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Research · S&P 500 · Health Care
ALGN · Align Technology
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
37/60
moderate value scoreEarnings & returns
EPS Trend
4/5Diluted EPS: $4.61 (2022), $5.81 (2023), $5.62 (2024), $5.65 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
3/5ROE (net income / common equity): 10.0% (2022), 12.3% (2023), 10.9% (2024), 10.1% (2025). Median 10.5%, lowest 10.0%; the framework scores a median 10-15% as 3.
ROIC
3/5ROIC of 12.7%: operating income of $545.75M divided by $4.31B of capital (total assets $6.23B minus current liabilities $1.92B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.
Profit Margins
3/5Net margin of 10.0%; the framework scores 5-10% as 3; gross margin 70.7%, operating margin 18.2%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $120.84M, total cash $1.10B. The framework scores a net cash position as 5.
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $276.83M (2022), $608.06M (2023), $622.65M (2024), $490.78M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
2/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $2.57B (2022), $2.45B (2023), $2.48B (2024), $2.46B (2025). It ended at or below 2022; the framework scores that as 2.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.75 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $47.79 (EPS CAGR -1.4% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $147.31; price is 208.3% above the model value.
DCF Value
2/5FCF/share = $8.363, stage 1 growth = 2.2% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $33.72, PV of terminal value = $85.19, DCF value = $118.91. Current price $147.31; price is 23.9% above the model value.
Margin of Safety
2/5Graham value $47.79 (price is 208.3% above the model value); DCF value $118.91 (price is 23.9% above the model value).
Price-to-Book
3/5P/B of 2.48; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 7 of 10 years (2016-2025); lowest 11.0%, highest 35.5%.
Gross margin, each year
Between 67.2% and 75.8% over 10 years (a range of 8.6 points).
Competition, in the company’s own words · 10-K filed Feb 27, 2026
Our clear aligner products compete directly against traditional orthodontic treatments that use wires and brackets and increasingly against clear aligner products manufactured and distributed by various companies, both within and outside the United States. Although the number of competitors varies by segment, product, geography and customer, they include new and well-established regional competitors in certain foreign markets, as well as larger companies, divisions of larger companies or well-capitalized new entrants with substantial sales, marketing, research and financial capabilities at cost-effective rates. We also compete with direct-to-consumer (“DTC”) companies that provide clear aligners directly to consumers requiring little or no in-office care from doctors and also from doctors who manufacture retainers and custom clear aligners using 3D printing technology. Additionally, we face competition in the rapidly evolving markets for intraoral scanners and software solutions, including CAD/CAM. The global intraoral scanner market is very dynamic with participants spanning from traditional dental conglomerates to companies dedicated primarily to scanner development and sales with new entrants playing larger roles. The iTero intraoral scanner also competes with traditional PVS impressions that doctors use for clear aligner therapy or other dental procedures, as well as other intraoral scanners.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $1.85B paid out against $2.00B of free cash flow (pass); total debt $126.91M to $114.45M, down 9.8%, 0.1x EBITDA (pass: not up more than 10%); shares outstanding 0.08B to 0.07B, down 7.6% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $5.75, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -1.4%; below -4.25% the formula returns a negative value)
IV = $47.79
Current price $147.31 vs Graham value $47.79 — price is 208.3% above the model value.
DCF:
FCF/share = $8.363
Stage 1 growth = 2.2% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $8.547 → PV $7.770
Y2: $8.735 → PV $7.219
Y3: $8.927 → PV $6.707
Y4: $9.124 → PV $6.232
Y5: $9.324 → PV $5.790
Stage 1 PV sum = $33.72
Terminal value at end of Y5 = $137.20
PV of terminal value = $85.19
DCF value = $118.91
Current price $147.31 vs DCF value $118.91 — price is 23.9% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $147.31. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.