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Intuitive Surgical, Inc.

ISRG Healthcare Medical Instruments & Supplies

Intuitive Surgical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.1 billion, up 20.5% from fiscal 2024.

Revenue
+21.7%
EPS
−24.2%
Free cash flow
+51.0%

Quarter to September 2026, against a year earlier

465.68 16.42 −3.41%
Market cap
$162.4B
P/E
55.7×
Fwd P/E
49.8×
Dividend yield
—
F-score
7/9
Altman Z
50.09
Beneish M
−2.43
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Instruments and accessories
  • Systems
  • Service

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 52.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 3 5 4 1 3 4 2 5 3 7 2
Insider Ownership 1.37%

Capital & Financial Ratios $m

Size
Market Cap 162,410.00
Revenue ttm 11,578.00
Net income ttm 2,973.10
Free cash flow ttm 3,644.00
Net debt Q (4,042.50)
Valuation
P/E 55.70 (above 35: high)
Forward P/E 49.80 (above 35: high)
Price / sales 14.04 (above 10: high)
Forward P/S Powerpack
Price / FCF 44.60
Price / book 10.08 (above 6: high)
Financial health
Current ratio Q 3.33 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +21.70% (above 0%: growing)
Operating income growth Q −22.00% (below 0%: shrinking)
EPS, this year +25.93% (at or above 15%: strong)
EPS, next year A +10.98%
Revenue, next year A +18.49% (at or above 10%: strong)
EPS, past 5 yrs +21.77% (at or above 15%: strong)
EPS, next 5 yrs A +16.26% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.7×, against a ten-year median of 15.0×; over the ten years it ranged from 7.8× in 2016 to 24.0× in 2024.
P/E against its own 10 years 40.59%
10-year low 10-year high
P/S against its own 10 years 30.51%
10-year low 10-year high
P/B against its own 10 years 77.70%
10-year low 10-year high
EV/Sales against its own 10 years 34.07%
10-year low 10-year high
EV/FCF against its own 10 years 22.19%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,223 4,013 5,935 4,043
Receivables 1,130 1,225 1,527 1,721
Inventory 1,221 1,487 1,840 2,128
Other — — — —
7,888 7,111 9,780 8,428
2023 2024 2025 Q'26
Payables 189 193 255 280
ST’ Debt — — — —
Other — — — —
1,659 1,745 2,006 2,533

Compound Annual Growth %

10y 5y 3y
Sales 15.49% 18.22% 17.39%
Cash Flow 14.16% 15.34% 26.68%
Earnings 17.11% 21.91% 29.26%
Book Value 15.30% 12.95% 17.31%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.61 Actual 3.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.25 2.53 Beat by 0.28
Q1 FY26 2.08 2.50 Beat by 0.42
Q2 FY26 2.48 2.80 Beat by 0.32
Q3 FY26 2.61 3.00 Beat by 0.39
Q4 FY26 2.97 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 2.28 2.29 1.49 — —
’25 1.92 1.81 1.95 2.21 7.87
’24 1.51 1.46 1.56 1.88 6.42
’23 1.00 1.18 1.16 1.69 5.03
’22 1.00 0.85 0.90 0.91 3.65
’21 1.17 1.42 1.04 1.04 4.66
’20 0.87 0.19 0.87 1.01 2.94
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,771 2,892 3,049 — —
’25 2,253 2,440 2,505 2,866 10,065
’24 1,891 2,010 2,038 2,414 8,352
’23 1,696 1,756 1,744 1,928 7,124
’22 1,488 1,522 1,557 1,655 6,222
’21 1,292 1,464 1,403 1,551 5,710
’20 1,100 852 1,078 1,329 4,358
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 912 1,061 1,224 — —
’25 582 715 841 893 3,031
’24 265 621 707 823 2,415
’23 371 666 548 228 1,814
’22 223 447 383 438 1,491
’21 478 543 501 568 2,089
’20 353 230 275 628 1,485
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 855 948 1,111 — —
’25 465 560 736 730 2,491
’24 24 311 459 511 1,304
’23 177 487 292 (207) 750
’22 129 316 214 299 958
’21 419 467 433 431 1,750
’20 248 120 210 566 1,143
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 19.8% a year for ten years. It grew 5.7% a year over the last ten.

Implied
19.8%
10 years, reported
5.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,707 3,138 3,724 4,479 4,358 5,710 6,222 7,124 8,352 10,065 11,578 +15.7% 11,926 13,339 14,968 +14.1%
Gross margin, % 69.94 70.17 69.92 69.45 65.65 69.32 67.44 66.39 67.46 66.00 67.19 (3.9) pt
EBT 985 1,105 1,280 1,502 1,207 1,890 1,607 1,959 2,674 3,311 3,619 +14.4%
EBT margin, % 36.40 35.20 34.36 33.54 27.69 33.10 25.82 27.50 32.01 32.90 31.26 (3.5) pt
Net income 738 671 1,125 1,382 1,067 1,728 1,344 1,817 2,338 2,877 2,973 +16.3%
Per share, $
Per share, $ Revenue 7.85 9.37 10.92 12.94 12.41 16.04 17.49 20.29 23.51 28.20 33.17 +15.3%
Earnings 2.13 1.97 3.31 3.98 3.02 4.79 3.72 5.12 6.54 8.00 8.36 +15.8%
Cash flow 3.15 3.41 3.43 4.62 4.23 5.87 4.19 5.16 6.80 8.49 11.72 +11.6%
Capex (0.16) (0.57) (0.55) (1.23) (0.97) (0.95) (1.50) (3.03) (3.13) (1.51) (1.28) +28.7%
Free cash flow 3.00 2.84 2.88 3.39 3.26 4.91 2.69 2.13 3.67 6.98 10.44 +9.8%
Book value 16.76 14.27 19.61 23.93 27.80 33.56 31.24 38.15 46.54 50.27 46.18 +13.0%
Shares, m 345 335 341 346 351 356 356 351 355 357 354 +0.4%
Valuation, ×
Valuation, × P/E 33.51 63.45 48.23 49.43 90.30 75.06 71.41 64.77 79.93 70.71 55.70 64.7
P/S 9.08 13.36 14.62 15.23 21.97 22.41 15.19 16.32 22.20 20.08 14.04 17.0
P/B 4.25 8.77 8.14 8.23 9.81 10.71 8.50 8.68 11.22 11.27 10.08 9.0
EV/Sales 8.14 12.73 13.80 14.51 20.80 21.67 14.52 15.58 21.72 19.49 13.69 16.3
EV/FCF 21.32 41.92 52.32 55.43 79.27 70.71 94.29 148.10 139.12 78.77 43.49 78.1
Cash, $m
Cash, $m Operating cash flow 1,087 1,144 1,170 1,598 1,485 2,089 1,491 1,814 2,415 3,031 4,090 +12.1%
Capex (54) (191) (187) (426) (341) (339) (532) (1,064) (1,111) (540) (445) +29.2%
Free cash flow 1,033 953 982 1,173 1,143 1,750 958 750 1,304 2,491 3,644 +10.3%
Balance, $m
Balance, $m Working capital 2,654 2,146 3,513 3,632 5,661 4,695 4,831 6,229 5,366 7,773 5,895 +12.7%
Net debt (2,555) (1,961) (3,063) (3,222) (5,111) (4,204) (4,118) (5,223) (4,013) (5,935) (4,042) +9.8%
Shareholders’ equity 5,778 4,780 6,688 8,285 9,759 11,952 11,113 13,397 16,530 17,942 16,118 +13.4%
Returns, %
Returns, % ROA 12.96 10.94 16.56 15.69 10.15 13.79 9.97 12.66 13.59 14.57 15.28 +1.6 pt
ROIC 18.42 23.56 20.68 16.97 14.12 14.69 14.09 13.51 11.73 15.33 17.00 (3.1) pt
ROE 14.62 12.71 19.67 18.42 11.76 15.70 11.47 14.67 15.52 16.57 17.84 +1.9 pt
People
People Employees 3,755 4,444 5,527 7,326 8,081 9,793 12,120 13,676 15,638 17,021 — +18.3%
Revenue/emp, $m 0.72 0.71 0.67 0.61 0.54 0.58 0.51 0.52 0.53 0.59 — (2.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, provides technology used by hospitals, surgeons, physicians and care teams in minimally invasive procedures. Its core offering is the da Vinci robotic-assisted surgical platform, which is used across general, urologic, gynecologic, cardiothoracic, head and neck, and other surgical specialties. The company also sells the Ion endoluminal system, a robotic catheter platform for minimally invasive lung biopsies.

A da Vinci system lets a surgeon sit at a console and view a three-dimensional, high-definition image of the surgical field. The surgeon’s hand movements are translated into small movements of instruments inside the patient. The range includes multi-port da Vinci 5, X, Xi and Si systems, plus the single-port da Vinci SP system for procedures through one incision or a natural orifice.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Instruments and accessories 6,019 59.80%
Systems 2,474 24.58%
Service 1,572 15.62%
Gross margin 66.00%
Operating margin 29.27%
Pre-tax margin 32.90%

Revenue by segment since 2016

Intuitive Surgical, Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ISRG Intuitive Surgical, Inc. $162.4B 55.7× 49.8× +21.70% (above 0%: growing) −24.24% (below 0%: shrinking) +51.03% (above 0%: growing) 68.37% 19.44%
BDX Becton, Dickinson and Company $58.2B 64.1× 39.2× −9.55% (below 0%: shrinking) −31.50% (below 0%: shrinking) −31.57% (below 0%: shrinking) 46.46% 13.31% Compare
MDLN Medline Inc. $52.3B 58.4× — +14.09% (above 0%: growing) — +916.09% (above 0%: growing) 24.50% 6.36% Compare
ALC Alcon $36.9B 58.4× 44.5× +8.74% (above 0%: growing) n/m −0.54% (below 0%: shrinking) 59.33% 0.39% Compare
RMD ResMed Inc. $33.7B 21.7× 19.6× +5.93% (above 0%: growing) +23.11% (above 0%: growing) −9.79% (below 0%: shrinking) 61.53% 32.02% Compare
WST West Pharmaceutical Services, Inc. $27.3B 43.8× 48.1× +8.69% (above 0%: growing) +56.69% (above 0%: growing) +12.32% (above 0%: growing) 39.73% 30.58% Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
Median of peers $30.5B 58.4× 39.2× +5.45% +39.90% +39.14% 43.10% 10.44%

All 53 Medical Instruments & Supplies stocks →

From the latest earnings call

Updated

  • CFO Jamie Samath said Intuitive’s instrument pricing actions target cost-sensitive benign procedures and are intended to broaden adoption, with their effects building through 2027.
  • Executive David Rosa said customers are using their own dashboards to compare da Vinci’s clinical outcomes and economics with laparoscopic and open surgery.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Oct 21, 2026 Target raised Outperform 500.00
Raymond James Oct 21, 2026 Target cut Outperform 480.00
JPMorgan Oct 21, 2026 Target raised Outperform 475.00
Baird Oct 19, 2026 Target cut Outperform 500.00
Citi Oct 19, 2026 Target cut Buy 500.00
Oppenheimer Oct 19, 2026 Upgrade Outperform 500.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.06%
Held by the ten largest 38.98%
Holder Shares Stake Change
Vanguard 34.10m 9.64% +111.22k
BlackRock 30.02m 8.48% −51.26k
State Street 16.06m 4.54% +216.07k
Invesco 11.84m 3.35% +653.08k
T. Rowe Price 11.26m 3.18% −1.26m
Capital Group 9.56m 2.70% +284.61k
Geode Capital Management 8.53m 2.41% +67.92k
Morgan Stanley 6.56m 1.85% +502.48k
UBS 5.05m 1.43% +92.43k
Norges Bank 4.95m 1.40% +4.95m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 March 2026

Ownership

Directors and executive officers, together 0.60%
The Vanguard Group 9.50%
BlackRock, Inc. 8.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Intuitive Surgical, Inc. (ISRG) Latest News

2 Nov

Impact 3 · · Trefis

29 Oct

Impact 4 · · Zacks
Impact 4 · · Trefis

28 Oct

Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

26 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Trefis
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

23 Oct

Impact 4 · · TIKR

22 Oct

Impact 4 · · Trefis
Impact 4 · · Simply Wall St.

21 Oct

Impact 4 · · StockStory
Impact 4 · · MT Newswires
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Moby earnings
Impact 4 · · InvestorsHub
Impact 4 · · MT Newswires
Impact 3 · · Zacks

20 Oct

Impact 4 · · TIKR
Impact 4 · · MarketBeat transcript
Impact 4 · · Zacks
Impact 4 · · GlobeNewswire earnings
Impact 3 · · Zacks
Impact 3 · · StockStory

ISRG metrics, ten years each

stockrow.com/ISRG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com