Align Technology Inc. (ALGN) intrinsic value & 10-year financials
Align Technology Inc. (ALGN) has a Graham intrinsic value of $142.24 per share. At $147.31 on Oct 17, 2026, the stock trades 4% above that value. Over the last 10 fiscal years revenue grew 15.8% a year to $4.0B, with an average return on invested capital of 27.9%.
- Graham intrinsic value
- $142.24
- Share price (Oct 17, 2026)
- $147.31
- Price vs Graham value
- 4% above
- Market cap
- $10.7B
- Revenue (FY2025)
- $4.0B
- Revenue growth (10-yr CAGR)
- 15.8%
- ROIC (10-yr avg)
- 27.9%
- Free cash flow (FY2025)
- $490.8M
ALGN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.0B | $410.4M | $5.65 | $490.8M | 13.5% | 12.9% |
| FY2024 | $4.0B | $421.4M | $5.62 | $622.7M | 15.2% | 14.8% |
| FY2023 | $3.9B | $445.1M | $5.81 | $608.1M | 16.7% | 16.1% |
| FY2022 | $3.7B | $361.6M | $4.61 | $276.8M | 17.2% | 14.4% |
| FY2021 | $4.0B | $772.0M | $9.69 | $771.4M | 24.7% | 30.0% |
| FY2020 | $2.5B | $1.8B | $22.41 | $507.3M | 15.7% | 24.4% |
| FY2019 | $2.4B | $442.8M | $5.53 | $597.6M | 22.5% | 59.5% |
| FY2018 | $2.0B | $400.2M | $4.92 | $331.4M | 23.7% | 66.2% |
| FY2017 | $1.5B | $231.4M | $2.83 | $242.8M | 24.0% | 21.1% |
| FY2016 | $1.1B | $189.7M | $2.33 | $177.1M | 23.1% | 19.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Align Technology is a consistent compounder, expanding top-line revenue at 15.8% annually over the past decade.
Align Technology has earned high returns on invested capital, averaging 29.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Align Technology shows that management has aggressively returned capital to shareholders by retiring 10.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Align Technology is modeled at 10.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $142.24 per share.