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Align Technology

ALGN
58
Medical - Devices · Healthcare
Also trades as: 0HCK.L GBP 1.54 (-0.20%)
Price
$154.51
-1.00 (-0.64%)
Market Cap
$10.98B
Exchange
NASDAQ
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Weak
4/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
8/15
Dividends
Not counted
n/a

55 of 95 counted points = Winston Score 58. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−8.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 79.7M (2021) → 72.6M (2025)

§Winston Score History

The full picture

Align Technology makes the Invisalign system — a set of clear, removable plastic trays that straighten teeth instead of traditional metal braces. Its main customers are orthodontists and dentists, who order custom aligner kits for their patients. Align also makes iTero intraoral scanners, which are digital tools dentists use to create 3D images of a patient's mouth.

The company earns money by selling Invisalign aligner cases to dental professionals on a per-case basis, and by selling or leasing iTero scanners. Align operates globally, with significant revenue from North America, Europe, and Asia-Pacific, and generates roughly $4 billion in annual revenue. Its moat comes from strong brand recognition among both doctors and patients, a large proprietary database of treated cases, and switching costs built around its scanner ecosystem. The key risk is growing competition from cheaper clear aligner brands, which could pressure pricing and slow case volume growth in cost-sensitive markets.

Politician Trades

4 trades / 12mo

2 Congressional buys and 2 sells on ALGN in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.3% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-12.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.72

30 Jun 2026: $1.51

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$370M/ year

→ Flat (+2% vs prior year)

9.2% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

6.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Align Technology is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
65.1%
Premium pricing power — 65.1% gross margin
Profit after running costs
Operating Margin
11.7%
Modest — 11.7% operating margin
Return on the money invested
ROCE
12.7%
Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+4.4%
Slow sales growth (+4.4% YoY)
Profit growth
EPS YoY
-2.9%
Earnings shrinking (-2.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
183%
Turns 183% of profit into real cash
Spare cash per sale
FCF Margin
13.6%
Converts sales into free cash efficiently (13.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.03
Conservative — low debt load (0.03)
Covers its interest
Interest Cover
352.85x
Comfortably covers interest (352.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.8x
Growth-priced — P/E 26.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+15.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (26.8 → 11.7)

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Dividends

Not applicable for this business.
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