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Side-by-side financial comparison of Align Technology (ALGN) and Biogen (BIIB), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Biogen is the larger business by last-quarter revenue ($2.3B vs $1.0B, roughly 2.2× Align Technology). Align Technology runs the higher net margin — 13.0% vs -2.1%, a 15.1% gap on every dollar of revenue. On growth, Align Technology posted the faster year-over-year revenue change (5.3% vs -7.1%). Biogen produced more free cash flow last quarter ($468.0M vs $187.3M). Over the past eight quarters, Align Technology's revenue compounded faster (2.5% CAGR vs -0.2%).
Align Technology, Inc., a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign comprehensive treatment that addresses the orthodontic needs of teenage patients, such as mandib...
Biogen Inc. is an American multinational biotechnology company based in Cambridge, Massachusetts, United States specializing in the treatment of neurological diseases. The company's primary products are dimethyl fumarate (Tecfidera), diroximel fumarate (Vumerity), interferon beta-1a (AVONEX), peginterferon beta-1a (Plegridy), and natalizumab (Tysabri), all for the treatment of multiple sclerosis ; nusinersen (Spinraza) for the treatment of spinal muscular atrophy ; omaveloxolone (Skyclarys) for ...
ALGN vs BIIB — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $2.3B |
| Net Profit | $135.8M | $-48.9M |
| Gross Margin | 65.3% | 78.3% |
| Operating Margin | 14.8% | -2.5% |
| Net Margin | 13.0% | -2.1% |
| Revenue YoY | 5.3% | -7.1% |
| Net Profit YoY | 30.8% | -118.3% |
| EPS (diluted) | $1.88 | $-0.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.0B | $2.3B | ||
| Q3 25 | $995.7M | $2.5B | ||
| Q2 25 | $1.0B | $2.6B | ||
| Q1 25 | $979.3M | $2.4B | ||
| Q4 24 | $995.2M | $2.5B | ||
| Q3 24 | $977.9M | $2.5B | ||
| Q2 24 | $1.0B | $2.5B | ||
| Q1 24 | $997.4M | $2.3B |
| Q4 25 | $135.8M | $-48.9M | ||
| Q3 25 | $56.8M | $466.5M | ||
| Q2 25 | $124.6M | $634.8M | ||
| Q1 25 | $93.2M | $240.5M | ||
| Q4 24 | $103.8M | $266.7M | ||
| Q3 24 | $116.0M | $388.5M | ||
| Q2 24 | $96.6M | $583.6M | ||
| Q1 24 | $105.0M | $393.4M |
| Q4 25 | 65.3% | 78.3% | ||
| Q3 25 | 64.2% | 73.4% | ||
| Q2 25 | 69.9% | 77.1% | ||
| Q1 25 | 69.5% | 74.1% | ||
| Q4 24 | 70.0% | 76.2% | ||
| Q3 24 | 69.7% | 74.1% | ||
| Q2 24 | 70.3% | 77.8% | ||
| Q1 24 | 70.0% | 76.3% |
| Q4 25 | 14.8% | -2.5% | ||
| Q3 25 | 9.7% | 22.0% | ||
| Q2 25 | 16.1% | 28.1% | ||
| Q1 25 | 13.4% | 12.8% | ||
| Q4 24 | 14.5% | 11.9% | ||
| Q3 24 | 16.6% | 18.3% | ||
| Q2 24 | 14.3% | 28.3% | ||
| Q1 24 | 15.5% | 20.3% |
| Q4 25 | 13.0% | -2.1% | ||
| Q3 25 | 5.7% | 18.4% | ||
| Q2 25 | 12.3% | 24.0% | ||
| Q1 25 | 9.5% | 9.9% | ||
| Q4 24 | 10.4% | 10.9% | ||
| Q3 24 | 11.9% | 15.8% | ||
| Q2 24 | 9.4% | 23.7% | ||
| Q1 24 | 10.5% | 17.2% |
| Q4 25 | $1.88 | $-0.35 | ||
| Q3 25 | $0.78 | $3.17 | ||
