Align Technology

ALGN

Medical - Devices · Healthcare

Also trades as: 0HCK.L

Price

$174.01

+1.06 (+0.61%)

Market Cap

$12.46B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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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

5 trades / 12mo

2 Congressional buys and 3 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

+4.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-12.2% YoY

YoY Growth Rate

Earnings declining

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

Gross Margin

71.7%

Premium pricing power — 71.7% gross margin

Operating Margin

11.7%

Modest — 11.7% operating margin

ROCE

2.9%

Weak — 2.9% 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

+4.4%

Slow sales growth (+4.4% YoY)

EPS YoY

-2.9%

Earnings shrinking (-2.9% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

183%

Turns 183% of profit into real cash

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

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

352.85x

Comfortably covers interest (352.9x)

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

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Valuation

P/E Ratio (TTM)

30.2x

Pricey — P/E 30.2

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

P/E vs Forward

+16.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.2 → 13.6)

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Dividends

Not applicable for this business.

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