Intuitive Surgical, Inc. ISRG

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 436.87 USD on Nov 2, 2026, −22.9% year to date

Quant rating

Quant rating A Rank 45 of 565 in Health Care

Growth B 134 of 565
Valuation C 283 of 565
Quality A 22 of 565
Revisions A 67 of 565
Momentum C 242 of 565

Wall Street consensus Buy (1.97)Average target 486.94 USD +11.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 151.4B
Enterprise value: 147.4B
52-week range: 328.57 – 603.70
3-year range: 272.40 – 610.45
Dividend yield: –
Beta (5 years): 1.44
Shares outstanding: 347M
Next earnings: Jan 20, 2027

About the company

Intuitive Surgical, Inc. develops, manufactures, and markets da Vinci surgical systems and the Ion endoluminal system. The Company specializes in invasive care and robotic-assisted surgery. Its technologies include the da Vinci surgical systems and the Ion endoluminal system. The da Vinci surgical system is designed to enable surgeons to perform a range of surgical procedures within its targeted general surgery, urologic, gynecologic, cardiothoracic, and head and neck specialties and consists of a surgeon's console or consoles, a patient-side cart, and a high-performance vision system. The Ion endoluminal system is a flexible, robotic-assisted, catheter-based platform for which the cleared indication is minimally invasive biopsies in the lung and consists of a system cart, a controller, a catheter, and a vision probe. Its Ion system extends its commercial offering beyond surgery into diagnostic and endoluminal procedures.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,065	8,352	7,124	6,222	5,710	–
Revenue growth	20.5%	17.2%	14.5%	9.0%	31.0%	18.2%
EPS (basic, normalized)	8.93	7.34	5.71	4.68	4.96	–
EPS growth	21.7%	28.5%	22.0%	−5.6%	–	–
Gross margin	66.0%	67.5%	66.4%	67.4%	69.3%	67.3%
Net margin	28.4%	27.8%	25.2%	21.3%	29.9%	26.5%
ROE	16.7%	15.6%	14.8%	11.5%	15.8%	14.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,146
Current ratio	3.33x
Long-term debt (mil)	0
Net debt (mil)	−4,015
Total equity (mil)	15,986
Net debt / equity	−0.25x
Net debt / EBITDA	−0.91x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,065	+20.5%	14.6x	4,424	+31.0%	33.3x	8.93	+21.7%	48.9x
2026	11,941	+18.6%	12.3x	5,577	+26.1%	26.4x	11.25	+26.0%	38.8x
2027	13,359	+11.9%	11.0x	6,060	+8.7%	24.3x	12.47	+10.8%	35.0x
2028	14,997	+12.3%	9.8x	6,802	+12.2%	21.7x	14.04	+12.6%	31.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,941	+1.5%	+1.5%	+2.2%	11.25	+4.4%	+4.2%	+8.0%
2027	13,359	+0.7%	+0.6%	+0.6%	12.47	+3.1%	+3.1%	+5.7%
2028	14,997	+0.1%	−0.3%	−0.7%	14.04	+2.9%	+2.7%	+4.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,891	2,010	2,038	2,414	2,253	2,440	2,505	2,866	2,771	2,892
Sales mean (mil)	1,868	1,972	2,001	2,251	2,185	2,349	2,404	2,749	2,615	2,820
Surprise	+1.2%	+1.9%	+1.8%	+7.2%	+3.1%	+3.9%	+4.2%	+4.3%	+6.0%	+2.6%
EPS reported	1.50	1.78	1.84	2.21	1.81	2.19	2.40	2.53	2.50	2.80
EPS mean	1.41	1.54	1.63	1.79	1.72	1.92	1.98	2.26	2.10	2.50
Surprise	+6.5%	+15.6%	+12.6%	+23.2%	+5.1%	+13.8%	+21.1%	+12.1%	+19.1%	+12.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ISRG Intuitive Surgical, Inc.	151.4B	−0.91x	28.4%	9.47x	38.8x	35.0x	26.4x	24.3x
TMO Thermo Fisher Scientific Inc.	252.9B	3.18x	15.0%	4.62x	27.0x	24.6x	23.0x	21.4x
ABT Abbott Laboratories	190.6B	2.36x	14.7%	3.73x	20.0x	18.6x	16.5x	15.0x
DHR Danaher Corporation	160.4B	2.71x	14.7%	2.99x	26.5x	24.5x	21.6x	19.8x
MDT Medtronic PLC	127.0B	1.99x	13.2%	2.53x	16.6x	15.5x	13.2x	12.6x
SYK Stryker Corporation	116.8B	1.65x	12.9%	4.98x	20.7x	18.8x	16.4x	15.3x
Mean		1.83x	16.5%	4.72x	24.9x	22.8x	19.5x	18.1x
Median		2.17x	14.7%	4.17x	23.6x	21.6x	19.0x	17.6x

