— Know what they know.
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Not Investment Advice

ALGN

NASDAQ · USD
Align Technology, Inc.
Healthcare · Medical - Devices
CEO Joseph Hogan Employees 20,290 R&D / revenue 9.2%
Last price
$147.31−1.36%last session
Market cap
$10.5B
P/E (TTM)
25.6x
From 52w high
−26.5%
From 52w low
+14.5%
1-year return
+13.5%
RSI 14 · vs SMA200
49.8 · −13.1%
IS score
63.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ALGN   SPY   XLV (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116ALGN 113

Score DNA

Each bar is a 0-100 score within the scored universe
49
Profitability
38
Growth
41
Value
69
Momentum
100
Risk (safety)
80
Quality
89
Balance sheet
64
Earnings quality

Flags

Strengths
✓ Net cash✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for ALGN (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Cost AdvantagePiotroski 7 / 9Altman Z 5.0Beta 1.642 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 1, $1.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−13
76 new holders, 80 closed
678 filers hold 102.8% · 218 added, 271 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+79
522 funds adding shares
443 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
66.5%
20-day avg 64.2%, 50-day avg 63.4%
Latest 2.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.0B
Revenue growth YoY+0.9%
Gross margin68.3%
Operating income$616.2M
Operating margin15.3%
Net income$410.4M
Net margin10.2%
EPS (diluted)$5.65
Cash flow
Operating cash flow$593.2M
Capital expenditure$102.4M
Free cash flow$490.8M
FCF conversion (FCF / OCF)82.7%
Stock-based compensation$0
FCF less SBC$490.8M
Buybacks$465.9M
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.1B
Total debt$31.9M
Net cash$1.1B
Shareholders' equity$4.0B
Goodwill & intangibles$585.8M
Debt / equity0.03
ROE (TTM)10.1%
ROIC (TTM)8.8%
Operating margin by fiscal year
24.7%FY202117.2%FY202216.7%FY202315.2%FY202413.6%FY2025
Revenue $4.0B (FY2021) to $4.0B (FY2025), a 0.5% CAGR.

Valuation

P/E (TTM)25.6x
EV / EBITDA12.1x
Price / sales2.53x
Price / FCF13.8x
FCF yield7.22%
Buyback yield4.45%
SBC / revenue4.5%
Price / book2.49x
Forward P/E FY202613.1x
Forward P/E FY202711.9x
Forward P/E FY202810.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $185.25 across 4 analysts last quarter is theirs, not ours.

ALGN vs industry median

318 companies in Medical - Devices
Gross margin 66.5% 57.3% Operating margin 13.3% -22.8% Net margin 10.0% -23.0% ROIC 8.8% -5.0%
ALGN (TTM)Industry median Asset turnover 0.65 vs industry 0.55 · financial leverage 1.52

Earnings delivery

Next report 2026-10-28 · consensus EPS $2.78
83%
beat rate, 10 of 12 quarters
+5.0%
median EPS surprise
6
longest beat streak
-5+11+9+3+2+0+7-3+9+10+14+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ALGN Align Technology, Inc. $10.5B25.6x10.1%10.0%+0.9% +13.5%
GMED Globus Medical, Inc. $10.3B19.3x11.8%19.2%+19.7% +30.9%
PODD Insulet Corp. $9.8B26.3x26.0%11.8%+29.4% −55.4%
GKOS Glaukos Corporation $9.7Bn/m-26.0%-9.9%+41.5% +93.2%
BIO Bio-Rad Laboratories, Inc. $9.5B42.5x3.1%57.1%+1.4% +13.2%
MASI Masimo Corporation $9.4B125.0x8.8%14.1%−14.4% —
SNN Smith & Nephew plc $12.2B19.0x21.7%9.8%+11.5% —
PEN Penumbra, Inc. $12.6B78.4x11.4%8.9%+17.6% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-31Officer/Director Change; Exhibits
2026-07-29Earnings Release; Exhibits
2026-07-29Regulation FD; Exhibits
2026-07-09Officer/Director Change
2026-06-22Officer/Director Change; Regulation FD; Exhibits
2026-05-20Shareholder Vote; Exhibits

