Align Technology, Inc.
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a ALGN research report →
Range $188 – $235
Price Chart
About the company
Align Technology, Inc. is a medical technology enterprise that develops, produces, and markets its leading products: Invisalign transparent dental aligners and iTero digital intraoral scanners, along with related services. These offerings serve a wide range of dental professionals, including orthodontists, general dentists, and those specializing in restorative and cosmetic dentistry.
- CEO
- Joseph Hogan
- IPO
- 2001
- Employees
- 20,435
- HQ
- Tempe, AZ, US
AI snapshot
Six angles, distilled from the data.
The stock is in a constructive recovery phase, trading above both the 50-day and 200-day moving averages after rebounding from the 122 low. It still sits below the 200.44 high, so the setup is improving but not yet back in a full breakout regime.
Street sentiment is constructive, with a Buy consensus and a $204.2 target versus a $181.31 last close. Recent changes lean supportive: UBS lifted its target to $189, BMO initiated at Outperform, and several firms raised targets into the $200-$235 range.
The earnings tape is mixed but resilient, with 5 of the last 8 quarters beating EPS estimates. The most recent quarter missed by 1.4%, so shareholders should watch whether the next report restores the prior beat streak and supports the sharp jump in next-year EPS estimates to 12.5486.
No discretionary insider buying or selling stands out. Recent filings are dominated by director awards and exempt transactions, which look like routine equity compensation and vesting activity rather than a directional signal.
Profitability remains solid, led by a 70.4% gross margin and an 18.25% operating margin. Revenue growth is modest at 4.3% year over year, while earnings are down 12.1%, but the balance sheet is strong with $980.462 million in net cash and $695.668 million in free cash flow.
ALGN still screens as a premium health-care equipment name, supported by high margins and a 5.56% free-cash-flow yield. Versus peers, the market is paying for scale, brand strength in clear aligners, and the scanner/software franchise, though growth is not yet reaccelerating sharply.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $11.35B
- P/E
- 27.48
- Fwd P/E
- 14.03
- PEG
- -9.58
- P/S
- 2.74
- P/B
- 2.67
- EV/EBITDA
- 13.17
- Div Yield
- 0.00%
- Gross Margin
- 66.48%
- Op Margin
- 13.33%
- Net Margin
- 9.99%
- ROE
- 10.09%
- ROIC
- 8.83%
Latest fiscal year · YoY change
- Revenue
- $4.03B+0.9%
- Gross Profit
- $2.76B-1.5%
- Op Income
- $616.22M
- Net Income
- $410.35M-2.6%
- EPS
- $5.66+0.5%
- OCF Growth
- -19.6%
- FCF Growth
- -21.2%
- 52W High
- $200.44
- 52W Low
- $122.00
- 50D MA
- $175.26
- 200D MA
- $169.26
- Beta
- 1.65
- RSI (14)
- 36
- Avg Volume
- 1.00M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Align delivered record Q2 revenue and Clear Aligner volume, beat on non-GAAP margin, and raised its 2026 buyback commitment while keeping full-year growth guidance intact.· July 29, 2026
- Q2 revenue reached a record $1.056.2 billion, up 4.3% year over year, with Clear Aligner revenue of $870.9 million up 8.2%.
- Clear Aligner shipments hit a record 692,000 cases, up 7.4%, with record doctor submissions of 89,200 and utilization up 3.8%.
- Non-GAAP operating margin was 22.9%, up 1.6 points year over year and above expectations; GAAP gross margin was 71.7%.
- Systems and Services revenue fell 10.8% to $185.3 million as lower scanner ASPs and more lease/rental adoption offset higher placements.
- Management kept 2026 revenue growth guidance at 3% to 4%, but now expects Systems and Services revenue down 6% to 8% and buybacks of $400 million to $500 million in 2026.
