{"schemaVersion":1,"research":true,"symbol":"algn","name":"Align Technology","topic":"moat","path":"/stock/algn/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:50:32.817Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Align has substantial treatment experience, proprietary software and established practitioner workflows, but the passages do not establish a durable barrier to substitution or a relative cost advantage. Patent invalidations and realized discounting weaken protection and pricing power; growing aligner volumes and improved segment operating margins counter a conclusion of uniformly weak competitiveness. Pricing power is mixed. The evidence supports operating capabilities, but remains insufficient to establish an economic moat.","advantages":[{"mechanism":"intangible_assets","claim":"Proprietary treatment-planning software and accumulated treatment and manufacturing experience are current assets. Their ability to sustain differentiation against alternatives is unproven; scale of activity alone does not demonstrate a moat or network effect.","durability":"Uncertain. Historical treatment adoption demonstrates commercial acceptance, but recent patent invalidations weaken the evidenced legal protection. Direct-printing benefits remain substantially prospective.","risks":"Asserted claims of four materials patents were found invalid for lack of enablement. Price-focused competition is already occurring, while technological obsolescence is a disclosed possibility rather than a demonstrated outcome.","invalidation":"The candidate advantage would be undermined by sustained volume losses alongside increased discounting, or demonstrated substitution by comparable competing treatments. Broader patent invalidations would further weaken the legal-protection thesis.","competitors":["Angelalign Technology, Inc."],"evidenceIds":["e1","e2","e3","e10"],"counterEvidenceIds":["e4","e5","e6","e7","e8"]},{"mechanism":"switching_costs","claim":"Required practitioner training, scanner use in treatment workflows, scanner leases and multiyear service obligations establish ongoing customer relationships and potential switching friction. They do not establish exclusivity or material costs of changing suppliers.","durability":"Relationships extend across treatment and service periods, but future obligations include delivery of previously purchased products and should not be treated as renewals or guaranteed repeat demand.","risks":"Systems and Services revenue declined despite higher system volume. Falling remaining obligations and a subscription initiative targeting trained doctors who are not regular users caution against equating training with dependency.","invalidation":"The switching-friction thesis would fail if trained practices routinely moved treatment and scanner workflows to alternatives without meaningful disruption, or if repeat usage and service relationships deteriorated despite incentives.","competitors":[],"evidenceIds":["e11","e12","e13","e14"],"counterEvidenceIds":["e9","e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Manufacturing and proprietary treatment-planning software","excerpt":"We continuously upgrade our proprietary, three-dimensional treatment planning software to enhance computer analysis of treatment data and reduce time spent on manual and judgmental tasks for each case, thereby increasing the efficiency of our technicians."},{"id":"e2","sourceId":"filing-3","location":"Stockholder letter: historical operating milestones and 2025 results","excerpt":"•Major milestones: 22 million Invisalign® patients treated—including over 6.5 million teens and kids—over 295 thousand active Invisalign® trained practitioners, and over 2.4 billion clear aligners manufactured worldwide •FY 2025 Total Revenues of $4.0 billion • FY 2025 Operating Margin of 13.5%, or 21.8% on a non-GAAP basis •FY 2025 Diluted Net Income per share of $5.65, or $10.51 on a non-GAAP basis •Repurchased $466 million of Align common stock during 2025 April 7, 2026 Dear Stockholders, As I reflect on fiscal 2025, I am proud of how Align navigated a year that demanded focus, resilience, and disciplined execution."},{"id":"e3","sourceId":"filing-1","location":"Business: cumulative Invisalign treatments","excerpt":"To date, over 22 million people worldwide have been treated with the Invisalign System."},{"id":"e4","sourceId":"filing-2","location":"Legal proceedings: materials patent claims found invalid","excerpt":"10,973,613; 11,154,384, 11,648,090, and 11,648,091 were invalid for lack of enablement."},{"id":"e5","sourceId":"filing-2","location":"Competition risks: experienced price-focused competition","excerpt":"We have and will likely continue to experience price-focused competition as we continue to expand into new markets, which could contribute to the commoditization of our products or services if we are unable to otherwise differentiate our offerings from those of our competitors."