Intuitive Surgical, Inc.

ISRG

HealthcareLarge CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung. The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights. It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.

Valuation

Market Cap$148.3B

Current Price$400.54as of Jun 23, 2026

P/E Ratio51.94

P/B Ratio8.32

EV / EBITDA39.33

EV / Sales14.16

Profitability

Operating Margin29.3%

Net Profit Margin28.4%

EBITDA Margin36.0%

Returns

ROE16.0%

ROCE16.5%

ROIC %-

ROA14.0%

Solvency

Current Ratio4.87

Debt / Equity0.00

Debt / Assets0.00

CFO / Net Profit1.06

Price History▼ 22.24% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$10.1B▲ 20.5%

EBITDA$3.6B▲ 27.2%

Net Profit-

Cash from Ops (CFO)$3.0B▲ 25.5%

Free Cash Flow (FCF)$2.5B▲ 91.0%

Revenue CAGR 3Y17.4%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$10.1B	$3.6B	-	$2.5B	-	20.5%	-
2024	$8.4B	$2.8B	-	$1.3B	-	17.2%	-
2023	$7.1B	$2.2B	-	$750M	-	14.5%	-
2022	$6.2B	$1.9B	-	$958M	-	-	-
2021	-	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	6,222.20	7,124.10	8,352.10	10,064.70
Operating Revenue	-	6,222.20	7,124.10	8,352.10	10,064.70
Cost Of Revenue	-	2,026.20	2,394.60	2,717.90	3,422.40
Gross Profit	-	4,196	4,729.50	5,634.20	6,642.30
Operating Expense	-	2,618.90	2,962.70	3,285.30	3,696.80
Research And Development	-	879	998.80	1,145.30	1,311.80
Selling General And Administration	-	1,739.90	1,963.90	2,140	2,385
Total Expenses	-	4,645.10	5,357.30	6,003.20	7,119.20
Operating Income	-	1,577.10	1,766.80	2,348.90	2,945.50
Total Operating Income As Reported	-	1,577.10	1,766.80	2,348.90	2,945.50
EBITDA	-	1,942.90	2,221.60	2,848.60	3,622.60
Normalized EBITDA	-	1,942.90	2,221.60	2,848.60	3,622.60
EBIT	-	1,577.10	1,766.80	2,348.90	2,945.50
Interest Income	-	29.70	192.10	324.90	365.90
Net Interest Income	-	29.70	192.10	324.90	365.90
Interest Income Non Operating	-	29.70	192.10	324.90	365.90
Net Non Operating Interest Income Expense	-	29.70	192.10	324.90	365.90
Pretax Income	-	1,606.80	1,958.90	2,673.80	3,311.40
Tax Provision	-	262.40	141.60	336.30	434.80
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	0
Net Income Continuous Operations	-	1,344.40	1,817.30	2,337.50	2,876.60
Net Income From Continuing And Discontinued Operation	-	1,322.30	1,798	2,322.60	2,856
Net Income From Continuing Operation Net Minority Interest	-	1,322.30	1,798	2,322.60	2,856
Net Income Common Stockholders	-	1,322.30	1,798	2,322.60	2,856
Net Income Including Noncontrolling Interests	-	1,344.40	1,817.30	2,337.50	2,876.60
Normalized Income	-	1,322.30	1,798	2,322.60	2,856
Diluted NI Availto Com Stockholders	-	1,322.30	1,798	2,322.60	2,856
Basic Average Shares	-	355.70	351.20	355.20	356.90
Diluted Average Shares	-	362	357.40	362	362.70
Reconciled Depreciation	-	365.80	454.80	499.70	677.10
Reconciled Cost Of Revenue	-	2,026.20	2,394.60	2,717.90	3,422.40
Minority Interests	-	-22.10	-19.30	-14.90	-20.60

Peer Comparison

Healthcare sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Intuitive Surgical, Inc.this co.	ISRG	$148.3B	51.94↑ premium	8.32	16.0%	39.33
Thermo Fisher Scientific Inc.	TMO	$179.1B	26.72	3.35	12.6%	18.11
Gilead Sciences, Inc.	GILD	$160.4B	18.85	7.06	37.5%	12.94
Abbott Laboratories	ABT	$158.1B	24.24	3.03	12.5%	13.54
Pfizer Inc.	PFE	$146.4B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Intuitive Surgical, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$10.1B

$3.6B

$2.5B

20.5%

2024

$8.4B

$2.8B

$1.3B

17.2%

2023

$7.1B

$2.2B

$750M

14.5%

2022

$6.2B

$1.9B

$958M

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

6,222.20

7,124.10

8,352.10

10,064.70

Operating Revenue

6,222.20

7,124.10

8,352.10

10,064.70

Cost Of Revenue

2,026.20

2,394.60

2,717.90

3,422.40

Gross Profit

4,196

4,729.50

5,634.20

6,642.30

Operating Expense

2,618.90

2,962.70

3,285.30

3,696.80

Research And Development

879

998.80

1,145.30

1,311.80

Selling General And Administration

1,739.90

1,963.90

2,140

2,385

Total Expenses

4,645.10

5,357.30

6,003.20

7,119.20

Operating Income

1,577.10

1,766.80

2,348.90

2,945.50

Total Operating Income As Reported

1,577.10

1,766.80

2,348.90

2,945.50

EBITDA

1,942.90

2,221.60

2,848.60

3,622.60

Normalized EBITDA

1,942.90

2,221.60

2,848.60

3,622.60

EBIT

1,577.10

1,766.80

2,348.90

2,945.50

Interest Income

29.70

192.10

324.90

365.90

Net Interest Income

29.70

192.10

324.90

365.90

Interest Income Non Operating

29.70

192.10

324.90

365.90

Net Non Operating Interest Income Expense

29.70

192.10

324.90

365.90

Pretax Income

1,606.80

1,958.90

2,673.80

3,311.40

Tax Provision

262.40

141.60

336.30

434.80

Tax Rate For Calcs

Tax Effect Of Unusual Items

Net Income Continuous Operations

1,344.40

1,817.30

2,337.50

2,876.60

Net Income From Continuing And Discontinued Operation

1,322.30

1,798

2,322.60

2,856

Net Income From Continuing Operation Net Minority Interest

1,322.30

1,798

2,322.60

2,856

Net Income Common Stockholders

1,322.30

1,798

2,322.60

2,856

Net Income Including Noncontrolling Interests

1,344.40

1,817.30

2,337.50

2,876.60

Normalized Income

1,322.30

1,798

2,322.60

2,856

Diluted NI Availto Com Stockholders

1,322.30

1,798

2,322.60

2,856

Basic Average Shares

355.70

351.20

355.20

356.90

Diluted Average Shares

362

357.40

362

362.70

Reconciled Depreciation

365.80

454.80

499.70

677.10

Reconciled Cost Of Revenue

2,026.20

2,394.60

2,717.90

3,422.40

Minority Interests

-22.10

-19.30

-14.90

-20.60

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Intuitive Surgical, Inc.this co.

ISRG

$148.3B

51.94↑ premium

8.32

16.0%

39.33

Thermo Fisher Scientific Inc.

TMO

$179.1B

26.72

3.35

12.6%

18.11

Gilead Sciences, Inc.

GILD

$160.4B

18.85

7.06

37.5%

12.94

Abbott Laboratories

ABT

$158.1B

24.24

3.03

12.5%

13.54

Pfizer Inc.

PFE

$146.4B

Intuitive Surgical, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Intuitive Surgical, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on