A Business at a Glance
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INTUITIVE SURGICAL INC
ISRG
$122.5B
Mkt Cap
$337.50
+1.65%
INTUITIVE SURGICAL INC (ISRG) has a current P/E ratio of 42.9, compared to its historical median P/E of 69.5. The stock is currently considered Cheap based on its historical valuation range.
INTUITIVE SURGICAL INC (ISRG) has a 5-year average return on invested capital (ROIC) of 20.3%. This indicates strong capital allocation and a potential competitive advantage.
INTUITIVE SURGICAL INC (ISRG) has a market capitalization of $119.6B. It is classified as a large-cap stock.
INTUITIVE SURGICAL INC (ISRG) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.86%.
Based on historical P/E analysis, INTUITIVE SURGICAL INC (ISRG) appears cheap. The current P/E of 42.9 is 38% below its historical median of 69.5. The estimated fair value CAGR (P/E method) is 12.6%.
INTUITIVE SURGICAL INC (ISRG) operates in the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry, within the Healthcare sector.
Intuitive Surgical designs, manufactures, and markets robotic-assisted surgical systems and related instruments that enable minimally invasive care across general surgery, urology, gynecology, cardiothoracic, and head and neck specialties. The company's core product, the da Vinci surgical system, comprises a surgeon console with ergonomic controls, a patient-side cart with electromechanical arms, and a 3D high-definition vision system that translates the surgeon's hand movements into precise micro-movements of instruments inside the patient. The company also offers the Ion endoluminal system for minimally invasive lung biopsies, extending its portfolio beyond surgery into diagnostic procedures. Revenue is generated through system sales, leasing arrangements (which are increasing over time, particularly among international customers), and recurring sales of single-use and reusable instruments, accessories, and services including customer training and support. The business model benefits from high switching costs, proprietary instrument designs with programmed memory chips that limit reuse cycles, and a comprehensive ecosystem of digital tools—including My Intuitive, SimNow virtual reality simulator, Case Insights computational observer, and Intuitive Hub edge computing—that create ongoing customer engagement and data-driven insights. Intuitive serves hospitals, healthcare systems, and ambulatory surgery centers globally, with growing efforts to expand in ambulatory settings, and operates manufacturing facilities in the United States, Germany, and Mexico to support its growth strategy.
【Digital ecosystem and automation advancement】 Management expects force feedback instrumentation adoption to progress steadily through 2026 and beyond, with the da Vinci 5 system achieving contribution margins comparable to the Xi system by Q1 2026. The company is investing in data and digital infrastructure to support a longer-term innovation roadmap that includes telesurgery, deeper decision support, and augmented dexterity with aspects of future automation, all aimed at advancing the Quintuple Aim. Procedure growth is anticipated to be driven by general surgery in the U.S. and procedures outside of urology internationally, though near-term caution remains regarding the Japanese market due to public hospital financial constraints and pending reimbursement decisions expected in 2027. The company is executing a measured rollout of new products and capabilities, including the single-port stapler and expansion into ambulatory surgery centers, while managing near-term headwinds from tariffs and higher input costs in freight and semiconductor memory.
| Metric | Target | Period |
|---|---|---|
| Da Vinci procedure growth | 13.5%-15.5% | FY2026 |
| Non-GAAP gross profit margin | 67.5%-68.5% of revenue | FY2026 |
| Non-GAAP operating expense growth | 11%-14% | FY2026 |
| Non-cash stock compensation expense | $890 million-$920 million | FY2026 |
| Other income (interest income) | $315 million-$335 million | FY2026 |
| Non-GAAP income tax rate | 22%-23% of pre-tax income | FY2026 |
Da Vinci procedure growth (FY2026): “In January, we forecast full-year 2026 da Vinci procedure growth to be within a range of 13%-15%. We are increasing our forecast and now expect full-year da Vinci procedure growth within a range of 13.5%-15.5%.”
Non-GAAP gross profit margin (FY2026): “We are updating our estimate for non-GAAP gross profit margin to be within a range of 67.5%-68.5% of revenue, which now reflects 100 basis points of impact from tariffs, as well as higher input costs in other areas, including freight and semiconductor memory.”
Non-GAAP operating expense growth (FY2026): “In regard to operating expenses, we now expect non-GAAP operating expense growth to be between 11%-14%.”
