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Align Technology (ALGN) stock

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NASDAQ: ALGN Nasdaq Health Care Supplies Next results ~February 3, 2027

B Fundamentals grade

Align Technology is a medical device company that designs, manufactures and markets Invisalign clear aligners, removable plastic appliances used by orthodontists and general dental practitioners to correct malocclusion, or misaligned teeth. Its products also include Vivera retainers, iTero intraoral scanners for digital dental imaging, and exocad computer-aided design and manufacturing (CAD/CAM) software for dental laboratories and practices. Align received US clearance to market the Invisalign System in 1998, and says more than 22 million people worldwide have since been treated with it.

Most products are sold directly, through a specialist sales force, to orthodontists, general dentists and dental laboratories, with agents and distributors in some countries. It also supplies dental support organisations and sells accessories such as retainers, cleaning devices and whitening products through e-commerce sites, its doctor portal and retailers. Its exocad software is licensed separately, and a subscription scheme offers aligners and retainers monthly.

The business runs two segments: Clear Aligner, and Imaging Systems and CAD/CAM Services. Headquartered in Tempe, Arizona, with regional offices in North Carolina, Switzerland and Singapore, Align sold directly or through authorised distributors in more than 100 countries at the end of 2025.

Based on Align Technology's 10-K filed February 27, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$90–$150 across our lower- and higher-growth cases (-1.1%–8.9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 25% below it.

Price used: $154.13, November 2, 2026

Align Technology valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds283 adding, 345 cuttingOf 71 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Align Technology files

Where Align Technology stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.14bn, up 4.4% on a year earlier, faster than 2.9% a quarter earlier. Free-cash-flow margin held at 15.3%. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $118 a share, against a share price of $149. At that price, our model says the market is pricing in about 8.9% a year of cash-flow growth for five years, faster than the 0.9% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Align Technology's trailing-twelve-month revenue grew 4.4% year on year, with a free-cash-flow margin of 15.3%. Where it stands out: gross margin of 68.0% ranks 3 of 13 health care supplies companies we cover. Where it lags: days sales outstanding of 101 days ranks 11 of 11 health care supplies companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$90–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 4.4% (+1.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.8% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $154.13 is 25% above our value per share of $120.
  • Below peers: days sales outstanding. Days sales outstanding of 101 days ranks 11 of 11 health care supplies companies we cover (median 65 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 4.3% ranks 10 of 13 health care supplies companies we cover (median 2.5%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$2.80 against an average estimate of $2.76: beat by 1.3%
Revenue
$1.06bn, up 4.3% on a year earlier
Share reaction
+1.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
worldwide revenues $1,000m to $1,020m (Q4'26); clear Aligner ASP (YoY change) growth 1% (Q4'26)
Next report
October 28, 2026; average EPS estimate $3.05

Align Technology's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week+1.2%
  • 1 month+7.2%
  • This year-1.3%
  • 1 year+11.8%
  • 5 years-77.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.1B
Operating margin
13.2%
Net margin
10.0%
EPS (TTM, diluted)
$5.76

Growth

Revenue growth
+4.4%
Change in growth rate
+1.5 pts
Share count change
−2.8%

Cash

Free cash flow (TTM)
$634M
FCF margin
15.3%
Stock pay % of revenue
4.3%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Leadership
  5. Announcement
  6. Results
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Align Technology valuation models and calculator

What the price is pricing in

The share price implies about 9.0% a year of cash-flow growth for five years.That is faster than the 0.9% a year revenue growth Align Technology has delivered.

  • Priced in9.0%
  • Last 12 months4.4%
  • 3 years a year3.5%
  • 5 years a year0.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($152.29, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$120
Price used
$152.29close November 3, 2026
Implied change
▼ 24%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Align Technology's free cash flow after stock-based pay with after-tax interest added back ($394M, FY2026 Q2 TTM), growing 1.8% and 3.7% in the next two years (forecasts, guidance and its record), then back to 3.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$90–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Align Technology's free cash flow after stock-based pay ( $394M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Align Technology as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$90–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$140–$320 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$81 ~$55–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$80 ~$70–$95 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$80–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Align Technology with Health Care Supplies in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −4%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $95$124$162$211$276$360
8.5% $77$97$124$160$206$266
10% $65$81$102$129$165$210

