Health Care · Health Care Supplies · US stock · price as of 16 Oct 2026
Key indicators
Price
$147.31
52-week range
$128.65 – $200.44
Market cap
$10.5B
P/E (trailing)
25.7×
EV / EBITDA
11.8×
Free-cash-flow yield
6.0%
Dividend yield
–
Revenue (last 12 months)
$4.1B
Revenue growth (3y a year)
2.6%
Operating margin
13.2%
Return on invested capital
12.7%
Net debt / EBITDA
–
Fair value
Blended fair value$186.53 range $180 – $195
Versus priceFair+27% to fair value
Peer multiples
$193.59
Fundamentals-adjusted multiple
$181.43
10-year DCF (market-scaled)
$184.56
Earnings power value (floor, not blended)
$99.70
Model uncertainty
Medium
X-Ray Score
61/ 100 · High confidence · ahead of 75% of sector peers
Valuation75
Growth41
Profitability57
Financial health68
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Align Technology makes the Invisalign system of clear aligners used to straighten teeth, along with digital scanners and software that dentists and orthodontists use to plan treatment. The company sells aligners and scanners to dental practices, which in turn treat patients. Revenue is earned from the number of aligner cases shipped and from sales of scanning equipment and related services. Its results depend on consumer spending on elective dental care.
Revenue for the last twelve months was $4.1 billion, and it grew by 2.6% a year over three years. The operating margin is 13.2%, and return on invested capital reached 13%. It does not pay a dividend.
StocksXray gives Align Technology Inc an X-Ray Score of 61 out of 100 (high confidence), ahead of 75% of the S&P 500 stocks in its sector. Its strongest lens is valuation (75) and its weakest is growth (41).
Our fair value blend is $186.53 (range $179.91 to $194.79). At $147.31 the stock trades 21% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Align Technology Inc (ALGN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$657.18
$210.90
$274.00
$208.51
$156.15
$147.31
Market cap
$52.4B
$16.5B
$21.0B
$15.6B
$11.3B
$10.5B
P/E
67.8×
45.7×
47.2×
37.1×
27.6×
25.7×
EV / revenue
13.0×
4.2×
5.2×
3.6×
2.5×
2.3×
EV / EBITDA
47.2×
20.2×
25.5×
19.4×
13.1×
11.8×
Price / free cash flow
67.9×
59.7×
34.5×
25.1×
23.1×
16.6×
Free-cash-flow yield
1.5%
1.7%
2.9%
4.0%
4.3%
6.0%
Price / book
14.5×
4.6×
5.8×
4.1×
2.8×
2.5×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 7 Good · ● 7 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.3%Good
Free-cash-flow yield6.0%Average
Risk models
Altman Z score4.7×Good
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)7.0%Average
Free-cash-flow growth (3y)21.0%Good
Revenue growth (3y)2.6%Average
Growth consistency80%Bad
Balance sheet
Current ratio1.4×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.3×Good
EBIT / EV yield5.8%Good
Profitability
Return on invested capital12.7%Average
Operating margin13.2%Average
Gross profitability43.9%Good
XStocksXray
Align Technology Inc (ALGN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,953
3,735
3,862
3,999
4,035
4,140
Gross profit
2,935
2,634
2,707
2,799
2,711
2,817
Operating income
976
643
643
608
546
548
Net income
772
362
445
421
410
413
Diluted EPS ($)
9.69
4.61
5.81
5.62
5.65
5.74
Free cash flow
771
277
608
623
491
634
Gross margin
74.3%
70.5%
70.1%
70.0%
67.2%
68.0%
Operating margin
24.7%
17.2%
16.7%
15.2%
13.5%
13.2%
Net margin
19.5%
9.7%
11.5%
10.5%
10.2%
10.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
5,942
5,948
6,084
6,215
6,234
6,418
Cash
1,099
942
937
1,044
1,095
1,103
Total debt
–
–
–
–
–
–
Equity
3,623
3,601
3,630
3,852
4,049
4,232
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.