Intuitive Surgical, Inc.

ISRG · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$200,772	$185,911	$118,775	$93,771	$128,355	$96,176	$68,319	$54,693	$40,892	$24,574	$20,261	$19,518	$15,406	$19,518	$18,152	$10,104	$11,619	$4,937	$12,220	$3,525	$4,113	$1,349	$404	$225	$359	$202	$44	$33
Enterprise value	$195,258	$182,140	$113,641	$89,723	$124,289	$91,092	$65,195	$51,638	$38,933	$22,019	$18,701	$18,285	$14,003	$18,194	$17,122	$9,194	$11,064	$4,486	$11,792	$3,285	$3,983	$1,218	$293	$177	$295	$117	$22	$35
P/E (TTM) at period end	70.30×	80.04×	66.06×	70.91×	75.30×	90.68×	49.53×	48.49×	60.95×	33.28×	34.41×	46.60×	22.96×	29.73×	36.66×	26.46×	49.95×	24.17×	84.54×	48.92×	43.69×	57.48×	–	–	–	–	–	–
P/S (TTM) at period end	19.95×	22.26×	16.67×	15.07×	22.48×	22.07×	15.25×	14.69×	13.07×	9.09×	8.50×	9.16×	6.80×	8.96×	10.33×	7.15×	11.04×	5.64×	20.34×	9.46×	18.09×	9.72×	4.41×	3.12×	6.96×	7.60×	4.34×	–
P/B at period end	11.26×	11.31×	8.93×	8.49×	10.79×	9.88×	8.27×	8.19×	8.56×	4.25×	4.69×	5.78×	4.40×	5.45×	6.86×	4.96×	7.56×	3.90×	13.75×	5.98×	9.29×	4.28×	1.45×	3.53×	4.59×	2.23×	1.99×	1.61×
EV / EBITDA (TTM)	55.07×	65.33×	52.89×	47.15×	59.16×	71.68×	42.57×	39.56×	34.00×	21.58×	23.34×	30.64×	15.58×	19.93×	23.67×	15.88×	27.91×	13.79×	54.15×	23.03×	52.76×	43.05×	–	–	–	–	–	–
EV / Sales (TTM)	19.40×	21.81×	15.95×	14.42×	21.77×	20.90×	14.56×	13.87×	12.44×	8.14×	7.84×	8.58×	6.18×	8.35×	9.74×	6.51×	10.51×	5.13×	19.63×	8.81×	17.52×	8.77×	3.19×	2.46×	5.71×	4.39×	2.17×	–
Returns
Return on equity	16.0%	14.1%	13.5%	12.0%	14.3%	10.9%	16.7%	16.9%	14.0%	12.8%	13.6%	12.4%	19.2%	18.3%	18.7%	18.7%	15.1%	16.1%	16.3%	12.2%	21.3%	7.5%	(3.4%)	(28.9%)	(21.3%)	(20.4%)	(82.9%)	(143.0%)
Return on invested capital	17.2%	14.0%	15.4%	13.8%	15.5%	11.4%	17.6%	18.1%	15.6%	15.0%	15.9%	15.0%	24.2%	21.3%	22.2%	21.1%	16.8%	17.7%	16.4%	11.6%	15.7%	6.6%	(4.4%)	(40.9%)	(23.8%)	(25.8%)	(87.9%)	(133.6%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	4.87×	4.07×	4.76×	4.40×	5.08×	6.86×	4.53×	5.28×	4.24×	5.45×	4.46×	3.62×	5.07×	4.71×	4.57×	4.66×	4.18×	4.28×	4.63×	4.64×	3.60×	4.60×	4.44×	3.02×	4.19×	5.23×	3.27×	–
Debt / equity	0.01×	0.00×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00×	0.01×	0.05×	0.03×	0.04×	0.19×	0.12×
Effective tax rate	13.1%	12.6%	7.2%	16.3%	8.6%	11.6%	8.0%	12.1%	39.3%	25.1%	22.4%	23.7%	23.0%	26.5%	30.2%	33.3%	41.3%	39.1%	39.1%	40.0%	(27.5%)	3.0%	–	–	18.1%	16.8%	–	–
Share count
Diluted shares outstanding	363	362	357	362	366	361	358	356	349	354	341	339	361	370	362	363	353	359	351	343	337	315	213	164	161	107	22	16

