Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Align Technology Inc., consolidated balance sheet: assets
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Total assets experienced substantial growth over the observed period, increasing from US$2,052.5 million in 2018 to US$5,947.9 million in 2022. This growth was not linear, with a particularly significant surge between 2019 and 2020. While growth continued in 2021 and 2022, the rate of increase slowed compared to the prior period.
- Current Assets
- Current assets demonstrated a consistent increase from US$1,302.5 million in 2018 to US$2,424.4 million in 2022. The most substantial year-over-year increase occurred between 2020 and 2021, rising from US$1,849.5 million to US$2,494.1 million. Within current assets, accounts receivable and inventories exhibited notable growth throughout the period. Accounts receivable increased from US$439.0 million in 2018 to US$859.7 million in 2022, while inventories more than tripled, rising from US$55.6 million to US$338.8 million. Cash and cash equivalents fluctuated, peaking at US$1,099.4 million in 2021 before decreasing to US$942.1 million in 2022. Value added tax receivables and prepaid expenses also increased, becoming more significant components of current assets in later years.
- Noncurrent Assets
- Noncurrent assets experienced a dramatic increase, particularly between 2019 and 2020, growing from US$749.9 million to US$2,980.1 million. This increase was largely driven by significant changes in deferred tax assets and goodwill. Deferred tax assets rose substantially, from US$64.7 million in 2018 to US$1,571.7 million in 2022. Goodwill also increased significantly, from US$64.0 million in 2018 to US$407.6 million in 2022, although the rate of growth slowed after 2020. Property, plant, and equipment, net, also showed consistent growth, increasing from US$521.3 million in 2018 to US$1,231.9 million in 2022. Operating lease right-of-use assets were introduced in 2019 and remained relatively stable over the period.
- Marketable Securities
- Marketable securities, both short-term and long-term, exhibited fluctuations. Short-term marketable securities peaked in 2019 at US$318.2 million before declining to US$57.5 million in 2022. Long-term marketable securities were minimal until 2021, when they reached US$125.3 million, before decreasing to US$42.0 million in 2022.
The composition of assets shifted over the period, with noncurrent assets becoming a larger proportion of the total. This suggests a potential shift in the company’s investment strategy or asset base, with a greater reliance on long-term assets. The substantial increase in deferred tax assets warrants further investigation to understand the underlying factors contributing to this change.