Intuitive Surgical (ISRG)
Health Care · $142B market cap · SEC CIK 0001035267
fundamentals score out of 100
Next reports on Oct 19, 2026, after the close, with analysts expecting $2.69 in earnings per share.
The case for ISRG
- Revenue up 20.7% on the year.
- Generated $2.5B of free cash flow in FY2025, 25% of revenue.
- 28% of revenue drops through to net profit.
- Has compounded revenue at 18.2% a year over five years.
- Return on equity of 18%.
- Carries essentially no debt.
The case against
- Pricey at 45.1× earnings, against a long-run market average nearer 20×.
- Priced at 12.8× sales, which leaves no room for a stumble.
- The price trend is weak (36/100): -8.4% over a year, -1.3% over three months, 27% of the way up its 52-week range.
- Free-cash-flow yield of 1.8% is lower than 93% of Health Care companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 22 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 84 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 78 |
| Momentumhow the price has behaved lately | 36 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 45.1× |
|---|---|
| Price / book | 7.75× |
| Price / sales | 12.8× |
| Revenue growth (YoY) | +20.7% |
| EPS growth (YoY) | +21.8% |
| Gross margin | 67% |
| Operating margin | 31% |
| Net margin | 28% |
| Return on equity | 18% |
| Debt / equity | 0.00× |
| Current ratio | 4.96 |
| Dividend yield | none |
| Beta | 1.48 |
| 52-week range | $328.57 – $603.88 |
| Position in that range | 27% of the way up |
| 3-month return | -1.3% |
| 1-year return | -8.4% |
Five years of financials, as filed
Pulled from Intuitive Surgical's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $10.1B | $8.4B | $7.1B | $6.2B | $5.7B |
| Gross profit | $6.6B | $5.6B | $4.7B | $4.2B | $4.0B |
| Operating income | $2.9B | $2.3B | $1.8B | $1.6B | $1.8B |
| Net income | $2.9B | $2.3B | $1.8B | $1.3B | $1.7B |
| Operating cash flow | $3.0B | $2.4B | $1.8B | $1.5B | $2.1B |
| Capital expenditure | $540M | $1.1B | $1.1B | $532M | $340M |
| Total assets | $20.5B | $18.7B | $15.4B | $13.0B | $13.6B |
| Total liabilities | $2.5B | $2.2B | $2.0B | $1.9B | $1.6B |
| Shareholder equity | $17.8B | $16.4B | $13.3B | $11.0B | $11.9B |
| Cash | $3.4B | $2.0B | $2.8B | $1.6B | $1.3B |
| Free cash flow | $2.5B | $1.3B | $750M | $958M | $1.7B |
| Gross margin | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% |
| Operating margin | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% |
| Net margin | 28.4% | 27.8% | 25.2% | 21.3% | 29.9% |
| Diluted shares | 363M | 362M | 357M | 362M | 366M |
Share count is essentially flat over 4 years.
What Intuitive Surgical says it does
In this report, "Intuitive Surgical," "Intuitive," the "Company," "we," "us," and "our" refer to Intuitive Surgical, Inc. and its wholly and majority-owned subsidiaries. Product and brand names and logos, including Intuitive, da Vinci, and Ion, are trademarks or registered trademarks of Intuitive Surgical, Inc. or one of its subsidiaries or of their respective owners. Additional information about our trademarks can be found on our website at www.intuitive.com/trademarks. Although we reference our trademarks located on our website, this list of trademarks and any other materials on our corporate website are not incorporated by reference into this Form 10-K or any of our other filings under the Securities Act of 1933, as amended, or the Exchange Act. Company Background As part of Intuitive’s mission, we believe that minimally invasive care is life-enhancing care. By combining ingenuity and intelligent technology, we expand the potential…
Risk factors ISRG lists in its 10-K
- Firefly Fluorescence Imaging ("Firefly")
- Patient Value = Procedure Efficacy / Invasiveness
- Brexit and the UK Regulatory Framework