},{"id":"e6","sourceId":"filing-2","location":"MD&A: first-half 2026 clear aligner discounts and geographic/product mix","excerpt":"These increases were partially offset by higher discounts and product mix shift to lower-priced countries and products resulting in a decrease in net revenues of $26 million."},{"id":"e7","sourceId":"filing-2","location":"Competition risks: potential technological substitution","excerpt":"While our product portfolio facilitates this transition, our competitors may render our technology or products obsolete or economically unattractive, particularly as competitors incorporate AI and machine learning into new or existing services and technologies that facilitate changes in doctor-patient interactions, expectations and treatment workflows."},{"id":"e8","sourceId":"filing-1","location":"Business: management expectations for direct fabrication","excerpt":"We believe Cubicure provides direct fabrication capabilities that will support and scale our strategic innovation roadmap and strengthen the Align Digital Platform by enabling us to scale our 3D printing operations to eventually print millions of custom devices per day."},{"id":"e9","sourceId":"filing-2","location":"MD&A: second-quarter and first-half 2026 segment revenues","excerpt":"32 Table of Contents Net revenues for our Clear Aligner and Systems and Services segments for the three and six months ended June 30, 2026 and 2025 are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Net Revenues 2026 2025 Change 2026 2025 Change Clear Aligner net revenues $ 870.9 $ 804.6 $ 66.3 8.2 % $ 1,726.9 $ 1,601.5 $ 125.4 7.8 % Systems and Services net revenues 185.3 207.8 (22.5) (10.8) % 369.4 390.3 (20.9) (5.3) % Total net revenues $ 1,056.2 $ 1,012.4 $ 43.7 4.3 % $ 2,096.3 $ 1,991.7 $ 104.6 5.3 % Changes and percentages are based on actual values."},{"id":"e10","sourceId":"filing-2","location":"Legal proceedings: named Angelalign entities in patent actions","excerpt":"On August 15, 2025, we initiated two actions in the European Unified Patent Court against various Angelalign entities including Angelalign Technology, Inc.; Angelalign France Technology SASU; Europe Angelalign Technology B.V.; Angelalign Technology (Germany) GmbH; Italy Angelalign Technology S.R.L."},{"id":"e11","sourceId":"filing-1","location":"Business: required initial Invisalign practitioner training","excerpt":"In order to provide Invisalign treatment to their patients, orthodontists and GPs must initially complete an Invisalign training course."},{"id":"e12","sourceId":"filing-1","location":"Business: iTero clinical and treatment workflows","excerpt":"Our iTero intraoral scanners are used by dental professionals, labs, and service providers for restorative and orthodontic digital procedures, Invisalign case submissions, and comprehensive digital dentistry diagnosis, treatment planning and treatment monitoring."},{"id":"e13","sourceId":"filing-1","location":"Note 4: scanner operating leases, future payments and lease income","excerpt":"Our portfolio of leased iTero scanners included in Property, plant and equipment, net are as follows: December 31, 2025 2024 Scanners under operating leases, gross $ 55,576 $ 33,770 Less: accumulated depreciation (26,222) (12,038) Scanners under operating leases, net $ 29,354 $ 21,732 As of December 31, 2025, the future lease payments due to us are as follows (in thousands): Fiscal Year Ending December 31, Operating Leases 2026 $ 33,898 2027 28,587 2028 8,736 2029 1,080 Thereafter — Total lease payments $ 72,301 For the years ended December 31, 2025, 2024 and 2023, operating lease income was $28.8 million, $21.7 million and $16.6 million, respectively."},{"id":"e14","sourceId":"filing-1","location":"Revenue recognition: service, support and scanner delivery obligations","excerpt":"This also includes performance obligations from our Systems and Services reportable segment, primarily services and support, which are fulfilled over one to five years, and contracted deliveries of additional scanners."},{"id":"e15","sourceId":"filing-1","location":"Revenue recognition: 2025 and 2024 remaining performance obligations","excerpt":"Our unfulfilled performance obligations, including deferred revenues and backlog, and the estimated revenues expected to be recognized in the future related to these performance obligations are $1,352.7 million and $1,444.9 million as of December 31, 2025 and 2024, respectively."},{"id":"e16","sourceId":"filing-2","location":"Revenue recognition: June 2026 remaining performance obligations","excerpt":"Our unfulfilled performance obligations, including deferred revenues and backlog, as of June 30, 2026 were $1,277.9 million."