Align Technology
ALGNNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $174.26 Prior regular-session close from the quote source.
- $169.66–$175.24 Regular-session low and high so far today.
- 860.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $130.23–$200.44 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ALGN if Invisalign, iTero, and exocad can reaccelerate doctor-led clear-aligner growth while defending premium margins against lower-priced alternatives.
ALGN price history
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Investment thesis
What must happen next
The Invisalign, iTero, and exocad workflow remains the preferred digital path for orthodontists and general dentists treating malocclusion, so doctors keep routing cases to Align rather than to cheaper open systems.HoldingMateriality: High
GAAP annual revenue increased from $3.735 billion in FY2022 to $4.035 billion in FY2025, showing the platform has not yet gone into outright revenue contraction. If doctor workflow preference holds, revenue can compound from recurring case starts; if it breaks, Align loses the platform advantage behind its premium economics.
Watch: Large orthodontic practices or DSOs standardize on lower-priced aligner systems such as Ormco Spark, Straumann ClearCorrect, Dentsply Sirona SureSmile, or Angelalign.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $3.735 billion in FY2022 to $4.035 billion in FY2025, showing the platform has not yet.
Open source ↗Align can defend premium clear-aligner unit economics because brand trust, treatment planning, clinical support, and manufacturing scale remain more valuable to doctors than the lower upfront price of competing aligners.WeakeningMateriality: High
GAAP annual gross profit was $2.711 billion in FY2025, still above FY2022 gross profit of $2.634 billion. This determines whether growth creates attractive gross profit or is bought through discounting and mix deterioration.
Watch: Straumann ClearCorrect, Ormco Spark, Dentsply Sirona SureSmile, or Angelalign gain clinical acceptance among orthodontists and force Align to match lower pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit was $2.711 billion in FY2025, still above FY2022 gross profit of $2.634 billion.
Open source ↗Clear aligners continue expanding the orthodontic treatment pool through aesthetic adult and teen demand plus broader GP access, rather than merely replacing braces in a mature market.HoldingMateriality: Medium
GAAP annual revenue increased each year from FY2022 through FY2025, from $3.735 billion to $4.035 billion. If the category still expands, Align has a demand tailwind; if it is mature or discretionary demand weakens, the business becomes a share-and-price fight.
Watch: Consumer financing tightens or dental patients defer elective cosmetic orthodontic treatment, especially adult cases.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased each year from FY2022 through FY2025, from $3.735 billion to $4.035 billion.
Open source ↗Management can restore operating leverage by matching commercial, R&D, and digital-platform spending to case volume, rather than allowing competition and slower demand to make the cost base structurally too heavy.WeakeningMateriality: Medium
GAAP annual operating income fell from $643 million in FY2023 to $608 million in FY2024 and $546 million in FY2025. The owner needs revenue growth to convert into operating income; if scale no longer flows through, the business deserves a lower quality multiple.
Watch: Align has to increase sales incentives, doctor training, advertising, or R&D spending simply to defend share against Spark, ClearCorrect, SureSmile, and Angelalign.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income fell from $643 million in FY2023 to $608 million in FY2024 and $546 million in FY2025.
Open source ↗A cash-rich balance sheet gives Align the flexibility to keep funding scanner/software innovation, doctor support, and manufacturing capability through weak dental cycles without relying on financial leverage.StrengtheningMateriality: Medium
Cash and cash equivalents were $1.095 billion at FY2025 year-end, up from $1.044 billion at FY2024 year-end and $937 million at FY2023 year-end. Financial flexibility raises the odds that Align can defend the platform during a downturn instead of cutting the investments that sustain the moat.
Watch: Align must spend heavily on acquisitions, litigation, price support, or accelerated R&D to keep pace with competitors, consuming cash without restoring growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $1.095 billion at FY2025 year-end, up from $1.044 billion at FY2024 year-end and $937 million.
Open source ↗
Full investment case & evidence
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Original research
The Invisalign, iTero, and exocad workflow remains the preferred digital path for orthodontists and general dentists treating malocclusion, so doctors keep routing cases to Align rather than to cheaper open systems. If doctor workflow preference holds, revenue can compound from recurring case starts; if it breaks, Align loses the platform advantage behind its premium economics.
