EvgeniyQ/iStock via Getty Images The following segment was excerpted from the Sequoia Fund ( SEQUX ) Q4 2025 Shareholder Letter. Align Technology, Inc. ( ALGN ) (“Align”), the third and final of our notable new positions, is the company behind the Invisalign clear aligner orthodontic system. The company was founded in 1997. The idea of using plastic trays to move teeth was not entirely new but Ali...
EvgeniyQ/iStock via Getty Images The following segment was excerpted from the Sequoia Fund ( SEQUX ) Q4 2025 Shareholder Letter. Align Technology, Inc. ( ALGN ) (“Align”), the third and final of our notable new positions, is the company behind the Invisalign clear aligner orthodontic system. The company was founded in 1997. The idea of using plastic trays to move teeth was not entirely new but Align was the first company to invest in the product and the business in a serious way. In its early years, Invisalign was met with broad-based resistance and even hostility from the orthodontic community. Align was forced to bypass the channel to generate consumer demand, through an aggressive brand advertising campaign that established Invisalign as the first and only real consumer brand in the orthodontic and dental space. Today, Align’s market capitalization stands at roughly $12 billion. We expect the company will have generated revenues of roughly $4 billion in 2025, with Invisalign accounting for over $3 billion of this total, and intraoral scanners and lab-oriented digital design software accounting for the balance. Align’s operating margins, as we calculate them, are somewhat depressed but still running in the high teens on a percentage of sales basis. The company earns sky-high returns on tangible capital and therefore converts free cash flow in a pleasing manner. The company has no debt and roughly $1 billion of cash on its balance sheet. Align is now a large, global and profitable business. Invisalign is available in over 100 countries and drives roughly 2.5 million orthodontic “case starts” per year. We have followed Align closely for nearly 15 years. For most of this time, the company’s revenue and earnings grew at a rapid rate. Unfortunately, the valuation generally reflected, in our view fully, the performance of the business as well as its prospects. This past summer, however, the valuation came into range. The change in sentiment is to some extent understanda...
Key Points USA Rare Earth secured a nonbinding letter of intent from the federal government to provide nearly $1.6 billion in financing. The company plans to open a new rare-earth metal mine and build a magnet manufacturing facility. Sell-side analysts keep raising their price targets on USA Rare Earth. 10 stocks we like better than USA Rare Earth › Rare-earth metals are among the top investment t...
Key Points USA Rare Earth secured a nonbinding letter of intent from the federal government to provide nearly $1.6 billion in financing. The company plans to open a new rare-earth metal mine and build a magnet manufacturing facility. Sell-side analysts keep raising their price targets on USA Rare Earth. 10 stocks we like better than USA Rare Earth › Rare-earth metals are among the top investment trends right now. These commodities are essential in products from mobile phones to military hardware. Thus, China's dominance of the rare-earth metals market represents a massive geopolitical risk for the United States. Because of this, the U.S. government has taken an increasingly aggressive role in reducing this dependence. One way it's doing this is by providing U.S.-based early-stage rare-earth metal companies with growth capital. That's the story with USA Rare Earth (NASDAQ: USAR). Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Over the past 12 months, this stock has risen 82% amid a wave of promising developments, and is now near $25. And this stock's recent success could be just the start of a longer-term price run-up. What's driving USA Rare Earths' latest rally On Jan. 26, USA Rare Earth announced that it had received a letter of intent from the U.S. government providing $1.6 billion in loans and federal grants. In conjunction with this transaction, USA Rare Earth is raising an additional $1.5 billion in equity from private investors. Following this capital raise, USA Rare Earth will have nearly $3.5 billion of the $4.1 billion needed to complete both of its major projects: a rare-earth mine in Sierra Blanca, Texas, and a magnet manufacturing plant in Stillwater, Oklahoma. It's not surprising that several sell-side analysts have increased their price targets in response. For instance, Canaccord analyst George Gianarikas raised his price target ...
spawns/E+ via Getty Images Introduction Nuvation Bio ( NUVB ) is an early commercial-stage biotech company, led by prominent research scientist Dr. David Hung. Its lead asset, IBTROZI, a targeted therapy for ROS1-positive non-small cell lung cancer (NSCLC), was approved by the FDA on June 11, 2025. As patients receiving IBTROZI have accumulated since June 2025, Nuvation's revenue has gradually beg...
spawns/E+ via Getty Images Introduction Nuvation Bio ( NUVB ) is an early commercial-stage biotech company, led by prominent research scientist Dr. David Hung. Its lead asset, IBTROZI, a targeted therapy for ROS1-positive non-small cell lung cancer (NSCLC), was approved by the FDA on June 11, 2025. As patients receiving IBTROZI have accumulated since June 2025, Nuvation's revenue has gradually begun to take shape in a manner that can be reasonably modeled. This is because the company has disclosed new patient starts from time to time, allowing me to estimate how many patients will be "stacked" on treatment for the foreseeable future and thereby project the company's revenues. This, in turn, has enabled me to form more informed assessments of the fair market value of IBTROZI and, by extension, Nuvation as an enterprise. Recap of My Coverage of the Stock The stock price of Nuvation has been on a roller-coaster ride for its shareholders over the past seven months, and my rating of NUVB has evolved as the share price either undershot or overshot the reasonable estimates of the commercial value of IBTROZI. After the drug was approved, the shares went down below $2. At that point, the market priced the stock barely above the company's net cash position, as if the commercial rollout would probably fail. The prevailing narrative back then was that the ROS1 NSCLC market was too small and too crowded for IBTROZI to generate substantial revenue. ROS1 is a rare genetic mutation detected in approximately 3,000-4,000 new NSCLC patients in the U.S. each year, and IBTROZI is the fourth drug approved to treat it. I rated the stock a BUY in Sept. 2025 when it was traded slightly above $3 because I believed the stock market grossly underestimated the clinical profile and consequently commercial value of IBTROZI. I reaffirmed my BUY rating in early November 2025, when the stock rose to around $5. By then, the company had disclosed the first full quarter of new patient starts, and the s...
(RTTNews) - Osaka Gas Co., Ltd. (OSGSY, OSGSF, 9532.T), a Japanese natural gas provider, on Monday reported its higher net income in the nine months ended March 31, 2026, compared with the previous year. For the nine months, profit attributable to the owners of the parent increased to 140.40 billion yen from 90.88 billion yen in the prior year. Basic earnings per share were 357.97 yen versus 224.4...
(RTTNews) - Osaka Gas Co., Ltd. (OSGSY, OSGSF, 9532.T), a Japanese natural gas provider, on Monday reported its higher net income in the nine months ended March 31, 2026, compared with the previous year. For the nine months, profit attributable to the owners of the parent increased to 140.40 billion yen from 90.88 billion yen in the prior year. Basic earnings per share were 357.97 yen versus 224.45 yen last year. Operating profit increased to 133.75 billion yen from 99.51 billion yen in the prior year. Net sales declined to 1.44 trillion yen from 1.44 trillion yen in the previous year. Looking ahead, the company expected the fiscal year 2026 net sales to decrease to 2.05 trillion yen. Operating profit for the fiscal year 2026 is anticipated at 160 billion yen, a decrease of 0.5%. The company expected profit attributable to the owners of the parent to be 142 billion yen and earnings per share to be 363.17 yen for the fiscal year 2026. Osaka Gas is currently trading 1.10% higher at 5,858 on the Tokyo Stock Exchange. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.