NASDAQ: ALGN
Align Technology
Health Care · Orthopedic, Prosthetic & Surgical Appliances & Supplies
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$12.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.72B |
| FY2017, ended Dec 31, 2017 | $17.8B |
| FY2018, ended Dec 31, 2018 | $16.8B |
| FY2019, ended Dec 31, 2019 | $22.0B |
| FY2020, ended Dec 31, 2020 | $42.3B |
| FY2021, ended Dec 31, 2021 | $51.8B |
| FY2022, ended Dec 31, 2022 | $16.2B |
| FY2023, ended Dec 31, 2023 | $20.6B |
| FY2024, ended Dec 31, 2024 | $15.3B |
| FY2025, ended Dec 31, 2025 | $11.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $12.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.14B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.08B |
| FY2017, ended Dec 31, 2017 | $1.47B |
| FY2018, ended Dec 31, 2018 | $1.97B |
| FY2019, ended Dec 31, 2019 | $2.41B |
| FY2020, ended Dec 31, 2020 | $2.47B |
| FY2021, ended Dec 31, 2021 | $3.95B |
| FY2022, ended Dec 31, 2022 | $3.73B |
| FY2023, ended Dec 31, 2023 | $3.86B |
| FY2024, ended Dec 31, 2024 | $4.00B |
| FY2025, ended Dec 31, 2025 | $4.03B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.14B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $190M | $177M |
| FY2017, ended Dec 31, 2017 | $231M | $243M |
| FY2018, ended Dec 31, 2018 | $400M | $331M |
| FY2019, ended Dec 31, 2019 | $443M | $598M |
| FY2020, ended Dec 31, 2020 | $1.78B | $507M |
| FY2021, ended Dec 31, 2021 | $772M | $771M |
| FY2022, ended Dec 31, 2022 | $362M | $277M |
| FY2023, ended Dec 31, 2023 | $445M | $608M |
| FY2024, ended Dec 31, 2024 | $421M | $623M |
| FY2025, ended Dec 31, 2025 | $410M | $491M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $414M | $634M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.10B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $389M |
| FY2017, ended Dec 31, 2017 | $450M |
| FY2018, ended Dec 31, 2018 | $637M |
| FY2019, ended Dec 31, 2019 | $550M |
| FY2020, ended Dec 31, 2020 | $961M |
| FY2021, ended Dec 31, 2021 | $1.10B |
| FY2022, ended Dec 31, 2022 | $942M |
| FY2023, ended Dec 31, 2023 | $937M |
| FY2024, ended Dec 31, 2024 | $1.04B |
| FY2025, ended Dec 31, 2025 | $1.09B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.10B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 11.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.71.0M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 80.3M |
| FY2017, ended Dec 31, 2017 | 80.1M |
| FY2018, ended Dec 31, 2018 | 80.0M |
| FY2019, ended Dec 31, 2019 | 78.8M |
| FY2020, ended Dec 31, 2020 | 79.1M |
| FY2021, ended Dec 31, 2021 | 78.8M |
| FY2022, ended Dec 31, 2022 | 76.6M |
| FY2023, ended Dec 31, 2023 | 75.1M |
| FY2024, ended Dec 31, 2024 | 73.6M |
| FY2025, ended Dec 31, 2025 | 71.3M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 71.0M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $68.2M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $96.2M | $54.1M | $13.8M |
| FY2017, ended Dec 31, 2017 | $104M | $58.9M | $14.5M |
| FY2018, ended Dec 31, 2018 | $300M | $70.8M | $16.6M |
| FY2019, ended Dec 31, 2019 | $400M | $88.2M | $17.9M |
| FY2020, ended Dec 31, 2020 | $0 | $98.4M | $20.3M |
| FY2021, ended Dec 31, 2021 | $375M | $114M | $25.6M |
| FY2022, ended Dec 31, 2022 | $435M | $133M | $26.1M |
| FY2023, ended Dec 31, 2023 | $592M | $154M | $26.6M |
| FY2024, ended Dec 31, 2024 | $353M | $174M | $25.3M |
| FY2025, ended Dec 31, 2025 | $466M | $186M | $21.7M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $267M | $179M | $19.6M |
Revenue (TTM)
$4.14B
+4.4% YoY
Net income (TTM)
$414M
−5.5% YoY
Cash
$1.10B
+22.4% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $10.6B
- P/E
- 25.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.6×
- Price / Book
- 2.5×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $4.14B
- Revenue Growth YoY
- 4.4%
- Revenue CAGR 3Y
- 2.6%
- Revenue CAGR 5Y
- 10.3%
- EPS Growth YoY
- −2.7%
- Net Income Growth YoY
- −5.5%
Profitability
Trailing 12 months- Gross Margin
- 68.0%
- Operating Margin
- 13.2%
- Net Margin
- 10.0%
- FCF Margin
- 15.3%
- Return on Equity
- 10.2%
Earnings
Trailing 12 months- Net Income
- $414M
- EPS (diluted)
- $5.76
- EBITDA
- $802M
- Operating Income
- $548M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.10B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $6.42B
- Total Liabilities
- $2.19B
- Shareholders' Equity
- $4.23B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $756M
- Capital Expenditure
- $122M
- Free Cash Flow
- $634M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.67
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $4.14B.
