Tearsheet

Align Technology (ALGN)

Market Price (12/10/2025): $158.74 | Market Cap: $11.5 Bil
Sector: Health Care | Industry: Health Care Supplies

Align Technology (ALGN)

Market Price (12/10/2025): $158.74
Market Cap: $11.5 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

Our Take: Align Technology shows growth in younger patient segments and benefits from innovation, underpinned by a strong balance sheet. However, emerging competition, weak stock performance, declining margins, and tepid revenue growth present significant headwinds.

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 -76%, 3Y Excs Rtn is -88%	Emerging threat from in-office production 3D printing enables dental practices to produce aligners, cutting into ALGN's revenue.
1	Attractive yield FCF Yield is 6.3%		Poor recent stock performance ALGN's 12-month return was -33.1%, significantly underperforming S&P 500's 14.0%.
2	Teen and kids segment growth Clear Aligner volume for younger patients jumped 8.3% YoY in Q3 2025.		Declining net income margin Net Income Margin decreased to 9.5% LTM from 11.5% in 2023.
3	Global market expansion International business consistently shows stronger growth than Americas.		Stagnant revenue growth LTM revenue growth of 0.6% lags many Health Care Supplies industry peers.
4	Product innovation New systems like Invisalign Palatal Expander and ClinCheck Live Plan enhance efficiency.		High valuation multiples P/E of 24.0 is above some peers like HALO (14.4) and CPRX (11.1) in the sector.

Valuation, Metrics & Events

	12/10/25	2024	2023	2022	2021
Share Price CYE	$158.74	$208.51	$274.00	$210.90	$657.18
Market Cap CYE ($ Bil)	11.5	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)	10.6	15.6	20.8	16.5	51.9
Valuation Ratios
P/S TTM	2.3	3.9	5.4	4.4	13.1
P/EBIT TTM	15.0	23.2	31.9	25.2	53.1
P/E TTM	23.9	37.0	47.0	45.6	67.2
Sector Ratios
P/S TTM (Sector)	4.0	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.6	-1.3	-1.4	-1.3	-2.6
P/E TTM (Sector)	-1.8	-1.5	-1.5	-1.3	-2.8

	12/10/25	2024	2023
Share Price CYE	$158.74	$208.51	$274.00
Market Cap CYE ($ Bil)	11.5	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)	10.6	15.6	20.8
Valuation Ratios
P/S TTM	2.3	3.9	5.4
P/EBIT TTM	15.0	23.2	31.9
P/E TTM	23.9	37.0	47.0
Sector Ratios
P/S TTM (Sector)	4.0	3.5	3.9
P/EBIT TTM (Sector)	-1.6	-1.3	-1.4
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%	7.1%
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%	20.4%
Net Inc Mgn	9.5%	13.1%
VALUATION	MODERATE
P/S	2.3	3.2
P/CFO	13.8	15.9
P/FCF	16.0	20.5
P/E	23.9	23.3
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
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

Upcoming
2/04/2026	Earnings Release	Rev: - EPS: -

ALGN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Align Technology (ALGN) experienced a significant stock movement around late October/early November 2025, primarily due to the following key points:

1. Better-than-expected Q3 2025 Financial Results: The company reported adjusted earnings per share of $2.61, surpassing the analyst consensus of $2.42, and revenue of $995.7 million, exceeding the consensus estimate of $975.92 million. These results also surpassed the company's own guidance.

2. Strong Growth in Clear Aligner Volume: Clear Aligner volume increased by 4.9% year-over-year to 647,800 cases, driven by significant growth in teen and kids' cases, which jumped 8.3% year-over-year and 14.7% sequentially.

Stock Movement Drivers

Fundamental Drivers

The 17.0% change in ALGN stock from 9/9/2025 to 12/9/2025 was primarily driven by a 34.9% change in the company's P/E Multiple.

	9092025	12092025	Change
Stock Price ($)	135.93	159.00	16.97%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3964.80	3982.62	0.45%
Net Income Margin (%)	11.04%	9.50%	-13.92%
P/E Multiple	22.54	30.41	34.92%
Shares Outstanding (Mil)	72.56	72.38	0.26%
Cumulative Contribution			16.97%

LTM = Last Twelve Months as of date shown

Market Drivers

9/9/2025 to 12/9/2025

	Return	Correlation
ALGN	17.0%
Market (SPY)	5.0%	50.3%
Sector (XLV)	8.2%	51.1%

Fundamental Drivers

The -15.5% change in ALGN stock from 6/10/2025 to 12/9/2025 was primarily driven by a -10.0% change in the company's P/E Multiple.

