Question 1

What is Align Technology's P/FCF ratio?

Accepted Answer

Align Technology (ALGN) P/FCF ratio is 18.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Align Technology?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Align Technology specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Align Technology's P/FCF ratio high or low?

Accepted Answer

Align Technology's P/FCF ratio of 18.0× is below its own 5-year average of 41.1× and below the sector median of 19.1×. That places the current reading at the 8th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Align Technology's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Align Technology (ALGN) P/FCF ratio has ranged from a low of 12.1× in 2010 to a high of 580.0× in 2007. The 5-year average is 41.1× and the 5-year median is 45.3×.

Question 7

What was Align Technology's P/FCF ratio in 2025?

Accepted Answer

Align Technology (ALGN) P/FCF ratio at the end of 2025 was 18.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Align Technology's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$11.2B	$593M	18.9×	-6.1×	Dec 31, 2025
2024	$15.5B	$623M	24.9×	-9.2×	Dec 31, 2024
2023	$20.7B	$608M	34.1×	-25.0×	Dec 31, 2023
2022	$16.4B	$277M	59.1×	-8.0×	Dec 31, 2022
2021	$51.8B	$771M	67.1×	-16.0×	Dec 31, 2021
2020	$42.1B	$507M	83.1×	+46.4×	Dec 31, 2020
2019	$21.9B	$598M	36.7×	-13.8×	Dec 31, 2019
2018	$16.7B	$331M	50.5×	-22.8×	Dec 31, 2018
2017	$17.8B	$243M	73.3×	+29.9×	Dec 31, 2017
2016	$7.68B	$177M	43.4×	+14.9×	Dec 31, 2016
2015	$5.26B	$185M	28.5×	+6.3×	Dec 31, 2015
2014	$4.5B	$203M	22.2×	-5.6×	Dec 31, 2014
2013	$4.64B	$167M	27.8×	+4.3×	Dec 31, 2013
2012	$2.25B	$95.4M	23.6×	+4.9×	Dec 31, 2012
2011	$1.87B	$100M	18.7×	+5.2×	Dec 31, 2011
2010	$1.5B	$111M	13.5×	-6.5×	Dec 31, 2010
2009	$1.34B	$67M	20.0×	-2.7×	Dec 31, 2009
2008	$577M	$25.4M	22.7×	-2.7×	Dec 31, 2008
2007	$1.15B	$45.3M	25.4×	—	Dec 31, 2007
2006	$914M	-$38.1M	—	—	Dec 31, 2006
2005	$401M	$2.29M	175.5×	+133.1×	Dec 31, 2005
2004	$658M	$15.5M	42.5×	-172.6×	Dec 31, 2004
2003	$976M	$4.54M	215.0×	—	Dec 31, 2003
2002	$158M	-$48.5M	—	—	Dec 31, 2002


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Align Technology (ALGN) 2003-2026

P/FCF Ratio daily chart for Align Technology (ALGN)

Historical P/FCF Ratio for Align Technology (ALGN) from 2002 to 2025

About P/FCF Ratio at Align Technology (ALGN)

Align Technology P/FCF Ratio by Year

Align Technology P/FCF Ratio 2025: 18.9×

Align Technology P/FCF Ratio 2024: 24.9×

Align Technology P/FCF Ratio 2023: 34.1×

Align Technology P/FCF Ratio 2022: 59.1×

Align Technology P/FCF Ratio 2021: 67.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Align Technology (ALGN) Key Financials