Align Technology, Inc.

ALGNNASDAQHealthcare● Active

$172.28

+$4.54(+2.70%)

Market Cap$12.3B

P/E Ratio—

52W High$208.31

52W Low$122

Avg Volume1.2M

Open$167.55

Beta1.67

Overview

Align Technology, Inc. (ALGN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ALGN · free cash flow · updated Jun 8, 2026

Core FCF metrics

ALGN · FCF · TTM · margin & CAGR

Free cash flow was $490.8M for FY2025 (fiscal year ending 2025-12-31), down 21.2% year-over-year The FCF margin was 12.2%. Five-year CAGR stands at -0.7%.

FY2025 Free Cash Flow$490.8M▼ -21.2% YoY

Trailing 12M (TTM)$686.1Mtrailing 4 quarters sum

FCF Margin12.2%$490.8M ÷ revenue

3-Year CAGR+21.0%FY2022 → FY2025

5-Year CAGR-0.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ALGN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$593.2M(102M)$490.8M▼ 21.2%12.2%

FY2024$738.2M(116M)$622.7M▲ +2.4%15.6%

FY2023$785.8M(178M)$608.1M▲ +119.6%15.7%

FY2022$568.7M(292M)$276.8M▼ 64.1%7.4%

FY2021$1.17B(401M)$771.4M▲ +52.1%19.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ALGN · P/FCF · FCF yield · FCF per share

Align Technology, Inc. (ALGN) trades at a FCF yield of 5.71% and a price-to-free-cash-flow ratio of 18.2x. FCF per share stands at $9.46, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.71%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$9.46

TTM FCF ÷ Shares Outstanding

Price / FCF

x18.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x16.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ALGN · cash flow statement · operating / investing / financing

For FY2025, Align Technology, Inc. generated $593.2M in operating cash flow and spent 102M in capital expenditures, yielding $490.8M in free cash flow.

Operating Activities

+$593.2M

Cash from core business operations

2025-12-31

Investing Activities

−$112.4M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$464.6M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($593.2M) − |CapEx| (102M) = FCF ($490.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

ALGN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Align Technology, Inc.YOU

ALGN

$490.8M-21.2%12.2%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Align Technology, Inc. (ALGN) reported free cash flow of $490.8M for FY2025 (fiscal year ending 2025-12-31), down 21.2% year-over-year. The FCF margin was 12.2%.

Based on available data, Align Technology, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $771.4M in FY2021. The 5-year CAGR stands at -0.7%.

Align Technology, Inc.'s FCF yield is 5.71% and price-to-FCF ratio is 18.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ALGN free cash flow · 8 questions

Align Technology, Inc. free cash flow was $490.8M for FY2025, down 21.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $686.1M.

ALGN free cash flowALGN FCFALGN FCF 2025ALGN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Align Technology, Inc. · Align Technology, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026