Non-cash stock compensation expense (FY2026): “We continue to estimate non-cash stock compensation expense between $890 million-$920 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.6B | 10.1B | 8.4B | 7.1B | 6.2B | 5.7B |
| Net Income | 3.0B | 2.9B | 2.3B | 1.8B | 1.3B | 1.7B |
| EPS | $8.38 | $7.87 | $6.42 | $5.03 | $3.65 | $4.66 |
| Free Cash Flow | 2.8B | 2.5B | 1.3B | 750M | 958M | 1.7B |
| ROIC | 19.9% | 20.1% | 19.1% | 20.6% | 16.9% | 25.0% |
| Gross Margin | 66.3% | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% |
| Debt/Equity | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 3.2B | 2.9B | 2.3B | 1.8B | 1.6B | 1.8B |
| Operating Margin | 30.5% | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% |
| ROE | 17.0% | 16.7% | 15.6% | 14.8% | 11.5% | 15.8% |
| Shares Outstanding | 354M | 363M | 362M | 357M | 362M | 366M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.1B | 2.4B | 2.7B | 3.1B | 3.7B | 4.5B | 4.4B | 5.7B | 6.2B | 7.1B | 8.4B | 10.1B | 10.6B |
| Gross Margin | 66.3% | 66.2% | 70.0% | 70.4% | 69.9% | 69.4% | 65.6% | 69.3% | 67.4% | 66.4% | 67.5% | 66.0% | 66.3% |
| R&D | 178M | 197M | 240M | 329M | 418M | 557M | 595M | 671M | 879M | 999M | 1.1B | 1.3B | 1.4B |
| SG&A | 691M | 641M | 704M | 811M | 987M | 1.2B | 1.2B | 1.5B | 1.7B | 2.0B | 2.1B | 2.4B | 2.4B |
| EBIT | 545M | 740M | 950M | 1.1B | 1.2B | 1.4B | 1.0B | 1.8B | 1.6B | 1.8B | 2.3B | 2.9B | 3.2B |
| Op. Margin | 25.6% | 31.0% | 35.1% | 34.0% | 32.2% | 30.7% | 24.1% | 31.9% | 25.3% | 24.8% | 28.1% | 29.3% | 30.5% |
| Net Income | 419M | 589M | 738M | 671M | 1.1B | 1.4B | 1.1B | 1.7B | 1.3B | 1.8B | 2.3B | 2.9B | 3.0B |
| Net Margin | 19.6% | 24.7% | 27.3% | 21.4% | 30.3% | 30.8% | 24.3% | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% | 28.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.8M | 0 | 1.1M | 1.0M | 1.0M |
| Returns on Capital | |||||||||||||
| ROIC | 16.2% | 18.1% | 19.8% | 20.0% | 27.6% | 26.6% | 17.5% | 25.0% | 16.9% | 20.6% | 19.1% | 20.1% | 19.9% |
| ROE | 12.2% | 15.3% | 14.6% | 12.7% | 19.7% | 18.5% | 11.8% | 15.8% | 11.5% | 14.8% | 15.6% | 16.7% | 17.0% |
| ROA | 10.6% | 13.3% | 13.0% | 10.9% | 16.6% | 15.7% | 10.1% | 13.8% | 10.0% | 12.7% | 13.6% | 14.6% | 14.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 665M | 806M | 1.1B | 1.1B | 1.2B | 1.6B | 1.5B | 2.1B | 1.5B | 1.8B | 2.4B | 3.0B | 3.4B |
| Free Cash Flow | 560M | 725M | 1.0B | 953M | 982M | 1.2B | 1.1B | 1.7B | 958M | 750M | 1.3B | 2.5B | 2.8B |
| Owner Earnings | 422M | 553M | 821M | 840M | 788M | 1.1B | 819M | 1.3B | 624M | 819M | 1.3B | 1.6B | 268M |
| CapEx | 106M | 81M | 54M | 191M | 187M | 426M | 342M | 340M | 532M | 1.1B | 1.1B | 540M | 527M |
| Maint. CapEx | 74M | 86M | 89M | 95M | 120M | 200M | 271M | 307M | 354M | 402M | 456M | 613M | 2.3B |
| Growth CapEx | 31M | 0 | 0 | 96M | 67M | 226M | 71M | 32M | 179M | 662M | 656M | 0 | 0 |
| D&A | 74M | 86M | 89M | 95M | 120M | 200M | 271M | 307M | 354M | 402M | 456M | 613M | 2.3B |
| CapEx/OCF | 15.9% | 10.5% | 5.0% | 16.7% | 16.0% | 26.6% | 23.0% | 16.2% | 35.7% | 58.7% | 46.0% | 17.8% | 15.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.0B | 184M | 43M | 2.3B | 0 | 270M | 134M | 0 | 2.6B | 416M | 0 | 2.3B | 3.4B |