Context

Shares outstanding71,039,900
Free float94.1%
Institutional ownership102.8%
Beta1.64
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$154.75 / $169.57
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ALGN sits among 61 scored companies in Medical - Devices (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureALGNIndustry medianIndustry percentileSector median
P/E (TTM) 25.3x 25.7x
48th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 2.09 1.33
67th		 1.28
Price / sales 2.5x 3.3x
38th		 3.7x
Price / book 2.5x 3.5x
38th		 3.6x
Price / tangible book 3.3x 5.7x
24th		 5.8x
Price / free cash flow 13.8x 26.8x
19th		 21.2x
Price / operating cash flow 13.8x 19.5x
23rd		 17.1x
Enterprise value $9.5B $2.0B
75th		 $2.5B
EV / sales 2.3x 3.5x
27th		 3.8x
EV / EBITDA 13.1x 18.6x
37th		 16.2x
EV / EBIT 16.7x 24.7x
24th		 23.0x
EV / free cash flow 12.5x 27.6x
8th		 24.6x
Earnings yield 4.0% -0.7%
78th		 -0.3%
FCF yield 7.2% 1.9%
88th		 1.7%
Operating cash flow yield 7.2% 3.4%
83rd		 2.9%
Graham number (per share) $87.61 $42.90
85th		 $26.70

Profitability (TTM)

MeasureALGNIndustry medianIndustry percentileSector median
Gross margin 66.5% 63.7%
55th		 65.1%
EBITDA margin 17.6% 9.3%
70th		 6.6%
Operating margin 13.3% 4.0%
73rd		 3.5%
EBIT margin 13.7% 1.4%
73rd		 2.4%
Net margin 10.0% -1.7%
75th		 0.3%
NOPAT margin 9.7% 0.1%
65th		 2.7%
FCF margin 18.3% 3.0%
85th		 4.3%
Operating cash flow margin 18.3% 8.5%
72nd		 7.1%
R&D / revenue 9.1% 10.1%
44th		 12.4%
SG&A / revenue 43.2% 46.6%
47th		 37.9%
Stock comp / revenue 4.5% 3.5%
53rd		 4.5%
Effective tax rate 27.3% 21.0%
86th		 21.0%

Returns on capital

MeasureALGNIndustry medianIndustry percentileSector median
ROE (on average equity) 10.2% -1.7%
68th		 0.8%
ROA 6.5% -1.1%
73rd		 -0.3%
ROIC 12.3% 1.1%
76th		 5.5%
ROCE 12.6% 1.6%
83rd		 2.3%
Return on tangible assets 9.0% 1.0%
80th		 1.7%
Cash ROIC (OCF / invested capital) 23.2% 7.0%
83rd		 9.7%
Gross profitability (GP / assets) 42.9% 36.4%
60th		 29.9%
ROIC, 3-yr average 11.7% -1.0%
84th		 2.6%
ROIC, 5-yr average 15.9% -0.4%
86th		 3.2%
ROE, 5-yr average 11.7% -4.8%
75th		 -4.9%
Incremental ROIC 26.2% 19.9%
51st		 17.2%

Growth

MeasureALGNIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.4% 11.5%
29th		 10.5%
Revenue growth (QoQ) 1.5% 7.8%
15th		 7.2%
Revenue CAGR, 3 yr 3.5% 11.6%
17th		 10.7%
Revenue CAGR, 5 yr 3.6% 12.8%
17th		 12.1%
Gross profit CAGR, 3 yr 1.8% 12.8%
15th		 10.6%
Operating income CAGR, 3 yr -0.6% 12.0%
20th		 11.7%
Net income growth (TTM YoY) -5.5% 8.7%
38th		 17.5%
Net income CAGR, 3 yr 9.6% 13.1%
40th		 11.3%
EPS growth (TTM YoY) -4.2% 7.8%
38th		 19.2%
EPS CAGR, 3 yr 12.1% 14.5%
40th		 14.0%
EPS CAGR, 5 yr -8.0% 9.1%
10th		 8.1%
FCF growth (TTM YoY) 11.4% 16.8%
43rd		 18.6%
FCF CAGR, 3 yr 7.3% 32.2%
15th		 15.4%
Operating cash flow CAGR, 3 yr -4.3% 18.3%
13th		 11.9%
Book value CAGR, 3 yr 7.6% 5.2%
55th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 10.2% 10.9%
44th		 12.2%