},{"id":"e17","sourceId":"filing-2","location":"Doctor Subscription Program: targeted trained but irregular users","excerpt":"The program allows doctors the flexibility to order retainers and low-stage “touch-up” clear aligners within their subscribed tier and is designed for a segment of experienced Invisalign trained doctors who are currently not regularly using our retainers or low-stage aligners."},{"id":"e18","sourceId":"filing-5","location":"MD&A: 2023 Americas realized price increases","excerpt":"Higher ASP includes price increases which increased net revenues by $68.6 million along with higher additional aligners which increased net revenues by $43.9 million."},{"id":"e19","sourceId":"filing-5","location":"MD&A: 2023 Americas discounts, mix and sales credits","excerpt":"The increases in ASP were partially offset by higher promotional discounts which decreased net revenues by $44.3 million, a product mix shift to lower priced products which reduced net revenues by $37.6 million and higher sales credits which lowered net revenues $11.5 million."},{"id":"e20","sourceId":"filing-2","location":"MD&A: second-quarter 2026 clear aligner volume, currency and price effects","excerpt":"Clear Aligner For the three months ended June 30, 2026, Clear Aligner net revenues increased by $66 million compared to the same period in 2025, primarily due to an increase in volume, which increased net revenues by $53 million and an increase of $13 million from favorable foreign exchange rates and price increases."},{"id":"e21","sourceId":"filing-2","location":"MD&A: first-half 2026 Clear Aligner operating-margin drivers","excerpt":"For the six months ended June 30, 2026, our operating margin increased compared to the same period in 2025, primarily due to higher gross margin and lower advertising and marketing expense, partially offset by an increase in employee costs and equipment."},{"id":"e22","sourceId":"filing-2","location":"MD&A: first-half 2026 Systems and Services operating-margin drivers","excerpt":"For the six months ended June 30, 2026, our operating margin increased compared to the same period in 2025, primarily due to higher gross margin and a decrease in operating expenses related to lower employee costs, advertising and outside services partially offset by an increase in credit card transaction fees and equipment."},{"id":"e23","sourceId":"filing-1","location":"Pricing risks: differentiated prices, shipping charges and processing fees","excerpt":"In addition, we sell our products at different prices and with varying shipping and handling charges or processing fees that may differ by country."},{"id":"e24","sourceId":"filing-1","location":"Revenue recognition: payment terms and collection before complete fulfillment","excerpt":"For both aligners and scanners, we usually collect the total consideration owed prior to all performance obligations being satisfied with payment terms generally varying from net 30 to net 180 days."},{"id":"e25","sourceId":"filing-1","location":"Consolidated statements of stockholders' equity: earnings, repurchases, issuance and compensation","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands) Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss), Net Retained Earnings Total Shares Amount Balance as of December 31, 2022 77,267 $ 8 $ 1,044,946 $ (10,284) $ 2,566,688 $ 3,601,358 Net income — — — — 445,053 445,053 Net change in unrealized gains (losses) from investments — — — 3,033 — 3,033 Net change in foreign currency translation adjustment — — — 28,419 — 28,419 Issuance of common stock relating to employee equity compensation plans 335 — 26,595 — — 26,595 Tax withholdings related to net share settlements of equity awards (70) — (22,575) — — (22,575) Common stock repurchased and retired (2,457) (1) (30,852) — (564,567) (595,420) Equity forward contract related to accelerated stock repurchase — — (10,000) — — (10,000) Stock-based compensation — — 154,026 — — 154,026 Balance as of December 31, 2023 75,075 7 1,162,140 21,168 2,447,174 3,630,489 Net income — — — — 421,362 421,362 Net change in unrealized gains (losses) from investments — — — 596 — 596 Net change in foreign currency translation adjustment — — — (15,786) — (15,786) Issuance of common stock relating to employee equity compensation plans 411 — 25,281 — — 25,281 Tax withholdings related to net share settlements of equity awards (92) — (28,125) — — (28,125) Common stock repurchased and retired (1,545) — (20,292) — (335,243) (355,535) Equity forward contract related to accelerated stock repurchase — — 49,527 — (49,527) — Stock-based compensation — — 173,703 — — 173,703 Balance as of December 31, 2024 73,849 7 1,362,234 5,978 2,483,766 3,851,985 Net income — — — — 410,351 410,351 Net change in foreign currency translation adjustment — — — 69,410 — 69,410 Issuance of common stock relating to employee equity compensation plans 494 — 21,749 — — 21,749 Tax withholdings related to net share settlements of equity awards (104) — (20,390) — — (20,390) Common stock repurchased and retired (2,875) — (39,868) — (429,960) (469,828) Stock-based compensation — — 185,870 — — 185,870 Balance as of December 31, 2025 71,364 $ 7 $ 1,509,595 $ 75,388 $ 2,464,157 $ 4,049,147 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e26","sourceId":"filing-1","location":"Assets held for sale: realized 2025 impairment","excerpt":"For the year ended December 31, 2025, we recognized an impairment loss of $23.1 million on assets held for sale, which was recorded within Cost of net revenues in our Consolidated Statements of Operations."