Align Technology, Inc.ALGN
NasdaqGS•Healthcare•Medical Instruments & Supplies
Align Technology, Inc. provides Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners and services in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers Invisalign comprehensive package to treat adults and teens malocclusion and features, and orthodontic needs of teenage or younger patients; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients between the ages of six and ten years with a mixture of primary/baby and permanent teeth. This segment also provides Invisalign express, Invisalign lite, and Invisalign moderate; Invisalign Go, Invisalign Go express, and Invisalign Go Plus; retention products, Invisalign training, adjusting tools used by dental professionals during treatment, ancillary Invisalign accessory products, and other oral health products; Invisalign Professional Whitening system; Invisalign Palatal Expander, a 3D printed orthodontic device; and 3D printing solutions. Its Imaging Systems and CAD/CAM Services segment offers iTero intraoral scanning system, a single hardware platform for restorative or orthodontic procedures; exocad, a computer-aided design and computer-aided manufacturing software; orthodontist software for digital records storage, orthodontic diagnosis, and fabrication of printed models and retainers; and restorative software for general practitioner dentists, prosthodontists, periodontists, and oral surgeons. This segment also offers Invisalign outcome simulator, a chair-side and cloud-based application for the iTero scanner; Invisalign progress assessment tool; Align Oral Health Suite, a digital interface for dental consultations; iTero TimeLapse technology for doctors or practitioners to compare a patient's historic 3D scans to the present-day scan; and subscription software, disposables, rents scanners, and pay per scan services. Align Technology, Inc. was incorporated in 1997 and is headquartered in Tempe, Arizona.
Align Technology, Inc. (ALGN) reported trailing twelve months revenue of $4.10B as of March 2026, a 2.9% increase year-over-year. Quarterly revenue reached $1.04B, reflecting continued top-line momentum.
Align Technology, Inc. generated $429.89M in TTM net income, with quarterly EBITDA of $198.50M. The operating margin expanded from 13.4% to 13.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (13.6%) and net margin (10.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 9.5% a year ago, signaling stronger bottom-line efficiency.
ALGN trades at a P/E of 27.6x (in line with broad market averages) and a P/S of 2.9x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company generated $120.26M in free cash flow over the trailing twelve months, a 339.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.31B in total assets with no in long-term debt against $4.15B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~14.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~10.8% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.7% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.0% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation