Align Technology (ALGN)
Market Price (5/10/2026): $168.78 | Market Cap: $12.1 BilSector: Health Care | Industry: Health Care Supplies
Align Technology (ALGN)
Market Price (5/10/2026): $168.78Market Cap: $12.1 BilSector: Health CareIndustry: Health Care Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Megatrend and thematic driversMegatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Remote Patient Monitoring, Show more. | Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -125% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 28x Key risksALGN key risks include [1] intensified competition and pricing pressure following the expiration of its key patents and [2] costly intellectual property litigation and regulatory scrutiny. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Remote Patient Monitoring, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -125% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 28x |
| Key risksALGN key risks include [1] intensified competition and pricing pressure following the expiration of its key patents and [2] costly intellectual property litigation and regulatory scrutiny. |
Qualitative Assessment
AI Analysis | Feedback
1. Robust First Quarter 2026 Financial Results: Align Technology reported stronger-than-expected financial results for Q1 2026, with total revenues reaching $1,040.1 million, a 6.2% year-over-year increase, surpassing analyst estimates of $1.02 billion. The company's adjusted earnings per share (EPS) of $2.58 also exceeded the consensus estimate of $2.26, marking a 21% year-over-year growth. This performance was largely driven by record Invisalign clear aligner shipments of 685,700 cases, representing a 6.7% year-over-year increase, with significant double-digit growth observed in the EMEA, APAC, and LATAM regions.
2. Strategic Share Repurchase Program: Align Technology announced plans for an additional $200.0 million open-market repurchase of its common stock, slated to begin around May 1, 2026, and to be completed by October 2026. This new repurchase is part of a larger, previously authorized $1.0 billion program, with $800.0 million remaining available as of March 31, 2026. Such a significant buyback demonstrates management's confidence in the company's long-term strategy, financial health, and commitment to delivering shareholder value.
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Stock Movement Drivers
Fundamental Drivers
The 3.5% change in ALGN stock from 1/31/2026 to 5/10/2026 was primarily driven by a 10.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.03 | 168.78 | 3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,983 | 4,096 | 2.8% |
| Net Income Margin (%) | 9.5% | 10.5% | 10.5% |
| P/E Multiple | 31.2 | 28.0 | -10.1% |
| Shares Outstanding (Mil) | 72 | 71 | 1.3% |
| Cumulative Contribution | 3.5% |
Market Drivers
1/31/2026 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ALGN | 3.5% | |
| Market (SPY) | 3.6% | 59.0% |
| Sector (XLV) | -6.9% | 37.6% |
Fundamental Drivers
The 22.4% change in ALGN stock from 10/31/2025 to 5/10/2026 was primarily driven by a 22.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 137.88 | 168.78 | 22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,965 | 4,096 | 3.3% |
| Net Income Margin (%) | 11.0% | 10.5% | -4.9% |
| P/E Multiple | 22.9 | 28.0 | 22.7% |
| Shares Outstanding (Mil) | 73 | 71 | 1.6% |
| Cumulative Contribution | 22.4% |
Market Drivers
10/31/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ALGN | 22.4% | |
| Market (SPY) | 5.5% | 58.3% |
| Sector (XLV) | 0.3% | 38.2% |
Fundamental Drivers
The -2.6% change in ALGN stock from 4/30/2025 to 5/10/2026 was primarily driven by a -8.4% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 173.30 | 168.78 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,999 | 4,096 | 2.4% |
| Net Income Margin (%) | 10.5% | 10.5% | -0.4% |
| P/E Multiple | 30.6 | 28.0 | -8.4% |
| Shares Outstanding (Mil) | 74 | 71 | 4.2% |
| Cumulative Contribution | -2.6% |
Market Drivers
4/30/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ALGN | -2.6% | |
| Market (SPY) | 30.4% | 40.1% |
| Sector (XLV) | 4.0% | 41.2% |
Fundamental Drivers
The -48.1% change in ALGN stock from 4/30/2023 to 5/10/2026 was primarily driven by a -59.8% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 325.30 | 168.78 | -48.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,735 | 4,096 | 9.7% |
| Net Income Margin (%) | 9.7% | 10.5% | 8.4% |
| P/E Multiple | 69.8 | 28.0 | -59.8% |
| Shares Outstanding (Mil) | 78 | 71 | 8.6% |
| Cumulative Contribution | -48.1% |
Market Drivers
4/30/2023 to 5/10/2026| Return | Correlation | |
|---|---|---|
| ALGN | -48.1% | |
| Market (SPY) | 78.7% | 47.0% |
