67% | +29.67% | +29.92% | +29.94% | +30.40% |
| R&D intensity | +6.33% | +8.17% | +8.98% | +9.11% | +9.17% | +9.31% | +9.31% | +9.25% | +9.32% |
| SG&A intensity | +43.23% | +44.84% | +44.10% | +44.09% | +43.51% | +43.75% | +44.21% | +43.60% | +44.99% |
| Effective tax rate | +23.75% | +39.64% | +30.59% | +30.81% | +29.89% | +29.44% | +30.49% | +29.63% | +31.11% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +21.31% | +10.04% | +12.26% | +10.94% | +10.13% | +11.10% | +10.94% | +10.74% | +11.42% |
| Return on assets (ROA) | +12.99% | +6.08% | +7.32% | +6.78% | +6.58% | +6.65% | +7.00% | +6.93% | +7.01% |
| Return on capital (ROC) | +26.05% | +17.24% | +17.12% | +15.30% | +14.80% | +16.49% | +15.20% | +15.76% | +16.06% |
| Return on invested capital (ROIC) | +20.60% | +9.70% | +11.85% | +10.61% | +9.86% | +10.76% | +10.62% | +10.43% | +11.08% |
| Asset turnover | +66.52% | +62.79% | +63.48% | +64.35% | +64.73% | +62.96% | +64.78% | +65.13% | +63.48% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +19.53% | +9.68% | +11.52% | +10.54% | +10.17% | +10.56% | +10.81% | +10.64% | +11.04% |
| Asset turnover (× revenue / assets) | +66.52% | +62.79% | +63.48% | +64.35% | +64.73% | +62.96% | +64.78% | +65.13% | +63.48% |
| Equity multiplier (× assets / equity) | +164.02% | +165.16% | +167.58% | +161.34% | +153.95% | +167.06% | +156.15% | +154.93% | +163.00% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.67 | 0.63 | 0.63 | 0.64 | 0.65 | 0.63 | 0.65 | 0.65 | 0.63 |
| Fixed-asset turnover | 3.29 | 2.76 | 2.74 | 2.89 | 3.25 | — | — | — | — |
| Inventory turnover | 4.42 | 3.25 | 3.89 | 4.72 | 5.65 | — | — | — | — |
| Receivables turnover | 3.99 | 3.73 | 3.69 | 3.88 | 3.49 | — | — | — | — |
| Payables turnover | 6.21 | 8.61 | 10.21 | 11.04 | 10.52 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 91.50 | 97.75 | 98.96 | 93.98 | 104.71 | — | — | — | — |
| Days inventory outstanding (DIO) | 82.61 | 112.32 | 93.79 | 77.36 | 64.64 | — | — | — | — |
| Days payables outstanding (DPO) | 58.81 | 42.40 | 35.74 | 33.06 | 34.68 | — | — | — | — |
| Cash conversion cycle | 115.30 | 167.67 | 157.02 | 138.27 | 134.67 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.52 | 1.57 | 1.77 | 1.75 | 1.45 | 1.73 | 1.67 | 1.69 | 1.65 |
| FCF / Net income | 1.00 | 0.77 | 1.37 | 1.48 | 1.20 | 1.39 | 1.38 | 1.37 | 1.32 |
| FCF margin | +19.52% | +7.41% | +15.74% | +15.57% | +12.16% | +14.72% | +14.89% | +14.53% | +14.61% |
| OCF margin | +29.67% | +15.23% | +20.34% | +18.46% | +14.70% | +18.28% | +18.07% | +18.04% | +18.18% |
| CapEx / Revenue | +10.15% | +7.82% | +4.60% | +2.89% | +2.54% | +3.24% | +3.33% | +3.39% | +3.32% |
| CapEx / D&A | 3.69 | 2.32 | 1.25 | 0.80 | 0.43 | — | — | — | — |
| Stock-based comp / Revenue | +2.89% | +3.57% | +3.99% | +4.34% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 9.69 | 4.61 | 5.81 | 5.62 | 5.65 | 11.38 | 12.36 | 13.61 | 15.77 |