Margin history & stability

MeasureALGNIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 68.7% 64.5%
66th		 62.6%
Operating margin, 3-yr average 14.9% 4.3%
77th		 1.0%
Net margin, 3-yr average 10.8% -5.8%
75th		 -2.6%
FCF margin, 3-yr average 15.2% 2.8%
83rd		 3.2%
Revenue stability (0-1) 0.98 0.90
81st		 0.80
Earnings stability (0-1) 0.47 0.30
66th		 0.37
Margin stability (0-1) 0.96 0.96
58th		 0.93

Liquidity (latest quarter)

MeasureALGNIndustry medianIndustry percentileSector median
Cash & short-term investments $1.1B $184.9M
87th		 $330.9M
Net cash (− = net debt) $981.7M −$37.3M
98th		 $8.4M
Working capital $754.5M $318.0M
73rd		 $381.1M
Current ratio 1.40 3.35
10th		 3.02
Quick ratio 1.28 2.33
25th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.58 0.87
33rd		 1.43
Defensive interval (days) 373 days 324 days
67th		 415 days

Leverage & solvency (latest quarter)

MeasureALGNIndustry medianIndustry percentileSector median
Total debt $120.8M $263.7M
40th		 $289.1M
Debt / equity 0.03 0.54
11th		 0.45
Net debt / equity −0.23 0.28
35th		 −0.13
Debt / assets 1.9% 27.9%
7th		 24.4%
Debt / capital 2.8% 35.1%
11th		 31.1%
Debt / EBITDA 0.17 2.56
8th		 2.62
Net debt / EBITDA −1.35 2.08
16th		 1.42
Interest coverage (EBIT / interest) 363.7x 0.4x
96th		 2.1x
Cash interest coverage 483.2x 3.2x
96th		 3.6x
Debt payback (years of OCF) 0.2 yrs 3.4 yrs
9th		 2.7 yrs
Liabilities / assets 34.0% 49.8%
37th		 49.8%
IS credit model rating AAA — —
Implied credit spread (bps) 50 225
0th		 225

Efficiency

MeasureALGNIndustry medianIndustry percentileSector median
Asset turnover 0.66 0.60
55th		 0.56
Fixed asset turnover 3.72 4.84
26th		 4.87
Inventory turnover 6.1 1.8
95th		 2.7
Receivables turnover 3.7 6.4
5th		 6.4
Days sales outstanding 100 days 57 days
95th		 57 days
Days inventory outstanding 60 days 207 days
5th		 136 days
Days payables outstanding 29 days 59 days
12th		 59 days
Cash conversion cycle (days) 130 days 214 days
28th		 70 days
Capex / revenue 0.0% 3.6%
0th		 2.6%
Capex / depreciation 0.00 0.67
0th		 0.55
Operating expense ratio 53.5% 57.4%
36th		 56.5%

Cash flow & earnings quality

MeasureALGNIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.83 1.65
74th		 1.61
FCF / net income 1.83 1.30
85th		 1.36
FCF / operating cash flow 100.0% 63.6%
100th		 81.2%
Capex / operating cash flow 0.0% 36.4%
0th		 18.8%
Accruals ratio -5.4% -5.2%
48th		 -5.4%
Sloan accruals ratio 2.3% -1.3%
72nd		 -1.3%
Earnings quality score (0-1) 0.75 1.00
4th		 0.75

Dividends & buybacks

MeasureALGNIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.9% 0.0%
68th		 0.0%
Shareholder yield (dividends + buybacks) 0.9% 0.0%
65th		 0.0%
Share count change (YoY) -1.3% 1.4%
21st		 2.0%
Buybacks, last 5 years $1.8B $0
90th		 $0

Scores & forensic checks

MeasureALGNIndustry medianIndustry percentileSector median
IS score 64 41
82nd		 46
IS profitability 49 20
72nd		 22
IS growth 38 60
20th		 60
IS value 41 39
57th		 39
IS momentum 69 67
52nd		 67
IS risk (safety) 100 65
62nd		 80
IS quality 80 49
80th		 49
IS balance sheet 89 50
83rd		 55
IS earnings quality 64 56
65th		 56
IS cash flow 82 32
92nd		 41
Piotroski F-score (0-9) 7 6
70th		 5
Altman Z-score 5.0 3.0
65th		 3.2
Beneish M-score −2.65 −2.67
54th		 −2.62
Ohlson O-score −9.34 −7.26
18th		 −7.16
IS credit score 96 62
95th		 62

