Tearsheet

Align Technology (ALGN)

Market Price (11/8/2025): $134.83 | Market Cap: $9.8 Bil
Sector: Health Care | Industry: Health Care Supplies

Align Technology (ALGN)

Market Price (11/8/2025): $134.83
Market Cap: $9.8 Bil
Sector: Health Care
Industry: Health Care Supplies

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%	Weak multi-year price returns 2Y Excs Rtn is -86%, 3Y Excs Rtn is -104%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 26x
1	Attractive yield FCF Yield is 5.8%

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
1	Attractive yield FCF Yield is 5.8%
2	Weak multi-year price returns 2Y Excs Rtn is -86%, 3Y Excs Rtn is -104%
3	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 26x

Market Valuation & Key Metrics

	11/8/25	2024	2023	2022	2021
Share Price CYE	$134.83	$208.51	$274.00	$210.90	$657.18
Market Cap CYE ($ Bil)	9.8	15.5	20.7	16.4	51.8
Total Debt ($ Bil)	0.1	0.1	0.1	0.1	0.1
Total Cash ($ Bil)	1.0	1.0	1.0	1.0	1.2
Enterprise Value ($ Bil)	8.9	15.6	20.8	16.5	51.9
Valuation Ratios
P/S TTM	2.5	3.9	5.4	4.4	13.1
P/EBIT TTM	16.2	23.2	31.9	25.2	53.1
P/E TTM	25.8	37.0	47.0	45.6	67.2
Sector Ratios
P/S TTM (Sector)	3.9	3.5	4.0	4.6	7.3
P/EBIT TTM (Sector)	-1.5	-1.3	-1.3	-1.3	-2.7
P/E TTM (Sector)	-1.8	-1.5	-1.5	-1.3	-2.8

	11/8/25	2024	2023
Share Price CYE	$134.83	$208.51	$274.00
Market Cap CYE ($ Bil)	9.8	15.5	20.7
Total Debt ($ Bil)	0.1	0.1	0.1
Total Cash ($ Bil)	1.0	1.0	1.0
Enterprise Value ($ Bil)	8.9	15.6	20.8
Valuation Ratios
P/S TTM	2.5	3.9	5.4
P/EBIT TTM	16.2	23.2	31.9
P/E TTM	25.8	37.0	47.0
Sector Ratios
P/S TTM (Sector)	3.9	3.5	4.0
P/EBIT TTM (Sector)	-1.5	-1.3	-1.3
P/E TTM (Sector)	-1.8	-1.5	-1.5

	ALGN	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	4.0
Rev Chg Q	1.8%	7.2%
Rev Chg LTM	0.6%	6.0%
Rev Chg 3Y Avg	1.0%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	15.2%	18.8%
CFO/Rev LTM	16.5%	20.5%
Net Inc Mgn	9.5%	13.0%
VALUATION	MODERATE
P/S	2.5	3.2
P/CFO	14.9	15.2
P/FCF	17.2	20.0
P/E	25.8	23.6
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.16	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Clear Aligner Volume	647.8 thousand cases	9302025	Link
Clear Aligner Volume for Teens and Kids	A 40% mix of total Clear Aligner cases	9302025	Link
Imaging Systems and CAD/CAM Services Revenues	$189.9 million	9302025	Link
Total iTero Systems Globally	Over 120,000 units	9302025	Link
Doctors who submitted Invisalign cases globally	88,000	9302025	Link

ALGN Stock

Return (1M):

Factor Drivers of Stock Movement

The -3.6% change in ALGN stock from 8/8/2025 to 11/7/2025 was primarily driven by a -13.9% change in the company's Net Income Margin (%).

	8082025	11072025	Change
Stock Price ($)	139.88	134.84	-3.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3964.80	3982.62	0.45%
Net Income Margin (%)	11.04%	9.50%	-13.92%
P/E Multiple	23.20	25.79	11.19%
Shares Outstanding (Mil)	72.56	72.38	0.26%
Cumulative Contribution			-3.60%

LTM = Last Twelve Months as of date shown

The -25.9% change in ALGN stock from 5/9/2025 to 11/7/2025 was primarily driven by a -21.0% change in the company's P/E Multiple.

	5092025	11072025	Change
Stock Price ($)	181.88	134.84	-25.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3980.84	3982.62	0.04%
Net Income Margin (%)	10.29%	9.50%	-7.65%
P/E Multiple	32.67	25.79	-21.05%
Shares Outstanding (Mil)	73.56	72.38	1.61%
Cumulative Contribution			-25.88%

LTM = Last Twelve Months as of date shown

The -39.3% change in ALGN stock from 11/7/2024 to 11/7/2025 was primarily driven by a -31.4% change in the company's P/E Multiple.

	11072024	11072025	Change
Stock Price ($)	222.18	134.84	-39.31%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3960.52	3982.62	0.56%
Net Income Margin (%)	11.15%	9.50%	-14.78%
P/E Multiple	37.60	25.79	-31.41%
Shares Outstanding (Mil)	74.74	72.38	3.16%
Cumulative Contribution			-39.37%

LTM = Last Twelve Months as of date shown

The -25.3% change in ALGN stock from 11/8/2022 to 11/7/2025 was primarily driven by a -28.1% change in the company's Net Income Margin (%).