	6102025	12092025	Change
Stock Price ($)	188.07	159.00	-15.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3980.84	3982.62	0.04%
Net Income Margin (%)	10.29%	9.50%	-7.65%
P/E Multiple	33.78	30.41	-9.97%
Shares Outstanding (Mil)	73.56	72.38	1.61%
Cumulative Contribution			-15.48%

LTM = Last Twelve Months as of date shown

Market Drivers

6/10/2025 to 12/9/2025

	Return	Correlation
ALGN	-15.5%
Market (SPY)	13.6%	28.3%
Sector (XLV)	11.1%	49.2%

Fundamental Drivers

The -33.1% change in ALGN stock from 12/9/2024 to 12/9/2025 was primarily driven by a -24.4% change in the company's P/E Multiple.

	12092024	12092025	Change
Stock Price ($)	237.57	159.00	-33.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3960.52	3982.62	0.56%
Net Income Margin (%)	11.15%	9.50%	-14.78%
P/E Multiple	40.21	30.41	-24.36%
Shares Outstanding (Mil)	74.74	72.38	3.16%
Cumulative Contribution			-33.14%

LTM = Last Twelve Months as of date shown

Market Drivers

12/9/2024 to 12/9/2025

	Return	Correlation
ALGN	-33.1%
Market (SPY)	14.0%	47.1%
Sector (XLV)	5.0%	43.0%

Fundamental Drivers

The -15.8% change in ALGN stock from 12/10/2022 to 12/9/2025 was primarily driven by a -28.1% change in the company's Net Income Margin (%).

	12102022	12092025	Change
Stock Price ($)	188.81	159.00	-15.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3864.22	3982.62	3.06%
Net Income Margin (%)	13.22%	9.50%	-28.12%
P/E Multiple	28.87	30.41	5.35%
Shares Outstanding (Mil)	78.09	72.38	7.32%
Cumulative Contribution			-16.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/10/2023 to 12/9/2025

	Return	Correlation
ALGN	-28.1%
Market (SPY)	51.8%	46.6%
Sector (XLV)	16.9%	39.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALGN Return	92%	23%	-68%	30%	-24%	-24%	-43%
Peers Return	7%	41%	-33%	-9%	-31%	-19%	-48%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
ALGN Win Rate	75%	50%	33%	58%	42%	60%
Peers Win Rate	56%	50%	40%	48%	42%	38%
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	-46%	-4%	-41%	-31%	-43%	-35%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NVST, XRAY, HSIC, DDD. 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 12/9/2025 (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.

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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.

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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.

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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.

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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.

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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%	MMSI (11.4%), COO (5.1%), WST (4.9%), NVST (4.7%), LNTH (1.9%)
Rev Chg 3Y Avg	1.0%	LNTH (25.5%), MMSI (9.2%), COO (7.4%), HAE (7.2%), WST (1.3%)
Op Mgn LTM	15.2%	LNTH (22.9%), WST (20.9%), HAE (17.4%), COO (16.7%)
CFO/Rev LTM	16.5%	LNTH (30.0%), WST (23.0%), HAE (21.8%), COO (19.5%), MMSI (18.1%)
FCF/Rev LTM	14.2%	LNTH (24.9%), HAE (19.3%)
Total Yield	4.2%	HAE (7.3%), LNTH (4.9%)
P/S	2.3	XRAY (0.7), ICUI (1.3), NVST (1.3), HAE (1.7), LNTH (2.3)
P/Op Inc	15.0	LNTH (9.8), HAE (10.1), XRAY (10.8)

	ALGN	Better Performance than ALGN
Metric	Value	SECTOR: Health Care
Rev Chg LTM	0.6%	LLY (36.8%), UNH (10.5%), ABBV (7.4%), JNJ (5.1%), MRK (1.7%)
Rev Chg 3Y Avg	1.0%	LLY (23.4%), UNH (11.4%), JNJ (6.1%), MRK (2.9%), ABBV (1.2%)
Op Mgn LTM	15.2%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), TMO (18.4%)
CFO/Rev LTM	16.5%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), TMO (17.5%)
FCF/Rev LTM	14.2%	ABBV (33.0%), ISRG (23.6%), MRK (20.3%), JNJ (20.3%), ABT (15.8%)
Total Yield	4.2%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), AMGN (7.9%), ABT (7.7%)
P/S	2.3	CVS (0.2), MCK (0.2), UNH (0.7), HCA (1.4), BMY (1.9)
P/Op Inc	15.0	HCA (9.2), MRK (9.4), PFE (9.4), UNH (11.9), GILD (12.4)

