At a glance
Align Technology Inc is worth $10.95B, about 27 times its fiscal 2025 earnings. Revenue grew 0.9% to $4.03B in fiscal 2025, with 10.2% kept as profit; over 5 years it has grown 10.3% a year. It pays no dividend; it spent $2.22B buying back its shares over FY2021–FY2025. The stock returned +11.8% over the past year with dividends reinvested and −25.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.3% in the 2020 crash (S&P 500: 33.7%) and 68.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Align Technology makes Invisalign clear aligners: series of custom-made, removable clear plastic trays that gradually straighten misaligned teeth, a condition dentists call malocclusion. Patients get them through an orthodontist or general dentist who has completed Invisalign training. The doctor sends Align a scan or impression of the teeth; Align's software builds a digital treatment plan, and Align manufactures the aligners. More than 22 million people have been treated with Invisalign. It also makes Vivera retainers for after treatment.
The company reports two segments. Clear Aligner brought in about 80% of its $4.03 billion in revenue for the year ended December 31, 2025. Systems and Services supplied the other 20%. That segment covers iTero intraoral scanners, handheld devices that capture a 3D image of the mouth, and exocad computer-aided design and manufacturing (CAD/CAM) software that labs and dentists use for restorative and implant work.
Align markets mainly through its own sales force to orthodontists, general dentists, dental labs and dental support organizations, which run the business side of many practices. The U.S. accounted for about 41% of fiscal 2025 revenue, Switzerland, home of its Europe, Middle East and Africa headquarters, 23%, and other countries 36%. Align estimates its share of the roughly 22 million people who start orthodontist treatment each year at about 10%. Most still get braces.
Price history
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ALGN +11.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Clear Aligner | $3.25B | 80.4% |
| Systems and Services | $789.6M | 19.6% |
By geography
| U.S. | $1.66B | 41.2% |
| Other International | $1.45B | 36% |
| Switzerland | $920.6M | 22.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.06B, up 4.3% from a year earlier, and net income was $108.3M (-13.1%).
- For fiscal 2025, revenue was $4.03B (+0.9% year over year; +10.3% a year from FY2020 to FY2025) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.3% good |
|---|---|
| Operating margin | 13.5% watch |
| Free cash flow margin | 12.2% good |
| Return on equity (FY2025) | 10.1% watch |
| Return on assets (FY2025) | 6.6% watch |
| Cash and investments | $1.10B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.47B | $1.78B | $507.3M |
| FY2021 | $3.95B | $772.0M | $771.4M |
| FY2022 | $3.73B | $361.6M | $276.8M |
| FY2023 | $3.86B | $445.1M | $608.1M |
| FY2024 | $4.00B | $421.4M | $622.7M |
| FY2025 | $4.03B | $410.4M | $490.8M |
Valuation snapshot
| Market value | $10.95B |
|---|---|
| P/E ratio | 27.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Align Technology’s market value went from $7.66B at the end of 2016 to $10.95B on Nov 2, 2026, up 43%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $10.95B | -2.3% |
| 2025 | $11.20B | -28.0% |
| 2024 | $15.57B | -25.8% |
| 2023 | $20.99B | +27.4% |
| 2022 | $16.47B | -68.2% |
| 2021 | $51.82B | +23.0% |
| 2020 | $42.14B | +91.6% |
| 2019 | $21.99B | +31.3% |
| 2018 | $16.75B | -6.0% |
| 2017 | $17.81B | +132.6% |
| 2016 | $7.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ALGN price data to Nov 2, 2026 | -1.3% | +11.8% | -7.1% | -25.4% | +6.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.3% |
| 2025 | -25.1% |
| 2024 | -23.9% |
| 2023 | +29.9% |
| 2022 | -67.9% |
| 2021 | +23.0% |
| 2020 | +91.5% |
| 2019 | +33.2% |
| 2018 | -5.7% |
| 2017 | +131.1% |
| 2016 | +46.0% |
| 2015 | +17.8% |
| 2014 | -2.1% |
| 2013 | +105.9% |
| 2012 | +17.0% |
| 2011 | +21.4% |
| 2010 | +9.7% |
| 2009 | +103.7% |
| 2008 | -47.5% |
| 2007 | +19.4% |
| 2006 | +115.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 77.4% over that stretch · deepest drop along the way 82.6%, back to its old high 41.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.3% over that stretch · deepest drop along the way 50.3%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 67.9% over that stretch · deepest drop along the way 68%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (16 read): 0 open-market purchases and 1 sales ($1.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 18, 2026 | John Morici EVP, CHIEF FINANCIAL OFFICER | sell | $1.5M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.94% | Mar 31, 2026 |
| FMR LLC | 5.7% | Jun 30, 2026 |
| BlackRock, Inc. | 5.7% | Dec 31, 2025 |
| Capital International Investors | 5.5% | Mar 31, 2026 |
| Capital World Investors | 5% | Jun 30, 2026 |
| G. Zachary Gund, as trustee, sole manager or co-manager | 2.6% | Jun 30, 2026 |
ETFs with the most weight in ALGN
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 3.77% |
| KMID Virtus KAR Mid-Cap ETF | 2.93% |
| LGHT Langar Global HealthTech ETF | 2.37% |
| XHE SPDR S&P Health Care Equipment ETF | 1.84% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.61% |
| TOLL Tema Monopolies and Oligopolies ETF | 0.96% |
| VFLO VictoryShares Free Cash Flow ETF | 0.92% |
| SPHB Invesco S&P 500® High Beta ETF | 0.84% |
What could go wrong
- Most revenue depends on Invisalign. Clear aligners produced about 80% of fiscal 2025 revenue. A drop in Invisalign case volume or in the average price Align charges, or weaker iTero scanner demand, would hit revenue and profit directly.
