Pricing Log in Create free account
Friday 6 November 2026 Export ALGN’s income statement to Excel — free account

Align Technology, Inc.

ALGN Healthcare Medical Instruments & Supplies

Align Technology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 0.90% from fiscal 2024.

Revenue
+1.92%
EPS
+143.9%
Free cash flow
+8.26%

Quarter to September 2026, against a year earlier

158.87 6.03 −3.66%
Market cap
$11.3B
P/E
23.1×
Fwd P/E
20.4×
Dividend yield
—
F-score
6/9
Altman Z
4.73
Beneish M
−2.52
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Clear Aligner
  • Systems and Services

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 1.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 3.26%

Capital & Financial Ratios $m

Size
Market Cap 11,320.00
Revenue ttm 4,158.60
Net income ttm 413.58
Free cash flow ttm 749.89
Net debt Q (1,144.93)
Valuation
P/E 23.08
Forward P/E 20.40
Price / sales 2.71
Forward P/S Powerpack
Price / FCF 16.84
Price / book 2.66
Financial health
Current ratio Q 1.42
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +1.92% (above 0%: growing)
Operating income growth Q +75.67% (above 0%: growing)
EPS, this year +6.01%
EPS, next year A +10.39%
Revenue, next year A +2.26%
EPS, past 5 yrs −24.09% (below 0%: weak)
EPS, next 5 yrs A +8.46%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 6.7×; over the ten years it ranged from 2.0× in 2025 to 17.7× in 2018.
P/E against its own 10 years 8.54%
10-year low 10-year high
P/S against its own 10 years 4.77%
10-year low 10-year high
P/B against its own 10 years 4.44%
10-year low 10-year high
EV/Sales against its own 10 years 4.66%
10-year low 10-year high
EV/FCF against its own 10 years 3.56%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 973 1,044 1,095 1,145
Receivables 903 996 1,102 1,164
Inventory 297 254 226 225
Other — — 28 —
2,447 2,492 2,617 2,726
2023 2024 2025 Q'26
Payables 113 109 121 118
ST’ Debt — — — —
Other — — — —
2,067 2,038 1,920 1,913

Compound Annual Growth %

10y 5y 3y
Sales 16.92% 10.30% 2.61%
Cash Flow 9.56% (2.18%) 1.42%
Earnings 11.04% (25.40%) 4.31%
Book Value 16.92% 4.60% 3.98%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.76 Actual 2.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.99 3.29 Beat by 0.30
Q1 FY26 2.26 2.58 Beat by 0.32
Q2 FY26 2.56 2.64 Beat by 0.08
Q3 FY26 2.76 2.80 Beat by 0.04
Q4 FY26 3.11 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.57 1.51 1.90 — —
’25 1.27 1.72 0.78 1.89 5.65
’24 1.39 1.28 1.55 1.39 5.62
’23 1.14 1.46 1.58 1.64 5.81
’22 1.70 1.44 0.93 0.54 4.61
’21 2.51 2.51 2.28 2.40 9.69
’20 19.21 (0.52) 1.76 2.00 22.41
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,040 1,056 1,015 — —
’25 979 1,012 996 1,048 4,035
’24 997 1,028 978 995 3,999
’23 943 1,002 960 957 3,862
’22 973 970 890 902 3,735
’21 895 1,011 1,016 1,031 3,953
’20 551 352 734 835 2,472
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 151 193 183 — —
’25 53 129 189 223 593
’24 29 160 264 286 738
’23 200 252 287 47 786
’22 30 127 266 145 569
’21 227 318 355 273 1,173
’20 10 60 211 381 662
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 120 199 183 — —
’25 27 107 169 187 491
’24 19 106 234 263 623
’23 136 193 266 13 608
’22 (57) 51 191 92 277
’21 184 193 231 164 771
’20 (36) 25 190 328 507
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.2% a year for ten years. It grew 12.8% a year over the last ten.