| Sector (XLV) | 13.0% | 36.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ALGN Return | 23% | -68% | 30% | -24% | -25% | 8% | -68% |
| Peers Return | 41% | -33% | -9% | -31% | -15% | 9% | -44% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| ALGN Win Rate | 50% | 33% | 58% | 42% | 67% | 60% | |
| Peers Win Rate | 50% | 40% | 48% | 42% | 42% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| ALGN Max Drawdown | -7% | -73% | -13% | -26% | -40% | -0% | |
| Peers Max Drawdown | -4% | -41% | -31% | -43% | -35% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | ALGN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.5% | -18.8% |
| % Gain to Breakeven | 39.8% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.1% | -7.8% |
| % Gain to Breakeven | 22.1% | 8.5% |
| Time to Breakeven | 40 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.9% | -6.7% |
| % Gain to Breakeven | 16.1% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.3% | -33.7% |
| % Gain to Breakeven | 101.2% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.8% | -19.2% |
| % Gain to Breakeven | 103.1% | 23.7% |
| Time to Breakeven | 658 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.1% | -3.7% |
| % Gain to Breakeven | 12.4% | 3.9% |
| Time to Breakeven | 21 days | 6 days |
In The Past
Align Technology's stock fell -28.5% during the 2025 US Tariff Shock. Such a loss loss requires a 39.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | ALGN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.5% | -18.8% |
| % Gain to Breakeven | 39.8% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.3% | -33.7% |
| % Gain to Breakeven | 101.2% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -50.8% | -19.2% |
| % Gain to Breakeven | 103.1% | 23.7% |
| Time to Breakeven | 658 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.6% | -17.9% |
| % Gain to Breakeven | 68.4% | 21.8% |
| Time to Breakeven | 58 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.6% | -15.4% |
| % Gain to Breakeven | 29.2% | 18.2% |
| Time to Breakeven | 47 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.5% | -53.4% |
| % Gain to Breakeven | 263.0% | 114.4% |
| Time to Breakeven | 438 days | 1085 days |
In The Past
Align Technology's stock fell -28.5% during the 2025 US Tariff Shock. Such a loss loss requires a 39.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Align Technology (ALGN)
AI Analysis | Feedback
- Invisalign Clear Aligners: A comprehensive line of transparent, removable aligners designed for orthodontic treatment across various age groups and complexities.
- iTero Intraoral Scanners: Advanced digital scanning hardware platforms that capture 3D images of teeth and gums for use in restorative and orthodontic procedures.
- iTero Software Solutions: Specialized software applications for iTero scanners, providing functionalities for restorative dentistry, orthodontic diagnosis, digital record storage, and model/retainer fabrication.
- Dental CAD/CAM Services: Computer-aided design and manufacturing services supporting the fabrication of various dental appliances and models.
- Invisalign Ancillary Products & Training: Includes retention products, cleaning materials, adjusting tools, and professional training fees for dental practitioners utilizing the Invisalign system.
- iTero Ancillary Products & Digital Tools: Consists of disposable scanner sleeves, models and dies, and digital applications such as the Invisalign Outcome Simulator, Progress Assessment tool, and TimeLapse technology.
AI Analysis | Feedback
Align Technology (ALGN) primarily sells its products and services to other businesses, specifically dental professionals and their practices, rather than directly to individual consumers. The company's major customers are not large, publicly traded companies that can be listed by name and symbol. Instead, Align Technology serves a broad base of dental professionals who operate their own clinics and practices.
The categories of dental professionals that Align Technology serves are:
- Orthodontists: Specialists who diagnose, prevent, and treat dental and facial irregularities. They are key users of Invisalign clear aligners and iTero intraoral scanners for orthodontic procedures and digital records.
- General Practitioner Dentists (GPs): Dentists who provide primary dental care, including restorative and aesthetic dentistry. They utilize Invisalign for moderate, lite, and express treatments, as well as iTero scanners for restorative procedures.
- Other Dental Specialists: This category includes professionals such as prosthodontists (specializing in dental prosthetics), periodontists (specializing in gum health), and oral surgeons, who use iTero intraoral scanners and associated software for restorative procedures, digital records, and treatment planning.
AI Analysis | Feedback
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Joseph M. Hogan, President and Chief Executive Officer
Joseph M. Hogan joined Align Technology in June 2015 as President, Chief Executive Officer (CEO), and a Director. Mr. Hogan is an accomplished executive with extensive experience across multiple industries, including healthcare, technology, and industrial automation. Before joining Align, he served as CEO of ABB, a global power and automation technologies company, where he oversaw a 25% increase in revenues during his five-year tenure. Prior to ABB, Mr. Hogan spent 25 years at General Electric (GE) in various executive and management roles, including eight years as CEO of GE Healthcare. At GE Healthcare, he significantly expanded geographic and market portfolios, more than doubling revenues from $7 billion to $16 billion. He earned an M.B.A. from Robert Morris University and a B.S. degree in Business and Economics from Geneva College.
John F. Morici, Chief Financial Officer and Executive Vice President, Global Finance
John F. Morici joined Align Technology in November 2016 as Chief Financial Officer (CFO) and Executive Vice President of Global Finance. He is responsible for managing the company's global finance and financial strategy. With over two decades of experience, Mr. Morici has held senior leadership positions in finance, operations, and strategic planning within healthcare, medical technology, and consumer/entertainment sectors. Before Align, he 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 CFO, COO, and Executive Vice President and Managing Director. In his role as Executive Vice President and Managing Director at NBC Universal, he led all finance, sales, marketing, operations, and customer service organizations, and was responsible for overall strategy and planning. Prior to NBC Universal, Mr. Morici spent eight years in senior financial management positions at GE Healthcare, serving as CFO for its Diagnostic Imaging and Global Products units. He also held financial management roles at Case New Holland and Abbott Laboratories. Mr. Morici holds an M.B.A. in Finance and a B.S. in Molecular Biology, both from the University of Wisconsin.
Julie Coletti, Executive Vice President, Chief Legal and Regulatory Officer
Julie Coletti is the Executive Vice President, Chief Legal and Regulatory Officer of Align Technology, leading the company's global legal, regulatory, and quality teams. She also serves as corporate secretary to Align Technology Inc.'s Board of Directors. Ms. Coletti joined Align in May 2018 as Vice President, Associate General Counsel, Strategic Commercial Affairs, and was promoted to her current position in May 2019. She is an experienced life sciences and technology executive, general counsel, and chief compliance officer. Before Align, she served as Vice President and Global General Counsel of Danaher Corporation's $3 billion dental medical device platform. Prior to Danaher, she was Vice President, Chief Legal Officer, and Corporate Secretary at Bayer HealthCare's MEDRAD/Radiology and Interventional Division. Ms. Coletti began her career in litigation at LeBoeuf, Lamb, Greene & MacRae LLP. She received her J.D. from the University of Pittsburgh and her B.A. from Rutgers University. She also serves as a director for Fortis Life Sciences.
Raj Pudipeddi, Executive Vice President, Chief Product & Marketing Officer and Managing Director, Asia Pacific
Raj Pudipeddi joined Align Technology in 2019 as Senior Vice President and Chief Marketing Officer. In his current dual roles, he has global responsibility for product, marketing, innovation, business development, and clinical teams, as well as for the market development and commercial execution of all Align Technology products and services in the Asia Pacific region. Mr. Pudipeddi possesses 26 years of business leadership and brand-building experience across consumer goods and telecom. He began his career at Procter & Gamble, where he spent nearly 22 years in various leadership roles across businesses in North America, Asia, and Latin America. Most recently, before joining Align, he served as Chief Marketing Officer and Director, Consumer Business at Bharti Airtel, an Indian telecom leader. Mr. Pudipeddi earned an M.B.A. degree from the Indian Institute of Management, Lucknow, and a Bachelor of Engineering degree from the Gandhi Institute of Technology. He is also an Independent Director at Sonendo, Inc. and a Board Advisor at Spark Venture Capital LLC.
Stuart Hockridge, Executive Vice President, Global Human Resources
Stuart Hockridge serves as the Executive Vice President, Global Human Resources at Align Technology. He started at Align Technology in May 2016. Prior to Align, Mr. Hockridge held senior leadership roles in human resources for global companies.
AI Analysis | Feedback
The key risks to Align Technology's business include intense competition and pricing pressure, macroeconomic sensitivity affecting demand, and ongoing intellectual property and litigation challenges.
The orthodontic industry is characterized by **intense competition and pricing pressure**. Align Technology faces significant competition from established dental companies like 3M Company, Dentsply Sirona Inc., and Danaher Corporation, which offer traditional orthodontic products and alternative clear aligner systems such as Clarity Aligners and SureSmile aligners. New entrants, including direct-to-consumer companies and those offering 3D printing alternatives, also contribute to a highly competitive landscape. This competitive environment has led to pricing pressure, resulting in a decline in the Average Selling Price (ASP) for Align's clear aligner products and impacting its overall profitability. The company has responded by shifting towards lower-priced, non-comprehensive aligner options, which further compresses margins.
