Intuitive Surgical Inc (ISRG)

Health Care · Health Care Equipment · US stock · S&P 500 component

$443.85 ▲ +15.73 (3.67%)

At close 22 Oct 2026 · USD · Volume 2,776,041

Compare with BSX

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$420 −5.4% to fair value

$210fair band $358–$509$630

Day's range

$427.47 – $444.15

52-week range

$328.57 – $603.88

About Intuitive Surgical Inc

Intuitive Surgical makes the da Vinci robotic-assisted surgical systems, which surgeons use to perform minimally invasive procedures, along with the Ion system for lung biopsy. Hospitals acquire or lease the systems, and then order instruments, accessories and service plans for them. Revenue therefore combines system sales and leases with recurring income from instruments and services that rise with the number of procedures performed.

Sales reached $11.0 billion in the last twelve months, having grown 17.4% a year over the past three years. Operating profit equals 31.3% of revenue. Return on invested capital is 22%. No dividend is paid. Overall, the X-Ray Score is 62 out of 100. These numbers describe past results and current financial position, and they are shown for reference only.

Price chart

Interactive chart Historical data & CSV

52-wk range $328.57 – $603.88Volume 2,776,041Daily, split-adjusted

Vitals

Market cap$158.6B

52-week range$328.57 – $603.88

Volume (last day)2,776,041

P/E (TTM)51.0

EBIT / EV yield2.2%

Free-cash-flow yield2.0%

Dividend yieldNo dividend

Revenue (TTM)$11.0B

Net income (TTM)$3.1B

Operating margin31.3%

Return on capital22.1%

Debt incl. leasesData missing

Cash & securities$5.2B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$420middle half of models $427 – $522

Fair −5.4% to fair value

Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $444

Undervalued < $358Fair $358 – $509Overvalued > $509

P/E multiple

$472

P/B multiple

$462

P/S multiple

$427

EV/EBITDA multiple

$429

EV/EBIT multiple

$509

EV/revenue multiple

$433

10-year DCF, EBITDA exit

$534

5-year DCF, EBITDA exit

$565

10-year DCF, revenue exit

$522

5-year DCF, revenue exit

$549

10-year DCF, growth exit

$196

5-year DCF, growth exit

$184

Earnings power value

$178

Growth the price implies

30.3%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Strong business at a fair price

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 73 The price is not above fair value $420 fair value Debt looks manageable Revenue has been growing 17.4% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

26/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield2.2%

Free-cash-flow yield2.0%

Fair value vs price0.9×

Growth Strong

86/100

Growing faster than most of its sector.

See the numbers →

Revenue growth (3y)17.4%

EPS growth (3y)29.2%

Growth consistency100%

Profitability Fair

65/100

Returns on capital are typical for its sector.

See the numbers →

Return on invested capital22.1%

Operating margin31.3%

Gross profitability35.2%

Financial health Strong

80/100

Balance sheet looks strong: debt is well covered.

See the numbers →

Piotroski F-Score7 / 9

Interest coverNo interest cost

Dividends None

–/100

Pays no dividend.

See the numbers →

Quarterly results: last 6 quarters

+19.2%

Mar '25

+21.4%

Jun '25

+22.9%

Sep '25

+18.8%

Dec '25

+23.0%

Mar '26

+18.5%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $2.9B, diluted EPS $2.29.

Compare with peers

DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 BSX Boston Scientific Corp67

Other Health Care Equipment companies by X-Ray Score.

SWOT analysis: Intuitive Surgical Inc

Strengthsinside the company

Return on invested capital is 22.1%, against a median of 10.1% for industry peers.
Operating margin of 31.3% is well above the 18.1% median of industry peers, a sign of pricing power or lower costs.
Revenue has grown 17.4% a year over three years (median 8.5% for industry peers).
Earnings per share have compounded at 29.2% a year over three years.

Weaknessesinside the company

No clear weakness in the figures we track.