- Optional treatment that patients can postpone. Teeth straightening is an elective (optional) procedure. When economies weaken or interest rates rise, patients delay treatment or choose cheaper braces, and dentists postpone scanner purchases. Align says both have happened before.
- More rivals for aligners and scanners. Align says competition across its aligners, scanners and design software is increasing. Rivals could win over orthodontists and dentists or force price cuts, hurting both sales and profit margins.
- Large dental groups can shift orders. Dental support organizations and other large group practices are major customers. If they cut back, delay or stop growing their orders, adoption of Align's products could slow and results could suffer.
- Key supplies come from single sources. Align depends on outside suppliers, some of them the only source, for key machines, components and materials. A supply cut or steep price increase could disrupt production and shrink profits.
- Currency swings, tariffs and trade disputes. The U.S. accounted for only about 41% of fiscal 2025 revenue. A stronger dollar shrinks foreign sales once converted, and tariffs, trade disputes or wars can disrupt supply chains and demand.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Align Technology does not pay a dividend, so it provides no regular income. Retirees drawing income from it would have to trim shares. Instead, Align returns cash by repurchasing its own shares (buybacks). It spent $2.22 billion on them over fiscal 2021 to 2025, including $466 million in fiscal 2025, close to that year's $491 million of free cash flow (cash left after running the business and paying for equipment). The share count fell 9.9% between October 28, 2021, and July 31, 2026.
The stock has fallen sharply in downturns. It dropped 83% from October 2007 to October 2008 and did not recover until April 2012. In the 2020 COVID crash it lost 50% but was back by June 2020. In the 2022 bear market it fell 68%, and as of October 28, 2026, it had not regained its January 2022 peak. Single stocks like Align carry more risk than diversified funds.
Questions investors ask
How does Align Technology make money?
Mostly by making Invisalign clear aligners. Orthodontists and general dentists send Align a scan or impression of a patient's teeth, and Align designs a digital treatment plan and manufactures a series of custom clear plastic aligners. This Clear Aligner segment produced about 80% of the company's $4.03 billion in revenue for the year ended December 31, 2025. The other 20% came from Systems and Services, which includes iTero intraoral scanners and exocad design software for dental labs and practices.
Does Align Technology pay a dividend?
No. Align does not pay a dividend, so it provides no regular income. Instead, it returns cash to shareholders by repurchasing its own stock, spending $2.22 billion on buybacks over fiscal 2021 to 2025. The number of shares outstanding fell 9.9% between October 28, 2021, and July 31, 2026. Investors who rely on portfolio income could get cash from this stock only by trimming their holding.
Is Align Technology still growing?
Only slowly. Revenue rose 0.9% to $4.03 billion in fiscal 2025, while net income fell 2.6% to $410 million. Revenue grew about 10.3% a year over the five years from fiscal 2020, but almost all of that came in fiscal 2021, when revenue rose from $2.47 billion to $3.95 billion. In the quarter ended June 30, 2026, revenue was up 4.3% from a year earlier and net income was down 13.1%.
What share of the orthodontic market does Invisalign have?
About 10% of new patients treated by orthodontists, by Align's own estimate. The company says roughly 22 million people a year begin treatment with an orthodontist, and that almost all of them could be treated with Invisalign, yet most still get traditional wires and brackets. Align also estimates that about 600 million people worldwide have misaligned teeth that could benefit from straightening. Most never seek treatment because of cost, access to doctors or dislike of braces.
How has Align Technology stock performed?
Poorly over five years, better over one and 10 years. As of October 28, 2026, the shares had lost about 76% over five years but gained about 15% over one year and 80% over 10 years. Calendar-year returns swing widely: up 92% in 2020, down 68% in 2022, up 30% in 2023, then down 24% in 2024 and 25% in 2025. Its beta, a measure of how much a stock moves compared with the market, was 1.21, so it has tended to swing more than the overall market.