ALGN

MKT CAP:$14B

Align Technology, Inc.

Market Cap

$14B

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$185.80+$29.77 (+19.08%)

Apr 16, 2026

Company Details

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 dent...

CEO

Joseph Hogan

IPO Date

Jan 30, 2001

Website

www.aligntech.com

Key Metrics TTM

Revenue

$4.0B

+1.4% YoY

Net Income

$390M

EPS (Diluted)

$5.33

Free Cash Flow

$702M

Revenue / Share

$55.99

Gross Margin

67.3%

Operating Margin

13.2%

Net Margin

9.7%

FCF Margin

17.5%

P/S

3.4x

P/E

34.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 27, 2026

$4.0B+0.9%EPS $5.65

Q4 2025

Feb 27, 2026

$1.0B+5.3%EPS $1.89

Q3 2025

Nov 5, 2025

$996M+1.8%EPS $0.78

Q1 2025

May 8, 2025

$979M-1.8%EPS $1.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.0B	$745M	$221M
Q1 22	$973M	$709M	$198M
Q2 22	$970M	$688M	$188M
Q3 22	$890M	$619M	$144M
Q4 22	$902M	$618M	$113M
Q1 23	$943M	$661M	$134M
Q2 23	$1.0B	$714M	$172M
Q3 23	$960M	$663M	$166M
Q4 23	$957M	$670M	$172M
Q1 24	$997M	$698M	$154M
Q2 24	$1.0B	$723M	$147M
Q3 24	$978M	$682M	$162M
Q4 24	$995M	$697M	$144M
Q1 25	$979M	$680M	$131M
Q3 25	$996M	$639M	$96M
Q4 25	$1.0B	$688M	$160M

Valuation

Quarter	P/S	P/E
Q4 21	3.4x	17.6x
Q1 22	3.4x	19.2x
Q2 22	3.4x	21.9x
Q3 22	3.5x	26.6x
Q4 22	3.6x	37.5x
Q1 23	3.7x	43.0x
Q2 23	3.6x	43.2x
Q3 23	3.6x	37.4x
Q4 23	3.5x	30.5x
Q1 24	3.5x	29.3x
Q2 24	3.4x	30.3x
Q3 24	3.4x	30.7x
Q4 24	3.4x	32.2x
Q1 25	3.4x	33.1x
Q3 25	3.4x	36.7x
Q4 25	3.4x	34.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$273M	$164M
Q1 22	$30M	-$57M
Q2 22	$127M	$51M
Q3 22	$266M	$191M
Q4 22	$145M	$92M
Q1 23	$200M	$136M
Q2 23	$252M	$193M
Q3 23	$287M	$266M
Q4 23	$47M	$13M
Q1 24	$29M	$19M
Q2 24	$160M	$106M
Q3 24	$264M	$234M
Q4 24	$286M	$263M
Q1 25	$53M	$27M
Q3 25	$189M	$122M
Q4 25	$223M	$290M

Capital Expenditures

Quarter	CapEx
Q4 21	$109M
Q1 22	$87M
Q2 22	$76M
Q3 22	$75M
Q4 22	$53M
Q1 23	$64M
Q2 23	$59M
Q3 23	$22M
Q4 23	$33M
Q1 24	$9M
Q2 24	$53M
Q3 24	$30M
Q4 24	$23M
Q1 25	$25M
Q3 25	$67M
Q4 25	$67M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+23.6%	+30.4%
Q1 22	+8.8%	+15.8%
Q2 22	-4.1%	+5.3%
Q3 22	-12.4%	-1.1%
Q4 22	-12.6%	-2.6%
Q1 23	-3.1%	+4.5%
Q2 23	+3.4%	+6.3%
Q3 23	+7.8%	+6.3%
Q4 23	+6.1%	-0.5%
Q1 24	+5.8%	+4.2%
Q2 24	+2.6%	+6.2%
Q3 24	+1.8%	+2.7%
Q4 24	+4.0%	+8.4%
Q1 25	-1.8%	+0.6%
Q3 25	-3.2%	+2.0%
Q4 25	+7.1%	+8.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$30M	2.9%
Q1 22	$32M	3.2%
Q2 22	$34M	3.5%
Q3 22	$33M	3.7%
Q4 22	$35M	3.8%
Q1 23	$38M	4.0%
Q2 23	$38M	3.8%
Q3 23	$40M	4.1%
Q4 23	$39M	4.1%
Q1 24	$39M	3.9%
Q2 24	$47M	4.6%
Q3 24	$49M	5.0%
Q4 24	$39M	3.9%
Q1 25	$45M	4.6%
Q3 25	$142M	14.2%
Q4 25	$44M	4.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$72M	$451M
Q1 22	$72M	$439M
Q2 22	$73M	$426M
Q3 22	$77M	$399M
Q4 22	$84M	$410M
Q1 23	$87M	$440M
Q2 23	$88M	$453M
Q3 23	$89M	$408M
Q4 23	$82M	$403M
Q1 24	$92M	$452M
Q2 24	$92M	$452M
Q3 24	$85M	$434M
Q4 24	$95M	$425M
Q1 25	$97M	$448M
Q3 25	$93M	$418M
Q4 25	$83M	$441M

Revenue Segments

Quarter	Clear Aligner	Scanners And Services
Q4 21	$815M	$216M
Q1 22	$810M	$164M
Q2 22	$798M	$171M
Q3 22	$733M	$158M
Q4 22	$732M	$170M
Q1 23	$790M	$153M
Q2 23	$833M	$169M
Q3 23	$795M	$165M
Q4 23	$782M	$175M
Q1 24	$817M	$180M
Q2 24	$832M	$197M
Q3 24	$787M	$191M
Q4 24	$794M	$201M

Revenue by Geography

Quarter	China	Other International	Switzerland	United States
Q4 21	$61M	$164M	$348M	$458M
Q1 22	—	$221M	$332M	$421M
Q2 22	—	$209M	$330M	$430M
Q3 22	—	$232M	$258M	$400M
Q4 22	—	$196M	$296M	$409M
Q1 23	—	$219M	$313M	$411M
Q2 23	—	$232M	$341M	$430M
Q3 23	—	$279M	$260M	$421M
Q4 23	—	$298M	$255M	$404M
Q1 24	—	$314M	$252M	$432M
Q2 24	—	$319M	$271M	$439M
Q3 24	—	$340M	$217M	$421M
Q4 24	—	$347M	$244M	$404M
Q1 25	—	$332M	$224M	$423M
Q3 25	—	$374M	$211M	$411M
Q4 25	—	$393M	$250M	$405M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$926M	$87M	$1.0B
Q2 22	$878M	$22M	$900M
Q3 22	$1.0B	$46M	$1.1B
Q4 22	$942M	$58M	$1000M
Q1 23	$832M	$52M	$884M
Q2 23	$952M	$56M	$1.0B
Q3 23	$1.2B	$45M	$1.3B
Q4 23	$937M	$35M	$973M
Q1 24	$866M	$33M	$899M
Q2 24	$761M	$21M	$782M
Q3 24	$1.0B	$0	$1.0B
Q4 24	$1.0B	$0	$1.0B
Q1 25	$873M	$0	$873M
Q2 25	$901M	$0	$901M
Q3 25	$1.0B	$0	$1.0B
Q4 25	$1.1B	$16M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	79M	-0.1%	-0.1%
Q1 22	79M	-0.3%	-0.8%
Q2 22	79M	-0.8%	-1.4%
Q3 22	78M	-0.4%	-1.6%
Q4 22	78M	-0.7%	-2.2%
Q1 23	77M	-0.7%	-2.6%
Q2 23	77M	-0.5%	-2.4%
Q3 23	77M	+0.2%	-1.8%
Q4 23	76M	-1.3%	-2.4%
Q1 24	75M	-0.6%	-2.3%
Q2 24	75M	-0.1%	-1.9%
Q3 24	75M	-0.6%	-2.7%
Q4 24	74M	-0.4%	-1.8%
Q1 25	74M	-1.1%	-2.3%
Q3 25	72M	-1.6%	-3.7%
Q4 25	72M	-0.9%	-4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$45.7K	23K
Q1 22	$43.2K	23K
Q2 22	$43.0K	23K
Q3 22	$39.5K	23K
Q4 22	$38.9K	23K
Q1 23	$40.7K	23K
Q2 23	$43.3K	23K
Q3 23	$41.5K	23K
Q4 23	$44.3K	22K
Q1 24	$46.2K	22K
Q2 24	$47.6K	22K
Q3 24	$45.3K	22K
Q4 24	$47.5K	21K
Q1 25	$46.8K	21K
Q3 25	$47.5K	21K
Q4 25	$51.6K	20K

Revenue / Employee