ALGN vs NVST: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ALGN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ALGN and NVST share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ALGN and NVST exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Align Technology is a global medical device company best known for Invisalign, the clear-aligner system that has become the dominant alternative to traditional metal braces, and for iTero, its line of intraoral scanners used to capture digital impressions and plan treatment. The business splits into two segments: Clear Aligner, which generated roughly $3.2 billion of Align's approximately $4.0 billion in fiscal 2025 revenue, and Imaging Systems and CAD/CAM services (iTero and exocad software), which added about $0.8 billion. Align sells primarily through orthodontists and general dentists, and its scanners feed cases directly into the Invisalign workflow, creating a self-reinforcing ecosystem.

Full ALGN guide

Envista Holdings Corporation is a Brea, California dental products maker spun out of Danaher in 2019, selling into more than 130 countries through roughly 30 brands: Nobel Biocare and Implant Direct in implants, Ormco and Spark in orthodontics, DEXIS in imaging, and Kerr in consumables. Two reporting segments carry the business. Specialty Products & Technologies (implants, prosthetics, brackets, aligners, lab products) generated ~$1.75 billion of 2025 sales, while Equipment & Consumables (imaging systems and software, bonding agents, rotary burs, endodontic systems, infection prevention) generated ~$967 million. Around 85% of revenue comes from consumables, services and spare parts rather than capital equipment, which gives the top line a recurring shape even in quarters when dentists defer large purchases. By region, North America contributed ~$1.40 billion of 2025 sales, Western Europe ~$615 million, and emerging markets ~$586 million.

Full NVST guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ALGN drivers: Clear-aligner market penetration; iTero scanner and digital ecosystem.
• NVST drivers: Margin repair from a low base; Implants and aligners as the profit pool.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Growth has decelerated to low single digits as the North American clear-aligner market matures and consumers pull back on discretionary, often out-of-pocket dental spending during economic softness. For NVST, dental treatment is deferrable, and the 2024 collapse showed how fast patient traffic and practice capital budgets can move against this business.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ALGN if you believe its drivers more; NVST if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ALGN and NVST guides.

ALGN. As of July 2026, Align posted roughly $4.0 billion in fiscal 2025 revenue and around $1.04 billion in the first quarter of 2026, up about 6 percent year over year with record Invisalign shipments. The stock trades near a market capitalization of $13 billion at a price-to-earnings multiple around 30 times, a premium that reflects the company's leadership and margins but also assumes a return to healthier growth. The company reaffirmed its 2026 guidance and authorized a new $200 million buyback.

NVST. Two very different multiples describe the same stock: about 49x trailing GAAP earnings, and about 18x the midpoint of management's 2026 adjusted EPS guidance. Bridging them are amortization of acquired intangibles, restructuring charges, and a 2025 effective tax rate near 73% created by US pre-tax losses sitting alongside $203.9 million of international pre-tax income. At roughly 1.6x trailing sales and 1.5x book value, the market is not paying a premium on revenue or assets, the usual shape for a company whose reported earnings lag its operating improvement.

Headline figures (approximate, July 2026): ALGN shows revenue (fy2025) ~$4.0B, revenue (q1 2026) ~$1.04B, up ~6% YoY, q1 2026 eps ~$1.57, gross margin ~71%; NVST shows revenue (ttm) ~$2.86 billion, market cap ~$4.44 billion (~$27.70 per share, ~160.6 million shares), adjusted diluted eps (ttm) ~$1.46 vs ~$0.58 on a GAAP basis, forward p/e on 2026 adjusted eps guidance ~18x ($1.50 to $1.55).

ALGN and NVST are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ALGN and NVST exposure against your real portfolio. It is not an investment adviser.