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Maker of Invisalign clear dental aligners and iTero intraoral scanners for orthodontic and general dentistry practices.
Maker of Invisalign clear dental aligners and iTero intraoral scanners for orthodontic and general dentistry practices.
Earns a fee for each set of custom aligners shipped to a dental practice, so revenue follows the number of cases and the price per case. Scanners sold to practices feed digital scans into the Invisalign workflow, which brings in more cases. Align makes each patient's aligners in its own plants, mainly in Mexico.
Moat: narrow (brand, installed base, switching costs). Strong consumer brand and iTero scanner installed base drive doctor loyalty, though core patents have expired.
Headquarters: Tempe, Arizona, USA · Founded: 1997 · Employees: 20,290
Size Align Technology (ALGN) is a United States Health Care company (Medical Specialties) with a market value of $11.8B, the 702nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $166.00 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against +33.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +5.0%); the operating margin is 19.5% (peer median 14.2%).
Valuation It trades at 13.9× forward earnings against a peer median of 20.4× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.2 points above its cost of capital (13.5% WACC).
Backlog Backlog (remaining performance obligations) was $1.35B at 31 Dec 2025, down 6% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.16B | $4.03B | $4.00B | $3.86B | $3.73B |
| Revenue growth | — | +1% | +4% | +3% | — |
| Gross profit | $3.10B | $2.82B | $2.82B | $2.73B | $2.65B |
| EBITDA | n/a | $851M | $817M | $799M | $810M |
| Net income | $492M | $410M | $421M | $445M | $362M |
| Free cash flow | n/a | $491M | $623M | $608M | $277M |
| Capital expenditure | n/a | $102M | $116M | $178M | $292M |
| Total debt | $112M | $114M | $119M | $127M | $127M |
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 |
|---|---|---|---|---|---|---|
| Align Technology ALGN | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% |
| Straumann STMN.SW | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% |
| Solventum SOLV | $15.4B | +23% | -1% | 8% | 12.2× | n/a |
| Angelalign Technology 6699.HK | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% |
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 | ALGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.7% | +8.4% | 3rd highest of 21 |
| 6-month return | -1.6% | +33.8% | 3rd lowest of 21 |
| Distance from 52-week high | -17.2% | -12.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.4% | +5.0% | 8th lowest of 21 |
| Operating margin | 19.5% | 14.2% | 4th highest of 21 |
| Forward P/E | 13.9× | 20.4× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.4% | 9.9% | 8th most demanding of 19 |
| Growth delivered (Del g) | +10.3% | +7.8% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | +1.1 pp | +4.4 pp | 9th least demanding of 19 |
| ROIC minus cost of capital | +9.2 pp | +2.4 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Align Technology ALGN | United States | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% | +10.3% |
| Cooper Companies (The) COO | United States | $11.9B | +4% | +5% | 19% | 13.8× | 9.4% | +11.0% |
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
Align Technology reported $1.35B of remaining performance obligations at 31 Dec 2025, down 6% from a year earlier. That is 0.3 years of trailing revenue already under contract.