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$65.85$96.13$222.19$209.43$279.04$534.38$657.18$210.90$274.00$208.51$156.15$154.13
Market value$5.4bn$7.8bn$18.2bn$17.0bn$22.4bn$42.3bn$52.4bn$16.5bn$21.0bn$15.6bn$11.3bn$11.1bn
+ Net debt (− = net cash)−$168m−$389m−$450m−$637m−$550m−$961m−$1.1bn−$942m−$937m−$1.0bn−$1.1bn−$1.1bn
Enterprise value$5.2bn$7.4bn$17.7bn$16.4bn$21.8bn$41.4bn$51.3bn$15.6bn$20.0bn$14.6bn$10.2bn$10.0bn
Multiples
Price / sales 6.3x7.3x12.3x8.7x9.3x17.1x13.2x4.4x5.4x3.9x2.8x2.7x
Price / earnings 37.3x41.3x78.6x42.6x50.5x23.8x67.8x45.7x47.1x37.1x27.6x26.8x
Price / free cash flow 29.1x44.2x74.9x51.4x37.4x83.5x67.9x59.7x34.5x25.1x23.1x17.5x
EV / EBITDA 25.2x27.3x45.3x31.5x35.1x86.1x47.2x20.3x25.5x19.4x13.1x12.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

85 /100

Strong moat

How hard Align Technology's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.7% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 71.7%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 19.0%; its worst year was 12.7%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.6% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 9.8% over five years; stock-based pay has been a median 4.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.08 +5% $4.1bn +2%
Next $12.34 +11% $4.3bn +3%

Next year's EPS estimate has moved −1.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.9% on 90 days ago. In the last 30 days, 0 analysts raised Align Technology's forecast and 2 cut it.

Consensus EPS forecast Align Technology, last 90 days
$11.00 $11.50 $12.00 $12.50 $13.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.30 Current fiscal year, 60 days ago: $11.29 Current fiscal year, 30 days ago: $11.29 Current fiscal year, 7 days ago: $11.22 Current fiscal year, Now: $11.08 $11.08 Next fiscal year, 90 days ago: $12.52 Next fiscal year, 60 days ago: $12.55 Next fiscal year, 30 days ago: $12.51 Next fiscal year, 7 days ago: $12.40 Next fiscal year, Now: $12.34 $12.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.30$12.52
60 days ago $11.29$12.55
30 days ago $11.29$12.51
7 days ago $11.22$12.40
Now $11.08$12.34