},{"id":"e27","sourceId":"filing-2","location":"Recent developments: planned manufacturing investment","excerpt":"We expect to invest approximately $200 million over the next several years in connection with the project, including both capital expenditures and operating costs."},{"id":"e28","sourceId":"filing-3","location":"Governance highlights: leadership separation, ownership policies and CEO purchases","excerpt":"As of the date of this proxy statement, these best practices include: CEO and independent Chairman of the Board (“Chair”) are separate positions 90% of our director nominees are independent Our Board is made up of seasoned executive leaders with a diversity of viewpoints, backgrounds, national origins, and experiences Since 2017, we have added six new members to our Board We have significant stock ownership thresholds for our officers and directors that were further increased in 2025 and our CEO has purchased $8 million of our common stock since his last sale in 2021(1) Our independent directors hold routine executive sessions without management present Employees and directors are prohibited from engaging in short-selling, hedging or pledging transactions Our Board oversees our overall risk management infrastructure We promote a culture of integrity and quality that manages risks as part of our corporate strategy and day-to-day operations Since 2023, we have expanded stockholder rights by adopting proxy access bylaws (2023), eliminating supermajority voting requirements (2025) and empowering our stockholders to call special meetings (2026) (1) To ensure alignment with Align’s long-term growth objectives and that his interests are closely aligned with those of our stockholders, our CEO has purchased approximately $8 million (as valued at the time of each purchase) of our common stock using his personal funds since his last sale of our common stock in 2021."},{"id":"e29","sourceId":"filing-3","location":"Compensation discussion: actual below-target 2025 incentive payouts","excerpt":"While we grew revenues year over year, our net revenue growth and adjusted operating income performance resulted in below target payouts on our annual cash incentive and the relative underperformance of our stock resulted in below target payouts for our long-term MSUs."},{"id":"e30","sourceId":"filing-3","location":"Compensation discussion: adjustments to 2025 bonus operating-income measurement","excerpt":"As discussed below, for the 2025 Bonus Plan, the Committee made no adjustment to our constant currency revenue attainment, but excluded certain assets write-down, accelerated depreciation, restructuring charges, and legal settlement, which are all extraordinary and non-recurring items identified as non-GAAP adjustments in our earnings announcements, from the measurement of our constant currency operating income as further discussed below in “2025 Bonus Plan Financial Targets and Attainment.”"},{"id":"e31","sourceId":"filing-2","location":"Stock compensation: actual first-half 2026 MSU vesting and relative-performance adjustment","excerpt":"The following table summarizes the MSU performance activity for the six months ended June 30, 2026: Number of Shares Underlying MSUs (in thousands) Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Unvested as of December 31, 2025 263 $ 507.88 Granted 149 378.44 Vested and released1 (63) 622.37 Forfeited (37) 532.75 Unvested as of June 30, 2026 312 $ 419.99 1.92 $ 52,623 1 Includes MSUs vested during the period below 100% of the original grant as actual shares released are based on our stock performance relative to a market index over the vesting period."},{"id":"e32","sourceId":"filing-3","location":"Special meeting provision: adopted February 2026 bylaw amendment","excerpt":"On February 24, 2026, upon the recommendation of our Nominating and Governance Committee, our Board amended and restated Section 2.3 of our Bylaws to provide that the Board shall call a special meeting of stockholders if properly requested by one or more stockholders of record (or beneficial owners, if any) that have continuously held not less than 25% of our outstanding shares of voting stock entitled to vote on each of the matters proposed to be considered at the special meeting (the “Requisite Percentage”) for at least one year prior the date of mailing of the request (the “One-Year Period”), and have otherwise complied with each requirement in Section 2.3 of our Bylaws (the “Special Meeting Provision”)."