Opportunitiesvaluation and setting

No specific opportunity is visible in our valuation, sector or growth data.

Threatsvaluation and setting

Trades at 50.5x earnings, 71% above the 29.5x median of industry peers, so the price already assumes better results.
Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare ISRG with peers and sector

Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe. Largest peers (X-Ray Score): ABT 41, MDT 57, SYK 56, BSX 67, BDX 47, EW 55.

Metric	ISRG	Peers	Sector
X-Ray Score (out of 100)	62	56	49
Valuation	26	60	55
Growth	86	66	47
Profitability	65	49	49
Financial health	80	55	48
Dividends	–	46	51

Sector leaders: highest X-Ray Score in Health Care

ISRG ranks #13 of 60 in Health Care and #7 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 INCY Incyte Corp	80
#2 DXCM Dexcom Inc	78
#3 PODD Insulet Corp	72
#4 RMD Resmed Inc	70
#5 ZTS Zoetis Inc.	69
…
#13 ISRG Intuitive Surgical Inc (this stock)	62

Metric	ISRG	Peers	Sector
P/E ratio	50.5x	29.5x	28.0x
PEG ratio	1.73	1.04	2.37
Price / book	8.7x	3.2x	3.7x
Price / sales	14.4x	3.8x	3.6x
EV / EBITDA	44.5x	17.4x	17.5x
Price / free cash flow	49.2x	24.4x	22.3x
Dividend yield	–	1.0%	1.0%
Gap to our fair value	−5.4%	+3.6%	−1.0%

Metric	ISRG	Peers	Sector
Price change, 1 month	+10.4%	+7.8%	+7.6%
Price change, 3 months	+30.3%	+10.6%	+13.3%
Price change, 6 months	−8.2%	+10.5%	+22.3%
Price change, 1 year	−15.8%	−4.0%	+21.9%

Metric	ISRG	Peers	Sector
Market value	$158.6B	$37.0B	$49.2B
Revenue (last 12 months)	$11.0B	$8.5B	$14.7B
EBITDA (last 12 months)	$3.5B	$2.1B	$2.7B
Net income (last 12 months)	$3.1B	$1,000M	$1.4B
Free cash flow (last 12 months)	$3.2B	$1.5B	$2.1B

Metric	ISRG	Peers	Sector
Revenue growth, last year	+20.5%	+8.7%	+7.1%
Revenue growth, 3 years a year	+17.4%	+8.5%	+5.5%
EPS growth, 3 years a year	+29.2%	+14.2%	+4.5%
Free cash flow growth, 3 years a year	+37.5%	+28.1%	+4.2%
Dividend growth	–	+3.4%	+4.2%

Metric	ISRG	Peers	Sector
Gross margin	66.7%	62.5%	65.0%
EBITDA margin	31.3%	26.5%	20.5%
Operating margin	31.3%	18.1%	15.8%
Net margin	28.4%	13.3%	10.0%
Return on invested capital	22.1%	10.1%	11.8%
Return on equity	17.3%	12.1%	13.6%

Metric	ISRG	Peers	Sector
Net debt / EBITDA	–	1.8x	2.0x
Interest cover	50.0x	14.4x	9.3x
Current ratio	5.0x	1.8x	1.5x
Piotroski F-score (0 to 9)	7	7	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for ISRG

Each factor is rated by where ISRG stands among the 60 Health Care stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 11 Good · 3 Average · 8 Bad of 22 Growth: 3 · 0 · 0 Profitability: 3 · 2 · 0 Financial strength: 2 · 1 · 0 Valuation: 0 · 0 · 5 Cash flow: 2 · 0 · 2 Efficiency: 1 · 0 · 1

