Sequoia Strategy Adds Align Technology; Align Posts $4 B in 2025 Revenue
Sequoia Strategy returned 9% in Q4 2025 versus 2.7% for the S&P 500 and earned 21.9% for the year after adding Align Technology. Align generated about $4 billion in 2025 revenues—over $3 billion from Invisalign—with high-teens margins, zero debt and $1 billion cash.
1. Sequoia Strategy Outperforms and Adds Align
In its Q4 2025 letter, Ruane, Cunniff & Goldfarb’s Sequoia Strategy reported a 9% return versus 2.7% for the S&P 500 and a 21.9% gain for the year, highlighting Align Technology as a notable new addition to its concentrated portfolio.
2. Align Technology’s 2025 Financial Profile
Align is expected to generate roughly $4 billion in 2025 revenues, with over $3 billion from its Invisalign system, operating margins in the high teens, zero debt and approximately $1 billion of cash on the balance sheet.
3. Market Capitalization and Stock Moves
As of February 6, Align’s market capitalization stood at $13.6 billion, with shares up 9.1% over the past month but down 11.5% year-over-year, reflecting mixed recent performance.
4. Institutional Ownership Trends
Hedge fund holdings of Align declined to 48 portfolios at the end of Q3 2025 from 54 in the prior quarter, indicating a slight pullback in institutional accumulation despite ongoing interest in the medical device leader.