Question 1

What is Align Technology's P/B ratio?

Accepted Answer

Align Technology (ALGN) P/B ratio is 3.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Align Technology?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Align Technology specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

Is Align Technology's P/B ratio high or low?

Accepted Answer

Align Technology's P/B ratio of 3.0× is below its own 5-year average of 6.4× and below the sector median of 3.2×. That places the current reading at the 11th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Align Technology's historical P/B ratio range?

Accepted Answer

In the available daily series, Align Technology (ALGN) P/B ratio has ranged from a low of 2.1× in 2002 to a high of 26.3× in 2018. The 5-year average is 6.4× and the 5-year median is 5.0×.

Question 7

What was Align Technology's P/B ratio in 2025?

Accepted Answer

Align Technology (ALGN) P/B ratio at the end of 2025 was 2.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Align Technology's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$11.2B	$4.05B	2.8×	-1.3×	Dec 31, 2025
2024	$15.5B	$3.85B	4.0×	-1.7×	Dec 31, 2024
2023	$20.7B	$3.63B	5.7×	+1.2×	Dec 31, 2023
2022	$16.4B	$3.6B	4.5×	-9.7×	Dec 31, 2022
2021	$51.8B	$3.62B	14.3×	+1.3×	Dec 31, 2021
2020	$42.1B	$3.23B	13.0×	-3.3×	Dec 31, 2020
2019	$21.9B	$1.35B	16.3×	+2.9×	Dec 31, 2019
2018	$16.7B	$1.25B	13.4×	-2.1×	Dec 31, 2018
2017	$17.8B	$1.15B	15.5×	+7.8×	Dec 31, 2017
2016	$7.68B	$995M	7.7×	+1.5×	Dec 31, 2016
2015	$5.26B	$848M	6.2×	+0.2×	Dec 31, 2015
2014	$4.5B	$753M	6.0×	-1.3×	Dec 31, 2014
2013	$4.64B	$634M	7.3×	+3.4×	Dec 31, 2013
2012	$2.25B	$581M	3.9×	+0.1×	Dec 31, 2012
2011	$1.87B	$491M	3.8×	-0.2×	Dec 31, 2011
2010	$1.5B	$378M	4.0×	-0.9×	Dec 31, 2010
2009	$1.34B	$273M	4.9×	+2.3×	Dec 31, 2009
2008	$577M	$219M	2.6×	-4.5×	Dec 31, 2008
2007	$1.15B	$161M	7.1×	-3.8×	Dec 31, 2007
2006	$914M	$83.6M	10.9×	+6.6×	Dec 31, 2006
2005	$401M	$93.4M	4.3×	-3.4×	Dec 31, 2005
2004	$658M	$85.7M	7.7×	-7.8×	Dec 31, 2004
2003	$976M	$63M	15.5×	+13.3×	Dec 31, 2003
2002	$158M	$70.6M	2.2×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Align Technology (ALGN) 2002-2026

P/B Ratio daily chart for Align Technology (ALGN)

Historical P/B Ratio for Align Technology (ALGN) from 2002 to 2025

About P/B Ratio at Align Technology (ALGN)

Align Technology P/B Ratio by Year

Align Technology P/B Ratio 2025: 2.8×

Align Technology P/B Ratio 2024: 4.0×

Align Technology P/B Ratio 2023: 5.7×

Align Technology P/B Ratio 2022: 4.5×

Align Technology P/B Ratio 2021: 14.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Align Technology (ALGN) Key Financials