| EPS · basic | 9.78 | 4.62 | 5.82 | 5.63 | 5.66 | 11.37 | 12.44 | 13.51 | 15.95 |
| Book value / share | 45.47 | 45.92 | 47.42 | 51.36 | 55.78 | 54.38 | 59.87 | 62.44 | 65.19 |
| Tangible BV / share | 38.84 | 39.51 | 40.86 | 44.08 | 47.71 | 54.38 | 59.87 | 62.44 | 65.19 |
| Sales / share | 49.61 | 47.62 | 50.44 | 53.33 | 55.59 | 57.19 | 60.57 | 63.00 | 67.45 |
| Operating CF / share | 14.72 | 7.25 | 10.26 | 9.84 | 8.17 | 10.45 | 10.95 | 11.36 | 12.26 |
| Free cash flow / share | 9.68 | 3.53 | 7.94 | 8.30 | 6.76 | 8.42 | 9.02 | 9.15 | 9.85 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -5.51% | +3.42% | +3.54% | +0.90% | +3.68% | +4.30% | +5.54% | +6.19% | +2.70% |
| Gross profit · YoY | — | -10.27% | +2.78% | +3.41% | -1.51% | +4.18% | +8.43% | +0.08% | +10.74% | +2.04% |
| Profit | ||||||||||
| Operating income · YoY | — | -34.19% | +0.12% | -5.55% | +1.41% | +9.79% | -0.23% | +9.75% | +5.59% | -2.73% |
| EBITDA · YoY | — | -28.13% | +2.46% | +2.22% | -6.23% | +11.95% | +3.68% | +2.73% | +10.16% | -0.94% |
| Net income · YoY | — | -53.17% | +23.09% | -5.32% | -2.61% | +7.63% | +6.81% | +3.91% | +10.15% | -4.37% |
| Operating | ||||||||||
| EBIT · YoY | — | -33.01% | +0.40% | +2.30% | -12.87% | +14.52% | +6.62% | +2.16% | +5.08% | -2.97% |
| R&D · YoY | — | +21.95% | +13.62% | +5.01% | +1.57% | +5.26% | +4.29% | +4.95% | +6.99% | +7.78% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -52.43% | +26.03% | -3.27% | +0.53% | +101.34% | +8.66% | +10.10% | +15.88% | +6.28% |
| EPS · basic · YoY | — | -52.76% | +25.97% | -3.26% | +0.53% | +100.84% | +9.42% | +8.62% | +18.06% | +6.30% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $125.38M | $126.91M | $126.62M | $119.28M | $114.45M | $125.31M | $128.53M | $137.07M | $145.12M |
| Net debt | -$974M | -$815.14M | -$810.82M | -$924.61M | -$964.55M | -$945.93M | -$1B | -$1.05B | -$1.1B |
| Net debt / EBITDA | -0.90 | -1.05 | -1.01 | -1.13 | -1.26 | -1.10 | -1.13 | -1.15 | -1.09 |
| Debt / equity | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Debt / assets | +2.11% | +2.13% | +2.08% | +1.92% | +1.84% | +1.89% | +1.91% | +1.94% | +1.88% |
| Equity / assets | +60.97% | +60.55% | +59.67% | +61.98% | +64.96% | +59.86% | +64.04% | +64.55% | +61.35% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | — | — | — | — | — | — | — |
| Operating income / interest | — | — | — | — | — | — | — | — | — |
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Liquidity | |||||||||
| Current ratio | 1.30 | 1.26 | 1.18 | 1.22 | 1.36 | — | — | — | — |
| Quick ratio | 1.12 | 1.04 | 0.98 | 1.02 | 1.17 | — | — | — | — |
| Cash ratio | 0.57 | 0.49 | 0.45 | 0.51 | 0.56 | — | — | — | — |
| Working capital | $570M | $498.5M | $380.01M | $454.41M | $696.55M | — | — | — | — |
| Working capital / revenue | +14.42% | +13.35% | +9.84% | +11.36% | +17.26% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).