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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Align Technology’s latest results show a business with two different growth stories: in Q2 2026, Invisalign-led Clear Aligner revenue rose 8.2%, while Imaging Systems and CAD/CAM Services revenue fell 10.8%. Whether ALGN makes an attractive investment depends on how durable aligner growth proves to be, whether scanner revenue recovers, and whether reported margins translate into sustainable earnings and cash flow. The October 2, 2026 share-price and valuation figures below are a dated snapshot, not a price target or a buy-or-sell recommendation.
What Align sells and how it earns revenue
Align Technology designs, manufactures, and markets Invisalign clear aligners, Vivera retainers, iTero intraoral scanners and services, and exocad CAD/CAM software. Invisalign remains the company’s majority revenue stream, according to Align’s fiscal 2025 Form 10-K.
Align reports two segments. Clear Aligner revenue includes treatment packages as well as non-case revenue such as retainers, training, professional adjustment tools, and selected accessories. Systems and Services includes scanner systems, wand upgrades, leases and pre-owned scanners, subscriptions, disposables, pay-per-scan services, and exocad software.
For investors, reported revenue is only part of the story. Case volume, revenue per case, scanner placements, selling prices, product and geographic mix, and discounting can move in different directions. Rising shipments do not necessarily mean proportionate revenue growth.
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#1 Best Overall
- [INTEGRATED MIRROR & COMPLETE CARE KIT] Features a built-in high-definition mirror for precise and hygienic aligner adjustments on the go. This 2-pack premium kit includes 2 magnetic cases, 2 removal hooks, 2 cleaning brushes, and 2 orthodontic seaters . It’s the ultimate all-in-one solution for your daily smile journey, ensuring you’re always prepared for a social meal, office meeting, or quick touch-up.
- [PROTECTIVE SILICONE LINING & HD REFLECTION] Our cases are equipped with premium silicone liners that cradle your retainers. The soft, textured padding prevents aligners from shifting or rattling, protecting both your oral devices from scratches. The included orthodontic seaters assist in perfect tracking to keep your smile progress on schedule.
- [SLIM & DISCREET PORTABILITY] Masterfully engineered with an ultra-slim 0.9-inch profile. This sleek container slides effortlessly into tight jeans pockets, small clutch bags, or suit pockets without an unsightly bulge. An essential travel accessory for professionals and students where discretion and space-saving are top priorities.
- [SECURE MAGNETIC SEAL & DUST-PROOF DESIGN] The reinforced magnetic clasp ensures the case stays firmly closed in your gym bag or purse. This seamless, no-vent design provides a superior shield against dust, lint, and external contaminants. It’s the ideal choice for users who demand a hygienic environment to keep their mouth guards and aligners fresh and clean throughout the day.
- [PREMIUM MATERIAL & EASY MAINTENANCE] The detachable silicone liner makes cleaning a breeze—simply remove the lining and rinse with water to eliminate residue. Compatible with Invisalign, Vivera, and others standard clear aligners. Note: Optimized for slim aligners; not intended for bulky functional appliances or large dentures.
What the latest results say about growth
Align reported $4,035.0 million in fiscal 2025 revenue, up 0.9% from 2024. In the second quarter of 2026, revenue was $1,056.2 million, up 4.3% year over year. The quarterly improvement was led by Clear Aligner, not by both segments.
| Measure | Fiscal 2025 | Q2 2026 |
|---|---|---|
| Total revenue | $4,035.0 million; up 0.9% year over year | $1,056.2 million; up 4.3% year over year |
| Clear Aligner revenue | $3,245.4 million; up 0.5% | $870.9 million; up 8.2% |
| Systems and Services revenue | $789.6 million; up 2.7% | Imaging Systems and CAD/CAM Services: $185.3 million; down 10.8% |
| Clear Aligner case volume | Up 4.7%; teen and growing-patient volume up 7.8% | 691.8 thousand cases; up 7.4% |
| Operating margin | 13.5% GAAP | 14.6% GAAP; 22.9% non-GAAP |
Fiscal 2025 also illustrates why volume should not be mistaken for pricing power: revenue per case shipment declined 3.9%, from $1,295 in 2024 to $1,245 in 2025, even as Clear Aligner case volume increased. In Q2 2026, Align attributed Clear Aligner revenue growth mainly to higher volume. For the six-month period, higher volume and favorable foreign exchange helped, while discounting and mix toward lower-priced countries and products partly offset growth.
How to read Align’s margins and earnings
Fiscal 2025 net income was $410.4 million and diluted earnings per share were $5.65. The 13.5% operating margin is a reported GAAP result, not a clean measure of underlying operating capacity: Align’s 10-K describes restructuring charges, impairments, depreciation on disposed assets, and lower average selling prices as pressures, partly offset by operating efficiencies. Clear Aligner gross margin included $77 million of accelerated depreciation on assets disposed of other than by sale and lower average selling prices. Systems and Services was affected by lower average selling prices and a $15 million inventory impairment.