	11082022	11072025	Change
Stock Price ($)	180.40	134.84	-25.25%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3864.22	3982.62	3.06%
Net Income Margin (%)	13.22%	9.50%	-28.12%
P/E Multiple	27.58	25.79	-6.49%
Shares Outstanding (Mil)	78.09	72.38	7.32%
Cumulative Contribution			-25.66%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Between July 31, 2025, and November 8, 2025, Align Technology (ALGN) experienced a stock movement, which can be primarily attributed to several key factors. The most significant event influencing the stock's performance during this period was the company's robust third-quarter earnings report.

1. Strong Third Quarter 2025 Financial Results. Align Technology reported impressive third-quarter 2025 financial results on October 29, 2025. The company's total revenues reached $995.7 million, surpassing analysts' expectations and marking a 1.8% increase year-over-year. Non-GAAP diluted earnings per share (EPS) stood at $2.61, exceeding the consensus estimate of $2.38. This positive earnings surprise led to a significant surge in the stock price, with a jump of approximately 15% on October 30, 2025.

2. Initiation of a $200 Million Share Repurchase Program. On August 5, 2025, Align Technology's Board of Directors authorized a new share repurchase plan, allowing the company to buy back up to $200 million of its outstanding common stock. Such a program often signals management's confidence in the company's intrinsic value and can positively influence investor sentiment and stock price.

3. Launch of New Digital Dental Solutions and Innovations. Align Technology consistently introduced new product innovations within this period, notably unveiling enhancements for its iTero Digital Solutions and the ClinCheck Live Plan on October 29, 2025. The ClinCheck Live Plan is designed to automate doctor-ready initial Invisalign treatment plans in minutes, aiming to boost efficiency for dental practices and enhance patient engagement.

4. Positive Analyst Upgrades and Price Target Revisions. Following the strong Q3 earnings report, several financial analysts upgraded their ratings or increased their price targets for ALGN. For example, Wall Street Zen upgraded Align Technology from a "hold" to a "buy" rating on November 8, 2025. Other firms like Evercore ISI, Jefferies Financial Group, and Stifel Nicolaus also raised their price targets, reflecting a more optimistic outlook for the company's future performance.

5. UK VAT Policy Update. Effective August 1, 2025, Align Technology ceased charging the 20% UK VAT on Invisalign treatment packages and adjusted its prices to ensure overall price consistency. While designed to be price-neutral, this operational adjustment streamlined pricing in a key international market and could be viewed positively by investors regarding the company's adaptive business strategies.

Show less

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALGN Return	92%	23%	-68%	30%	-24%	-36%	-52%
Peers Return	24%	27%	-27%	19%	-14%	-10%	6%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
ALGN Win Rate	75%	50%	33%	58%	42%	60%
Peers Win Rate	63%	60%	43%	58%	42%	44%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ALGN Max Drawdown	-51%	-7%	-73%	-13%	-26%	-40%
Peers Max Drawdown	-29%	-7%	-39%	-10%	-21%	-24%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: STE, HSIC, XRAY, WST, COO. See ALGN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	ALGN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-76.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	318.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-53.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	116.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	113 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-55.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	126.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	409 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-82.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	474.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1257 days	1480 days

Compare to STE, HSIC, XRAY, WST, COO

In The Past

Align Technology's stock fell -76.1% during the 2022 Inflation Shock from a high on 9/8/2021. A -76.1% loss requires a 318.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Align Technology (ALGN)

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 mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of seven and ten years, which is a mixture of primary/baby and permanent teeth. This segment's non-comprehensive products comprise Invisalign moderate, lite and express packages, and Invisalign go; and non-case products include retention products, Invisalign training fees, and sales of ancillary products, such as cleaning material, and adjusting tools used by dental professionals during the course of treatment. The Scanners and Services segment offers iTero scanner, a single hardware platform with software options for restorative or orthodontic procedures; restorative software for general practitioner dentists, prosthodontists, periodontists, and oral surgeons; and software for orthodontists for digital records storage, orthodontic diagnosis, and for the fabrication of printed models and retainers. This segment also provides computer-aided design and computer-aided manufacturing services; ancillary products, such as disposable sleeves for the wand; iTero model and dies; third party scanners and digital scans; Invisalign outcome simulator, a chair-side and cloud-based application for the iTero scanner; Invisalign progress assessment tool; and TimeLapse technology, which allows doctors or practitioners to compare a patient's historic 3D scans to the present-day scan. The company sells its products in the United States, Switzerland, China, and internationally. Align Technology, Inc. was incorporated in 1997 and is headquartered in Tempe, Arizona.

AI Generated Analysis | Feedback

Warby Parker for teeth straightening.
Netflix for braces.
Tesla for dental technology.

AI Generated Analysis | Feedback

Invisalign System: A series of custom-made, clear, removable aligners used for orthodontic treatment to gradually straighten teeth.
iTero Intraoral Scanners: Digital scanning devices used by dental professionals to create precise 3D images of teeth and oral structures for diagnosis and treatment planning.
exocad CAD/CAM Software: Comprehensive software solutions that enable dental professionals and labs to design and produce various dental restorations and appliances.

AI Generated Analysis | Feedback

Align Technology (ALGN) primarily sells its products, such as the Invisalign clear aligner system and iTero intraoral scanners, to other companies in the form of dental practices and Dental Service Organizations (DSOs).

Due to the highly fragmented nature of the global dental market, Align Technology does not have a small number of "major customer companies" (e.g., large retail chains or distributors) that are publicly disclosed or individually account for a significant portion of its revenue. Instead, its customer base consists of hundreds of thousands of individual dental professionals and the organizations that manage them.