Align Technology is highly susceptible to **macroeconomic sensitivity and fluctuating demand**. Orthodontic procedures, particularly for adults, are often considered discretionary healthcare spending, making them vulnerable to global economic uncertainties, recessions, and downturns. Fluctuations in foreign currency exchange rates also pose a significant headwind, as a substantial portion of Align's revenues are generated internationally. Economic issues, including inflation, geopolitical complications, and rising interest rates, have led to a "substantial slowdown in new orthodontic appointments and adult case starts in North America," directly impacting the company's revenue and necessitating restructuring efforts.
The company also faces **intellectual property and litigation risks**. While Align Technology possesses a robust portfolio of patents and actively defends its innovations, the expiration of some core Invisalign patents in 2017 increased competitive threats. Align is currently engaged in significant patent infringement lawsuits against competitors, such as Angelalign Technology, across multiple international jurisdictions including the United States, Europe, and China, to protect its patented technologies and substantial research and development investments. Additionally, the company has faced antitrust class action lawsuits, although it has received favorable rulings in some cases.
AI Analysis | Feedback
The emerging threat to Align Technology is the increasing capability and adoption by dental professionals of in-house 3D printing for the direct fabrication of clear aligners. As 3D printing technology becomes more accessible, affordable, and accurate, and alongside the development of user-friendly third-party design software, orthodontists and general practitioner dentists may choose to produce custom clear aligners for their patients directly within their own practices or through smaller, local labs. This trend could bypass Align Technology's traditional manufacturing and sales model for its Invisalign clear aligner products, thereby cutting into its primary revenue stream from the Clear Aligner segment by disintermediating Align as the central aligner manufacturer.
AI Analysis | Feedback
Align Technology's main products, Invisalign clear aligners and iTero intraoral scanners, operate within significant and growing addressable markets.Clear Aligners Market
The global clear aligners market was estimated to be between USD 8.29 billion and USD 8.51 billion in 2025. Projections indicate substantial growth, with the market expected to reach approximately USD 56.81 billion by 2033 or USD 113.64 billion by 2035. North America consistently holds the largest share of this market, accounting for approximately 54.57% in 2025. The U.S. clear aligners market alone was valued at USD 2.17 billion in 2023 and is projected to reach USD 14.83 billion by 2033.Intraoral Scanners Market
The global intraoral scanners market was valued between USD 770.4 million and USD 824.70 million in 2025. This market is forecasted to grow to approximately USD 1.68 billion by 2035 or USD 1.6 billion by 2035. North America dominated the intraoral scanners market in 2025. Specifically, the North American dental intraoral scanners market was valued at USD 277.37 million in 2024 and is anticipated to reach USD 814.96 million by 2033.AI Analysis | Feedback
Align Technology (ALGN) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Global Expansion and Increased Adoption of Clear Aligners Across Patient Segments: Align Technology anticipates continued growth by expanding the adoption of its Invisalign clear aligners across different patient demographics, including teenagers, younger patients (Invisalign First), and adults. This expansion is observed globally, particularly in under-penetrated international markets such as the Asia Pacific (APAC) and EMEA regions, with China identified as a significant opportunity. The company also expects higher utilization of Invisalign among orthodontists transitioning from traditional methods. Additionally, the expansion of the Invisalign Doctor Subscription Program (DSP) for touch-up cases is contributing to this growth.
- Innovation and Market Penetration of Imaging Systems and CAD/CAM Services: The launch and ramp-up of new technologies, such as the iTero Lumina intraoral scanner, are crucial drivers. Align Technology is also focusing on expanding restorative workflows for its iTero Lumina scanners and introducing new products like the Invisalign Palatal Expander System, which has broad patient applicability. Strategic investments in areas like AI-driven treatment planning and direct 3D printing, through acquisitions like Cubicure GmbH, are expected to further enhance their digital dentistry offerings and drive revenue in the Scanners and Services segment.
- Strengthening Partnerships and Engagement with Dental Service Organizations (DSOs): Align Technology is strategically focusing on Dental Service Organizations (DSOs) as a significant channel for growth. The company has observed double-digit growth from DSOs across North America, Latin America, APAC, and Europe. By strengthening ties and standardizing workflows with DSOs, Align aims to broaden its reach within the dental community and increase the adoption and utilization of its products and services.
