Align Technology, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $600M normalized FCF base (between the $633.6M TTM and $490.8M FY2025 figures, reflecting an upward trend); 6% annual growth years 1-5; 5% years 6-10; 9% discount rate; 3% terminal growth; -$982M net cash (added to firm value); 71.04M diluted shares.

Reasoning: Align holds a durable brand and installed-base moat in clear aligners (Invisalign) and intraoral scanners (iTero) with a strong net-cash balance sheet and steadily rising free cash flow, so a standard DCF with a moderate discount rate is appropriate; growth assumptions are set modestly above the low-single-digit near-term consensus to reflect the company's longer-run structural growth in an underpenetrated global orthodontics market.