The primary categories of professional customers that Align Technology serves are:

Orthodontists: Dental specialists who focus on correcting malocclusions (improper bites) and dental irregularities. Orthodontists are key adopters of the Invisalign system for their patients.
General Dentists (GPs): Dental practitioners who provide a wide range of preventive, restorative, and cosmetic dental services. Align Technology has significantly expanded its efforts to train and support GPs in incorporating Invisalign treatment into their practices.
Dental Service Organizations (DSOs): These are corporate entities that own, manage, or provide support services to multiple dental practices. Align Technology often establishes strategic partnerships and supply agreements with DSOs, which can represent a significant channel for reaching a large number of affiliated dentists and increasing product adoption across their networks. While not traditional resellers, DSOs act as a consolidated purchasing and decision-making entity for numerous practices.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Here is the information about the management team members of Align Technology:

Joseph M. Hogan, President and Chief Executive Officer

Mr. Hogan joined Align Technology in June 2015 as President, Chief Executive Officer, and a Director. He is an accomplished chief executive with extensive experience across multiple industries including healthcare, technology, and industrial automation. Prior to Align Technology, Mr. Hogan served as CEO of ABB, a global power and automation technologies company based in Zurich, Switzerland, where he oversaw a 25% increase in revenues during his five-year tenure. Before ABB, he spent 25 years at General Electric (GE) in various executive and management roles, including eight years as CEO of GE Healthcare from 2000 to 2008, where he drove significant geographic and market portfolio expansion and more than doubled revenues from $7 billion to $16 billion.

John F. Morici, Executive Vice President, Chief Financial Officer and Global Finance

Mr. Morici joined Align Technology as Chief Financial Officer in November 2016 and is responsible for managing the company's global finance and financial strategy. Over his more than 20-year career, he has held senior leadership positions in finance, operations, and strategic planning in healthcare, medical technology, and consumer/entertainment. Prior to joining Align, Mr. Morici spent nine years at NBC Universal, where he held several senior management positions in its Universal Pictures Home Entertainment U.S. and Canadian businesses, including Chief Financial Officer, Chief Operating Officer, and most recently, Executive Vice President and Managing Director. In his role as Executive Vice President and Managing Director, he led all finance, sales, marketing, operations, and customer service organizations and was responsible for overall strategy and planning. Before NBC Universal, Mr. Morici spent eight years in senior financial management positions at GE Healthcare, including CFO for its Diagnostic Imaging and Global Products units. He also held a number of financial management roles during his tenure at Case New Holland and Abbott Laboratories.

Julie Coletti, Executive Vice President, Chief Legal and Regulatory Officer

Ms. Coletti leads Align's legal, regulatory, and quality teams and serves as corporate secretary to the Align Technology Inc.'s Board of Directors. She joined the company in May 2018 as Vice President, Associate General Counsel, Strategic Commercial Affairs, before her promotion to her current position in May 2019.

Zelko Relic, Chief Technology Officer, Executive Vice President, Global Research and Development

Mr. Relic has been the Chief Technology Officer and Executive Vice President of Align Technology since 2017. He has spent his career in the healthcare, semiconductor, and automation industries, with a track record for developing advanced technologies and solutions across global organizations. He joined the company in 2013, originally as Vice President, Research & Development. Prior to Align Technology, Mr. Relic was Vice President, Engineering for Datalogic Automation and held senior management positions in engineering at Danaher Corp, Siemens Medical Solutions USA, Kulicke&Soffa Industries, and KLA-Tencor.

Dr. Mitra Derakhshan, Executive Vice President, Chief Clinical Officer, Global Treatment Planning and Clinical Services

Dr. Derakhshan is responsible for the global clinical teams, including global treatment planning and clinical services. She has held numerous prior roles at Align Technology since August 2000, spanning clinical areas in manufacturing, R&D, international, and global marketing. She has been instrumental in many key initiatives such as product innovation, education programs, portfolio and software development, case galleries, and research studies.

AI Generated Analysis | Feedback

The increasing viability and adoption of in-office clear aligner production by dental practices represents a clear emerging threat to Align Technology.

As 3D printing technology, materials, and associated software become more sophisticated and cost-effective, dental practices and orthodontic clinics are increasingly able to produce custom clear aligners themselves. This process typically involves scanning a patient's mouth (potentially using Align's iTero scanner or other brands), using design software (Align's exocad or third-party solutions) to plan the tooth movements and design the aligner molds, and then 3D printing these molds in-house. Once printed, a plastic sheet is vacuum-formed over the mold to create the aligner.

This trend directly threatens Align Technology's core business model, which relies heavily on its centralized manufacturing and proprietary treatment planning services for Invisalign. By producing aligners in-office, practices can:

Significantly reduce their cost per aligner, cutting into Align's manufacturing revenue and margins.
Achieve faster turnaround times for aligner production, improving patient experience and practice efficiency.
Gain greater control over the entire treatment planning and production process.

Companies like SprintRay, Desktop Health, and Formlabs are actively promoting and selling 3D printers and comprehensive workflows to facilitate in-office aligner fabrication, indicating a clear market shift and an emerging competitive landscape that bypasses Align's manufacturing segment.

