Loading…
China's leading maker of clear (invisible) orthodontic aligners for teeth straightening.
China's leading maker of clear (invisible) orthodontic aligners for teeth straightening.
Is paid per treatment case: an orthodontist submits a patient's scan, and the company designs and manufactures a series of aligners, with digital planning software supporting the order. Mainland China cases carry most of the business, with overseas sales a smaller part.
In one line: China's Align Technology (Invisalign).
Moat: narrow (brand, IP / patents, switching costs). Leading domestic brand and digital treatment-planning ecosystem create dentist workflow lock-in, though Invisalign remains a larger global competitor.
Headquarters: Shanghai, China · Founded: 2003 · Employees: 4,312
Size Angelalign Technology (6699.HK) is a Hong Kong Health Care company (Medical Specialties) with a market value of $1.74B, the 452nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$79.05 on 6 Nov 2026.
Performance Over six months the shares fell 7.4%, against +2.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 84.4% over the last twelve months (peer median +9.3%); the operating margin is 9.4% (peer median 12.7%).
Valuation It trades at 52.1× forward earnings against a peer median of 26.2× (3rd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 28.5 points above its cost of capital (11.1% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$3.43B | HK$2.89B | HK$2.10B | HK$1.63B | HK$1.48B |
| Revenue growth | — | +38% | +29% | +10% | — |
| Gross profit | HK$2.09B | HK$1.75B | HK$1.25B | HK$957M | HK$872M |
| EBITDA | HK$486M | HK$325M | HK$87.4M | HK$60.8M | HK$245M |
| Net income | HK$321M | HK$222M | HK$94.5M | HK$59.1M | HK$249M |
| Free cash flow | HK$934M | HK$583M | HK$30.6M | HK$183M | HK$116M |
| Capital expenditure | HK$201M | HK$220M | HK$221M | HK$127M | HK$111M |
| Total debt | n/a | HK$127M | HK$113M | HK$71.9M | HK$31.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Angelalign Technology 6699.HK | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% |
| Align Technology ALGN | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6699.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.0% | +0.3% | 7th lowest of 21 |
| 6-month return | -7.4% | +2.8% | 6th lowest of 20 |
| Distance from 52-week high | -20.9% | -23.1% | 8th highest of 21 |
| Revenue growth (TTM) | +84.4% | +9.3% | highest of 21 |
| Operating margin | 9.4% | 12.7% | 9th lowest of 21 |
| Forward P/E | 52.1× | 26.2× | 3rd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 18.1% | 8.4% | 4th most demanding of 15 |
| Growth delivered (Del g) | +25.8% | +13.4% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -7.6 pp | -6.5 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +28.5 pp | +2.3 pp | 2nd highest of 21 |
| EV / EBITDA | 22.7× | 15.8× | 5th most expensive of 12 |
| Net debt / EBITDA | -5.3× | 0.4× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 20.4× | 18.8% | +14.5% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | n/a | n/a | n/a |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 27.6× | 22.0% | +22.5% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 17.6× | -2.1% | +3.3% |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 17.2× | 3.1% | +23.4% |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 23.6× | 10.8% | +18.3% |