Healthcare · Medical - Devices
Price
$178.43
Market Cap
$12.8B
Employees
21,200
Beta
1.67
Avg Volume
1,026,927
CEO
Joseph Hogan
Business Description
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.
Business History
Price Overview
Last updated: Jun 27, 2026 9:03am (just now)$178.43
+2.72 (+1.55%)
Day Range
$174.03 – $179.28
52-Week Range
$122.00 – $208.31
50-Day MA
$173.21
200-Day MA
$161.12
Volume
1,666,942.00
Analyst Price Targets
Low
$185.00
Consensus
$203.60
High
$235.00
(46 analysts)
Share Structure
Outstanding
71,618,127.00
Float
67,022,392.00
Free Float
93.6%
High free float
— 93.6% of shares trade freely, ~6.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
29.65
Stock Price: $178.43
EPS (Diluted): 5.66
EPS (Diluted): 5.66
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.80
Stock Price: $178.43
Total Equity: $4.05B
Shares: 72,588,000
Total Equity: $4.05B
Shares: 72,588,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
13.01
Market Cap: $12.78B
Total Debt: $31.94M
Cash: $1.08B
EBITDA: $765.87M
Total Debt: $31.94M
Cash: $1.08B
EBITDA: $765.87M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$10.4B
Market Cap: $12.78B
Total Debt: $31.94M
Cash: $1.08B
Total Debt: $31.94M
Cash: $1.08B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
68.3%
Gross Profit: $2.76B
Revenue: $4.03B
Revenue: $4.03B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
15.3%
Operating Income: $616.22M
Revenue: $4.03B
Revenue: $4.03B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
10.2%
Net Income: $410.35M
Revenue: $4.03B
Revenue: $4.03B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
10.7%
Net Income: $410.35M
Total Equity: $4.05B
Total Equity: $4.05B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
9.6%
Operating Income: $616.22M
Tax Rate: 29.9%
Equity: $4.05B
Total Debt: $31.94M
Cash: $1.08B
Tax Rate: 29.9%
Equity: $4.05B
Total Debt: $31.94M
Cash: $1.08B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.36
Current Assets: $2.62B
Current Liabilities: $1.92B
Current Liabilities: $1.92B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.01
Short-Term Debt: $31.94M
Long-Term Debt: $0.00
Total Debt: $31.94M
Total Equity: $4.05B
Long-Term Debt: $0.00
Total Debt: $31.94M
Total Equity: $4.05B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$55.59
Revenue: $4.03B
Shares: 72,588,000
Shares: 72,588,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$55.78
Total Equity: $4.05B
Shares: 72,588,000
Shares: 72,588,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$6.76
Operating CF: $593.22M
CapEx: -$102.45M
Shares: 72,588,000
CapEx: -$102.45M
Shares: 72,588,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $178.43
Stock Price: $178.43
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $410.35M
Net Income: $410.35M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ALGN against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:48pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Operating Expenses | $2.0B | $2.0B | $2.1B | $2.2B | $2.1B |
| Operating Income | $976.4M | $642.6M | $643.3M | $607.6M | $616.2M |
| Net Income | $772.0M | $361.6M | $445.1M | $421.4M | $410.4M |
| EBITDA | $1.1B | $779.8M | $799.1M | $816.8M | $765.9M |
| EPS | $9.78 | $4.62 | $5.82 | $5.63 | $5.66 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:48pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.1B | $942.1M | $937.4M | $1.0B | $1.1B |
| Total Current Assets | $2.5B | $2.4B | $2.4B | $2.5B | $2.6B |
| Total Assets | $5.9B | $5.9B | $6.1B | $6.2B | $6.2B |
| 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 |
| Total Equity | $3.6B | $3.6B | $3.6B | $3.9B | $4.0B |
| Retained Earnings | $2.6B | $2.6B | $2.4B | $2.5B | $2.5B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:48pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Acquisitions (net) | -$8.0M | -$12.3M | -$77.0M | -$183.4M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$375.0M | -$435.0M | -$592.4M | -$352.9M | -$465.9M |
| Net Change in Cash | $138.7M | -$157.8M | -$3.8M | $106.4M | $51.2M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 9:03am (just now)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$4.2B $4.2B – $4.2B
|
$4.4B $4.3B – $4.4B
|
$4.6B $4.6B – $4.6B
|
$4.9B $4.8B – $4.9B
|
| EBITDA |
$914.9M $910.5M – $917.0M
|
$954.2M $943.3M – $967.2M
|
$1.0B $1.0B – $1.0B
|
$1.1B $1.1B – $1.1B
|
| Net Income |
$832.5M $814.7M – $850.3M
|
$892.1M $867.9M – $916.4M
|
$995.8M $909.7M – $1.1B
|
$1.1B $1.1B – $1.2B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:48pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -5.5% | +3.4% | +3.5% | +0.9% |
| Gross Profit Growth | -10.3% | +2.8% | +3.4% | -1.5% |
| Operating Income Growth | -34.2% | +0.1% | -5.6% | +1.4% |
| Net Income Growth | -53.2% | +23.1% | -5.3% | -2.6% |
| EBITDA Growth | -30.4% | +2.5% | +2.2% | -6.2% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-20 | Vitalone Britt J. | A-Award | 1,836.00 | $0.00 | $0 |
| 2026-05-20 | Vitalone Britt J. | M-Exempt | 1,443.00 | $0.00 | $0 |
| 2026-05-20 | Vitalone Britt J. | M-Exempt | 1,443.00 | $0.00 | $0 |
| 2026-05-20 | SIEGEL SUSAN E | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | SIEGEL SUSAN E | A-Award | 1,836.00 | $0.00 | $0 |
| 2026-05-20 | SIEGEL SUSAN E | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Saia Andrea Lynn | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Saia Andrea Lynn | A-Award | 1,836.00 | $0.00 | $0 |
| 2026-05-20 | Saia Andrea Lynn | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Poul Mojdeh | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Poul Mojdeh | A-Award | 1,836.00 | $0.00 | $0 |
| 2026-05-20 | Poul Mojdeh | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Myong Anne | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Myong Anne | A-Award | 1,836.00 | $0.00 | $0 |
| 2026-05-20 | Myong Anne | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | LARKIN C RAYMOND JR | M-Exempt | 2,326.00 | $0.00 | $0 |
| 2026-05-20 | LARKIN C RAYMOND JR | A-Award | 2,448.00 | $0.00 | $0 |
| 2026-05-20 | LARKIN C RAYMOND JR | M-Exempt | 2,326.00 | $0.00 | $0 |
| 2026-05-20 | Dallas Kevin J | M-Exempt | 1,745.00 | $0.00 | $0 |
| 2026-05-20 | Dallas Kevin J | A-Award | 1,836.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ALGN — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30