AI Generated Analysis | Feedback

Align Technology (ALGN) Addressable Markets:

Invisalign Clear Aligners: The global clear aligners market, in which Invisalign is a leading product, was valued at approximately USD 6.22 billion in 2024. This market is projected to grow to USD 66.78 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 30.18% from 2025 to 2033. Another estimate places the global market for Invisalign systems at USD 3.5 billion in 2023, expected to reach USD 10 billion by 2032 with a CAGR of 12.2% from 2024 to 2032. The global Invisalign braces market is anticipated to reach approximately USD 8.3 billion by the end of 2030. North America held the largest share of the clear aligners market in 2024, with a market value of USD 1.59 billion.
iTero Intraoral Scanners: The global intraoral scanner market was valued at over USD 1.1 billion in 2024. It is projected to increase to over USD 2.2 billion by 2031, with a CAGR of 9.9%. Another report estimates the global intraoral scanner market size at USD 969.4 million in 2023, with a projection to reach USD 2,816.4 million by 2035, growing at a CAGR of 9.3% from 2024 to 2035. North America leads this market.
exocad CAD/CAM Software: While exocad is a main product, a standalone addressable market size for only exocad software is not explicitly detailed. However, the global CAD/CAM hardware/software market (which includes exocad) was estimated to be worth approximately USD 3.22 billion (2.6 billion CHF) globally.
Overall Consumer Market Opportunity for Align Technology: Align Technology identifies a global consumer market opportunity of 600 million potential patients worldwide that their integrated suite of products, including Invisalign, iTero, and exocad, aims to address.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Align Technology (ALGN) over the next 2-3 years:

Global Market Expansion: Align Technology is expected to continue driving revenue growth through its expansion in international markets, particularly in the Asia-Pacific (APAC), Latin America, and Europe, Middle East, and Africa (EMEA) regions. International business has consistently demonstrated stronger growth compared to the Americas and is projected to remain a significant revenue contributor.
Product Innovation and New Product Launches: The company anticipates future revenue growth from ongoing product innovation and the introduction of new products and services. Key examples include the Invisalign Palatal Expander System and advancements in iTero Digital Solutions, such as the ClinCheck Live Plan, which automates treatment planning to enhance doctor efficiency and patient engagement.
Growth in the Teen and Kids Segment: Expanding adoption within the teen and kids demographic is a significant driver. Align Technology has seen record-setting Invisalign case starts for younger patients, propelled by products like Invisalign First and the Palatal Expander, with this segment increasing its proportion of total shipments.
Expansion of the Doctor Base and Digital Workflow Solutions: Increasing the global base of doctors who submit Invisalign cases and the continued adoption of digital workflow solutions are expected to fuel revenue. The company is investing in AI-powered treatment planning tools and expanding the iTero scanner ecosystem, which are designed to improve doctor adoption, operational efficiency, and patient conversion rates.

AI Generated Analysis | Feedback

Share Repurchases

Align Technology's Board of Directors authorized a new $1.0 billion stock repurchase program in May 2025, to be executed over the next three years.
The company completed a prior $1.0 billion stock repurchase program on May 1, 2025, which was initially approved in January 2023.
In fiscal year 2024, Align Technology repurchased $353 million of its common stock.

Share Issuance

No significant new share issuances for fundraising purposes by third-parties were identified.
Common stock issuance primarily relates to employee equity compensation plans, with stock-based compensation recorded as $154 million in 2023 and $133 million in 2022.

Outbound Investments

In September 2023, Align Technology acquired Cubicure, a 3D printing technology and materials company, for $84.5 million.
The company acquired Exocad Global Holdings for approximately $418.7 million in cash in March 2020, strengthening its digital dentistry platform with CAD/CAM software.
Align Technology invested $75 million to acquire less than a 5% equity interest in Heartland Dental, a dental support organization.

Capital Expenditures

Expected capital expenditures for fiscal year 2025 are projected to be between $100 million and $125 million, primarily for technology upgrades, manufacturing capacity, and maintenance.
For fiscal year 2024, the company anticipated capital expenditures of approximately $100 million, focusing on building construction, improvements, and additional manufacturing capacity for international expansion.
Capital expenditures for the nine months ended September 30, 2025, totaled $76.5 million.

Better Bets than Align Technology (ALGN)

	ALGN	Better Performance than ALGN
Metric	Value	Industry (Health Care Supplies)
Rev Chg LTM	0.6%	WST (4.9%), COO (6.4%), MMSI (11.4%), LNTH (1.9%), NVST (4.7%)
Rev Chg 3Y Avg	1.0%	WST (1.3%), COO (7.9%), MMSI (9.2%), ICUI (4.4%), LNTH (25.5%)
Op Mgn LTM	15.2%	WST (20.9%), COO (18.3%), LNTH (22.9%), HAE (17.4%)
CFO/Rev LTM	16.5%	WST (23.0%), COO (20.2%), MMSI (18.1%), LNTH (30.0%), HAE (21.8%)
FCF/Rev LTM	14.2%	LNTH (24.9%), HAE (19.3%)
Total Yield	3.9%	LNTH (4.9%), HAE (5.2%)

	ALGN	Better Performance than ALGN
Metric	Value	Sector (Health Care)
Rev Chg LTM	0.6%	LLY (36.8%), JNJ (5.1%), ABBV (7.4%), UNH (10.5%), ABT (6.4%)
Rev Chg 3Y Avg	1.0%	LLY (23.4%), JNJ (6.1%), ABBV (1.2%), UNH (11.4%), MRK (2.9%)
Op Mgn LTM	15.2%	LLY (43.0%), JNJ (26.2%), ABBV (24.1%), ABT (17.6%), TMO (18.4%)
CFO/Rev LTM	16.5%	LLY (20.5%), JNJ (26.3%), ABBV (35.0%), ABT (20.8%), TMO (17.5%)
FCF/Rev LTM	14.2%	JNJ (20.3%), ABBV (33.0%), ABT (15.8%), MRK (20.3%), ISRG (23.6%)
Total Yield	3.9%	JNJ (8.3%), UNH (8.7%), ABT (8.2%), MRK (12.6%), AMGN (7.0%)

	ALGN	Better Performance than ALGN
Metric	Value	All Other Sectors
Rev Chg LTM	0.6%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	1.0%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	15.2%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	16.5%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	14.2%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	3.9%	GOOGL (4.0%), META (4.1%), BRK-B (6.3%), JPM (6.7%), XOM (9.5%)

		Best Bets In Health Care Sector
	ALGN	RPRX	HALO	DOCS	CPRX	BMY	MEDP	PBH	MRK	NBIX	ISRG
What You Pay
P/E	25.8	21.8	13.4	40.3	12.1	15.7	38.3	14.6	11.3	35.4	72.7
P/EBIT	16.2	10.5	10.5	41.3	10.1	9.5	32.7	9.0	9.3	26.0	70.9
What You Get
Rev Chg Q	1.8%	7.9%	22.1%	23.2%	15.3%	2.8%	23.7%	-3.4%	3.7%	27.8%	22.9%
Rev Chg LTM	0.6%	3.7%	31.2%	20.2%	25.6%	1.3%	13.9%	-0.0%	1.7%	19.6%	22.2%
Rev Chg 3Y Avg	1.0%	1.5%	29.0%	17.4%	46.5%	1.0%	19.9%	0.1%	2.9%	24.6%	16.3%
FCF/Rev 3Y Avg	13.9%	115.2%	45.0%	42.7%	34.2%	29.0%	25.3%	21.7%	22.0%	21.1%	16.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Align Technology Earnings Notes
2	How Low Can Align Technology Stock Really Go?	Return
3	Better Bet Than ALGN Stock: Pay Less Than Align Technology To Get More From AVNS, HAE	Actionable
4	ALGN Drops 26% in a Month, But Does GOOGL Offer Better Fundamentals?	Counter-Intuitive Comparisons
5	ALGN Drops 26% in a Month, But Does JNJ Offer Better Fundamentals?	Counter-Intuitive Comparisons
6	After ALGN's 26% Single Month Slide, LNTH Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
7	null
8	Better Bet Than ALGN Stock: Pay Less Than Align Technology To Get More From UNH, MRK
9	Better Bet Than ALGN Stock: Pay Less Than Align Technology To Get More From HAE
10	ALGN Dip Buy Analysis
11	ARTICLES
12	S&P 500 Stocks Trading At 52-Week Low		September 26th, 2025
13	Stocks Trading At 52-Week Low		September 24th, 2025
14	Better Bet Than Align Technology Stock: Pay Less To Get More From HAE, AVNS		August 26th, 2025
15	ALGN Down 29% In A Month. How Confident Are You In The Stock?		August 25th, 2025
16	ALGN Dropped 24% In A Month. Have You Fully Evaluated The Risk?		August 14th, 2025

	Title
0	DASHBOARDS
1	Align Technology Earnings Notes
2	How Low Can Align Technology Stock Really Go?
3	Better Bet Than ALGN Stock: Pay Less Than Align Technology To Get More From AVNS, HAE
4	ALGN Drops 26% in a Month, But Does GOOGL Offer Better Fundamentals?
5	ALGN Drops 26% in a Month, But Does JNJ Offer Better Fundamentals?
6	After ALGN's 26% Single Month Slide, LNTH Looks Like the Stronger Long-Term Play
7	null
8	Better Bet Than ALGN Stock: Pay Less Than Align Technology To Get More From UNH, MRK
9	Better Bet Than ALGN Stock: Pay Less Than Align Technology To Get More From HAE
10	ALGN Dip Buy Analysis
11	ARTICLES
12	S&P 500 Stocks Trading At 52-Week Low
13	Stocks Trading At 52-Week Low
14	Better Bet Than Align Technology Stock: Pay Less To Get More From HAE, AVNS
15	ALGN Down 29% In A Month. How Confident Are You In The Stock?
16	ALGN Dropped 24% In A Month. Have You Fully Evaluated The Risk?

Trade Ideas

Select past ideas related to ALGN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312025	GDRX	GoodRx	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-7.7%	-7.7%	-7.7%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	DXCM	DexCom	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-5.5%	-5.5%	-5.5%
ACHC_10242025_Dip_Buyer_ValueBuy	10242025	ACHC	Acadia Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-16.6%	-16.6%	-16.6%
PBH_10102025_Dip_Buyer_ValueBuy	10102025	PBH	Prestige Consumer Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.7%	-1.7%	-1.9%
REGN_10032025_Dip_Buyer_ValueBuy	10032025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	9.6%	9.6%	-7.0%
ALGN_7312025_Dip_Buyer_ValueBuy	07312025	ALGN	Align Technology	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.5%	4.5%	-3.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312025	GDRX	GoodRx	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-7.7%	-7.7%	-7.7%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	DXCM	DexCom	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-5.5%	-5.5%	-5.5%
ACHC_10242025_Dip_Buyer_ValueBuy	10242025	ACHC	Acadia Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-16.6%	-16.6%	-16.6%
PBH_10102025_Dip_Buyer_ValueBuy	10102025	PBH	Prestige Consumer Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.7%	-1.7%	-1.9%
REGN_10032025_Dip_Buyer_ValueBuy	10032025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	9.6%	9.6%	-7.0%
ALGN_7312025_Dip_Buyer_ValueBuy	07312025	ALGN	Align Technology	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.5%	4.5%	-3.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.6	207.2%	118.6%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%	233.4%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