Technical analysis

1M+11.5%
3M+23.6%
1Y−18.2%
3Y+57.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Intuitive Surgical, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,065	8,352	7,124	6,222	5,710	4,358
Cost of revenue	3,422	2,718	2,395	2,026	1,752	1,497
Gross profit	6,642	5,634	4,730	4,196	3,959	2,861
Selling, general & administrative expenses	2,384	2,138	1,961	1,734	1,459	1,216
Research & development	1,312	1,145	999	879	671	579
Depreciation/amortization	0.7	2.4	3.3	5.9	7.3	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	15.8
Other operating expenses	0	0	0	0	0	0
Operating income	2,946	2,349	1,767	1,577	1,821	1,050
Net interest income (expense)	366	325	192	29.7	69.3	157
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	3,311	2,674	1,959	1,607	1,890	1,207
Provision for taxes	435	336	142	262	162	140
Minority interest	−20.6	−14.9	−19.3	−22.1	−23.5	−6.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,856	2,323	1,798	1,322	1,705	1,061
Extraordinary items	–	–	–	–	–	–
Net income	2,856	2,323	1,798	1,322	1,705	1,061
EBIT, normalized	3,008	2,349	1,767	1,577	1,821	1,064
EBITDA, normalized	3,671	2,842	2,222	1,970	2,153	1,358
Basic EPS, normalized	8.93	7.34	5.71	4.68	4.96	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Intuitive Surgical, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6,046	4,158	5,366	4,253	4,341	5,253
Receivables	1,527	1,225	1,130	942	783	646
Total inventory	1,840	1,487	1,221	893	587	602
Prepaid expenses	341	221	152	145	116	108
Other current assets	24.4	20.0	20.0	19.5	17.9	18.0
Total current assets	9,780	7,111	7,888	6,253	5,845	6,626
Property, plant & equipment	5,493	4,783	3,617	2,456	1,951	1,641
Goodwill	370	348	349	348	344	337
Intangibles	17.1	23.0	39.1	49.8	70.5	77.4
Long-term investments	3,099	4,819	2,120	2,624	4,416	1,758
Note receivable	–	–	–	–	–	–
Other long-term assets	1,699	1,660	1,429	1,243	930	730
Total assets	20,459	18,743	15,442	12,974	13,555	11,169
Liabilities
Accounts payable	255	193	189	147	121	81.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,119	929	912	782	597	486
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	632	623	558	493	431	398
Total current liabilities	2,006	1,745	1,659	1,422	1,150	965
Long-term debt	0	0	0	0	0	0
Minority interest	118	95.9	89.7	70.7	50.4	27.6
Other liabilities	511	468	386	439	454	445
Total liabilities	2,635	2,310	2,134	1,932	1,654	1,437
Shareholders' equity
Preferred stock	0	0	0	0	0	–
Common stock	0.4	0.4	0.4	0.4	0.4	0.1
Additional paid-in capital	10,768	9,681	8,576	7,704	7,164	6,445
Retained earnings (accumulated deficit)	7,012	6,803	4,743	3,500	4,761	3,261
Treasury stock	–	–	–	–	–	–
Other equity	43.3	−51.3	−12.2	−162	−24.2	24.9
Total equity	17,824	16,434	13,308	11,042	11,901	9,732
Total liabilities & shareholders' equity	20,459	18,743	15,442	12,974	13,555	11,169

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Intuitive Surgical, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,877	2,338	1,817	1,344	1,728	1,067
Depreciation, depletion & amortization	677	500	455	392	332	293
Deferred taxes	19.1	−135	−281	−185	−62.6	57.6
Non-cash items	730	632	600	558	460	340
Changes in working capital	−1,272	−919	−778	−619	−368	−273
Cash from operations	3,030	2,415	1,814	1,491	2,089	1,485
Investing activities
Capital expenditures	−540	−1,111	−1,064	−532	−354	−342
Other investing cash flows	1,206	−2,162	704	1,903	−2,108	−599
Cash from investing	666	−3,273	−360	1,371	−2,462	−941
Financing activities
Financing cash flow items	−419	−278	−168	−199	−234	−260
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,945	429	−120	−2,374	276	174
Cash from financing	−2,364	151	−288	−2,572	43.0	−85.7
Foreign exchange effects	12.8	−0.8	3.3	5.4	−3.4	−2.6
Net change in cash	1,345	−708	1,169	295	−332	456
Free cash flow	2,491	1,304	750	958	1,736	1,143

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.