},{"id":"e33","sourceId":"filing-3","location":"Audit Committee report: actual committee independence","excerpt":"The Audit Committee is comprised entirely of independent directors who meet all applicable Nasdaq and SEC independence requirements."},{"id":"e34","sourceId":"filing-2","location":"MD&A: first-half 2026 clear aligner volume and currency contribution","excerpt":"For the six months ended June 30, 2026, Clear Aligner net revenues increased by $125 million compared to the same period in 2025, primarily due to an increase in volume and favorable foreign exchange rates, which increased net revenues by $102 million and $49 million, respectively."},{"id":"e35","sourceId":"filing-2","location":"Pricing risks: realized adverse consequences of discounts and lower-priced products","excerpt":"We have a history of offering volume discounts, price reductions and other promotions to targeted customers and consumers and releasing lower priced products which have had, and may in the future have, unexpected and unintended consequences, including reduced net revenues, gross profit, operating profit and net income."}],"changes":["Retain the previous uncertain verdict: the supplied operating achievements still do not establish durable protection from substitution.","Add explicit assessment of historical realized price increases alongside current discounting; pricing evidence supports a mixed numerical assessment.","Add assessments of actual incentive payouts, MSU vesting, CEO purchases and adopted governance provisions. These disclosures support management grades without relying on reputation or proposed awards."],"limitations":["All supplied sources are issuer filings. Reported operating results and contractual disclosures support assessments, while statements of strategy, superiority and future benefits remain management assertions.","Source dates are filing dates, with dateKind filed. The latest supplied filing is August 5, 2026; later litigation, trading and operating outcomes are not established.","Angelalign Technology, Inc. is named in patent litigation, but competitor pricing, clinical performance, market shares and unit costs are absent. Other competition passages primarily describe generic categories; scanner competitor coverage is unestablished.","No quantified supplier-switching costs, exclusivity, practitioner retention rates or causal data-driven network effects are established.","Patent findings concern asserted claims, not the entire portfolio. The passages disclose contemplated challenges and appeals, not final resolution of all proceedings.","Pricing effects are partly combined with currency and mix. No complete price-reset, termination or renewal provisions are supplied.","Proxy passages provide actual alignment and governance disclosures, but detailed current executive ownership balances and comprehensive governance outcomes are absent. Cash-flow amounts and complete investment returns are also missing from the selected passages.","Evidence entries reference immutable catalog passages without reproducing quotations, as requested."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Proprietary software and substantial operating scale are established, but relative differentiation, cost superiority and barriers to substitution are not. The moat verdict remains uncertain.","evidenceIds":["e1","e2","e4"]},{"criterion":"durability","grade":null,"rationale":"Current relationships and experience do not establish durable economic protection. Invalidated asserted patent claims weaken one potential barrier, and direct-printing benefits remain prospective.","evidenceIds":["e4","e8","e14"]},{"criterion":"customer_dependency","grade":null,"rationale":"Training and integrated workflows suggest friction, but material dependency or costly substitution is not demonstrated. Contract fulfillment is not equivalent to renewal.","evidenceIds":["e11","e12","e14","e17"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Volume growth and improving segment margins coexist with discounting, scanner-segment revenue weakness and patent setbacks. These results do not resolve the durability of a structural moat.","evidenceIds":["e4","e6","e9","e21","e22","e34"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Observed pricing is mixed. Americas price increases contributed $68.6 million in 2023, with promotional and mix offsets. Second-quarter 2026 pricing contributed positively together with currency, but first-half discounts and lower-priced mix reduced revenue by $26 million. The latest price effect cannot be isolated from currency.","evidenceIds":["e18","e19","e20","e6","e35"]},{"criterion":"retention","grade":2,"rationale":"Indirect evidence supports continuing demand: clear aligner volume increased, scanner lease income grew across 2023–2025, and service