Note
Net margin of 10.0% over the last 12 months.
Strength
Turns 15.3% of revenue into free cash flow.
Strength
Share count is down 2.0% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K53Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- Revenue rose 3.5% to $4.0 billion, but operating income fell 5.5% to $607.6 million and net income fell 5.3% to $421.4 million.
- Scanner and software sales grew 16%, while clear aligner revenue rose only 1% as lower selling prices and bigger discounts offset higher volume.
- Profit was hurt by a $31 million legal settlement loss and $33.2 million of restructuring and other charges; headcount fell 3.1%.
- Management expects weak consumer demand to continue in 2025 and now warns that tariffs could raise costs and hurt revenue.
Business momentum
Mixed
“Total operating margin percentage decreased in 2024 compared to 2023 primarily due to increased legal settlement losses, restructuring and other charges and employee costs.”
Outlook
Cautious
“During 2024, we believe sales of our products were adversely impacted by macroeconomic conditions that negatively affected disposable income and consumer demand. We believe this trend will continue in 2025.”
Financial stress
None
“We believe that our current cash balances and the borrowing capacity under our credit facility, if necessary, will be sufficient to fund our business for at least the next 12 months.”
Tone against the previous report
About the same
Red flags
- Minor
Major lawsuit
“Legal settlement loss incurred during 2024 was due to litigation and other settlements.”
- Minor
Other
“Restructuring and other charges increased in 2024 compared to 2023 due to higher severance and other one-time post-employment benefits, driven by a more significant restructuring plan initiated in 2024.”
Positives
Scanner and services business grew strongly with higher profit
“Systems and Services net revenues increased by $106 million in 2024 as compared to 2023 primarily due to higher scanner ASP which increased net revenues by $45 million”
Record aligner shipments to younger patients
“In 2024, we had record shipments to teenage and younger patients.”
Strong cash generation and over $1 billion in cash
“Cash provided by operating activities of $738.2 million”
Concerns
Americas aligner revenue fell as selling prices dropped
“Americas net revenues decreased by $37 million in 2024 as compared to 2023, primarily due to a 3.0% decrease in ASP, resulting in a decrease of net revenues of $44 million.”
Heavier discounting needed to support international aligner volume
“higher promotional discounts which reduced net revenues by $114 million”
Revenue was helped by less being deferred, and future revenue backlog shrank
“These decreases were partially offset by lower net deferrals which increased net revenues by $94 million and price changes which increased net revenues by $19 million.”
New risks since the previous report
Tariffs on aligners made in Mexico and shipped to the US
“Specifically, we manufacture clear aligners in our facility in Mexico and ship them to the United States, primarily for our United States customers with the remainder eventually shipping to other international locations.”
New AI rules could add compliance costs and delay products
“In Europe, the EU AI Act entered into force on August 1, 2024 which will become fully effective on August 2, 2026, with some provisions effective in February 2025.”
Rivals may move faster on AI technology
“We may be unable to devote adequate financial resources to develop or acquire new AI technologies and systems in the future and sufficiently meet evolving industry trends and consumer demands.”
Global minimum tax, including in Switzerland, could raise taxes
“Countries including EU member countries have enacted, are considering enacting, or have committed to enact the OECD/G20 Framework’s Pillar Two 15% global minimum tax, including Switzerland which is a significant jurisdiction for us.”
Supreme Court ruling could disrupt FDA reviews
“For example, this decision may result in more companies suing the FDA to challenge its longstanding decisions and policies, which could undermine the FDA's authority, lead to uncertainties in the industry, and disrupt the FDA’s normal operations”
Biggest risks named
- Weak economy reducing consumer spending on elective dental treatment
- Tariffs and trade measures raising costs, especially on Mexico-made aligners
- Falling aligner selling prices from discounts and a shift to cheaper products
- Growing competition from aligner makers, in-office 3D printing and AI-enabled rivals
- Military conflicts, including exposure of Israel-based iTero operations
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | +2 | |
| Red flags | −2.1 | |
| New risks | −2 | |
| Score | 53 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 53 | Mixed | 2 minor | |
| 10-K | Feb 28, 2024 | 61 | Improving | 1 medium1 minor | |
| 10-K | Feb 27, 2023 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Feb 25, 2022 | 77 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 53 | Mixed | None | |
| 10-K | Feb 28, 2020 | 67 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2019 | 69 | Strong improvement | 2 medium1 minor | |
| 10-K | Feb 28, 2018 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 28, 2017 | 77 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR