ALIGN TECHNOLOGY INC
$168.32
+1.35 (+0.81%) · delayed · Nov 13, 2026
Five-year price
52w $130.23 to $200.44
- Market cap
- $11.9B
- Enterprise value
- $10.8B
- P/E
- 29.8×
- 29.6× on 3y avg EPS
- EV / EBIT
- 19.7×
- FCF yield
- 4.1%
- ROIC
- 13.0%
- Debt / equity
- —
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 17.9%
- ○ROE > 15% (5y avg)5y avg ROE 12.9%
- ●Stable operating marginsMargin volatility 3.8% (σ, 5y)
- ●Earnings convert to cashFCF / net income 116% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.3%
- ●Shrinking share countDiluted shares -8.4% over 5y
Value
20
- ○P/E below 15P/E 29.8
- ○EV/EBIT below 12EV/EBIT 19.7
- ○FCF yield above 6%FCF yield 4.1%
- ○Price below Graham NumberGraham Number $85.46
- ●P/B below 3P/B 2.9
Safety
67
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-1.1B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.36
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $4.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.36
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 69%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 29.6
- ○P/E × P/B ≤ 22.5Product 86.6
Valuation lab
What do you have to believe?
At $168.32, the market is pricing in about 6.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$1.1B · 70M shares · 5y revenue CAGR 10.3%
Intrinsic value
$209.07
Price
$168.32
Margin of safety
19%
What the price implies
The market is paying for 6.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,080 | 1,473 | 1,966 | 2,407 | 2,472 | 3,953 | 3,735 | 3,862 | 3,999 | 4,035 |
| Gross profit | 815 | 1,117 | 1,448 | 1,744 | 1,763 | 2,935 | 2,634 | 2,707 | 2,799 | 2,711 |
| Operating income | 249 | 354 | 467 | 542 | 387 | 976 | 643 | 643 | 608 | 546 |
| Operating margin | 23.1% | 24.0% | 23.7% | 22.5% | 15.7% | 24.7% | 17.2% | 16.7% | 15.2% | 13.5% |
| Pre-tax income | 243 | 365 | 467 | 563 | 379 | 1,012 | 599 | 641 | 609 | 585 |
| Income tax | 51 | 130 | 58 | 112 | (1,397) | 240 | 237 | 196 | 188 | 175 |
| Net income | 190 | 231 | 400 | 443 | 1,776 | 772 | 362 | 445 | 421 | 410 |
| EPS (diluted) | 2.33 | 2.83 | 4.92 | 5.53 | 22.41 | 9.69 | 4.61 | 5.81 | 5.62 | 5.65 |
| Diluted shares | 81 | 82 | 81 | 80 | 79 | 80 | 78 | 77 | 75 | 73 |
Who owns it