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$11,578	$10,065	$8,352	$7,124	$6,222	$5,710	$4,358	$4,478	$3,724	$3,129	$2,704	$2,384	$2,132	$2,265	$2,179	$1,757	$1,413	$1,052	$875	$601	$373	$227	$139	$92	$72	$52	$27	$10	–
Cost of revenue	($3,798)	($3,422)	($2,718)	($2,395)	($2,026)	($1,752)	($1,497)	($1,368)	($1,120)	($935)	($814)	($806)	($718)	($671)	($608)	($484)	($383)	($301)	($254)	($187)	($125)	($74)	($51)	($48)	($35)	($28)	($13)	($7)	–
Gross profit	$7,780	$6,642	$5,634	$4,730	$4,196	$3,958	$2,861	$3,110	$2,604	$2,202	$1,893	$1,578	$1,414	$1,594	$1,570	$1,274	$1,030	$751	$621	$414	$248	$154	$88	$44	$37	$23	$13	$3	–
Operating expenses
Research and development	($1,494)	($1,312)	($1,145)	($999)	($879)	($671)	($595)	($557)	($418)	($329)	($240)	($197)	($178)	($168)	($170)	($140)	($116)	($95)	($79)	($49)	($30)	($17)	($18)	($16)	($17)	($14)	($12)	($11)	($23)
Selling, general and administrative	($2,552)	($2,385)	($2,140)	($1,964)	($1,740)	($1,466)	($1,216)	($1,178)	($987)	($810)	($704)	($640)	($691)	($574)	($522)	($439)	($359)	($279)	($231)	($159)	($111)	($67)	($49)	($40)	($41)	($30)	($19)	($9)	($8)
Total operating expenses	($4,495)	($3,697)	($3,285)	($2,963)	($2,619)	($2,138)	($1,811)	($1,736)	($1,405)	($1,139)	($943)	($838)	($869)	($742)	($692)	($579)	($475)	($374)	($310)	($208)	($140)	($85)	($67)	($56)	($58)	($44)	($36)	($23)	–
Total costs and expenses	($8,294)	($7,119)	($6,003)	($5,357)	($4,645)	($3,889)	($3,309)	($3,104)	($2,525)	($2,066)	($1,755)	($1,644)	($1,587)	($1,413)	($1,301)	($1,062)	($858)	($675)	($564)	($394)	($265)	($159)	($118)	($104)	($92)	($72)	($49)	($30)	($31)
Operating income	$3,284	$2,946	$2,349	$1,767	$1,577	$1,821	$1,050	$1,374	$1,199	$1,063	$950	$740	$545	$852	$878	$695	$555	$377	$311	$207	$107	$69	$21	($12)	($20)	($20)	($22)	($20)	($31)
Earnings
EBITDA	$4,009	$3,546	$2,788	$2,149	$1,903	$2,101	$1,271	$1,532	$1,305	$1,145	$1,020	$801	$597	$898	$913	$724	$579	$396	$325	$218	$143	$75	$28	($1)	($16)	($16)	($18)	($17)	–
Interest income	$335	$366	$325	$192	$30	$69	$157	$128	$80	$42	$36	$18	$14	$18	–	$15	$17	$19	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($16)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,619	$3,311	$2,674	$1,959	$1,607	$1,890	$1,207	$1,502	$1,280	$1,105	$985	$758	$549	$871	$894	$710	$572	$396	$335	$237	$120	$74	$24	($10)	($18)	($20)	($22)	–	–
Income tax expense	($646)	($435)	($336)	($142)	($262)	($162)	($140)	($120)	($154)	($434)	($247)	($170)	($130)	($200)	($237)	($215)	($190)	($164)	($131)	($93)	($48)	$20	($1)	–	–	$4	$4	$1	($29)
Net income	$2,957	$2,856	$2,323	$1,798	$1,322	$1,705	$1,061	$1,379	$1,128	$671	$738	$589	$419	$671	$657	$495	$382	$233	$204	$145	$72	$94	$23	($10)	($18)	($17)	($19)	($18)	($29)
Per share
Diluted EPS (GAAP)	$8.27	$7.87	$6.42	$5.03	$3.65	$4.66	$2.94	$3.85	$3.16	$1.92	$2.09	$1.73	$1.23	$1.86	$1.78	$1.37	$1.05	$0.6589	$0.5689	$0.4111	$0.21	$0.28	$0.0744	($0.0453)	($0.11)	($0.10)	($0.17)	($0.85)	($1.81)
Basic EPS (GAAP)	$8.36	$8.00	$6.54	$5.12	$3.72	$4.79	$3.02	$3.98	$3.31	$2.00	$2.14	$1.76	$1.26	$1.90	$1.83	$1.40	$1.08	$0.6744	$0.5844	$0.4244	$0.22	$0.30	$0.0778	($0.0453)	($0.11)	($0.10)	($0.17)	($0.85)	($1.81)
Basic shares outstanding	353	357	355	351	356	356	351	346	341	335	345	334	332	353	358	353	353	345	350	340	331	316	303	213	164	161	107	22	16
Margins
Gross margin	67.2%	66.0%	67.5%	66.4%	67.4%	69.3%	65.6%	69.4%	69.9%	70.4%	70.0%	66.2%	66.3%	70.4%	72.1%	72.5%	72.9%	71.4%	71.0%	69.0%	66.5%	67.6%	63.4%	48.0%	52.0%	45.4%	50.1%	31.0%	–
Operating margin	28.4%	29.3%	28.1%	24.8%	25.3%	31.9%	24.1%	30.7%	32.2%	34.0%	35.1%	31.0%	25.6%	37.6%	40.3%	39.5%	39.3%	35.9%	35.5%	34.4%	28.8%	30.3%	15.3%	(13.0%)	(28.1%)	(39.4%)	(83.7%)	(191.8%)	–
Net margin	25.5%	28.4%	27.8%	25.2%	21.3%	29.9%	24.3%	30.8%	30.3%	21.4%	27.3%	24.7%	19.6%	29.6%	30.1%	28.2%	27.0%	22.1%	23.4%	24.1%	19.3%	41.4%	16.9%	(10.5%)	(25.6%)	(32.3%)	(69.6%)	(180.7%)	–