| Q2 25 | $1.72 | $4.33 | ||
| Q1 25 | $1.27 | $1.64 | ||
| Q4 24 | $1.40 | $1.82 | ||
| Q3 24 | $1.55 | $2.66 | ||
| Q2 24 | $1.28 | $4.00 | ||
| Q1 24 | $1.39 | $2.70 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | — |
| Total DebtLower is stronger | — | $6.3B |
| Stockholders' EquityBook value | $4.0B | $18.3B |
| Total Assets | $6.2B | $29.4B |
| Debt / EquityLower = less leverage | — | 0.34× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $901.2M | — | ||
| Q1 25 | $873.0M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $761.4M | — | ||
| Q1 24 | $865.8M | — |
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.3B |
| Q4 25 | $4.0B | $18.3B | ||
| Q3 25 | $4.0B | $18.2B | ||
| Q2 25 | $3.9B | $17.6B | ||
| Q1 25 | $3.8B | $17.0B | ||
| Q4 24 | $3.9B | $16.7B | ||
| Q3 24 | $3.9B | $16.4B | ||
| Q2 24 | $3.8B | $15.9B | ||
| Q1 24 | $3.8B | $15.2B |
| Q4 25 | $6.2B | $29.4B | ||
| Q3 25 | $6.2B | $29.2B | ||
| Q2 25 | $6.2B | $28.3B | ||
| Q1 25 | $6.1B | $28.0B | ||
| Q4 24 | $6.2B | $28.0B | ||
| Q3 24 | $6.4B | $28.3B | ||
| Q2 24 | $6.2B | $26.8B | ||
| Q1 24 | $6.2B | $26.6B |
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.36× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.41× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $223.2M | $511.9M |
| Free Cash FlowOCF − Capex | $187.3M | $468.0M |
| FCF MarginFCF / Revenue | 17.9% | 20.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 3.4% | 1.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.64× | — |
| TTM Free Cash FlowTrailing 4 quarters | $490.8M | $2.1B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $223.2M | $511.9M | ||
| Q3 25 | $188.7M | $1.3B | ||
| Q2 25 | $128.7M | $160.9M | ||
| Q1 25 | $52.7M | $259.3M | ||
| Q4 24 | $286.1M | $760.9M | ||
| Q3 24 | $263.7M | $935.6M | ||
| Q2 24 | $159.8M | $625.8M | ||
| Q1 24 | $28.7M | $553.2M |
| Q4 25 | $187.3M | $468.0M | ||
| Q3 25 | $169.0M | $1.2B | ||
| Q2 25 | $107.2M | $134.3M | ||
| Q1 25 | $27.4M | $222.2M | ||
| Q4 24 | $263.1M | $721.6M | ||
| Q3 24 | $233.9M | $900.6M | ||
| Q2 24 | $106.4M | $592.3M | ||
| Q1 24 | $19.3M | $507.3M |
| Q4 25 | 17.9% | 20.5% | ||
| Q3 25 | 17.0% | 48.4% | ||
| Q2 25 | 10.6% | 5.1% | ||
| Q1 25 | 2.8% | 9.1% | ||
| Q4 24 | 26.4% | 29.4% | ||
| Q3 24 | 23.9% | 36.5% | ||
| Q2 24 | 10.3% | 24.0% | ||
| Q1 24 | 1.9% | 22.1% |
| Q4 25 | 3.4% | 1.9% | ||
| Q3 25 | 2.0% | 1.8% | ||
| Q2 25 | 2.1% | 1.0% | ||
| Q1 25 | 2.6% | 1.5% | ||
| Q4 24 | 2.3% | 1.6% | ||
| Q3 24 | 3.0% | 1.4% | ||
| Q2 24 | 5.2% | 1.4% | ||
| Q1 24 | 0.9% | 2.0% |
| Q4 25 | 1.64× | — | ||
| Q3 25 | 3.33× | 2.73× | ||
| Q2 25 | 1.03× | 0.25× | ||
| Q1 25 | 0.57× | 1.08× | ||
| Q4 24 | 2.76× | 2.85× | ||
| Q3 24 | 2.27× | 2.41× | ||
| Q2 24 | 1.66× | 1.07× | ||
| Q1 24 | 0.27× | 1.41× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
ALGN
Segment breakdown not available.
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
