ALGN
Align Technology, Inc.
ALGN's fundamentals are strong and it looks cheap: trading at 24x earnings, below its usual 36x. Analysts expect earnings growth.
ALGN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
ALGN's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
ALGN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $167 | — |
| Current | 24x | $167 | — |
| Cheap | 25x | $173 | +3.5% |
| Fair | 35x | $242 | +45% |
| Expensive | 69x | $470 | +182% |
Historical ranges are pointers, not guarantees.
ALGN's PE is in its cheap range at 24x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
ALGN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect ALGN's earnings to grow and its profitability to improve, with its revenue holding steady.
ALGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.89 | +73% |
| Q3 2026 | $6.86 | +33% |
| Q2 2026 | $5.74 | -3.4% |
| Q1 2026 | $5.95 | +8.2% |
| Q4 2025 | $5.65 | +0.5% |
| Q3 2025 | $5.17 | -12% |
| Q2 2025 | $5.94 | +1% |
| Q1 2025 | $5.50 | -9.2% |
| Q4 2024 | $5.62 | -3.3% |
ALGN's earnings per share have fallen from their peak: $6.86 over the past year, against $23.85 in early 2020.
ALGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +1.9% |
| Q2 2026 | $1.1B | +4.3% |
| Q1 2026 | $1B | +6.2% |
| Q4 2025 | $1B | +5.3% |
| Q3 2025 | $995.7M | +1.8% |
| Q2 2025 | $1B | -1.6% |
| Q1 2025 | $979.3M | -1.8% |
| Q4 2024 | $995.2M | +4% |
ALGN's revenue has grown year over year for five quarters in a row: $1B last quarter, up 1.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +7 points |
| Q2 2026 | 15% | -1.5 points |
| Q1 2026 | 14% | +0.3 points |
| Q4 2025 | 15% | +0.3 points |
| Q3 2025 | 9.7% | -6.9 points |
| Q2 2025 | 16% | +1.8 points |
| Q1 2025 | 13% | -2.1 points |
| Q4 2024 | 14% | -3.4 points |
ALGN's operating margin was 17% last quarter, up 7 points from the same quarter a year ago.
ALGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $137.9M | -18% |
| Q2 2026 | $157.1M | +47% |
| Q1 2026 | $120.3M | +339% |
| Q4 2025 | $187.3M | -29% |
| Q3 2025 | $169M | -28% |
| Q2 2025 | $107.2M | +0.7% |
| Q1 2025 | $27.4M | +42% |
| Q4 2024 | $263.1M | +1851% |
ALGN still generates free cash flow, though less than at its 2020 peak: $603M over the past year.
ALGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -505K shares |
| 1 year | -1.9% | -1.4M shares |
| 3 years | -7.6% | -5.8M shares |
| 5 years | -11% | -8.5M shares |
| Available history | -11% | -9.1M shares |
ALGN has 71M diluted shares, down 1.9% from a year ago, with $298M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $103.1M |
| Q2 2026 | $66.9M |
| Q1 2026 | $31.2M |
| Q4 2025 | $97.2M |
| Q3 2025 | $71.6M |
| Q2 2025 | $96M |
| Q1 2025 | $201.1M |
| Q4 2024 | $202.9M |
ALGN spent $298M buying back its own shares over the past year, down 48% from the year before.
ALGN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.3x | Net Cash |
| Q2 2026 | -1.4x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -1.4x | Net Cash |
| Q3 2025 | -1.4x | Net Cash |
| Q2 2025 | -1.2x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -1.4x | Net Cash |
ALGN has more cash than debt.
ALGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.6 | Neutral |
| Stochastic | 50.8 | Neutral |
ALGN's weekly RSI is 54 (neutral) and its Stochastic is 51 (neutral).
ALGN PE vs Healthcare Sector
| Metric | ALGN | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 26x | 5.8% below |
| PE % | 16 | 29 | 13 pts below |
ALGN is trading at 24x earnings, in line with the Healthcare sector's median of 26x.
ALGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $152.2 | 9.7% above |
| 20 week MA | $161.4 | 3.5% above |
| 50 week MA | $168.0 | 0.6% below |
| 100 week MA | $169.4 | 1.4% below |
| 200 week MA | $225.1 | 26% below |
ALGN has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 26% below its 200-week average.
ALGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $277.6 | $528.0 | +90% |
| 2021 | $528.0 | $654.0 | +24% |
| 2022 | $654.0 | $203.7 | -69% |
| 2023 | $203.7 | $274.0 | +35% |
| 2024 | $274.0 | $211.4 | -23% |
| 2025 | $211.4 | $158.4 | -25% |
| 2026 YTD | $158.4 | $167.0 | +5.4% |
ALGN has finished lower in three of the last six years. It's up 5.4% so far in 2026.