For Q2 2026, GAAP gross margin was 71.7%, GAAP operating income was $154.0 million and GAAP operating margin was 14.6%. Net income was $108.3 million, or $1.51 per diluted share. The same quarter’s non-GAAP operating margin was 22.9% and non-GAAP diluted EPS was $2.64. These GAAP and non-GAAP results use different adjustments; compare like with like and review the company’s reconciliation rather than treating the larger non-GAAP margin as a replacement for reported results.
Two disclosed items matter when interpreting the quarter. Foreign exchange reduced the reported year-over-year operating margin by about 1.4 percentage points, and Align recorded an estimated $37.5 million UK VAT liability, inclusive of interest. Management also expected additional restructuring and accelerated depreciation in Q3 2026. That combination makes it unsafe to annualize Q2’s GAAP or non-GAAP margin as though it were a steady run rate.
Rank #2
- Premium Quality Material: The Retainer case is made of food-grade ABS and silicone, ensuring safe and odor-free usage(Smell odor is the best way to identify silicone material)
- Portable: Measuring at 3.42 inches in diameter and 0.98 inches in height, the retainer case for invisalign is compact and travel-friendly, making it suitable for Invisalign aligners, night guards, mouth guards, and other dental products
- Easy Cleaning: The nightguard case features a removable silicone pad that can be taken out and cleaned with ease, saving you time and effort
- Strong Magnetic Closure: The customized powerful magnets on our aligner case are stronger than those found on the general market and feature nickel plating that prevents rusting under normal usage
- 2 Pack Sets:You will receive 2 Pack aligner storage boxes. It is more convenient to use in different places,1 home 1 office,1 home 1 school
Cash and adoption measures add context, but do not prove future growth. Align reported $1,102.6 million in cash and cash equivalents at June 30, 2026, and $193 million in operating cash flow for Q2. It also reported roughly 23 million people treated with Invisalign worldwide as of that date, 89.2 thousand doctor submitters in Q2, and utilization of 7.8 cases per doctor. These are company-reported operating measures; investors should track cash generation alongside them.
What management expected for 2026
In its July 29, 2026 release, Align maintained its fiscal 2026 revenue-growth outlook of 3%–4%. Management expected Clear Aligner volume growth of about 6%, with average selling price flat to slightly down, and Systems and Services revenue down 6%–8%. Those are forecasts, not reported results.
| Outlook measure | Management’s July 29, 2026 forecast |
|---|---|
| Fiscal 2026 worldwide revenue growth | 3%–4% |
| Fiscal 2026 Clear Aligner volume growth | About 6%; average selling price expected flat to slightly down |
| Fiscal 2026 Systems and Services revenue | Down 6%–8% |
| Fiscal 2026 GAAP gross margin | 70.2%–70.5% |
| Fiscal 2026 GAAP operating margin | 15.1%–15.6% |
| Fiscal 2026 non-GAAP operating margin | About 23.7% |
| Q3 2026 worldwide revenue | $1.000–$1.020 billion |
| Q3 2026 Clear Aligner volume | Expected up mid-single digits year over year; sequential average selling price expected lower due to geographic mix and foreign exchange |
Management also expected Systems and Services revenue to fall sequentially and year over year in Q3. The outlook framed scanner weakness as a revenue issue despite expected double-digit scanner shipment growth: customers were shifting toward lower-priced scanners and lease, rental, or certified pre-owned models. Unit placements and revenue recognized therefore need to be evaluated separately.
Risks that can change the investment case
Pricing, volume, and mix
Lower case volume or lower average selling prices can reduce revenue, gross profit, operating profit, and net income. Promotions, discounts, geography, sales channel, and lower-priced products affect revenue per case. The 2025 decline in revenue per case alongside higher case volume, and Q2’s different segment growth rates, make this a measurable risk rather than a theoretical one.
Competition and substitution
Align’s 2025 Form 10-K identifies traditional wires and brackets, clear-aligner competitors, laboratories, startups, doctors, dental service organizations, and direct-to-consumer businesses as competitive pressures. Scanner competition includes other intraoral scanners and traditional impression workflows. Lower-priced alternatives or faster technology changes could weigh on pricing or adoption.
Rank #3
- OFFICIAL INVISALIGN CASE: This spacious, modern case keeps your Invisalign aligners with precision wings secure at home and on the road.
- SAFE FOR MOUTH AND ALIGNERS: Made of medical grade thermoplastic material that will not leach hazardous chemicals into aligners; Safe for sensitive mouths.
- SECURE ALIGNERS: Whether you're at home or on the road, our cases protect your aligners from accidental damage when they're not being worn. This case features a compact design and built-in magnetic closure for easy on-the-go storage.
- INVISALIGN VALUE: From cases to retainer cleaners, Invisalign offers all the tools and Invisalign accessories you need to maximize the experience of achieving your best smile; Aligners not included.
Scanner demand and business-model mix
A higher number of scanners shipped would not by itself establish that Systems and Services revenue has recovered. Lower-priced equipment and greater use of lease, rental, or certified pre-owned models can increase placements while limiting recognized revenue. Watch both unit trends and revenue, along with what customers are buying.