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.76 $2.80 +1.3%
Jun 2026 $2.60 $2.64 +1.7%
Mar 2026 $2.29 $2.58 +12.8%
Dec 2025 $2.97 $3.29 +10.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • worldwide revenue Fiscal 2026 $4,110m to $4,130m
    “We expect 2026 worldwide revenue to be approximately in the range of $4,110M to $4,130M.” source
  • worldwide revenues Q4'26 $1,000m to $1,020m
    “We expect Q4'26 worldwide revenues to be in the range of $1,000M to $1,020M.” source
  • GAAP Operating Margin Fiscal 2026 about 16.2% GAAP Raised vs 15.1 to 15.6
    “We expect 2026 GAAP Operating Margin to be approximately 16.2%, up approximately 2.7 points year-over-year.” source
  • non-GAAP Operating Margin Fiscal 2026 about 23.7% Non-GAAP Maintained
    “We expect 2026 non-GAAP Operating Margin to be approximately 23.7%, a 100-basis point improvement year-over-year consistent with our previous guidance.” source
  • GAAP operating margin (Fiscal 2026 outlook reconciliation) Fiscal 2026 Outlook 16.1% to 16.2% GAAP Raised vs 15.1 to 15.6
    “GAAP operating margin ~16.1%-16.2%” source
  • FY2027 operating margin improvement (GAAP and non-GAAP) fiscal 2027 about 100
    “our expectation that our fiscal 2027 GAAP and non-GAAP operating margins will improve by approximately 100 basis points year-over-year.” source
Show 11 more items
  • GAAP Gross Margin Q4'26 about 71% GAAP
    “We expect Q4'26 GAAP Gross Margin to be approximately 71.0%.” source
  • non-GAAP Gross Margin Q4'26 about 72% Non-GAAP
    “We expect Q4'26 non-GAAP Gross Margin to be approximately 72.0%.” source
  • GAAP Operating Margin Q4'26 about 20% GAAP
    “We expect Q4'26 GAAP Operating Margin to be approximately 20.0%.” source
  • non-GAAP Operating Margin Q4'26 about 26% Non-GAAP
    “We expect Q4'26 non-GAAP Operating Margin to be approximately 26.0%.” source
  • GAAP gross margin (Q4'26 outlook reconciliation) Q4 2026 Outlook 71.1% to 71.4% GAAP
    “GAAP gross margin ~71.1%-71.4%” source
  • GAAP operating margin (Q4'26 outlook reconciliation) Q4 2026 Outlook 19.6% to 20% GAAP
    “GAAP operating margin ~19.6%-20.0%” source
  • Clear Aligner volume and revenue growth Fiscal 2026 5% growth to 6% growth
    “We expect 2026 Clear Aligner volume and revenue growth to be up approximately 5% to 6% year-over-year” source
  • Systems & Services revenue · Systems and Services Fiscal 2026 $715m to $725m
    “We expect 2026 Systems & Services revenue to be $715M to $725M.” source
  • investments in capital expenditures fiscal 2026 $125m to $150m Maintained vs 125m to 150m
    “We expect our investments in capital expenditures for fiscal 2026 to be $125M to $150M.” source
  • Clear Aligner ASP (YoY change) Q4'26 about 1% growth
    “We expect Q4'26 Clear Aligner volume to be up low single-digits year-over-year and Q4'26 Clear Aligner ASP to be down approximately 1% year-over-year.” source
  • Systems & Services revenue · Systems and Services Q4'26 $170m to $180m
    “We expect Q4'26 Systems & Services revenue to be in the range of $170M to $180M.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Align Technology's revenue by +1.8% next year and +3.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.2%, weight 46%) , management guidance (+1.1%, weight 32%) and the company's own record (+3.9%, weight 22%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy850%
Hold744%
Sell16%

Monthly trend

  1. Oct 202635716
  2. Sep 202637516
  3. Aug 202638517
  4. Jul 202628516

Counts of recommendations published by analysts covering Align Technology, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.7%
of tradable shares
Days to cover
4.23
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
6.1%
of shares
Employees
20,290
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +11.8%

$137.88 on October 31, 2025 to $154.13

ThenNowEffect
Revenue (last 12 months) $4.0bn $4.1bn +4.4%
Net margin 11.0% 10.0% −9.5%
P/E multiple 23.3x 26.8x +14.9%
Share count 74m 72m +2.9%

Biggest factor: p/e multiple.

Last 3 years −21.9%

$197.44 on November 3, 2023 to $154.13

ThenNowEffect
Revenue (last 12 months) $3.7bn $4.1bn +10.8%
Net margin 8.4% 10.0% +18.9%
P/E multiple 48.7x 26.8x −45.0%
Share count 77m 72m +7.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ALGN+23%−68%+30%−24%−25%−1%
Industry peers (median)+13%−45%+30%−5%−13%−19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ALGN50%33%58%42%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ALGN−20%−73%−53%−38%−47%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 83% from September 8, 2021 to September 25, 2025. Getting back needed a 485% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$132.28 – $197.51
From 52-week high
−22.0%
vs 50-day average
+2.6%
vs 200-day average
−8.7%
Volatility (1 year)
39%
Beta vs S&P 500
1.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.2%
After a week
3 up, 8 down
typical move ±8.7%
After a month
5 up, 6 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +1.2% 0.0% — —
July 29, 2026 −1.2% +0.1% −0.4% −9.5%
April 29, 2026 −0.7% +1.0% −1.9% −1.3%
February 4, 2026 +11.8% −1.7% +25.8% +10.8%
October 29, 2025 +4.0% −1.1% +3.1% +10.6%
July 30, 2025 −37.3% −0.5% −33.5% −31.4%
April 30, 2025 −0.6% +0.7% −3.1% +1.8%
February 5, 2025 +1.7% +0.8% −4.4% −19.1%
October 23, 2024 +2.7% −0.7% 0.0% +8.3%
July 24, 2024 −9.8% −2.8% −7.5% −8.8%
April 24, 2024 −0.4% −0.4% −8.8% −19.1%
January 31, 2024 +3.3% −0.3% +7.6% +13.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Align Technology’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.45× the last 60 days’ realised volatility , richer than 88% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.45x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ALGN Align Technology Grade B $152.89

Own 100 shares, sell the $165 call expiring December 18, 2026 (46 days) for $4.30 a share — $430 per contract.