Per share

MeasureALGNIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.77 −$0.07
93rd		 −$0.03
Book value per share $59.09 $10.13
92nd		 $7.10
Tangible book per share $50.94 $2.24
97th		 $1.91
Revenue per share $57.79 $12.68
93rd		 $9.38
FCF per share $10.55 $0.62
95th		 $0.46
Operating cash flow per share $10.55 $1.25
95th		 $0.93
Cash per share $15.39 $2.47
93rd		 $3.51

Size (TTM)

MeasureALGNIndustry medianIndustry percentileSector median
Market cap $10.5B $1.6B
83rd		 $2.4B
Revenue $4.1B $815.1M
85th		 $770.2M
EBITDA $726.6M $83.1M
80th		 $56.1M
Net income $413.6M −$7.2M
83rd		 −$3.3M
Free cash flow $755.7M $38.8M
85th		 $41.2M
Total assets $6.4B $1.1B
82nd		 $1.3B
Shareholders' equity $4.2B $496.6M
82nd		 $568.4M
Employees 20,435 1,800
92nd		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-27Blackford Quentin S.
Director
 Award / grant 1,376——1,376
2026-05-20Saia Andrea Lynn
Director
 Option exercise 1,745——17,318
2026-05-20Saia Andrea Lynn
Director
 Option exercise 1,745——0
2026-05-20Saia Andrea Lynn
Director
 Award / grant 1,836——1,836
2026-05-20Poul Mojdeh
Director
 Option exercise 1,745——3,553
2026-05-20Poul Mojdeh
Director
 Option exercise 1,745——0
2026-05-20Poul Mojdeh
Director
 Award / grant 1,836——1,836
2026-05-20Myong Anne
Director
 Option exercise 1,745——9,830
2026-05-20Myong Anne
Director
 Option exercise 1,745——0
2026-05-20Myong Anne
Director
 Award / grant 1,836——1,836
2026-05-20Larkin C Raymond Jr
Director
 Option exercise 2,326——27,454
2026-05-20Larkin C Raymond Jr
Director
 Option exercise 2,326——0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1018,512—
Option exerciseAcquired1017,729—
Option exerciseDisposed1017,729—
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 7,969 shares · $1.5M
FiledFilerShares proposedEst. proceeds
2026-02-12John Morici7,969$1.5M
2024-11-25Wright Emory2,500$582,362
2024-02-29Joseph S Lacob Tteefbo Joseph S. Lacob Rev Trustu/A/D 07-19-200715,000$4.5M
2024-02-27Joseph S Lacob Ttee Fbo Joseph S. Lacob Rev Trustu/A/D 07-19-200710,000$3.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 3 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-09-11Lisa McClainHouseSale$1,001 - $15,0002025-10-23
2023-08-22Dan SullivanSenateSale$1,001 - $15,0002023-09-22
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-18
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.4,419,366$745.4M6.22%
VANGUARD CAPITAL MANAGEMENT LLC4,401,313$742.3M6.20%
FMR LLC4,060,032$684.8M5.72%
Capital International Investors4,045,561$682.3M5.69%
Capital World Investors3,422,385$577.2M4.82%
GOLDMAN SACHS GROUP INC3,372,760$568.8M4.75%
VANGUARD PORTFOLIO MANAGEMENT LLC3,131,764$528.2M4.41%
STATE STREET CORP2,558,512$431.5M3.60%
GEODE CAPITAL MANAGEMENT, LLC2,245,315$378.2M3.16%
Ninety One UK Ltd2,209,791$372.7M3.11%
UBS Group AG2,124,333$358.3M2.99%
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC1,733,484$292.4M2.44%
DIMENSIONAL FUND ADVISORS LP1,438,900$242.7M2.03%
Invesco Ltd.1,413,567$238.4M1.99%
Ruane, Cunniff & Goldfarb L.P.1,171,455$197.6M1.65%