Costs, restructuring, and operating leverage
Restructuring, impairment charges, accelerated depreciation, and other costs have affected reported margins. The 2026 outlook still included restructuring, depreciation, and legal-settlement costs. An improving margin is more persuasive when supported by durable cost efficiency and cash generation than when driven mainly by timing or items excluded from an adjusted measure.
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Foreign exchange affected Q2 results. Align’s 10-K also describes tariff exposure, cross-border production and supply chains, and geopolitical risks, including operations in Mexico and iTero operations headquartered in Israel. Changes in costs, demand, or operating conditions could affect execution and profitability.
UK VAT matter
Align said the UK Upper Tribunal overturned an earlier VAT exemption decision on July 7, 2026. From September 7, applicable aligner and retainer invoices began including 20% VAT, while list prices remained unchanged. The company recorded the estimated liability and said it intended to appeal; the final outcome was uncertain in its Q2 release.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess ALGN’s valuation
ALGN closed at $143.74 on October 2, 2026. Stock Analysis reported an estimated market capitalization of about $10.21 billion, enterprise value of $9.23 billion, trailing P/E of 24.97, and forward P/E of 12.13. These are provider calculations based on its market-data and earnings definitions, not Align-reported statistics; another provider or earnings basis may produce different multiples. The forward P/E depends particularly on forecast earnings.
Rank #4
- SECURE MAGNETIC RETAINER CASE: This slim teeth retainer case features a secure magnetic closure to help keep aligners, retainers and dental accessories protected on the go. Designed as a sleek clear aligner case, it stores trays, mouth guards and Invisalign essentials at home, work, school or while traveling, helping prevent damage, loss and exposure to germs.
- FITS LARGE AND WIDE ALIGNERS: The spacious interior comfortably fits large clear aligners while maintaining a slim outer profile. This aligner case also holds popular Invisalign essentials such as PUL removal tools, chewies and floss picks, making it easy to carry what you need in one compact retainer holder case.
- DURABLE FOOD GRADE MATERIAL: Made from durable food grade plastic, this retainer container protects your dental appliances while remaining lightweight and pocket friendly. The smooth interior is easy to clean and does not leach harmful substances, giving you a safer, longer lasting retainer box you can trust for daily use.
- WIDE COMPATIBILITY WITH DENTAL DEVICES: This mouth guard case is compatible with Invisalign, Byte and ClearCorrect aligners, Hawley and Vivera retainers, partial dentures, sports mouthguards and night guards. One versatile retainer kit storage case replaces bulky options while keeping removable dental devices organized.
- DESIGNED TO SUPPORT DAILY ALIGNER WEAR: Created to support consistent twenty plus hour aligner wear, this retainer holder case keeps trays protected between meals and cleanings. Part of the trusted PUL oral care line, it pairs perfectly with removal tools, chewies, floss picks and cleaner tablets to complete your Invisalign essentials.
That snapshot is a starting point for analysis, not an intrinsic-value estimate. A lower forward P/E than trailing P/E can reflect expected earnings growth, but it is not evidence by itself that the shares are undervalued. The available company and market figures do not establish a defensible single fair value.
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Test the valuation against the operating assumptions it requires:
- Growth quality: Can Clear Aligner case growth persist, and can Align stabilize revenue per case rather than relying on volume alone?
- Scanner trajectory: Does Systems and Services remain weak, or can revenue improve as placements and the product mix evolve?
- Margin durability: How much earnings power remains after separating sustainable efficiencies from restructuring, depreciation, legal, and other unusual items?
- Cash conversion: Do operating cash flow and capital spending support the earnings implied by the share price?
- Competitive response: Could pricing pressure, alternatives, or changes in treatment and scanning workflows weaken the expected growth or margins?
For a fuller comparison, pair P/E with an enterprise-value measure and a cash-flow yield where appropriate. State the earnings period and assumptions behind each metric, and compare GAAP with adjusted earnings consistently. A single multiple cannot answer whether ALGN is attractive without a view on the durability of growth, margins, and cash generation.
What to monitor in future results
- Clear Aligner cases and revenue per case: Check whether case growth is accompanied by stable or improving economics per case.
- Doctor submitters and utilization: Track whether the reported provider base and cases per doctor support continued demand.
- Segment performance: Compare Clear Aligner growth with Systems and Services revenue, not just total company revenue.
- Margin reconciliation: Review GAAP and non-GAAP results together, including restructuring, depreciation, and legal-related adjustments.
- Cash generation: Compare operating cash flow with earnings and capital spending.
- Guidance and external exposures: Follow changes to management’s outlook, tariffs, and the UK VAT appeal.
Refresh the share price and valuation multiples with the market date clearly stated, then revisit the assumptions about aligner volume, pricing and mix, scanner recovery, margin quality, and cash conversion. The October 2, 2026 valuation snapshot should not be read as a current quote after that date.
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