Previous session · Bid $4.30, ask $5.30, quoted Mon 2 Nov, 17:14 New York time with ALGN at $152.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If ALGN ends below $165: you keep your shares and the $430 — 2.8% extra on the position, 22.3% a year at that pace.
  • If it ends above $165: your shares are sold at $165, a total return of 10.7% including the premium — at or above our value of ~$120.
$1.6k $0 −$3.0k Our value $120 Break-even $148.59 Price $152.89
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$430
Annualised
22.3%
Break-even
$148.59
Max gain
$1,641
Chance of selling
~35%

Collar

Own the shares, buy the $150 put and sell the $165 call, both expiring December 18, 2026 (46 days).

  • Net cost of $3.20 a share ($320 per contract of 100 shares).
  • Worst case at expiry: -4.0%, if the shares fall below $150 (-1.9% from today).
  • Best case at expiry: +5.8%, if the shares rise above $165 (+7.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Align Technology in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Align Technology
$3.8B $3.9B $4B $4.1B $4.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.8B Revenue (TTM), FY23 Q4: $3.9B Revenue (TTM), FY24 Q1: $3.9B Revenue (TTM), FY24 Q2: $3.9B Revenue (TTM), FY24 Q3: $4B Revenue (TTM), FY24 Q4: $4B Revenue (TTM), FY25 Q1: $4B Revenue (TTM), FY25 Q2: $4B Revenue (TTM), FY25 Q3: $4B Revenue (TTM), FY25 Q4: $4B Revenue (TTM), FY26 Q1: $4.1B Revenue (TTM), FY26 Q2: $4.1B $4.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.8B
FY23 Q4 $3.9B
FY24 Q1 $3.9B
FY24 Q2 $3.9B
FY24 Q3 $4B
FY24 Q4 $4B
FY25 Q1 $4B
FY25 Q2 $4B
FY25 Q3 $4B
FY25 Q4 $4B
FY26 Q1 $4.1B
FY26 Q2 $4.1B
Revenue growth, TTM YoY Align Technology
-2% 0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.5% Revenue growth, TTM YoY, FY23 Q4: 3.4% Revenue growth, TTM YoY, FY24 Q1: 5.7% Revenue growth, TTM YoY, FY24 Q2: 5.5% Revenue growth, TTM YoY, FY24 Q3: 4.0% Revenue growth, TTM YoY, FY24 Q4: 3.5% Revenue growth, TTM YoY, FY25 Q1: 1.6% Revenue growth, TTM YoY, FY25 Q2: 0.6% Revenue growth, TTM YoY, FY25 Q3: 0.6% Revenue growth, TTM YoY, FY25 Q4: 0.9% Revenue growth, TTM YoY, FY26 Q1: 2.9% Revenue growth, TTM YoY, FY26 Q2: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.5%
FY23 Q4 3.4%
FY24 Q1 5.7%
FY24 Q2 5.5%
FY24 Q3 4.0%
FY24 Q4 3.5%
FY25 Q1 1.6%
FY25 Q2 0.6%
FY25 Q3 0.6%
FY25 Q4 0.9%
FY26 Q1 2.9%
FY26 Q2 4.4%
Operating margin (TTM) Align Technology
13% 14% 15% 16% 17% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.4% Operating margin (TTM), FY23 Q4: 16.7% Operating margin (TTM), FY24 Q1: 17.0% Operating margin (TTM), FY24 Q2: 16.2% Operating margin (TTM), FY24 Q3: 16.0% Operating margin (TTM), FY24 Q4: 15.2% Operating margin (TTM), FY25 Q1: 14.7% Operating margin (TTM), FY25 Q2: 15.1% Operating margin (TTM), FY25 Q3: 13.4% Operating margin (TTM), FY25 Q4: 13.5% Operating margin (TTM), FY26 Q1: 13.6% Operating margin (TTM), FY26 Q2: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 15.4%
FY23 Q4 16.7%
FY24 Q1 17.0%
FY24 Q2 16.2%
FY24 Q3 16.0%
FY24 Q4 15.2%
FY25 Q1 14.7%
FY25 Q2 15.1%
FY25 Q3 13.4%
FY25 Q4 13.5%
FY26 Q1 13.6%
FY26 Q2 13.2%
FCF margin (TTM) Align Technology
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 18.0% FCF margin (TTM), FY23 Q4: 15.7% FCF margin (TTM), FY24 Q1: 12.6% FCF margin (TTM), FY24 Q2: 10.3% FCF margin (TTM), FY24 Q3: 9.4% FCF margin (TTM), FY24 Q4: 15.6% FCF margin (TTM), FY25 Q1: 15.8% FCF margin (TTM), FY25 Q2: 15.9% FCF margin (TTM), FY25 Q3: 14.2% FCF margin (TTM), FY25 Q4: 12.2% FCF margin (TTM), FY26 Q1: 14.3% FCF margin (TTM), FY26 Q2: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 18.0%
FY23 Q4 15.7%
FY24 Q1 12.6%
FY24 Q2 10.3%
FY24 Q3 9.4%
FY24 Q4 15.6%
FY25 Q1 15.8%
FY25 Q2 15.9%
FY25 Q3 14.2%
FY25 Q4 12.2%
FY26 Q1 14.3%
FY26 Q2 15.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Align Technology took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4B
  2. Other income $39.5M · 1.0%
  3. Cost of revenue $1.3B · 32.8%
  4. Gross profit $2.7B · 67.2%
  5. Research and development $370M · 9.2%
  6. Selling, general and admin $1.8B · 43.5%
  7. Other operating costs $39.6M · 1.0%
  8. Operating income $546M · 13.5%
  9. Income tax $175M · 4.3%
  10. Net income $410M · 10.2%