	ALGN	Better Performance than ALGN
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	0.6%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	1.0%	NVDA (91.6%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	15.2%	NVDA (58.8%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	16.5%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	14.2%	AVGO (41.6%), NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	4.2%	XOM (9.8%), JPM (6.7%), BRK-B (6.2%), V (5.3%), GOOGL (4.6%)
P/S	2.3	WMT (1.2), XOM (1.5), COST (1.5), CVX (1.6), HD (2.1)
P/Op Inc	15.0	VZ (5.9), T (8.3), TMUS (13.9), QCOM (14.5), DIS (14.9)

		Best Bets In Health Care Sector
	ALGN	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	24.0	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	15.0	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	1.8%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	0.6%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	1.0%	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	13.9%	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[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	With Align Technology Stock Surging, Have You Considered The Downside?	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	How Does Align Technology Stock Stack Up Against Its Peers?	Peer Comparison
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 Movers \| Winners: ROST, ALGN, BLDR \| Losers: ORCL, VST, LHX		November 22nd, 2025
13	S&P 500 Stocks Trading At 52-Week Low		September 26th, 2025
14	Stocks Trading At 52-Week Low		September 24th, 2025
15	Better Bet Than Align Technology Stock: Pay Less To Get More From HAE, AVNS		August 26th, 2025
16	ALGN Down 29% In A Month. How Confident Are You In The Stock?		August 25th, 2025

	Title
0	DASHBOARDS
1	Align Technology Earnings Notes
2	With Align Technology Stock Surging, Have You Considered The Downside?
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	How Does Align Technology Stock Stack Up Against Its Peers?
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 Movers \| Winners: ROST, ALGN, BLDR \| Losers: ORCL, VST, LHX
13	S&P 500 Stocks Trading At 52-Week Low
14	Stocks Trading At 52-Week Low
15	Better Bet Than Align Technology Stock: Pay Less To Get More From HAE, AVNS
16	ALGN Down 29% In A Month. How Confident Are You In The Stock?

