Align Technology partners with orthodontists who, in turn,

 Align Technology partners with orthodontists who, in turn, sell Invisalign clear aligners to patients they meet with in person. Direct-to-consumer competitors, like SmileDirectClub, seemed like serious threats in the past, but folks clearly prefer involving a professional in the process. Align Technology had a 75% share of the market for clear aligners last year, according to Grand View Research.

A buy now?

Align Technology gave its existing shareholders plenty to smile about in its latest earnings call, but it probably isn't the best stock you could buy right now. After climbing more than 70% year to date, it's trading at 78.1 times 2022 earnings or 35.5 times 2021 earnings. Any way you look at it, it's just too much.

Over the long run, I expect Align Technology's bottom line to climb by an annual percentage in the high single digits. That's nothing to complain about, but it isn't nearly fast enough to justify buying the stock at its nosebleed-inducing valuation. It's probably best to watch this one from a safe distance.

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