Analyst consensus

Buy57 analysts

Bearish · 5 · Hold · 12 · Bullish · 40

Earnings history

	EPS	Estimate
Q4 2024	$2.21	$1.76	Beat
Q1 2025	$1.81	$1.74	Beat
Q2 2025	$2.19	$1.93	Beat
Q3 2025	$2.40	$1.99	Beat
Q4 2025	$2.53	$2.27	Beat
Q1 2026	$2.80	$2.51	Beat
Q2 2026	$2.80	$2.51	Beat
Q3 2026	$3.00	$2.65	Beat

Peers

Company overview

IPO dateJun 16, 2000

CEODavid J. Rosa

Employees17,021

SectorHealthcare

IndustryMedical - Instruments & Supplies

CountryUS

ExchangeNASDAQ Global Select

Websitewww.intuitive.com

Intuitive Surgical, Inc. is a leading medical technology firm dedicated to advancing patient care by developing, producing, and commercializing sophisticated tools. These innovations empower medical professionals to deliver superior, accessible, and less-invasive treatment options to patients both within the United States and across international markets. Its flagship offering, the da Vinci Surgical System, facilitates intricate operations through a minimally disruptive approach. Expanding beyond surgical applications, the company also provides the Ion endoluminal system, designed for diagnostic interventions like minimally invasive lung biopsies. Complementing its primary systems, Intuitive Surgical supplies a comprehensive array of instruments, including stapling tools, energy devices, and essential core components. Furthermore, it offers structured training programs to ensure proficient use of its technology, alongside extensive customer support services encompassing installation, repairs, and ongoing maintenance. The firm also integrates digital capabilities to deliver unified, connected solutions that optimize hospital performance through actionable insights. Established in 1995, Intuitive Surgical maintains its corporate headquarters in Sunnyvale, California.

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