Institutional ownership by quarter

2023-092026-06102.8%
% of shares held by 13F filers
2023-092026-06678
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30678102.8%7621827180
2026-03-3169197.2%12324921287
2025-12-3166692.8%132216244116
2025-09-3066896.7%104250222135
2025-06-3070894.3%11225024788
2025-03-3169393.5%96266238115
2024-12-3172592.2%112217278107
2024-09-3073692.0%81256278108
2024-06-3077191.0%89255304134
2024-03-3182492.2%11430528175
2023-12-3179491.0%107270306114
2023-09-3081294.7%10629428860

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/AGordon & Llura Gund Foundation0.4%274,220
2026-08-12SCHEDULE 13G/ACapital World Investors5.0%3,571,496
2026-05-14SCHEDULE 13G/ACapital International Investors5.5%3,906,972
2026-05-14SCHEDULE 13GCapital World Investors5.9%4,218,560
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
FCNTX0.23%$399.5M
FCNKX0.23%$399.5M
VITSX0.01%$310.3M
VTSAX0.01%$310.3M
VSMPX0.01%$310.3M
VTI0.01%$310.3M

Share structure

Shares outstanding71,039,900
Float66,844,238
Free float94.1%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$4.0B$3.7B$3.9B$4.0B$4.0B
Cost of revenue$1.0B$1.1B$1.2B$1.2B$1.3B
Gross profit$2.9B$2.6B$2.7B$2.8B$2.8B
R&D$250.3M$305.3M$346.8M$364.2M$369.9M
SG&A$1.7B$1.7B$1.7B$1.8B$1.8B
Operating income$976.4M$642.6M$643.3M$607.6M$616.2M
EBITDA$1.1B$779.8M$799.1M$816.8M$765.9M
Pretax income$1.0B$599.1M$641.2M$609.0M$585.3M
Income tax$240.4M$237.5M$196.2M$187.6M$174.9M
Net income$772.0M$361.6M$445.1M$421.4M$410.4M
EPS, diluted$9.69$4.61$5.81$5.62$5.65
Diluted shares79.7M78.4M76.6M75.0M72.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.2B$999.6M$972.7M$1.0B$1.1B
Receivables$990.8M$1.0B$1.0B$1.0B$1.2B
Inventory$230.2M$338.8M$296.9M$254.3M$226.3M
Total current assets$2.5B$2.4B$2.4B$2.5B$2.6B
PP&E, net$1.2B$1.4B$1.4B$1.4B$1.2B
Goodwill & intangibles$528.3M$503.3M$501.6M$546.1M$585.8M
Total assets$5.9B$5.9B$6.1B$6.2B$6.2B
Accounts payable$163.9M$127.9M$113.1M$108.7M$121.5M
Total current liabilities$1.9B$1.9B$2.1B$2.0B$1.9B
Long-term debt$0$0$0$0$0
Total liabilities$2.3B$2.3B$2.5B$2.4B$2.2B
Shareholders' equity$3.6B$3.6B$3.6B$3.9B$4.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$772.0M$361.6M$445.1M$421.4M$410.4M
Depreciation & amortization$108.7M$125.8M$142.4M$145.0M$237.4M
Stock-based compensation$114.3M$133.4M$154.0M$173.7M$0
Change in working capital$154.2M−$84.3M−$7.9M−$72.4M−$356.0M
Operating cash flow$1.2B$568.7M$785.8M$738.2M$593.2M
Capital expenditure−$401.1M−$291.9M−$177.7M−$115.6M−$102.4M
Free cash flow$771.4M$276.8M$608.1M$622.7M$490.8M
Investing cash flow−$563.4M−$213.3M−$195.9M−$254.9M−$112.4M
Net debt issued / repaid$0$0$0$0$0
Buybacks−$375.0M−$435.0M−$592.4M−$352.9M−$465.9M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin74.3%70.5%70.1%70.0%67.3%
Operating margin24.7%17.2%16.7%15.2%13.6%
Net margin19.5%9.7%11.5%10.5%10.2%
FCF margin19.5%7.4%15.7%15.6%14.7%
ROE22.5%10.0%12.3%11.3%10.4%
ROIC28.9%14.2%16.0%14.4%12.6%
ROA14.3%6.1%7.4%6.9%6.6%
Debt / equity0.030.040.030.030.03
Interest coverage————365.2x
Current ratio1.301.261.181.221.36
Revenue growth+59.9%−5.5%+3.4%+3.5%+0.9%
EPS growth−56.5%−52.1%+26.1%−3.6%+1.1%
P/E at year end67.6x45.3x46.7x36.8x27.3x
EV / EBITDA at year end47.1x19.9x24.9x17.9x12.6x
FCF yield at year end1.48%1.69%2.93%4.01%5.29%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Clear Aligner$3.2B$3.1B$3.2B$3.2B$3.2B
Scanners And Services$705.5M$662.0M$662.9M$768.9M$789.6M