| Buyback Yield | 5.0% | 0.9% | 0.2% | 5.3% | N/A | 0.4% | 0.1% | N/A | 2.8% | 0.3% | N/A | 1.1% | 2.9% |
| Stock-Based Comp | 169M | 168M | 178M | 209M | 261M | 336M | 395M | 449M | 513M | 593M | 677M | 788M | 813M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | -1.6B | -2.7B | -2.7B | -4.6B | -3.7B | -3.6B | -4.7B | -3.4B | -5.3B | -3.9B |
| Cash & Equiv. | 600M | 715M | 1.0B | 648M | 858M | 1.2B | 1.6B | 1.3B | 1.6B | 2.8B | 2.0B | 3.4B | 4.5B |
| Long-Term Debt | N/A | N/A | N/A | 334M | 339M | 418M | 445M | 454M | 439M | 386M | 468M | 511M | 603M |
| Debt/Equity | 0.17 | 0.14 | 0.12 | 0.07 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.03 |
| Interest Coverage | 605.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 3.4B | 4.3B | 5.8B | 4.8B | 6.7B | 8.3B | 9.7B | 11.9B | 11.0B | 13.3B | 16.4B | 17.8B | 17.5B |
| Total Assets | 4.0B | 4.9B | 6.5B | 5.8B | 7.8B | 9.7B | 11.2B | 13.6B | 13.0B | 15.4B | 18.7B | 20.5B | 20.1B |
| Total Liabilities | 580M | 588M | 709M | 996M | 1.2B | 1.4B | 1.4B | 1.6B | 1.9B | 2.0B | 2.2B | 2.5B | 2.5B |
| Intangibles | 74M | 50M | 32M | 26M | 67M | 112M | 77M | 71M | 50M | 39M | 23M | 17M | 174M |
| Retained Earnings | 488M | 899M | 1.6B | 115M | 1.5B | 2.5B | 3.3B | 4.8B | 3.5B | 4.7B | 6.8B | 7.0B | 6.4B |
| Working Capital | 1.3B | 1.7B | 2.7B | 2.1B | 3.5B | 3.6B | 5.7B | 4.7B | 4.8B | 6.2B | 5.4B | 7.8B | 6.9B |
| Current Assets | 1.8B | 2.2B | 3.3B | 2.8B | 4.3B | 4.7B | 6.6B | 5.8B | 6.3B | 7.9B | 7.1B | 9.8B | 8.8B |
| Current Liabilities | 501M | 492M | 597M | 663M | 821M | 1.0B | 965M | 1.1B | 1.4B | 1.7B | 1.7B | 2.0B | 1.9B |
| Per Share Data | |||||||||||||
| EPS | 1.23 | 1.75 | 0.70 | 1.92 | 3.16 | 3.96 | 0.98 | 4.66 | 3.65 | 5.03 | 6.42 | 7.87 | 8.38 |
| Owner EPS | 1.24 | 1.64 | 0.77 | 2.41 | 2.21 | 3.05 | 0.76 | 3.64 | 1.72 | 2.29 | 3.55 | 4.49 | 0.76 |
| Book Value | 9.96 | 12.83 | 5.44 | 13.70 | 18.73 | 23.75 | 8.99 | 32.53 | 30.48 | 37.23 | 45.43 | 49.12 | 49.31 |
| Cash Flow/Share | 1.96 | 2.40 | 1.02 | 3.28 | 3.28 | 4.59 | 1.37 | 5.71 | 4.12 | 5.07 | 6.68 | 8.35 | 14.84 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 339.3M | 336.6M | 1.1B | 348.8M | 356.6M | 348.0M | 1.1B | 365.8M | 362.3M | 357.5M | 361.8M | 362.9M | 354.4M |
| Valuation | |||||||||||||
| P/E Ratio | 47.8 | 35.2 | 34.0 | 63.9 | 49.7 | 51.8 | 91.3 | 78.2 | 71.7 | 67.3 | 83.3 | 73.4 | 40.3 |
| P/FCF | 35.8 | 28.2 | 72.6 | 45.0 | 57.0 | 59.1 | 254.1 | 76.2 | 98.9 | 161.4 | 148.4 | 84.2 | 42.2 |
| EV/EBIT | N/A | N/A | N/A | 38.8 | 44.4 | 50.0 | 87.8 | 71.2 | 57.8 | 65.7 | 80.9 | 69.3 | 35.9 |
| Price/Book | 5.9 | 4.8 | 4.3 | 9.0 | 8.4 | 8.6 | 9.9 | 11.2 | 8.6 | 9.1 | 11.8 | 11.8 | 6.8 |
| Price/Sales | 7.8 | 8.1 | 9.2 | 11.3 | 15.3 | 14.2 | 17.2 | 19.4 | 14.4 | 14.5 | 19.1 | 18.8 | 11.3 |
| FCF Yield | 2.8% | 3.5% | 4.1% | 2.2% | 1.8% | 1.6% | 1.2% | 1.3% | 1.0% | 0.6% | 0.7% | 1.2% | 2.4% |
| Market Cap | 20.0B | 20.7B | 25.0B | 42.9B | 56.0B | 71.5B | 96.8B | 133.3B | 94.8B | 121.0B | 193.5B | 209.7B | 119.6B |
| Avg. Price | 49.02 | 56.31 | 70.59 | 101.94 | 159.61 | 177.03 | 208.29 | 302.48 | 247.76 | 289.47 | 440.48 | 520.95 | 337.50 |
| Year-End Price | 59.03 | 60.79 | 70.62 | 122.96 | 157.07 | 199.29 | 268.39 | 364.54 | 261.65 | 338.39 | 534.88 | 577.81 | 337.50 |
