Align Technology

ALGN

Medical - Devices · Healthcare

Price

$176.76

-1.65 (-0.92%)

Market Cap

$12.66B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

Align Technology, Inc., a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign comprehensive treatment that addresses the orthodontic needs of teenage patients, such as mandibula

Winston Score History

Politician Trades

7 trades / 12mo

3 Congressional buys and 4 sells on ALGN in the last 12 months.

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Growth Profile

For growth stock investors

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

Revenue Growth

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+24.4% YoY

YoY Growth Rate

Steady EPS growth

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

6.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Align Technology is growing revenue at 6% 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

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Quality

Gross Margin

70.8%

Premium pricing power — 70.8% gross margin

Operating Margin

16.6%

Healthy — 16.6% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+2.9%

Nearly flat sales (2.9% YoY)

EPS YoY

+8.7%

Earnings growing (8.7% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

161%

Turns 161% of profit into real cash

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

378.26x

Comfortably covers interest (378.3x)

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

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Valuation

P/E Ratio (TTM)

29.6x

Growth-priced — P/E 29.6

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

P/E vs Forward

+16.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.6 → 13.6)

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Dividends

Not applicable for this business.

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