Peer Comparisons for Align Technology

Financials

	ALGN	STE	HSIC	XRAY	WST	COO	Median
Name	Align Te.	Steris	Henry Sc.	Dentsply.	West Pha.	Cooper C.
Mkt Price	134.84	263.77	71.90	11.18	271.04	70.10	103.37
Mkt Cap	9.8	26.0	8.6	2.2	19.6	14.0	11.9
Rev LTM	3,983	5,703	12,938	3,624	3,018	4,046	4,014
Op Inc LTM	604	1,043	764	235	631	741	686
FCF LTM	567	961	356	80	379	412	396
FCF 3Y Avg	542	726	455	221	374	274	414
CFO LTM	656	1,301	535	221	694	816	675
CFO 3Y Avg	680	1,084	644	371	721	665	672

Growth & Margins

	ALGN	STE	HSIC	XRAY	WST	COO	Median
Name	Align Te.	Steris	Henry Sc.	Dentsply.	West Pha.	Cooper C.
Rev Chg LTM	0.6%	7.1%	3.5%	-7.1%	4.9%	6.4%	4.2%
Rev Chg 3Y Avg	1.0%	9.0%	0.9%	-3.5%	1.3%	7.9%	1.2%
Rev Chg Q	1.8%	9.9%	5.2%	-4.9%	7.7%	5.7%	5.5%
QoQ Delta Rev Chg LTM	0.4%	2.4%	1.3%	-1.3%	1.9%	1.4%	1.4%
Op Mgn LTM	15.2%	18.3%	5.9%	6.5%	20.9%	18.3%	16.7%
Op Mgn 3Y Avg	16.0%	17.8%	5.7%	6.8%	21.8%	16.5%	16.2%
QoQ Delta Op Mgn LTM	-0.9%	0.4%	-0.1%	-0.4%	-0.1%	-0.7%	-0.3%
CFO/Rev LTM	16.5%	22.8%	4.1%	6.1%	23.0%	20.2%	18.3%
CFO/Rev 3Y Avg	17.4%	20.6%	5.1%	9.6%	24.6%	17.5%	17.4%
FCF/Rev LTM	14.2%	16.9%	2.8%	2.2%	12.6%	10.2%	11.4%
FCF/Rev 3Y Avg	13.9%	13.8%	3.6%	5.7%	12.7%	7.2%	9.9%

Valuation

	ALGN	STE	HSIC	XRAY	WST	COO	Median
Name	Align Te.	Steris	Henry Sc.	Dentsply.	West Pha.	Cooper C.
Mkt Cap	9.8	26.0	8.6	2.2	19.6	14.0	11.9
P/S	2.5	4.6	0.7	0.6	6.5	3.5	3.0
P/EBIT	16.2	26.5	12.9	-2.9	32.4	19.4	17.8
P/E	25.8	37.7	22.1	-2.5	39.8	34.3	30.0
P/CFO	14.9	19.9	16.2	10.1	28.2	17.1	16.6
Total Yield	3.9%	3.5%	4.5%	-35.2%	2.7%	2.9%	3.2%
Dividend Yield	0.0%	0.9%	0.0%	4.3%	0.2%	0.0%	0.1%
FCF Yield 3Y Avg	3.7%	3.1%	5.0%	4.3%	1.7%	1.7%	3.4%
D/E	0.0	0.1	0.4	1.1	0.0	0.2	0.1
Net D/E	-0.1	0.1	0.4	0.9	-0.0	0.2	0.1

Returns

	ALGN	STE	HSIC	XRAY	WST	COO	Median
Name	Align Te.	Steris	Henry Sc.	Dentsply.	West Pha.	Cooper C.
1M Rtn	1.3%	8.8%	11.1%	-9.7%	1.2%	-0.2%	1.2%
3M Rtn	-3.6%	8.9%	9.0%	-12.6%	12.5%	-0.3%	4.3%
6M Rtn	-25.9%	17.1%	4.7%	-27.6%	27.3%	-14.8%	-5.0%
12M Rtn	-39.3%	23.6%	3.6%	-32.5%	-15.9%	-32.2%	-24.0%
3Y Rtn	-25.3%	66.1%	-2.6%	-56.9%	21.5%	2.5%	-0.0%
1M Excs Rtn	2.3%	10.3%	11.4%	-8.4%	2.9%	0.6%	2.6%
3M Excs Rtn	-5.6%	3.9%	3.2%	-15.1%	7.2%	-6.7%	-1.2%
6M Excs Rtn	-44.7%	-1.8%	-14.1%	-46.5%	8.4%	-33.7%	-23.9%
12M Excs Rtn	-52.8%	0.8%	-12.1%	-66.5%	-32.3%	-49.7%	-41.0%
3Y Excs Rtn	-103.7%	-15.3%	-75.8%	-136.1%	-54.6%	-75.3%	-75.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/28/2025	2/28/2024	2/27/2023	2/25/2022	2/26/2021	2/28/2020
Key Financials
Total Revenue	3,983	3,999	3,862	3,735	3,953	2,472	2,407
EBITDA	777	817	799	780	1,085	481	593
Operating Income	604	672	657	654	976	387	514
Net Income	378	421	445	362	772	1,776	443
EPS	5.16	5.63	5.82	4.62	9.78	22.55	5.57
Growth Rates
Total Revenue Growth	0.6%	3.5%	3.4%	-5.5%	59.9%	2.7%	22.4%
EBITDA Growth	-5.3%	2.2%	2.5%	-28.1%	125.7%	-19.0%	13.8%
Operating Income Growth	-11.2%	2.3%	0.4%	-33.0%	152.2%	-24.7%	10.3%
Net Income Growth	-14.3%	-5.3%	23.1%	-53.2%	-56.5%	301.1%	10.6%
Margins
EBITDA Margin	19.5%	20.4%	20.7%	20.9%	27.5%	19.4%	24.7%
Operating Income Margin	15.2%	16.8%	17.0%	17.5%	24.7%	15.7%	21.4%
Net Income Margin	9.5%	10.5%	11.5%	9.7%	19.5%	71.8%	18.4%
Cash & Debt
Total Cash	1,005	1,044	973	1,000	1,171	961	869
Total Debt	121	119	127	127	125	86	59
Net Debt / (Cash)	-883	-925	-846	-873	-1,046	-875	-809
Cash Flows
Net Cash from Operations	656	738	786	569	1,173	662	747
Free Cash from Operations	567	623	608	277	771	507	598
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	572	353	592	435	375	-0	400