Revenue by region · FY2025

UNITED STATES$1.7B · 41%
Other International$1.5B · 36%
SWITZERLAND$920.6M · 23%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $2.78 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$4.2B$4.1B – $4.2B$11.26$10.96 – $11.661013.1x
2027$4.3B$4.2B – $4.4B$12.41$11.67 – $12.801011.9x
2028$4.5B$4.2B – $4.7B$13.54$12.34 – $15.13510.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$2.62$2.64+0.8%$1.1B$1.1B+0.4%
2026-04-29$2.26$2.58+14.2%$1.0B$1.0B+1.8%
2026-02-04$2.99$3.29+10.0%$1.0B$1.0B+1.4%
2025-10-29$2.40$2.61+8.8%$976.4M$995.7M+2.0%
2025-07-30$2.57$2.49−3.1%$1.0B$1.0B−0.9%
2025-04-30$1.99$2.13+7.0%$975.2M$979.3M+0.4%
2025-02-05$2.43$2.44+0.4%$999.2M$995.2M−0.4%
2024-10-23$2.31$2.35+1.7%$990.0M$977.9M−1.2%
2024-07-24$2.34$2.41+3.0%$1.0B$1.0B−0.9%
2024-04-24$1.97$2.14+8.6%$974.5M$997.4M+2.3%
2024-01-31$2.18$2.42+11.0%$932.5M$956.7M+2.6%
2023-10-25$2.26$2.14−5.3%$996.5M$960.2M−3.6%
2023-07-26$2.02$2.22+9.9%$991.6M$1.0B+1.1%
2023-04-26$1.69$1.82+7.7%$903.2M$943.1M+4.4%
2023-02-01$1.52$1.73+13.8%$891.8M$901.5M+1.1%
2022-10-26$2.21$1.36−38.5%$963.8M$890.3M−7.6%
2022-07-27$2.12$2.00−5.7%$984.7M$969.6M−1.5%
2022-04-27$2.22$2.13−4.1%$1.0B$973.2M−2.9%
2022-02-02$2.71$2.83+4.4%$1.0B$1.0B+0.8%
2021-10-27$2.60$2.87+10.4%$980.3M$1.0B+3.6%
2021-07-28$2.53$3.04+20.2%$980.3M$1.0B+3.1%
2021-04-28$2.02$2.49+23.3%$686.6M$894.8M+30.3%
2021-02-03$2.14$2.61+22.0%$651.2M$834.5M+28.1%
2020-10-21$0.64$2.25+251.6%$487.6M$734.1M+50.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.306-290.307-060.207-130.207-200.407-270.208-030.208-100.308-170.308-240.208-31
Week ofNotionalSharesTrades
2026-08-31$153.5M970,21141,598
2026-08-24$260.2M1,630,05737,917
2026-08-17$251.7M1,520,54347,490
2026-08-10$201.3M1,137,69435,409
2026-08-03$217.8M1,266,51638,455
2026-07-27$432.6M2,496,33960,397

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1566.5%
DateShort shareShort volumeTotal volume
2026-10-1566.5%292,999440,303
2026-10-1471.4%246,542345,170
2026-10-1379.4%382,298481,729
2026-10-1264.8%227,064350,145
2026-10-0966.3%390,526589,047
2026-10-0849.6%208,110419,456
2026-10-0768.6%183,701267,763
2026-10-0674.6%296,439397,577
2026-10-0569.4%523,966755,059
2026-10-0266.6%149,845224,932
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.9Jan+0.5Feb+0.6Mar+8.0Apr+0.6May+0.5Jun+1.0Jul-0.2Aug+3.5Sep+1.0Oct+3.8Nov+3.6Dec
MonthAvg returnUp yearsYears
Jan+1.9%55%20
Feb+0.5%55%20
Mar+0.6%52%21
Apr+8.0%60%20
May+0.6%45%20
Jun+0.5%65%20
Jul+1.0%55%20
Aug−0.2%55%20
Sep+3.5%60%20
Oct+1.0%50%20
Nov+3.8%75%20
Dec+3.6%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1449.8
MFI60.8
ADX24.6
Stochastic %K / %D75.1 / 62.4
Williams %R-34.0
CCI103
TSI / signal-15.6 / -22.9
Chaikin money flow0.13
ATR$4.38
Bollinger width9.0%
Volume vs 20-day avg0.98x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$144.75 (+1.8%)
SMA 50$154.31 (−4.5%)
SMA 200$169.51 (−13.1%)
EMA 21$146.08 (+0.8%)
EMA 50$152.72 (−3.5%)
EMA 200$164.39 (−10.4%)
Bollinger upper$151.29 (−2.6%)
Bollinger lower$138.21 (+6.6%)
Parabolic SAR$138.64 (+6.3%)
Open the live chart, 110+ indicators

