Align TechnologyXTER:AFW 89 Beneish M-Score is -2.57 as of Jun. 24, 2026. GuruFocus rates XTER:AFW with a GF Score™ of 89/100 and a GF Value™ of €212.06 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 765 Medical Devices & Instruments companies, Align Technology ranks worse than 51.24% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Align Technology's Beneish M-Score or its related term are showing as below:
XTER:AFW'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.58 Max: 1.2
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Align Technology was 1.20. The lowest was -3.09. And the median was -2.58.
Align Technology Beneish M-Score Related Terms
Align Technology Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Align Technology's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XTER:AFW vs SOLV, COO, BAX: Beneish M-Score Comparison
For the Medical Instruments & Supplies subindustry, Align Technology's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Align Technology Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Align Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Align Technology's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Align Technology for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0538
+
0.528 * 1.0338
+
0.404 * 1.0155
+
0.892 * 0.9533
+
0.115 * 0.5769
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9805
+
4.679 * -0.034127
-
0.327 * 0.9255
=
-2.63
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(140.274 / (140.274 + 1274.674))
/
(218.668 / (218.668 + 1053.842))
=
0.099137
/
0.17184
=
0.5769
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(369.875 - -37.304
-
593.573)
/
5461.76
=
-0.034127
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Align Technology has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Align Technology (XTER:AFW) has a Beneish M-Score of -2.57 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Align Technology and its competitors. According to the industry distribution chart, Align Technology ranks #392 out of 765 companies in the Medical Devices & Instruments industry, placing it in the top 51.2%.
Is Align Technology's Beneish M-Score too high?
Align Technology's current Beneish M-Score is -2.57. Based on the distribution chart, Align Technology ranks #392 out of 765 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Align Technology has a GF Score™ of 89/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Align Technology's Beneish M-Score compare to SOLV and COO?
According to the Medical Devices & Instruments industry distribution chart, Align Technology ranks #392 out of 765 companies for Beneish M-Score. This places Align Technology in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Align Technology and its competitors. Align Technology's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Align Technology stock overvalued right now?
Based on GuruFocus' analysis, Align Technology (XTER:AFW) is currently considered Significantly Undervalued. The stock's GF Value™ is €212.06, compared to a current price of €149.05 — trading 29.7% below its estimated fair value. The current Beneish M-Score is -2.57. Align Technology's overall GF Score™ is 89/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Align Technology (XTER:AFW), the current Beneish M-Score is -2.57 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Align Technology (XTER:AFW) Overvalued in 2026?
Based on GuruFocus' analysis, Align Technology stock appears to be undervalued.
The current stock price of €149.05 is trading 29.7% below its estimated GF Value™ of €212.06.
GuruFocus considers Align Technology to be Significantly Undervalued.
Key valuation signals for XTER:AFW:
Beneish M-Score: -2.57
GF Value™: €212.06 vs. price of €149.05 (29.7% below fair value)
No single metric tells the full story. See the XTER:AFW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Align Technology is the leading manufacturer of clear aligners. Invisalign, its main product, was approved by the Food and Drug Administration in 1998 and has since dominated, controlling over 90% of the market. Invisalign can treat roughly 90% of all malocclusion cases (misaligned teeth), and there are over 230,000 Invisalign-trained dentists and orthodontists. In 2022, Invisalign treated over 2 million cases, or roughly 10% of all orthodontic cases for the year, and it has treated over 14 million patients since its launch. Align also sells intraoral scanners under the brand iTero, which captures digital impressions of patients' teeth and illustrates treatment plans. Over 85% of Invisalign cases are submitted by digital scans, and iTero scans make up over half of these scans.
89GF Score
Get the complete analysis for XTER:AFW
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XTER:AFW has been successfully added to your 