INTUITIVE SURGICAL INC passes 8 of 9 quality checks, indicating strong fundamentals.
INTUITIVE SURGICAL INC trades at 42.9x trailing earnings, compared to its 15-year median P/E of 69.5x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 49.2x vs a median of 72.6x. The company's 5-year average ROIC is 20.3% with a gross margin of 67.3%. Total shareholder yield (buybacks) is 2.9%. At current prices, the estimated annualized return to fair value is +2.9%.
INTUITIVE SURGICAL INC (ISRG) reported annual revenue of $10.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
INTUITIVE SURGICAL INC (ISRG) has a net profit margin of 28.4%. This is a strong margin indicating high profitability.
INTUITIVE SURGICAL INC (ISRG) generated $2.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INTUITIVE SURGICAL INC (ISRG) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
INTUITIVE SURGICAL INC (ISRG) reported earnings per share (EPS) of $7.87 in its most recent fiscal year.
INTUITIVE SURGICAL INC (ISRG) has a return on equity (ROE) of 16.7%. This indicates the company generates strong returns for shareholders.
INTUITIVE SURGICAL INC (ISRG) has a 5-year average gross margin of 67.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for INTUITIVE SURGICAL INC (ISRG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INTUITIVE SURGICAL INC (ISRG) has a book value per share of $49.12, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects force feedback instrumentation adoption to progress steadily through 2026 and beyond, with the da Vinci 5 system achieving contribution margins comparable to the Xi system by Q1 2026. The company is investing in data and digital infrastructure to support a longer-term innovation roadmap that includes telesurgery, deeper decision support, and augmented dexterity with aspects of future automation, all aimed at advancing the Quintuple Aim. Procedure growth is anticipated to be driven by general surgery in the U.S. and procedures outside of urology internationally, though near-term caution remains regarding the Japanese market due to public hospital financial constraints and pending reimbursement decisions expected in 2027. The company is executing a measured rollout of new products and capabilities, including the single-port stapler and expansion into ambulatory surgery centers, while managing near-term headwinds from tariffs and higher input costs in freight and semiconductor memory.
Based on recent SEC filings and earnings calls, INTUITIVE SURGICAL INC (ISRG) has provided the following forward guidance: Da Vinci procedure growth: 13.5%-15.5% (FY2026); Non-GAAP gross profit margin: 67.5%-68.5% of revenue (FY2026); Non-GAAP operating expense growth: 11%-14% (FY2026); Non-cash stock compensation expense: $890 million-$920 million (FY2026); Other income (interest income): $315 million-$335 million (FY2026), plus 1 additional metric.
Other income (interest income) (FY2026): “We now forecast other income, which is comprised mostly of interest income, to total between $315 million-$335 million, due primarily to lower average cash balances following share repurchase activity in Q1.”
Non-GAAP income tax rate (FY2026): “With regard to income tax, we continue to expect our non-GAAP income tax rate to be between 22%-23% of pre-tax income.”