Align can defend premium clear-aligner unit economics because brand trust, treatment planning, clinical support, and manufacturing scale remain more valuable to doctors than the lower upfront price of competing aligners. This determines whether growth creates attractive gross profit or is bought through discounting and mix deterioration.
Clear aligners continue expanding the orthodontic treatment pool through aesthetic adult and teen demand plus broader GP access, rather than merely replacing braces in a mature market. If the category still expands, Align has a demand tailwind; if it is mature or discretionary demand weakens, the business becomes a share-and-price fight.
Management can restore operating leverage by matching commercial, R&D, and digital-platform spending to case volume, rather than allowing competition and slower demand to make the cost base structurally too heavy. The owner needs revenue growth to convert into operating income; if scale no longer flows through, the business deserves a lower quality multiple.
A cash-rich balance sheet gives Align the flexibility to keep funding scanner/software innovation, doctor support, and manufacturing capability through weak dental cycles without relying on financial leverage. Financial flexibility raises the odds that Align can defend the platform during a downturn instead of cutting the investments that sustain the moat.
All standing thesis claims
Original report summary
Invisalign, iTero, and exocad can reaccelerate doctor-led clear-aligner growth while defending premium margins against lower-priced alternatives.
Bull case and bear case
Bull case and bear case for Align Technology
Where the evidence on Align Technology disagrees: Mixed on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
The Invisalign, iTero, and exocad workflow remains the preferred digital path for orthodontists and general dentists treating malocclusion, so doctors keep routing cases to Align rather than to cheaper open systems.
Clear aligners continue expanding the orthodontic treatment pool through aesthetic adult and teen demand plus broader GP access, rather than merely replacing braces in a mature market.
A cash-rich balance sheet gives Align the flexibility to keep funding scanner/software innovation, doctor support, and manufacturing capability through weak dental cycles without relying on financial leverage.
Bear case: what the evidence questions
Align can defend premium clear-aligner unit economics because brand trust, treatment planning, clinical support, and manufacturing scale remain more valuable to doctors than the lower upfront price of competing aligners.
Management can restore operating leverage by matching commercial, R&D, and digital-platform spending to case volume, rather than allowing competition and slower demand to make the cost base structurally too heavy.
Thesis-Break Engine
What has broken in Align Technology’s thesis
Each break OptimistFi flagged on Align Technology, dated — with what has historically followed the same kind of break across the market, not a forecast for Align Technology.
- Revenue decline
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Align Technology filed an SEC 8-K on 2026-08-31: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Align Technology filed an SEC 8-K on 2026-07-29: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Align Technology filed an SEC 8-K on 2026-07-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large orthodontic practices or DSOs standardize on lower-priced aligner systems such as Ormco Spark, Straumann ClearCorrect, Dentsply Sirona SureSmile, or Angelalign.
- Straumann ClearCorrect, Ormco Spark, Dentsply Sirona SureSmile, or Angelalign gain clinical acceptance among orthodontists and force Align to match lower pricing.
- Consumer financing tightens or dental patients defer elective cosmetic orthodontic treatment, especially adult cases.
- Align has to increase sales incentives, doctor training, advertising, or R&D spending simply to defend share against Spark, ClearCorrect, SureSmile, and Angelalign.
- Align must spend heavily on acquisitions, litigation, price support, or accelerated R&D to keep pace with competitors, consuming cash without restoring growth.
ALGN news
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Financial statements
ALGN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ALGN: quick answers
- Have members of Congress traded ALGN?
- Reports made public in the last 90 days disclose 2 trades in ALGN by 1 filer: 0 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed ALGN trade
- Which well-known investors own ALGN?
- 2 of the 37 well-known funds tracked here reported ALGN shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%; ARK Investment Management (Cathie Wood), 0.0%. Fund portfolios
ALGN in well-known investors’ portfolios
2 of 37 funds reported ALGN shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.06% | $13.9M | +730.4% | Q2 2026 |
| Cathie WoodARK Investment Management | 0.01% | $888K | −17.3% | Q2 2026 |