Shares of revenue. Source: Align Technology's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 312 387 480 560 660 762 845 1,080 1,473 1,966 2,407 2,472 3,953 3,735 3,862 3,999 4,035 4,140
Gross profit 233 303 361 416 498 578 640 815 1,117 1,448 1,744 1,763 2,935 2,634 2,707 2,799 2,711 2,817
EBITDA −24 114 102 103 111 211 207 273 391 521 621 481 1,085 768 786 753 783 802
Operating income −34 103 90 86 94 194 189 249 354 467 542 387 976 643 643 608 546 548
Net income −31 74 67 59 64 146 144 190 231 400 443 1,776 772 362 445 421 410 414
Diluted EPS −$0.45 $0.95 $0.83 $0.71 $0.78 $1.77 $1.77 $2.33 $2.83 $4.92 $5.53 $22.41 $9.69 $4.61 $5.81 $5.62 $5.65 $5.76
Growth (year on year)
Revenue +2.7% +23.9% +23.9% +16.7% +17.9% +15.4% +11.0% +27.7% +36.4% +33.5% +22.4% +2.7% +59.9% −5.5% +3.4% +3.5% +0.9% +4.4%
EBITDA −193.4% — −10.2% +0.9% +7.4% +90.4% −2.3% +32.1% +43.4% +33.2% +19.2% −22.7% +125.7% −29.2% +2.3% −4.2% +4.1% +6.1%
Operating income −319.2% — −12.0% −5.3% +10.1% +105.5% −2.6% +32.0% +42.1% +31.9% +16.3% −28.6% +152.2% −34.2% +0.1% −5.6% −10.2% −8.8%
Net income −139.1% — −10.2% −12.0% +9.5% +126.8% −1.2% +31.7% +22.0% +72.9% +10.6% +301.1% −56.5% −53.2% +23.1% −5.3% −2.6% −5.5%
Diluted EPS −138.1% — −12.6% −14.5% +9.9% +126.9% 0.0% +31.6% +21.5% +73.9% +12.4% +305.2% −56.8% −52.4% +26.0% −3.3% +0.5% −2.7%
Margins
Gross margin 74.8% 78.4% 75.3% 74.3% 75.4% 75.9% 75.7% 75.5% 75.8% 73.6% 72.5% 71.3% 74.3% 70.5% 70.1% 70.0% 67.2% 68.0%
EBITDA margin −7.6% 29.5% 21.4% 18.5% 16.8% 27.8% 24.4% 25.3% 26.6% 26.5% 25.8% 19.4% 27.5% 20.6% 20.3% 18.8% 19.4% 19.4%
Operating margin −10.9% 26.5% 18.8% 15.3% 14.3% 25.4% 22.3% 23.1% 24.0% 23.7% 22.5% 15.7% 24.7% 17.2% 16.7% 15.2% 13.5% 13.2%
Net margin −10.0% 19.2% 13.9% 10.5% 9.7% 19.1% 17.0% 17.6% 15.7% 20.4% 18.4% 71.8% 19.5% 9.7% 11.5% 10.5% 10.2% 10.0%
Free-cash-flow margin 21.4% 28.8% 20.9% 17.0% 25.2% 26.6% 21.8% 16.4% 16.5% 16.9% 24.8% 20.5% 19.5% 7.4% 15.7% 15.6% 12.2% 15.3%
Cash flow
Cash from operations 74 130 130 134 186 227 238 248 439 555 747 662 1,173 569 786 738 593 756
Capital spending 7 18 30 38 19 24 53 71 196 223 150 155 401 292 178 116 102 122
Free cash flow 67 111 100 95 167 203 185 177 243 331 598 507 771 277 608 623 491 634
Stock-based pay 15 16 19 21 26 40 53 54 59 71 88 98 114 133 154 174 186 179
Free cash flow after stock pay 52 95 81 74 140 163 132 123 184 261 509 409 657 143 454 449 305 454
Balance sheet
Cash 166 295 306 306 243 200 168 389 450 637 550 961 1,099 942 937 1,044 1,095 1,103
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −166 −295 −306 −306 −243 −200 −168 −389 −450 −637 −550 −961 −1,099 −942 −937 −1,044 −1,095 −1,103
Diluted shares 69m 78m 80m 83m 83m 82m 82m 81m 82m 81m 80m 79m 80m 78m 77m 75m 73m 72m
Returned to shareholders
Buybacks — 0 8 47 95 98 102 96 104 300 400 0 375 435 592 353 466 267
Total returned — 0 8 47 95 98 102 96 104 300 400 0 375 435 592 353 466 267

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $6.4bn
Short-term assets $2.7bnLonger-term assets $3.8bn
What it owes, and who funded it · $6.4bn
Short-term liabilities $1.9bnLonger-term liabilities $277mShareholders' equity $4.2bn
  • Short-term assets cover short-term liabilities $2.7bn of assets due within a year against $1.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.7bn short-term assets against $277m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Align Technology's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$267M
Returned to shareholders
42%
of free cash flow
Buybacks, last 3 fiscal years
$1.4B
Diluted share count
−2.8%
year over year
Total shareholder yield
2.4%
dividends 0.0% + buybacks 2.4% of market value
R&D spending
9.1%
of revenue
Sales & admin spending
43.2%
of revenue
Days sales outstanding
101 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care supplies
Last 12 months unless stated ALGN COO XRAY WST NVST ICUI Median
Revenue, last 12 months $4.1bn $4.2bn $3.6bn $3.4bn $2.9bn $2.2bn $1.0bn
Revenue growth, last 12 months 4.4% 4.7% −0.8% 12.6% 11.9% −9.0% 3.4%
Revenue growth, 3-year average 3.5% 6.4% −2.5% 5.1% 3.4% −2.0% 0.0%
Revenue growth, latest quarter 4.3% 0.6% −4.1% 8.7% 7.1% 0.5% 0.6%
Gross margin 68.0% 65.9% 49.5% 37.6% 55.2% 39.1% 52.9%
Operating margin 13.2% 12.8% −8.5% 23.0% 9.6% 3.3% 3.3%
Operating margin, 3-year average 14.9% 16.0% −12.9% 20.8% −10.9% 2.2% 2.2%
Net margin 10.0% 13.5% −15.0% 18.8% 3.3% 1.4% 1.4%
Cash from operations / revenue 18.3% 24.4% 8.8% 19.3% 10.6% 10.9% 10.6%
Free-cash-flow margin 15.3% 16.0% 3.9% 13.3% 8.7% 6.7% 6.7%
Free-cash-flow margin, 3-year average 13.8% 10.4% 5.7% 12.4% 10.0% 5.2% 9.8%
Stock pay / revenue 4.3% 1.6% 0.9% 0.8% 1.4% 2.5% 2.5%
Change in share count −2.8% −2.4% 0.1% −1.5% −3.3% 2.5% −0.4%