Implied
4.2%
10 years, reported
12.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,080 1,473 1,966 2,407 2,472 3,953 3,735 3,862 3,999 4,035 4,159 +15.8% 4,126 4,259 4,456 +3.4%
Gross margin, % 75.50 75.81 73.63 72.46 71.33 74.26 70.52 70.08 70.00 67.19 69.14 (8.3) pt
EBT 243 365 467 563 379 1,012 599 641 609 585 644 +10.3%
EBT margin, % 22.46 24.76 23.73 23.38 15.33 25.61 16.04 16.60 15.23 14.51 15.49 (7.9) pt
Net income 190 231 400 443 1,776 772 362 445 421 410 414 +9.0%
Per share, $
Per share, $ Revenue 13.52 18.40 24.56 30.30 31.39 50.09 47.76 50.54 53.41 55.62 58.58 +17.0%
Earnings 2.38 2.89 5.00 5.57 22.55 9.78 4.62 5.82 5.63 5.66 6.88 +10.1%
Cash flow 3.10 5.48 6.93 9.41 8.41 14.86 7.27 10.28 9.86 8.18 10.56 +11.4%
Capex (0.88) (2.44) (2.79) (1.88) (1.97) (5.08) (3.73) (2.33) (1.54) (1.41) 0.00 +5.3%
Free cash flow 2.22 3.03 4.14 7.52 6.44 9.78 3.54 7.96 8.32 6.77 10.56 +13.2%
Book value 12.46 14.41 15.65 16.95 41.06 45.91 46.06 47.50 51.44 55.82 60.65 +18.1%
Shares, m 80 80 80 79 79 79 78 76 75 73 72 (1.1%)
Valuation, ×
Valuation, × P/E 40.74 77.72 41.89 50.10 23.66 67.20 45.95 46.13 37.10 27.59 23.08 45.8
P/S 7.17 12.21 8.53 9.21 17.03 13.12 4.44 5.32 3.90 2.81 2.71 8.4
P/B 7.78 15.58 13.38 16.46 13.01 14.32 4.61 5.66 4.05 2.80 2.66 9.8
EV/Sales 6.58 11.72 8.15 8.85 16.64 12.82 4.18 5.07 3.64 2.54 2.44 8.0
EV/FCF 40.11 71.10 48.38 35.63 81.08 65.71 56.35 32.20 23.40 20.85 15.13 47.5
Cash, $m
Cash, $m Operating cash flow 248 439 555 747 662 1,173 569 786 738 593 750 +10.2%
Capex (71) (196) (223) (150) (155) (401) (292) (178) (116) (102) (80) +4.2%
Free cash flow 177 243 331 598 507 771 277 608 623 491 750 +12.0%
Balance, $m
Balance, $m Working capital 599 658 610 662 524 570 499 380 454 697 813 +1.7%
Net debt (640) (722) (735) (869) (961) (1,171) (1,000) (973) (1,044) (1,095) (1,145) +6.1%
Shareholders’ equity 995 1,154 1,253 1,346 3,234 3,623 3,601 3,630 3,852 4,049 4,306 +16.9%
Returns, %
Returns, % ROA 14.85 14.55 20.86 19.45 48.45 14.33 6.08 7.40 6.85 6.59 7.71 (8.3) pt
ROIC 43.81 51.07 56.34 71.00 10.65 24.89 15.44 15.13 13.52 11.55 12.27 (32.3) pt
ROE 20.58 21.53 33.25 34.07 77.55 22.52 10.01 12.31 11.26 10.39 0.00 (10.2) pt
People
People Employees 6,060 8,715 11,660 14,530 18,070 22,540 23,165 21,610 20,945 20,290 — +14.4%
Revenue/emp, $m 0.18 0.17 0.17 0.17 0.14 0.18 0.16 0.18 0.19 0.20 — +1.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Align Technology designs, manufactures and markets products used by dental professionals to straighten teeth and plan dental treatment. Founded in 1997, the company is headquartered in Tempe, Arizona. Joseph M. Hogan is president and chief executive officer; Align has appointed Jennifer Davis to succeed him as president and CEO on December 31, 2026.