About Align Technology, Inc.

Align Technology, Inc. is a medical technology enterprise that develops, produces, and markets its leading products: Invisalign transparent dental aligners and iTero digital intraoral scanners, along with related services. These offerings serve a wide range of dental professionals, including orthodontists, general dentists, and those specializing in restorative and cosmetic dentistry. The company's operations are divided into two main business units: "Clear Aligner" and "Scanners and Services." The Clear Aligner segment offers a variety of solutions. Its comprehensive products include the full Invisalign treatment for teenage patients, designed to address complex orthodontic needs such as mandibular advancement, patient compliance tracking, and managing tooth eruption. It also features specialized Invisalign First Phase I and Phase 2 packages for younger children, typically aged seven to ten, who have mixed dentition (a combination of primary and permanent teeth). Beyond these, the segment provides non-comprehensive aligner options like Invisalign moderate, lite, express, and Invisalign Go. Additional non-case products include retention devices, fees for Invisalign training, and sales of ancillary items such as cleaning materials and adjustment tools used by dental practitioners during treatment. The Scanners and Services segment centers around the iTero scanner, a unified hardware platform offering various software applications for both restorative and orthodontic procedures. It supplies specialized restorative software to general dentists, prosthodontists, periodontists, and oral surgeons, as well as distinct software for orthodontists to manage digital patient records, perform diagnoses, and facilitate the fabrication of printed models and retainers. This segment also provides computer-aided design and manufacturing (CAD/CAM) services, along with supplementary products like disposable covers for the scanner wand and iTero models and dies. Furthermore, it includes third-party scanners and digital scan solutions, the Invisalign Outcome Simulator (a chair-side and cloud-based application for the iTero scanner), the Invisalign Progress Assessment tool, and TimeLapse technology, which enables clinicians to compare a patient's historical 3D scans against current data. Align Technology distributes its products worldwide, with a strong presence in the United States, Switzerland, and China. Founded in 1997, the company is headquartered in Tempe, Arizona.

https://www.aligntech.com

Key executives

NameTitlePayBorn
Joseph HoganPresident, Chief Executive Officer & Director$2.6M1957
Zelko RelicExecutive Vice President & Chief Technology Officer$1.1M1965
John F. MoriciChief Financial Officer & Executive Vice President of Global Finance$1.0M1967
Richardson Jaime HolteExecutive Vice President of Global Human Resources$790,869—
Frank QuinnExecutive VP & MD of Americas Region——
Mitra DerakhshanExecutive VP, Chief Clinical Officer, Global Treatment Planning & Clinical Services——
Shirley StacyVice President of Corporation Communications & Investor Relations——
Sreelakshmi KolliExecutive Vice President & Chief Product and Digital Officer—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Joseph M. Hogan, President and Chief Executive Officer2025$1.4M$16.6M$1.2M$19.2M
John F. Morici, Chief Financial Officer and Executive Vice President, Global Finance2025$697,692$4.7M$305,025$5.7M
Julie Coletti, Executive Vice President, Chief Legal and Regulatory Officer2025$644,231$3.5M$283,238$4.5M
Stuart Hockridge, Executive Vice President, Global Human Resources2025$537,692$2.0M$235,305$2.8M

Employees

12k201815k201918k202023k202123k202222k202321k202420k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage71
Intangibles43
Switching costs47
Network effect42
Efficient scale70
Our component scores (0-100) and overall 53.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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