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/8/2025	2/28/2025	11/5/2024	8/2/2024	5/3/2024	2/28/2024	11/3/2023	8/4/2023	5/5/2023	2/27/2023
Key Financials Quarterly
Total Revenue	996	1,012	979	995	978	1,028	997	957	960	1,002	943	902
Ebitda	184	204	174	215	200	214	187	219	203	208	169	158
Operating Income	128	163	135	177	162	178	154	185	166	172	134	124
Net Income	57	125	93	104	116	97	105	124	121	112	88	42
EPS	0.78	1.72	1.27	1.39	1.55	1.28	1.40	1.64	1.59	1.46	1.14	0.54
Key Financials TTM
Total Revenue TTM	3,983	3,965	3,981	3,999	3,961	3,943	3,917	3,862	3,807	3,737	3,705	3,735
Ebitda TTM	777	793	804	817	820	823	817	799	738	711	721	780
Operating Income TTM	604	638	653	672	680	684	677	657	596	573	589	654
Net Income TTM	378	438	410	421	442	447	462	445	363	314	315	362
Growth Rates Quarterly
Total Revenue Growth	1.8%	-1.6%	-1.8%	4.0%	1.8%	2.6%	5.8%	6.1%	7.8%	3.4%	-3.1%	-12.6%
EBITDA Growth	-8.2%	-5.0%	-6.8%	-1.5%	-1.6%	3.2%	10.5%	38.5%	15.7%	-4.9%	-25.6%	-37.0%
Operating Income Growth	-21.1%	-8.5%	-12.2%	-4.2%	-2.4%	3.6%	15.4%	48.9%	15.8%	-8.6%	-32.6%	-43.8%
Net Income Growth	-51.1%	29.0%	-11.2%	-16.3%	-4.5%	-13.6%	19.6%	196.9%	67.0%	-0.9%	-34.6%	-78.1%
Margins Quarterly
EBITDA Margin	18.5%	20.1%	17.8%	21.6%	20.5%	20.8%	18.8%	22.8%	21.2%	20.7%	18.0%	17.5%
Operating Income Margin	12.9%	16.1%	13.8%	17.8%	16.6%	17.3%	15.5%	19.3%	17.3%	17.2%	14.2%	13.8%
Net Income Margin	5.7%	12.3%	9.5%	10.4%	11.9%	9.4%	10.5%	13.0%	12.6%	11.2%	9.3%	4.6%
Cash & Debt
Total Cash	1,005	901	873	1,044	1,042	782	899	973	1,284	1,008	884	1,000
Total Debt	121	123	119	119	128	129	126	127	127	133	127	127
Net Debt / (Cash)	-883	-778	-754	-925	-914	-653	-772	-846	-1,157	-874	-757	-873
Cash Flows Quarterly
FCF from Operations	189	129	53	286	264	160	29	47	287	252	200	145
Cash Flows TTM
FCF from Operations TTM	656	731	762	738	499	523	615	786	884	863	738	569
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	72	96	201	203	-0	150	-0	300	-0	-0	292	160
Return on Invested Capital (ROIC) Quarterly
ROIC	46.7%	66.0%	55.2%	117.7%	99.2%	73.8%	84.3%	157.3%	1307.9%	160.8%	99.7%	111.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	63.2%	63.4%	69.6%	104.8%	102.3%	74.0%	97.1%	135.2%	972.1%	118.7%	97.4%	243.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Clear Aligner	3,199	3,073	3,247	2,101	2,026
Systems and Services	663	662	706	370	381
Total	3,862	3,735	3,953	2,472	2,407

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Clear Aligner	1,182	1,134	1,326	768	836
Systems and Services	191	180	259	96	138
Unallocated corporate expenses	-730	-672	-609	-477	-431
Total	643	643	976	387	542

Price Behavior

Price Behavior

Market Price	$134.84
Market Cap ($ Bil)	9.8
First Trading Date	01/30/2001
Distance from 52W High	-43.9%
	50 Days	200 Days
DMA Price	$132.60	$167.29
DMA Trend	down	down
Distance from DMA	1.7%	-19.4%
	3M	1YR
Volatility	34.6%	53.4%
Downside Capture	142.75	177.46
Upside Capture	83.56	103.43
Correlation (SPY)	48.4%	44.9%

