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Align Technology Inc. (NASDAQ:ALGN)

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

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

Align Technology Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Net revenues1 ÷ Total assets1
Dec 31, 2022 0.63 = 3,734,635 ÷ 5,947,947
Dec 31, 2021 0.67 = 3,952,584 ÷ 5,942,110
Dec 31, 2020 0.51 = 2,471,941 ÷ 4,829,683
Dec 31, 2019 0.96 = 2,406,796 ÷ 2,500,702
Dec 31, 2018 0.96 = 1,966,492 ÷ 2,052,458
Dec 31, 2017 0.83 = 1,473,413 ÷ 1,777,856
Dec 31, 2016 0.77 = 1,079,874 ÷ 1,396,151
Dec 31, 2015 0.73 = 845,486 ÷ 1,158,633
Dec 31, 2014 0.77 = 761,653 ÷ 987,997
Dec 31, 2013 0.79 = 660,206 ÷ 832,147
Dec 31, 2012 0.74 = 560,041 ÷ 756,312
Dec 31, 2011 0.74 = 479,741 ÷ 649,264
Dec 31, 2010 0.81 = 387,126 ÷ 476,943
Dec 31, 2009 0.88 = 312,333 ÷ 355,240
Dec 31, 2008 1.09 = 303,976 ÷ 279,341
Dec 31, 2007 1.28 = 284,332 ÷ 222,761
Dec 31, 2006 1.36 = 206,354 ÷ 151,558
Dec 31, 2005 1.46 = 207,125 ÷ 142,110

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in thousands

Net revenues and total assets experienced substantial growth between 2005 and 2022. Net revenues increased from $207.1 million to $3.73 billion, while total assets grew from $142.1 million to $5.95 billion. Despite the overall increase in scale, the efficiency with which assets were utilized to generate revenue showed significant volatility over the seventeen-year period.

Initial Decline in Asset Efficiency (2005–2011)
A consistent downward trend in the total asset turnover ratio is observed from 2005 to 2011, falling from 1.46 to 0.74. This decline indicates that the growth in the asset base outpaced the growth in net revenues, resulting in lower productivity per unit of asset during this phase of expansion.
Stabilization and Recovery Phase (2012–2019)
Following the initial decline, the turnover ratio entered a period of relative stability and gradual improvement. The ratio rose from 0.74 in 2012 to a peak of 0.96 in 2019. This upward movement suggests an optimization of the asset base, where revenue growth began to align more closely with or exceed the rate of asset accumulation.
Recent Volatility and Asset Expansion (2020–2022)
A sharp contraction in asset turnover occurred in 2020, with the ratio dropping to 0.51. This was driven by a significant surge in total assets, which increased from $2.50 billion in 2019 to $4.83 billion in 2020. Although the ratio recovered to 0.67 in 2021—supported by a substantial revenue increase to $3.95 billion—it declined slightly to 0.63 by the end of 2022, reflecting a continued challenge in maintaining the asset efficiency levels seen prior to 2020.

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Comparison to Competitors

Align Technology Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
Align Technology Inc. Abbott Laboratories Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
Dec 31, 2022 0.63 0.59 1.51 0.48 0.35 1.31
Dec 31, 2021 0.67 0.57 1.41 0.42 0.32 1.34
Dec 31, 2020 0.51 0.48 1.39 0.39 0.32 1.30
Dec 31, 2019 0.96 0.47 1.33 0.46 0.34 1.38
Dec 31, 2018 0.96 0.46 1.28 0.47 0.33 1.48
Dec 31, 2017 0.83 0.36 1.26 0.54 0.30 1.44
Dec 31, 2016 0.77 0.40 1.29 0.42 0.29 1.50
Dec 31, 2015 0.73 0.49 1.27 0.49 0.19 1.40
Dec 31, 2014 0.77 0.49 1.18 0.54 0.45 1.50
Dec 31, 2013 0.79 0.51 1.18 0.57 0.48 1.49
Dec 31, 2012 0.74 0.59 1.03 0.54 0.49 1.36
Dec 31, 2011 0.74 0.64 1.15 0.57 0.52 1.49
Dec 31, 2010 0.81 0.59 1.15 0.59 0.56 1.48
Dec 31, 2009 0.88 0.59 1.17 0.58 0.62 1.47
Dec 31, 2008 1.09 0.70 1.27 0.59 0.61 1.44
Dec 31, 2007 1.28 0.65 1.15 0.58 0.63 1.46
Dec 31, 2006 1.36 0.62 1.08 0.55 0.57 1.46
Dec 31, 2005 1.46 0.77 0.87 0.45 0.61 1.08

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Health Care Equipment & Services)

Align Technology Inc., total asset turnover, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
Align Technology Inc. Health Care Equipment & Services
Dec 31, 2022 0.63 1.06
Dec 31, 2021 0.67 1.02
Dec 31, 2020 0.51 0.97
Dec 31, 2019 0.96 0.98
Dec 31, 2018 0.96 0.98
Dec 31, 2017 0.83 0.89
Dec 31, 2016 0.77 0.92
Dec 31, 2015 0.73 0.85
Dec 31, 2014 0.77 1.05
Dec 31, 2013 0.79 1.04
Dec 31, 2012 0.74 0.94
Dec 31, 2011 0.74 1.02
Dec 31, 2010 0.81 1.00
Dec 31, 2009 0.88 1.03
Dec 31, 2008 1.09 1.09
Dec 31, 2007 1.28 1.06
Dec 31, 2006 1.36 1.03
Dec 31, 2005 1.46 0.88

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Align Technology Inc., total asset turnover, long-term trends, comparison to industry (health care)

Microsoft Excel
Align Technology Inc. Health Care
Dec 31, 2022 0.63 0.66
Dec 31, 2021 0.67 0.62
Dec 31, 2020 0.51 0.57
Dec 31, 2019 0.96 0.57
Dec 31, 2018 0.96 0.63
Dec 31, 2017 0.83 0.56
Dec 31, 2016 0.77 0.57
Dec 31, 2015 0.73 0.55
Dec 31, 2014 0.77 0.60
Dec 31, 2013 0.79 0.58
Dec 31, 2012 0.74 0.58
Dec 31, 2011 0.74 0.61
Dec 31, 2010 0.81 0.61
Dec 31, 2009 0.88 0.55
Dec 31, 2008 1.09 0.73
Dec 31, 2007 1.28 0.71
Dec 31, 2006 1.36 0.69
Dec 31, 2005 1.46 0.66

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).