obligations extend for years. Declining remaining obligations and trained doctors with irregular usage limit confidence. No retention rate is inferred.","evidenceIds":["e13","e14","e15","e16","e17","e34"]},{"criterion":"margin_resilience","grade":2,"rationale":"Both segments reported improved first-half 2026 operating margins despite pricing and mix pressure. Improvements also reflected lower operating expenses, so resilience cannot be attributed solely to pricing. Historical promotions have had adverse profit consequences.","evidenceIds":["e21","e22","e6","e35"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Different prices and fees, realized price increases and disclosed payment terms demonstrate some commercial discretion. Collection generally precedes complete fulfillment. Freedom is constrained economically by discounts and price-focused competition; existing-contract repricing rights are not established.","evidenceIds":["e23","e24","e18","e5","e35"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases reduced outstanding shares despite equity issuance, but stock-based compensation increased and net income declined across 2023–2025. A $23.1 million asset impairment tempers the record. The planned approximately $200 million manufacturing investment is a future spending plan, not a demonstrated return. Missing cash-flow amounts limit assessment of funding discipline.","evidenceIds":["e25","e26","e27"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual below-target cash and MSU payouts, subsequent below-target MSU vesting, CEO personal share purchases and anti-hedging policies demonstrate meaningful alignment. Bonus measurement excluded certain charges, and compensation includes time-vested equity; exceptional alignment is not established.","evidenceIds":["e28","e29","e30","e31"]},{"criterion":"execution","grade":2,"rationale":"Reported treatment and manufacturing milestones, growing first-half 2026 clear aligner volumes and improving segment margins support execution. Systems and Services revenue declined, discounting offset growth, and 2025 incentive results fell below target. This assessment uses operating outcomes as indirect evidence of management execution.","evidenceIds":["e2","e9","e21","e22","e29","e34","e6"]},{"criterion":"governance","grade":3,"rationale":"An independent chair separate from the CEO, an entirely independent Audit Committee and an adopted special-meeting right support strong governance structures. The special-meeting right requires 25% ownership held for one year. Nominee independence is not treated as proof of subsequent election, and these disclosures do not establish exceptional oversight outcomes.","evidenceIds":["e28","e32","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"1c1f5acc26279c4ef0a5107222c26e3570e6c6bbc2e452b8abe86a2f62aaea61","updatedAt":"2026-10-18T14:50:32.817Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1097149/000109714926000014/algn-20251231.htm","publishedAt":"2026-02-27","sha256":"86f5f748a8ec20fe3ac7ff2aef36d3798e953dc30091a02b82cdc2e5c4fe6d78","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1097149/000109714926000060/algn-20260630.htm","publishedAt":"2026-08-05","sha256":"2ea476ace44fc1d99c9738ba48e92a02d34404ed7fc95c77975895471bab75fc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1097149/000109714926000023/algn-20260407.htm","publishedAt":"2026-04-07","sha256":"e94d9567a226660eb1447dd1108e7c2f620a92ec154aea6a5e5e8828aaf986fb","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1097149/000109714925000012/algn-20241231.htm","publishedAt":"2025-02-28","sha256":"eb2cfeac9eb6aad791b67d04e0e60b35beba1cbf196568c2e5ebba1326537c37","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1097149/000109714924000011/algn-20231231.htm","publishedAt":"2024-02-28","sha256":"ef11dee87985df0274dfb0c0422fa094dfbd6c5a5f7e8bf8ac0cd3ebe0964b10","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1097149/000109714926000040/algn-20260331.htm","publishedAt":"2026-05-06","sha256":"c064a14b95dc5d3bf0e5646b4356365d86721f8132731f64e60bc35cb452eb06","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e03d8f8e4a605fade8e10ebcf81bb69f7919093754d2984b60f4ec94d42a43af","usage":{"input_tokens":86445,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4104,"reasoning_output_tokens":116},"basisSupplement":{"previousHash":"bbedd632dedf8c6ec36af20cb7ea66ff3e3dd303df0f9d7d043f285f4bbab1ac","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":74.26420286071087,"operating_margin":24.702827314991914,"roic":null,"fcf_margin":19.517510570300345,"sbc_revenue":2.8926899466273204},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":70.5229560586242,"operating_margin":17.206366887259396,"roic":null,"fcf_margin":7.41255838924018,"sbc_revenue":3.571085260005328},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; 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