Its Invisalign system uses a series of removable, custom-made clear aligners to move teeth. An orthodontist or general dentist prescribes treatment, submits a scan or impression, and reviews and approves a digital plan. Align then manufactures the aligners and typically ships them to the doctor, who provides them to the patient. The company also sells Vivera retainers to help maintain tooth position after treatment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Clear Aligner 3,245 80.43%
Systems and Services 790 19.57%
Gross margin 67.19%
Operating margin 13.53%
Pre-tax margin 14.51%

Revenue by segment since 2009

Align Technology, Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
ALGN Align Technology, Inc. $11.3B 23.1× 20.4× +1.92% (above 0%: growing) +143.87% (above 0%: growing) +8.26% (above 0%: growing) 68.73% 16.67%
RGEN Repligen Corporation $10.8B — (loss-making) — (loss-making) +10.86% (above 0%: growing) n/m −11.46% (below 0%: shrinking) 53.02% (14.12%) Compare
AVTR Avantor, Inc. $10.3B 30.3× 34.8× +4.59% (above 0%: growing) n/m −9.03% (below 0%: shrinking) 31.49% 8.21% Compare
ATR AptarGroup, Inc. $9.1B 34.6× 25.9× +6.03% (above 0%: growing) −73.85% (below 0%: shrinking) −16.86% (below 0%: shrinking) 36.59% 13.25% Compare
BLCO Bausch + Lomb Corporation $7.1B — (loss-making) 749× +7.34% (above 0%: growing) n/m +182.54% (above 0%: growing) 64.65% 11.27% Compare
TFX Teleflex Incorporated $6.5B — (loss-making) 37.4× +28.88% (above 0%: growing) −17.33% (below 0%: shrinking) +220.14% (above 0%: growing) 58.16% 12.77% Compare
Median of peers $10.5B 32.4× 34.8× +5.50% −17.33% +124.25% 44.81% 9.74%

All 53 Medical Instruments & Supplies stocks →

From the latest earnings call

Updated

  • Joe Hogan said affordability remains a barrier to starting treatment, and Align is using patient financing and commercial programs to help practices convert interest into cases.
  • John Morici said Align lowered its revenue outlook as customers shifted toward lower-priced scanners and flexible acquisition models, alongside revised clear aligner assumptions.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Evercore ISI Oct 5, 2026 Downgrade Outperform → Hold —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 102.34%
Held by the ten largest 54.64%
Holder Shares Stake Change
Vanguard 8.14m 11.42% −7.18k
Capital Group 7.70m 10.81% −422.66k
BlackRock 4.42m 6.20% +129.44k
Fidelity (FMR) 4.06m 5.70% +1.36m
Goldman Sachs 3.37m 4.73% +1.58m
State Street 2.56m 3.59% +42.26k
UBS 2.49m 3.49% +454.50k
Geode Capital Management 2.25m 3.15% +454.61k
Ninety One UK Ltd 2.21m 3.10% −18.42k
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 1.73m 2.43% −169.42k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.19m 3.86m 29.00
2024 27.32m 5.20m 39.00
2023 28.95m 29.46m 51.00
2022 18.68m (61.35m) 39.00
2021 21.59m 76.15m 123.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 11.70%
Capital International Investors 6.80%
BlackRock, Inc. 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Align Technology, Inc. (ALGN) Latest News

3 Nov

Impact 3 · · StockStory

29 Oct

Impact 4 · · Zacks
Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

27 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · Zacks

26 Oct

Impact 4 · · Business Wire

25 Oct

Impact 4 · · 24/7 Wall St.

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 4 · · Barchart

16 Oct

Impact 4 · · Business Wire

7 Oct

Impact 3 · · StockStory

5 Oct

Impact 3 · · InvestorsHub

3 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · Zacks
Impact 3 · · Simply Wall St.

1 Oct

Impact 3 · · Simply Wall St.

28 Sep

Impact 4 · · Business Wire

18 Sep

Impact 3 · · MarketBeat

5 Sep

Impact 3 ·

28 Aug

Impact 3 ·

ALGN metrics, ten years each

stockrow.com/ALGN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com