Stock Analysis on Net
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: Liabilities and Stockholders’ Equity
Quarterly Data

Align Technology Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 1.58 1.79 2.21 2.15 2.35 2.51 3.14 2.76 3.10 4.17 2.45 2.94 2.70 2.36 1.83 3.49 2.69 2.64 2.80 3.13 2.23 2.54 2.35
Accrued liabilities 9.72 9.77 8.43 7.64 6.49 7.17 7.82 10.22 9.65 9.18 8.02 8.40 7.21 6.08 6.54 12.79 12.17 10.47 11.31 11.43 11.36 10.27 10.10
Finance lease liabilities 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 2.51 0.00 0.00 0.00 0.00
Deferred revenues 22.30 22.73 23.33 22.59 21.76 21.38 20.39 19.40 18.94 18.09 17.02 16.11 15.50 14.95 14.59 22.54 22.15 20.52 19.40 19.15 18.47 16.76 16.60
Current liabilities 33.60% 34.29% 33.97% 32.38% 30.60% 31.06% 31.36% 32.38% 31.69% 31.44% 27.49% 27.45% 25.41% 23.39% 22.97% 38.83% 37.02% 33.63% 36.02% 33.72% 32.06% 29.57% 29.06%
Income tax payable 1.84 1.84 2.14 2.09 2.15 2.00 2.08 1.99 2.23 2.10 2.16 2.19 2.46 2.86 2.75 4.11 4.34 4.19 4.18 3.80 4.96 6.04 6.69
Long-term operating lease liabilities 1.56 1.70 1.68 1.69 1.64 1.69 1.77 1.73 1.32 1.37 1.26 1.33 1.48 1.26 1.36 1.74 1.85 2.52 2.65 0.00 0.00 0.00 0.00
Other long-term liabilities 2.83 2.95 3.24 3.29 3.13 3.30 3.10 2.94 2.53 2.36 2.15 2.07 1.94 1.82 0.97 1.49 1.25 1.11 0.94 1.44 1.12 0.80 1.01
Noncurrent liabilities 6.23% 6.50% 7.06% 7.07% 6.91% 7.00% 6.95% 6.65% 6.07% 5.83% 5.57% 5.59% 5.88% 5.94% 5.07% 7.34% 7.43% 7.81% 7.78% 5.24% 6.08% 6.83% 7.70%
Total liabilities 39.83% 40.79% 41.03% 39.45% 37.51% 38.05% 38.30% 39.03% 37.76% 37.27% 33.06% 33.04% 31.29% 29.33% 28.04% 46.17% 44.45% 41.45% 43.80% 38.96% 38.14% 36.40% 36.76%
Preferred stock, $0.0001 par value; none issued 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 0.00 0.00 0.00 0.00
Common stock, $0.0001 par value 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 0.00 0.00 0.00 0.00
Additional paid-in capital 18.88 18.58 18.72 17.57 17.94 17.50 16.70 16.81 17.21 16.60 18.71 20.18 21.56 22.81 22.58 36.27 37.96 37.27 38.31 42.75 44.87 44.07 48.16
Accumulated other comprehensive income (loss), net 0.03 0.18 0.03 -0.17 -0.69 -0.34 -0.10 0.07 0.31 0.55 0.57 0.90 0.56 0.23 0.00 -0.03 -0.08 -0.08 -0.10 -0.14 -0.04 0.05 0.08
Retained earnings 41.26 40.45 40.22 43.15 45.24 44.78 45.10 44.08 44.72 45.57 47.66 45.88 46.59 47.63 49.39 17.59 17.66 21.37 17.99 18.42 17.03 19.48 15.00
Stockholders’ equity 60.17% 59.21% 58.97% 60.55% 62.49% 61.95% 61.70% 60.97% 62.24% 62.73% 66.94% 66.96% 68.71% 70.67% 71.96% 53.83% 55.55% 58.55% 56.20% 61.04% 61.86% 63.60% 63.24%
Total liabilities and stockholders’ equity 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).

The capital structure exhibits a general shift from a reliance on contributed capital toward a reliance on internally generated earnings. Total liabilities fluctuated significantly between 2018 and 2023, reaching a peak of 46.17% in December 2019 before declining sharply to 28.04% in March 2020. Since that period, liabilities have gradually stabilized, ending at 39.83% by September 30, 2023.

Liability Composition and Trends
Deferred revenues represent a growing and substantial portion of the total balance sheet, increasing from 16.60% in March 2018 to 22.30% by September 2023. This upward trajectory suggests an increase in advance payments from customers. Conversely, income tax payable has shown a consistent downward trend, falling from 6.69% in early 2018 to 1.84% by the end of the period.
Current liabilities remained the primary driver of total obligations, generally ranging between 23% and 39%. Accrued liabilities experienced a notable contraction in mid-2020, dropping to approximately 6% before recovering to 9.72% by September 2023.
Noncurrent liabilities remained relatively stable and small in proportion, generally fluctuating between 5% and 8% of total liabilities and stockholders' equity.
Stockholders' Equity Evolution
A fundamental transformation in the composition of equity is observed. Additional paid-in capital decreased sharply from 48.16% in March 2018 to 18.88% in September 2023, indicating that contributed capital now represents a smaller fraction of the total balance sheet.
This decline in paid-in capital is offset by a significant increase in retained earnings, which rose from 15.00% in March 2018 to 41.26% in September 2023. A sharp escalation occurred between December 2019 and March 2020, where retained earnings jumped from 17.59% to 49.39%, marking a pivot toward a more self-sustaining financial model.
Overall stockholders' equity remained robust, generally oscillating between 53% and 72%, ensuring a strong equity cushion relative to total obligations.

The analysis indicates a strengthening of the balance sheet through the accumulation of retained earnings and a strategic growth in deferred revenue. The reduction in the relative weight of paid-in capital and income tax payable suggests a transition toward operational maturity and improved internal funding.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?