Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Align Technology Inc. (NASDAQ:ALGN)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

Align Technology Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 19.61 15.49 14.10 15.84 17.67 15.10 15.58 18.50 21.91 20.13 22.32 19.89 13.94 10.04 19.94 22.01 20.86 18.05 26.32 31.03 21.82 28.59 27.93
Marketable securities, short-term 0.71 0.91 0.88 0.97 0.78 0.38 1.46 1.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.72 12.42 12.68 6.47 4.80 9.56 8.59 9.24
Equity method investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.88 0.00 0.00 0.00 0.00
Accounts receivable, net of allowance for doubtful accounts 14.31 14.78 14.99 14.45 14.54 16.04 16.00 15.10 15.13 14.98 14.18 13.62 14.18 11.76 13.44 22.01 22.63 22.17 21.45 21.39 21.79 19.53 20.28
Inventories 4.69 5.09 5.28 5.70 5.43 5.34 4.64 3.87 3.67 3.31 2.97 2.88 2.79 3.26 3.05 4.48 4.03 3.46 3.07 2.71 2.53 2.47 2.01
Prepaid expenses and other current assets 3.44 3.85 4.26 3.81 3.88 4.05 4.06 3.29 2.75 2.94 2.25 1.90 2.46 3.48 3.33 4.10 4.11 5.76 5.23 3.53 7.77 6.61 6.10
Current assets 42.76% 40.12% 39.51% 40.76% 42.29% 40.91% 41.74% 41.97% 43.46% 41.36% 41.73% 38.30% 33.37% 28.55% 39.76% 65.32% 64.06% 62.12% 64.41% 63.46% 63.48% 65.79% 65.56%
Marketable securities, long-term 0.29 0.42 0.63 0.71 0.85 1.33 1.81 2.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.92 0.00 0.44 0.42 0.42 0.57
Property, plant and equipment, net 20.07 20.82 21.40 20.71 20.29 20.35 19.20 18.21 17.75 17.81 15.07 15.21 15.94 16.62 16.73 25.26 25.81 25.56 25.75 25.40 25.49 23.37 22.47
Operating lease right-of-use assets, net 1.88 2.05 2.00 2.00 1.96 2.03 2.11 2.04 1.64 1.73 1.63 1.71 1.89 1.70 1.77 2.25 2.29 2.44 2.52 0.00 0.00 0.00 0.00
Equity method investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.24 2.49 2.56 2.96
Goodwill 6.40 6.75 7.02 6.85 6.39 6.71 6.93 7.04 7.55 8.01 8.43 9.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Intangible assets, net 1.31 1.45 1.58 1.61 1.55 1.61 1.74 1.85 2.05 2.18 2.38 2.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill and intangible assets, net (legacy) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.59 13.49 1.86 3.03 3.28 3.36 3.60 3.99 4.34 4.45 4.92
Deferred tax assets 25.19 26.14 26.94 26.43 25.78 26.14 25.50 25.81 26.59 28.03 30.02 32.15 35.47 38.96 39.12 2.56 2.69 2.52 2.56 3.15 2.46 2.39 2.55
Other assets 2.10 2.25 0.92 0.94 0.88 0.91 0.97 0.97 0.97 0.88 0.75 0.73 0.74 0.69 0.75 1.58 1.88 2.08 1.17 1.31 1.32 1.01 0.97
Noncurrent assets 57.24% 59.88% 60.49% 59.24% 57.71% 59.09% 58.26% 58.03% 56.54% 58.64% 58.27% 61.70% 66.63% 71.45% 60.24% 34.68% 35.94% 37.88% 35.59% 36.54% 36.52% 34.21% 34.44%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

A fundamental structural shift in asset composition is evident beginning in the first quarter of 2020. Prior to this period, the asset base was heavily weighted toward current assets, which consistently represented over 62% of total assets. From March 2020 onward, this distribution inverted, with noncurrent assets increasing from approximately 35% to a range between 57% and 71%, while current assets stabilized at a significantly lower level, typically between 40% and 43%.

Liquidity and Working Capital Trends
Cash and cash equivalents exhibited high volatility, peaking at 31.03% in December 2018 before experiencing a sharp contraction to 10.04% by June 2020. Following this trough, liquidity levels recovered and stabilized between 14% and 20% through September 2023. Short-term marketable securities, which previously accounted for up to 12.72% of assets in late 2019, have become negligible, falling below 1% from 2022 onwards.
Accounts receivable showed a marked decline in proportional weight in early 2020, dropping from approximately 22% to 13.44%. This metric remained relatively stable in the 14% to 16% range during the subsequent three years, indicating a change in the relative scale of receivables compared to the total asset base.
Inventories as a percentage of total assets demonstrated a gradual upward trend, rising from 2.01% in March 2018 to a peak of 5.70% in September 2022, before moderating to 4.69% by the end of the analyzed period.
Noncurrent Asset Composition
The most significant change in the balance sheet is the surge in deferred tax assets. These assets represented only 2% to 3% of total assets prior to 2020, then spiked to 39.12% in March 2020. While this percentage gradually declined, it remained a dominant component of the asset base, ending at 25.19% in September 2023.
Property, plant, and equipment saw a proportional decrease during the 2020 transition, falling from a high of 25.81% in September 2019 to approximately 15% in 2021, before trending back upward to 20.07% by September 2023.
The introduction of goodwill in December 2020 (9.21%) and subsequent intangible assets indicates a shift toward inorganic growth or acquisitions. Goodwill has since seen a slow proportional decline, reaching 6.40% by September 2023.
Overall Asset Distribution Analysis
The balance sheet transitioned from a lean, high-liquidity model to one characterized by a larger proportion of long-term tax assets and intangible values. The drastic increase in noncurrent assets is primarily driven by the deferred tax asset surge rather than a massive expansion in physical infrastructure, as property, plant, and equipment percentages remained lower than their 2018-2019 peaks.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?