AI Analysis | Feedback
Share Repurchases
- Align Technology authorized a new $1.0 billion stock repurchase program in May 2025, which is expected to be executed over the next three years.
- The company completed a previous $1.0 billion stock repurchase program, authorized in January 2023, by May 1, 2025.
- Actual share repurchases amounted to $600 million in 2023, $353 million in 2024, and $465.9 million in 2025.
Share Issuance
- Align Technology's executives and employees, including the EVP Global HR and the President and CEO, received and vested equity awards, leading to the acquisition of shares through derivative exercises or conversions between 2022 and 2025.
- A shareholder filed a notice in February 2026 for the proposed sale of 7,969 common shares, which were acquired through performance stock unit vests in 2022, 2023, and 2024.
Inbound Investments
- As of December 31, 2025, Capital International Investors held a 6.8% passive ownership stake in Align Technology, beneficially owning 4,881,512 shares.
Outbound Investments
- In the first quarter of 2024, Align Technology completed the acquisition of Cubicure GmbH, a company specializing in direct 3D printing solutions, to support its next-generation aligner manufacturing.
Capital Expenditures
- Capital expenditures were $401.1 million in 2021, $291.9 million in 2022, $177.7 million in 2023, and $115.6 million in 2024.
- For fiscal year 2025, capital expenditures are estimated to be between $100 million and $125 million, primarily allocated to technology upgrades and maintenance. Forecasted capital expenditures for fiscal 2026 are expected to be between $125 million and $150 million, focusing on technology upgrades, additional manufacturing capacity, and maintenance.
- In the second half of 2025, the company planned to optimize its manufacturing footprint and dispose of certain capital assets as it transitions to next-generation manufacturing technologies and increases automation, expecting one-time charges of approximately $150 million to $170 million, with about $40 million in cash outlays.
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|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 07312025 | ALGN | Align Technology | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 27.2% | 36.4% | -3.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.23 |
| Mkt Cap | 4.0 |
| Rev LTM | 3,681 |
| Op Inc LTM | 263 |
| FCF LTM | 220 |
| FCF 3Y Avg | 250 |
| CFO LTM | 272 |
| CFO 3Y Avg | 378 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.9% |
| Rev Chg 3Y Avg | 2.3% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | -0.5% |
| Op Inc Chg 3Y Avg | 2.2% |
| Op Mgn LTM | 5.7% |
| Op Mgn 3Y Avg | 6.2% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 7.3% |
| CFO/Rev 3Y Avg | 10.0% |
| FCF/Rev LTM | 2.9% |
| FCF/Rev 3Y Avg | 5.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.0 |
| P/S | 0.8 |
| P/Op Inc | 10.8 |
| P/EBIT | 11.8 |
| P/E | 20.6 |
| P/CFO | 14.1 |
| Total Yield | 3.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.2% |
| D/E | 0.5 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.0% |
| 3M Rtn | -11.2% |
| 6M Rtn | 10.4% |
| 12M Rtn | 3.2% |
| 3Y Rtn | -43.0% |
| 1M Excs Rtn | -14.8% |
| 3M Excs Rtn | -17.9% |
| 6M Excs Rtn | -10.5% |
| 12M Excs Rtn | -25.0% |
| 3Y Excs Rtn | -125.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clear Aligner | 3,230 | 3,199 | 3,073 | 3,247 | 2,101 |
| Systems and Services | 769 | 663 | 662 | 706 | 370 |
| Total | 3,999 | 3,862 | 3,735 | 3,953 | 2,472 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clear Aligner | 1,142 | 1,182 | 1,134 | 1,326 | 768 |
| Systems and Services | 269 | 191 | 180 | 259 | 96 |
| Unallocated corporate expenses | -804 | -730 | -672 | -609 | -477 |
| Total | 608 | 643 | 643 | 976 | 387 |
Price Behavior
| Market Price | $168.78 | |
| Market Cap ($ Bil) | 12.1 | |
| First Trading Date | 01/30/2001 | |
| Distance from 52W High | -18.5% | |
| 50 Days | 200 Days | |
| DMA Price | $177.54 | $157.94 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | -4.9% | 6.9% |
| 3M | 1YR | |
| Volatility | 41.9% | 52.5% |
| Downside Capture | 1.28 | 1.09 |
| Upside Capture | 154.08 | 140.81 |