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
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.8%	10.8%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.1%	-9.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	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	-0.8%	-0.8%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	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	13.9%	13.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	20.0%	20.0%	-5.1%
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	23.2%	23.2%	-3.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.8%	10.8%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.1%	-9.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	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	-0.8%	-0.8%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	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	13.9%	13.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	20.0%	20.0%	-5.1%
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	23.2%	23.2%	-3.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALEX	Alexander & Baldwin	1.5	37.7%	22.0%
TROX	Tronox	0.7	25.6%	-49.8%
GTN-A	Gray Media	0.9	19.2%	26.6%
WVE	WAVE Life Sciences	3.5	15.1%	72.3%
SGML	Sigma Lithium	1.3	13.2%	6.7%
IHRT	iHeartMedia	0.6	13.2%	112.1%
GLXY	Galaxy Digital	4.2	12.9%
UP	Wheels Up Experience	0.5	12.7%	-54.5%
FULC	Fulcrum Therapeutics	0.9	12.4%	210.6%
TLRY	Tilray Brands	8.6	12.4%	-39.2%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PHR	Phreesia	0.9	-23.3%	-38.7%
GOGO	Gogo	0.7	-19.1%	-32.5%
DYN	Dyne Therapeutics	2.6	-16.9%	-21.7%
SLM	SLM	5.4	-15.0%	-3.2%
CMP	Compass Minerals International	0.7	-13.8%	58.0%
ODC	Oil-Dri of America	0.6	-12.5%	6.9%
KTB	Kontoor Brands	3.7	-9.5%	-19.0%
AAP	Advance Auto Parts	2.8	-9.3%	0.2%
NRIX	Nurix Therapeutics	1.6	-8.9%	3.8%
GPK	Graphic Packaging	4.2	-8.7%	-46.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.5	204.9%	72.3%
TERN	Terns Pharmaceuticals	3.9	65.1%	668.4%
FULC	Fulcrum Therapeutics	0.9	63.1%	210.6%
DBRG	DigitalBridge	2.7	58.7%	34.1%
ALMS	Alumis	0.9	54.3%	45.4%
MPLT	MapLight Therapeutics	0.8	46.2%
PRAX	Praxis Precision Medicines	5.7	44.1%	235.4%
TE	T1 Energy	1.0	42.0%
OCUL	Ocular Therapeutix	2.9	41.8%	86.8%
RDW	Redwire	1.1	39.7%	-55.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PSTG	Pure Storage	23.0	-25.9%	14.2%
CTEV	Claritev	0.6	-24.5%
PHR	Phreesia	0.9	-23.4%	-38.7%
HOV	Hovnanian Enterprises	0.6	-23.1%	-25.6%
PSN	Parsons	7.0	-21.4%	-29.4%
ADPT	Adaptive Biotechnologies	2.3	-20.5%	147.9%
GOGO	Gogo	0.7	-19.2%	-32.5%
QURE	uniQure	1.1	-17.9%	17.7%
WLY	John Wiley & Sons	1.6	-16.3%	-27.5%
ARE	Alexandria Real Estate Equities	7.7	-15.9%	-51.3%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.2%	25.7%
OLMA	Olema Pharmaceuticals	2.3	218.3%	355.9%
WVE	WAVE Life Sciences	3.5	171.1%	72.3%
COGT	Cogent Biosciences	5.3	160.0%	394.0%
ALMS	Alumis	0.9	142.2%	45.4%
TERN	Terns Pharmaceuticals	3.9	130.5%	668.4%
SGML	Sigma Lithium	1.3	125.0%	6.7%
CDTX	Cidara Therapeutics	5.9	111.0%	719.5%
FULC	Fulcrum Therapeutics	0.9	91.3%	210.6%
IRWD	Ironwood Pharmaceuticals	0.6	88.0%	-18.5%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTEV	Claritev	0.6	-50.9%
UP	Wheels Up Experience	0.5	-47.1%	-54.5%
BTDR	Bitdeer Technologies	2.4	-44.4%	-43.6%
JANX	Janux Therapeutics	1.0	-40.6%	-70.6%
ARDT	Ardent Health	1.2	-40.3%	-49.7%
TLRY	Tilray Brands	8.6	-34.8%	-39.2%
AGIO	Agios Pharmaceuticals	1.6	-34.0%	-18.3%
FRMI	Fermi	11.3	-33.6%
STUB	Stubhub	4.3	-32.7%
METC	Ramaco Resources	1.0	-32.7%	64.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALEX	Alexander & Baldwin	1.5	37.7%	22.0%
TROX	Tronox	0.7	25.6%	-49.8%
GTN-A	Gray Media	0.9	19.2%	26.6%
WVE	WAVE Life Sciences	3.5	15.1%	72.3%
SGML	Sigma Lithium	1.3	13.2%	6.7%
IHRT	iHeartMedia	0.6	13.2%	112.1%
GLXY	Galaxy Digital	4.2	12.9%
UP	Wheels Up Experience	0.5	12.7%	-54.5%
FULC	Fulcrum Therapeutics	0.9	12.4%	210.6%
TLRY	Tilray Brands	8.6	12.4%	-39.2%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PHR	Phreesia	0.9	-23.3%	-38.7%
GOGO	Gogo	0.7	-19.1%	-32.5%
DYN	Dyne Therapeutics	2.6	-16.9%	-21.7%
SLM	SLM	5.4	-15.0%	-3.2%
CMP	Compass Minerals International	0.7	-13.8%	58.0%
ODC	Oil-Dri of America	0.6	-12.5%	6.9%
KTB	Kontoor Brands	3.7	-9.5%	-19.0%
AAP	Advance Auto Parts	2.8	-9.3%	0.2%
NRIX	Nurix Therapeutics	1.6	-8.9%	3.8%
GPK	Graphic Packaging	4.2	-8.7%	-46.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.5	204.9%	72.3%
TERN	Terns Pharmaceuticals	3.9	65.1%	668.4%
FULC	Fulcrum Therapeutics	0.9	63.1%	210.6%
DBRG	DigitalBridge	2.7	58.7%	34.1%
ALMS	Alumis	0.9	54.3%	45.4%
MPLT	MapLight Therapeutics	0.8	46.2%
PRAX	Praxis Precision Medicines	5.7	44.1%	235.4%
TE	T1 Energy	1.0	42.0%
OCUL	Ocular Therapeutix	2.9	41.8%	86.8%
RDW	Redwire	1.1	39.7%	-55.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PSTG	Pure Storage	23.0	-25.9%	14.2%
CTEV	Claritev	0.6	-24.5%
PHR	Phreesia	0.9	-23.4%	-38.7%
HOV	Hovnanian Enterprises	0.6	-23.1%	-25.6%
PSN	Parsons	7.0	-21.4%	-29.4%
ADPT	Adaptive Biotechnologies	2.3	-20.5%	147.9%
GOGO	Gogo	0.7	-19.2%	-32.5%
QURE	uniQure	1.1	-17.9%	17.7%
WLY	John Wiley & Sons	1.6	-16.3%	-27.5%
ARE	Alexandria Real Estate Equities	7.7	-15.9%	-51.3%