Second-quarter 2026 revenue was $1,056.2 million, up 4.3% year over year, with Clear Aligner revenue of $870.9 million, up 8.2%, and Systems and Services revenue of $185.3 million, down 10.8%. Clear Aligner volume was a record 692,000 cases, up 7.4%, and Clear Aligner ASP was $1,260, up 0.8% year over year. GAAP gross margin was 71.7%, up 1.8 points; non-GAAP gross margin was 72.3%, also up 1.8 points. GAAP EPS was $1.51, down $0.20 year over year, and non-GAAP EPS was $2.64, up 6%. Full-year 2026 guidance calls for revenue growth of 3% to 4%, Clear Aligner volume growth of about 6%, Clear Aligner ASP flat to slightly down, Systems and Services revenue down 6% to 8%, GAAP gross margin of 70.2% to 70.5%, non-GAAP gross margin up about 100 basis points year over year, GAAP operating margin of 15.1% to 15.6%, and non-GAAP operating margin of about 23%. Q3 guidance calls for revenue of $1.0 billion to $1.020 billion, GAAP gross margin of 67.5% to 68.5%, and non-GAAP operating margin of about 24%.
Joe Hogan framed the quarter as solid execution in a volatile environment, emphasizing broad-based Clear Aligner growth, strong international momentum, and continued traction from financing, clinical support, subscription, and practice productivity programs. He said North America was stable overall, with DSOs helping offset softer retail demand, and repeatedly stressed that the company is not counting on macro improvement to drive results. Hogan also highlighted the strategic initiatives tied to Elliott, including board refreshment, an operating model review, and a higher buyback commitment, presenting them as aligned with the company’s existing growth and profitability agenda.
John Morici focused on the mix of revenue and margin drivers. He said Clear Aligner revenue benefited from higher volume, price increases, lower deferrals, and FX, while Systems and Services was pressured by lower scanner ASPs and a shift to leases, rentals, and certified preowned systems. He noted gross margin expansion was driven mainly by operational efficiencies, tariff refund, and higher Clear Aligner ASPs, with non-GAAP operating margin at 22.9% and cash and equivalents at $1,102.6 million, up $201.4 million year over year. He also cited $192.8 million of operating cash flow, $35.7 million of capex, $157.1 million of free cash flow, $67 million of share repurchases in Q2, and a new 2026 repurchase target of $400 million to $500 million.
Analysts pressed on whether North American consumer softness was improving, but management said the region was mostly stable and that guidance does not assume a macro recovery. Several questions focused on why Systems and Services outlook weakened; management pointed to deliberate mix shift toward lower-priced scanners and leasing/rental models, plus weaker capital spending, and said the tradeoff should build recurring revenue over time. Analysts also asked about ASPs, competition in scanners, and the U.K. VAT ruling; management said ASPs were affected mainly by seasonal mix and lower-priced product rollouts, competition had not meaningfully intensified, and the U.K. VAT would be passed through to customers rather than absorbed in list pricing.
The bull case from this call is that Align is still growing Clear Aligner volumes, doctor adoption, and utilization despite uneven macro conditions. Management also sees momentum from financing, DSP, no-AA products, and scanner placements to new doctors, which it says should expand the funnel for future aligner and restorative revenue. The balance sheet remains strong, cash generation is healthy, and the company increased capital return while aiming for margin improvement again in 2027.