| Correlation (SPY) | 69.2% | 39.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.94 | 1.84 | 1.82 | 1.63 | 1.68 | 1.44 |
| Up Beta | 2.45 | 2.24 | 2.29 | 2.02 | 2.08 | 1.59 |
| Down Beta | -2.76 | 2.17 | 2.20 | 1.58 | 1.32 | 1.10 |
| Up Capture | 83% | 130% | 182% | 224% | 176% | 198% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 19 | 34 | 65 | 131 | 366 |
| Down Capture | 70% | 178% | 133% | 113% | 154% | 111% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 24 | 30 | 60 | 120 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALGN | |
|---|---|---|---|---|
| ALGN | -0.4% | 52.6% | 0.22 | - |
| Sector ETF (XLV) | 7.9% | 15.4% | 0.30 | 42.2% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 39.5% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 0.9% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -9.4% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 37.9% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALGN | |
|---|---|---|---|---|
| ALGN | -22.2% | 49.5% | -0.32 | - |
| Sector ETF (XLV) | 4.9% | 14.6% | 0.16 | 39.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 53.6% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 5.6% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 8.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 43.1% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 24.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALGN | |
|---|---|---|---|---|
| ALGN | 9.0% | 48.9% | 0.37 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 47.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 56.0% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 4.6% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 16.1% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 43.9% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 14.2% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -1.3% | -2.5% | |
| 2/4/2026 | 8.9% | 22.4% | 7.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 7.5% | 9.9% | 9.9% |
| Median Negative | -7.7% | -8.3% | -12.8% |
| 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 |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.04 Bil | 1.05 Bil | 1.06 Bil | 2.9% | Raised | Guidance: 1.02 Bil for Q1 2026 | |
| Q2 2026 Revenue Growth | 3.0% | 4.0% | 5.0% | 0 | 0 | Same New | Guidance: 4.0% for Q1 2026 |
| Q2 2026 GAAP Operating Margin | 16.4% | 30.2% | 3.8% | Higher New | Guidance: 12.6% for Q1 2026 | ||
| Q2 2026 Non-GAAP Operating Margin | 21.5% | 10.3% | 2.0% | Higher New | Guidance: 19.5% for Q1 2026 | ||
| 2026 Revenue Growth | 3.0% | 3.5% | 4.0% | 0 | 0 | Affirmed | Guidance: 3.5% for 2026 |
| 2026 GAAP Operating Margin | 18.0% | 0 | 0 | Affirmed | Guidance: 18.0% for 2026 | ||
| 2026 Non-GAAP Operating Margin | 23.7% | 0 | 0 | Affirmed | Guidance: 23.7% for 2026 | ||
| 2026 Capital Expenditures | 125.00 Mil | 137.50 Mil | 150.00 Mil | 0 | Affirmed | Guidance: 137.50 Mil for 2026 | |
| 2026 Share Repurchases | 200.00 Mil | Higher New | Guidance: 0 for 2026 | ||||
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.01 Bil | 1.02 Bil | 1.03 Bil | -1.4% | Lowered | Guidance: 1.03 Bil for Q4 2025 | |
| Q1 2026 Revenue Growth | 3.0% | 4.0% | 5.0% | ||||
| Q1 2026 GAAP Operating Margin | 12.4% | 12.6% | 12.8% | -19.0% | -3.0% | Lowered | Guidance: 15.55% for Q4 2025 |
| Q1 2026 Non-GAAP Operating Margin | 19.5% | -25.0% | -6.5% | Lowered | Guidance: 26.0% for Q4 2025 | ||
| 2026 Revenue Growth | 3.0% | 3.5% | 4.0% | 3.5% | Higher New | Guidance: 0.0% for 2025 | |
| 2026 GAAP Operating Margin | 18.0% | 31.4% | 4.3% | Higher New | Guidance: 13.7% for 2025 | ||
| 2026 Non-GAAP Operating Margin | 23.7% | 5.3% | 1.2% | Higher New | Guidance: 22.5% for 2025 | ||
| 2026 Capital Expenditures | 125.00 Mil | 137.50 Mil | 150.00 Mil | 37.5% | Higher New | Guidance: 100.00 Mil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morici, John | EVP, CHIEF FINANCIAL OFFICER | Direct | Sell | 2202026 | 189.31 | 7,969 | 1,508,646 | 1,559,382 | Form |
| 2 | Hogan, Joseph M | PRESIDENT AND CEO | Direct | Buy | 8012025 | 131.49 | 7,576 | 996,131 | 24,317,512 | Form |
| 3 | Coletti, Julie Ann | EVP, CHIEF LEGAL & REGULATORY | Direct | Buy | 8012025 | 109.66 | 42 | 4,606 | 779,672 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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