Peer Comparisons for Align Technology

Peers to compare with:

Financials

	ALGN	NVST	XRAY	HSIC	DDD	Median
Name	Align Te.	Envista	Dentsply.	Henry Sc.	3D Syste.
Mkt Price	159.00	20.62	11.11	74.44	1.77	20.62
Mkt Cap	11.5	3.4	2.2	8.9	0.2	3.4
Rev LTM	3,983	2,622	3,624	12,938	392	3,624
Op Inc LTM	604	219	235	764	-98	235
FCF LTM	567	262	80	356	-94	262
FCF 3Y Avg	542	251	221	455	-90	251
CFO LTM	656	300	221	535	-81	300
CFO 3Y Avg	680	297	371	644	-72	371

Growth & Margins

	ALGN	NVST	XRAY	HSIC	DDD	Median
Name	Align Te.	Envista	Dentsply.	Henry Sc.	3D Syste.
Rev Chg LTM	0.6%	4.7%	-7.1%	3.5%	-11.8%	0.6%
Rev Chg 3Y Avg	1.0%	0.8%	-3.5%	0.9%	-11.0%	0.8%
Rev Chg Q	1.8%	11.5%	-4.9%	5.2%	-19.2%	1.8%
QoQ Delta Rev Chg LTM	0.4%	2.7%	-1.3%	1.3%	-5.2%	0.4%
Op Mgn LTM	15.2%	8.3%	6.5%	5.9%	-25.0%	6.5%
Op Mgn 3Y Avg	16.0%	9.3%	6.8%	5.7%	-25.0%	6.8%
QoQ Delta Op Mgn LTM	-0.9%	1.2%	-0.4%	-0.1%	2.8%	-0.1%
CFO/Rev LTM	16.5%	11.4%	6.1%	4.1%	-20.7%	6.1%
CFO/Rev 3Y Avg	17.4%	11.6%	9.6%	5.1%	-16.2%	9.6%
FCF/Rev LTM	14.2%	10.0%	2.2%	2.8%	-24.1%	2.8%
FCF/Rev 3Y Avg	13.9%	9.8%	5.7%	3.6%	-20.3%	5.7%

Valuation

	ALGN	NVST	XRAY	HSIC	DDD	Median
Name	Align Te.	Envista	Dentsply.	Henry Sc.	3D Syste.
Mkt Cap	11.5	3.4	2.2	8.9	0.2	3.4
P/S	2.3	1.3	0.7	0.6	0.9	0.9
P/EBIT	15.0	17.6	-3.2	11.9	9.5	11.9
P/E	24.0	221.1	-2.9	20.4	23.2	23.2
P/CFO	13.8	11.3	11.5	14.9	-4.5	11.5
Total Yield	4.2%	0.5%	-31.0%	4.9%	4.3%	4.2%
Dividend Yield	0.0%	0.0%	3.8%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	3.7%	6.8%	4.3%	5.0%	-20.2%	4.3%
D/E	0.0	0.5	1.0	0.4	0.5	0.5
Net D/E	-0.1	0.1	0.8	0.4	0.2	0.2

Returns

	ALGN	NVST	XRAY	HSIC	DDD	Median
Name	Align Te.	Envista	Dentsply.	Henry Sc.	3D Syste.
1M Rtn	17.9%	6.0%	-0.6%	3.5%	-20.3%	3.5%
3M Rtn	17.0%	-0.9%	-19.1%	10.0%	-15.7%	-0.9%
6M Rtn	-15.5%	7.7%	-30.7%	4.3%	-3.8%	-3.8%
12M Rtn	-33.1%	3.0%	-40.4%	-0.7%	-45.7%	-33.1%
3Y Rtn	-15.8%	-37.2%	-60.3%	-8.3%	-80.9%	-37.2%
1M Excs Rtn	16.3%	4.4%	-2.3%	1.9%	-21.9%	1.9%
3M Excs Rtn	14.9%	-5.4%	-22.6%	5.7%	-21.2%	-5.4%
6M Excs Rtn	-28.7%	-5.5%	-44.0%	-9.0%	-17.1%	-17.1%
12M Excs Rtn	-42.8%	-9.9%	-52.6%	-9.9%	-47.0%	-42.8%
3Y Excs Rtn	-87.9%	-108.8%	-130.1%	-78.6%	-150.6%	-108.8%