Median of all 13 companies we cover in health care supplies. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 health care supplies companies
Measure Company Peer median Rank
Revenue growth Growth 4.4% 3.4% 6 of 13
Change in growth rate Growth +1.5pp -0.3pp 4 of 13
Gross margin Profitability 68.0% 52.9% 3 of 13
Operating margin Profitability 13.2% 3.3% 4 of 13
Net margin Profitability 10.0% 1.4% 4 of 13
Free-cash-flow margin Cash generation 15.3% 6.7% 3 of 13
Stock pay as % of revenue Cash generation 4.3% 2.5% 10 of 13
Change in share count Balance sheet -2.8% 0.1% 3 of 12
Days sales outstanding Balance sheet 101 days 65 days 11 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $1.7B 41.2% ▼ 2.0%
Other International $1.5B 36.0% ▲ 10.1%
Switzerland $921M 22.8% ▼ 6.4%

From Align Technology's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.3B
Institutions reporting
670
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
64 / 79

Top buyers and sellers, Q2 2026: 283 institutions bought and 345 sold ; the biggest buyer was Goldman Sachs Group Inc (+1.6M shares) and the biggest seller Capital World Investors (−650K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $745M 4.4M 6.1% ▲ 3.0%
Vanguard Capital Management LLC $742M 4.4M 6.0% ▲ 0.3%
FMR LLC $685M 4.1M 5.6% ▲ 50.4%
Capital International Investors $682M 4.0M 5.5% ▲ 6.2%
Capital World Investors $577M 3.4M 4.7% ▼ 16.0%
Goldman Sachs Group Inc $569M 3.4M 4.6% ▲ 87.8%
Vanguard Portfolio Management LLC $528M 3.1M 4.3% ▼ 0.6%
State Street Corp $432M 2.6M 3.5% ▲ 1.7%
Geode Capital Management, LLC $378M 2.2M 3.1% ▲ 25.4%
Ninety One Uk Ltd $373M 2.2M 3.0% ▼ 0.8%
UBS Group AG $358M 2.1M 2.9% ▲ 51.2%
Kayne Anderson Rudnick Investment Management LLC $292M 1.7M 2.4% ▼ 8.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Align Technology's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.5M 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $1.5M net selling
Insider Date Trade Shares Price Value
Morici John EVP, CHIEF FINANCIAL OFFICER February 18, 2026 Sell 7,969 $189.31 $1.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 36 trades and filings

No trades in Align Technology disclosed in the last 12 months; 36 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Align Technology was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Align Technology in brief

What does Align Technology do?
Align Technology is a US-listed company in the health care supplies industry. Its financial year ends in December.
What is Align Technology's stock ticker?
Align Technology trades under the ticker ALGN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Align Technology's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Align Technology reported revenue of $4.1B, 4.4% higher than a year earlier, according to its SEC filings.
What is Align Technology's free cash flow?
Align Technology's free-cash-flow margin is 15.3% of revenue over the trailing twelve months, ranking 3 of the 13 health care supplies companies we cover.
What is Align Technology's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Align Technology's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$90–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Align Technology's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Align Technology buying back stock, and does it pay a dividend?
Align Technology spent $267M on share repurchases over the trailing twelve months, and its diluted share count fell 2.8% over the year.
What is Align Technology's market cap?
On November 2, 2026, Align Technology's market capitalisation was about $11.1B, with a price-to-earnings ratio of 26.8 and net debt of -$1.1B. Market figures come from third-party market data and may be delayed.
Who are Align Technology's competitors?
In our Health Care Supplies peer group, the companies closest to Align Technology are The Cooper Companies, Dentsply Sirona Inc., West Pharmaceutical Services, Envista Holdings Corp and ICU Medical Inc. The side-by-side comparison below sets their revenue, margins and growth against Align Technology's.
Are insiders buying or selling Align Technology stock?
Over the last 12 months, Align Technology's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Align Technology's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Align Technology announces its own schedule.