The main risks on the call were softer North American retail demand, continued capital equipment weakness, and the revenue drag from a strategic shift toward lower-priced scanner configurations and lease/rental models. Management also flagged one-time charges in Q3, a U.K. VAT liability of about $37.5 million, and uncertainty around the appeal. In addition, the company said Systems and Services revenue should remain under pressure in 2026, and Q3 margins are expected to step down sequentially because of those charges and lower ASPs.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.4%
- Shares Outstanding
- 71.62M
- Float Shares
- 66.91M
of shares held by institutions
733 13F filers
Buy/sell ratio 1.90. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for ALGN, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Ro KhannaHouse · CA17 | Sell | Jan 29, 26 | Filing → |
| Lisa McClainHouse · MI09 | Sell | Sep 11, 25 | Filing → |
| Lisa McClainHouse · MI09 | Buy | Aug 4, 25 | Filing → |
| Rob BresnahanHouse · PA08 | Sell | Apr 8, 25 | Filing → |
| Rob BresnahanHouse · PA08 | Buy | Feb 25, 25 | Filing → |
| Gilbert CisnerosHouse · CA31 | Sell | Feb 26, 25 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Sep 9, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Sep 9, 24 | Filing → |
| Josh GottheimerHouse · NJ05 | Sell | May 20, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Feb 13, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Jan 10, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Nov 3, 23 | Filing → |
| Josh GottheimerHouse · NJ05 | Sell | Oct 27, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Oct 2, 23 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 8.18M | ▼ 121.83K |
| Blackrock, Inc. | 4.42M | ▲ 129.44K |
| Vanguard Capital Management LLC | 4.40M | ▲ 12.19K |
| Fmr LLC | 4.06M | ▲ 1.36M |
| Capital International Investors | 4.05M | ▲ 236.36K |
| Capital World Investors | 3.42M | ▼ 649.91K |
| Goldman Sachs Group Inc | 3.37M | ▲ 1.58M |
| State Street Corp | 2.56M | ▲ 42.26K |
| Geode Capital Management, LLC | 2.25M | ▲ 454.61K |
| Ninety One Uk Ltd | 2.21M | ▼ 18.42K |
| Ubs Group AG | 2.13M | ▲ 720.13K |
| Kayne Anderson Rudnick Investment Management LLC | 1.73M | ▼ 169.42K |
Held by 842 ETFs
Biggest fund positions in ALGN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 20, 26 | Vitalone Britt J. | other | 1,836 |
| May 20, 26 | Vitalone Britt J. | other | 1,443 |
| May 20, 26 | Vitalone Britt J. | other | 1,443 |
| May 20, 26 | SIEGEL SUSAN E | other | 1,745 |
| May 20, 26 | SIEGEL SUSAN E | other | 1,836 |
| May 20, 26 | SIEGEL SUSAN E | other | 1,745 |
| May 20, 26 | Saia Andrea Lynn | other | 1,745 |
| May 20, 26 | Saia Andrea Lynn | other | 1,836 |
| May 20, 26 | Saia Andrea Lynn | other | 1,745 |
| May 20, 26 | Poul Mojdeh | other | 1,745 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ALGN coverage
Recent articles, reports, and earnings notes.

Align Technology (ALGN): Margin Recovery and Valuation Upside
Align Technology combines a strong balance sheet, improving margins, and a leading Invisalign franchise, but 2026 growth guidance remains modest. The stock looks attractive for moderate-risk investors if margin recovery and international demand continue to build.

Align Technology, Inc. (ALGN) Gains on Deep Earnings Analysis
Align Technology, Inc. (ALGN) missed EPS but still gained as investors looked past the headline miss to record clear aligner shipments, steady international growth, and reaffirmed 2026 guidance. This deep-dive examines the revenue mix, margin pressure, buybacks, and why the market stayed constructive.

Align Technology (ALGN): Clear Aligner Growth With Net Cash
Align Technology remains a category leader in clear aligners with a growing digital dentistry platform and a fortress-like balance sheet. The stock looks attractive as a medium-term compounder, though pricing pressure keeps the growth story from being a pure momentum trade.
Want a deeper read on ALGN?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Align Technology Inc (ALGN) Stock Down 5.6% -- Now Undervalued? GF Score: 89/100
gurufocus.com · Aug 17
How the U.K. VAT Ruling Could Reshape Align's 2026 Earnings Outlook
zacks.com · Aug 17
Should Investors Buy Align as Growth Meets Valuation and Demand Risks?
zacks.com · Aug 14
Align Technology Prevails in China Patent Infringement Action Against Angelalign
gurufocus.com · Aug 11
Align Technology Prevails in China Patent Infringement Action Against Angelalign
businesswire.com · Aug 11
Contravisory Investment Management Inc. Makes New $1.11 Million Investment in Align Technology, Inc. $ALGN
defenseworld.net · Aug 10
Align Technology, Inc. $ALGN Shares Sold by Assenagon Asset Management S.A.
defenseworld.net · Aug 8
Align Technology: A Structurally Better Business Trading At A Structurally Lower Multiple
seekingalpha.com · Aug 7
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 15, 2026 · Live quote · Not investment advice