Comparison Analyses

	Title
0	How Does Align Technology Stock Stack Up Against Its Peers?
1	Align Technology vs. Snowflake: With Return Forecast Of 73%, Snowflake Is A Better Bet
2	Align Technology vs. ARM: With Return Forecast Of 43%, ARM Is A Better Bet
3	Align Technology vs. CrowdStrike: With Return Forecast Of 37%, CrowdStrike Is A Better Bet
4	Align Technology vs. Warner Music: With Return Forecast Of 11%, Warner Music Is A Better Bet
5	Align Technology vs. Liberty Broadband: Neither Seems Like A Good Bet
6	Align Technology vs. Hyatt Hotels: Neither Seems Like A Good Bet
7	Align Technology vs. Fair Isaac: With Return Forecast Of 14%, Fair Isaac Is A Better Bet
8	Align Technology vs. Veeva Systems: With Return Forecast Of 38%, Veeva Systems Is A Better Bet
9	Align Technology vs. Digital Realty Trust: With Return Forecast Of 11%, Digital Realty Trust Is A Better Bet

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	$159.00
Market Cap ($ Bil)	11.5
First Trading Date	01/30/2001
Distance from 52W High	-33.6%
	50 Days	200 Days
DMA Price	$137.86	$160.01
DMA Trend	down	up
Distance from DMA	15.3%	-0.6%
	3M	1YR
Volatility	32.9%	53.3%
Downside Capture	115.24	180.82
Upside Capture	164.47	117.86
Correlation (SPY)	50.4%	46.8%

ALGN Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.72	1.33	1.34	1.60	1.27	1.45
Up Beta	1.70	1.88	2.33	2.39	1.44	1.58
Down Beta	-0.18	1.47	1.16	0.55	0.75	1.06
Up Capture	268%	178%	109%	132%	126%	270%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	22	29	65	119	370
Down Capture	163%	73%	119%	222%	137%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	19	33	59	128	379

[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	-32.4%	3.5%	13.5%	58.3%	4.0%	-4.6%	-8.7%
Annualized Volatility	53.1%	17.3%	19.6%	19.4%	15.9%	17.7%	35.7%
Sharpe Ratio	-0.51	0.04	0.52	2.25	0.06	-0.42	-0.08
Correlation With Other Assets		43.0%	46.9%	4.1%	18.3%	43.0%	30.8%

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	-20.5%	7.9%	14.8%	17.9%	11.8%	4.6%	36.8%
Annualized Volatility	49.6%	14.5%	17.1%	15.5%	18.9%	19.0%	48.9%
Sharpe Ratio	-0.27	0.37	0.70	0.93	0.51	0.16	0.64
Correlation With Other Assets		40.8%	53.7%	5.9%	11.8%	43.0%	24.7%

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	9.0%	9.4%	14.4%	14.3%	5.7%	5.0%	73.7%
Annualized Volatility	48.7%	16.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.37	0.46	0.69	0.80	0.25	0.21	0.93
Correlation With Other Assets		48.4%	55.8%	3.8%	17.6%	44.2%	15.6%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	2,541,495
Short Interest: % Change Since 11152025	-15.3%
Average Daily Volume	1,914,110
Days-to-Cover Short Interest	1.33
Basic Shares Quantity	72,377,000
Short % of Basic Shares	3.5%

Returns Analyses

	Title
0	With Align Technology Stock Surging, Have You Considered The Downside?
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%	11.2%
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	11
# Negative	11	12	13
Median Positive	4.9%	8.5%	11.2%
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

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

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Align Technology (ALGN)

Market Price (12/10/2025): $158.74 | Market Cap: $11.5 BilSector: Health Care | Industry: Health Care Supplies

Align Technology (ALGN)

Market Price (12/10/2025): $158.74Market Cap: $11.5 BilSector: Health CareIndustry: Health Care Supplies

Valuation, Metrics & Events

ALGN Stock

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About Align Technology (ALGN)

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Market Price (12/10/2025): $158.74 | Market Cap: $11.5 Bil
Sector: Health Care | Industry: Health Care Supplies

Market Price (12/10/2025): $158.74
Market Cap: $11.5 Bil
Sector: Health Care
Industry: Health Care Supplies