ALGN Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.92	1.07	0.88	1.68	1.24	1.50
Up Beta	2.16	2.72	3.02	2.05	1.46	1.65
Down Beta	1.57	1.22	0.15	1.01	0.78	1.12
Up Capture	83%	26%	59%	107%	107%	278%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	13	20	31	66	123	369
Down Capture	-50%	81%	48%	240%	135%	110%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	10	24	34	60	127	383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ALGN With Other Asset Classes (Last 1Y)
	ALGN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-36.0%	0.9%	18.9%	45.7%	0.7%	-1.3%	49.7%
Annualized Volatility	53.4%	17.0%	19.6%	19.9%	16.1%	18.0%	37.2%
Sharpe Ratio	-0.61	-0.11	0.76	1.78	-0.14	-0.22	0.85
Correlation With Other Assets		40.6%	45.8%	-0.6%	16.3%	38.8%	31.0%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ALGN With Other Asset Classes (Last 5Y)
	ALGN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.6%	9.2%	17.1%	15.9%	13.8%	7.2%	49.2%
Annualized Volatility	49.6%	14.5%	17.1%	15.6%	18.9%	19.1%	49.3%
Sharpe Ratio	-0.27	0.45	0.81	0.82	0.61	0.29	0.76
Correlation With Other Assets		40.8%	53.7%	5.7%	12.0%	42.7%	24.4%

Based On 10-Year Data

		Comparison of ALGN With Other Asset Classes (Last 10Y)
	ALGN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.5%	9.2%	14.3%	12.9%	5.1%	5.3%	77.5%
Annualized Volatility	48.6%	16.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.34	0.45	0.69	0.72	0.22	0.23	0.95
Correlation With Other Assets		48.3%	55.9%	3.6%	17.7%	44.1%	15.5%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	2,428,502
Short Interest: % Change Since 9302025	13.6%
Average Daily Volume	1,258,594
Days-to-Cover Short Interest	1.93
Basic Shares Quantity	72,377,000
Short % of Basic Shares	3.4%

Returns Analyses

	Title
0	How Low Can Align Technology Stock Really Go?
1	Align Technology During 2008 Recession vs. 2022 Inflation Shock: ALGN Stock Has 234% Upside If It Recovers To Pre-Inflation Shock Levels
2	ALGN YTD Stock Return Of -70% Outperforms SDC by 3.6% and Underperforms HSIC by -76%
3	Align Technology Stock Return Comparison
4	Align Technology Total Shareholder Return (TSR): -67.9% in 2022 and -8.9% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2025	4.9%	4.0%
7/30/2025	-36.6%	-32.8%	-30.7%
4/30/2025	2.0%	-0.6%	4.4%
2/5/2025	0.9%	-5.1%	-19.7%
10/23/2024	4.2%	1.5%	9.9%
7/24/2024	-7.7%	-5.3%	-6.6%
4/24/2024	-1.0%	-9.3%	-19.6%
1/31/2024	2.3%	6.5%	12.2%
...
SUMMARY STATS
# Positive	13	12	10
# Negative	11	12	14
Median Positive	4.9%	8.5%	10.6%
Median Negative	-7.7%	-8.3%	-13.5%
Max Positive	35.0%	30.9%	31.4%
Max Negative	-36.6%	-32.8%	-30.7%

	Forward Returns
10/29/2025	4.9%	4.0%
7/30/2025	-36.6%	-32.8%	-30.7%
4/30/2025	2.0%	-0.6%	4.4%
2/5/2025	0.9%	-5.1%	-19.7%
10/23/2024	4.2%	1.5%	9.9%
7/24/2024	-7.7%	-5.3%	-6.6%
4/24/2024	-1.0%	-9.3%	-19.6%
1/31/2024	2.3%	6.5%	12.2%
10/25/2023	-24.9%	-27.8%	-13.5%
7/26/2023	13.4%	8.1%	3.2%
4/26/2023	-10.4%	-14.5%	-21.0%
2/1/2023	27.4%	18.5%	18.4%
10/26/2022	-18.1%	-19.2%	-12.2%
7/27/2022	7.5%	9.0%	4.0%
4/27/2022	-15.5%	-13.7%	-23.7%
2/2/2022	-0.5%	8.0%	-8.1%
10/27/2021	4.5%	11.5%	4.9%
7/28/2021	8.9%	13.9%	12.0%
4/28/2021	-1.5%	-7.2%	-2.2%
2/3/2021	12.6%	10.9%	-1.8%
10/21/2020	35.0%	30.9%	31.4%
7/22/2020	-6.0%	-5.6%	-6.5%
4/29/2020	-2.6%	-2.1%	11.4%
1/29/2020	0.5%	2.3%	-16.5%
SUMMARY STATS
# Positive	13	12	10
# Negative	11	12	14
Median Positive	4.9%	8.5%	10.6%
Median Negative	-7.7%	-8.3%	-13.5%
Max Positive	35.0%	30.9%	31.4%
Max Negative	-36.6%	-32.8%	-30.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

Expand for More

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Align Technology (ALGN)

Market Price (11/8/2025): $134.83 | Market Cap: $9.8 BilSector: Health Care | Industry: Health Care Supplies

Align Technology (ALGN)

Market Price (11/8/2025): $134.83Market Cap: $9.8 BilSector: Health CareIndustry: Health Care Supplies

Market Valuation & Key Metrics

ALGN Stock

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Align Technology (ALGN)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Align Technology (ALGN)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Align Technology

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (11/8/2025): $134.83 | Market Cap: $9.8 Bil
Sector: Health Care | Industry: Health Care Supplies

Market Price (11/8/2025): $134.83
Market Cap: $9.8 Bil
Sector: Health Care
Industry: Health Care Supplies