Factor	ISRG	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+17.4%	Good beats 96%	+5.5%	–	–
Revenue growth, last year	+20.5%	Good beats 94%	+7.1%	+17.2%	▲ Better
EPS growth, 3 years a year	+29.2%	Good beats 82%	+5.0%	–	–
Profitability
Gross margin	66.7%	Average beats 59%	65.0%	67.4%	≈ In line
Operating margin	31.3%	Good beats 91%	16.4%	28.1%	▲ Better
Net margin	28.4%	Good beats 94%	11.1%	27.8%	≈ In line
Return on invested capital	22.1%	Good beats 79%	12.2%	–	–
Return on equity	17.3%	Average beats 61%	13.7%	14.1%	▲ Better
Financial strength
Interest cover	50.0x	Good beats 82%	9.4x	–	–
Current ratio	4.96	Good beats 98%	1.52	4.76	≈ In line
Piotroski F-score	7 / 9	Average beats 62%	6 / 9	–	–
Valuation
P/E ratio	50.5x	Bad beats 16%	28.2x	72.6x	▲ Better
Price / book	8.7x	Bad beats 21%	3.7x	11.0x	▲ Better
Price / sales	14.4x	Bad beats 6%	3.7x	20.4x	▲ Better
EV / EBITDA	44.5x	Bad beats 10%	17.6x	–	–
Free cash flow yield	2.0%	Bad beats 7%	4.4%	1.0%	▲ Better
Cash flow
Free cash flow margin	29.2%	Good beats 92%	16.3%	15.6%	▲ Better
Cash from operations / net income	1.18	Bad beats 21%	1.61	1.06	▲ Better
Free cash flow growth, 3 years a year	+37.5%	Good beats 87%	+4.3%	–	–
Accruals (lower is better)	−2.7%	Bad beats 33%	−3.9%	–	–
Efficiency
Inventory turnover	1.8x	Bad beats 22%	2.9x	2.0x	≈ In line
Days sales outstanding	55 days	Good beats 69%	62 days	55 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 9 Good · ● 4 Average · ● 2 Bad

Cash quality

Earnings backed by cashAverage

Free-cash-flow yieldBad

Risk models

Altman Z''Good

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Good

Free-cash-flow growth (3y)Good

Revenue growth (3y)Good

Growth consistencyGood

Balance sheet

Current ratioGood

Interest coverGood

Valuation

Fair value vs priceAverage

EBIT / EV yieldBad

Profitability

Return on invested capitalGood

Operating marginGood

Gross profitabilityAverage

Each check is graded against the company's sector, not a fixed number. Checklist score 64/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$5.7B	$6.2B	$7.1B	$8.4B	$10.1B
Operating income	$1.8B	$1.6B	$1.8B	$2.3B	$2.9B
Net income	$1.7B	$1.3B	$1.8B	$2.3B	$2.9B
Operating cash flow	$2.1B	$1.5B	$1.8B	$2.4B	$3.0B
Operating margin	31.9%	25.3%	24.8%	28.1%	29.3%
Free cash flow	$1.7B	$958M	$750M	$1.3B	$2.5B
Diluted EPS	$4.66	$3.65	$5.03	$6.42	$7.87

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 1 neutral · 3 bearish

Weekly

Bullish

7 bullish · 1 neutral · 4 bearish

Monthly

Neutral

3 bullish · 1 neutral · 4 bearish

Moving averages (daily)

SMA 10	429.2	Bullish
EMA 10	428.7	Bullish
SMA 20	418.2	Bullish
EMA 20	419.0	Bullish
SMA 50	395.0	Bullish
EMA 50	404.3	Bullish
SMA 100	393.5	Bullish
EMA 100	407.1	Bullish
SMA 200	436.9	Bullish
EMA 200	429.1	Bullish

Oscillators (daily)

RSI (14)	67.92	Neutral
MACD (12, 26)	12.25	Bullish
Momentum (12)	9.66	Bullish
Stochastic %K (14)	99.45	Bearish
Williams %R (14)	-0.55	Bearish
CCI (20)	137.8	Bearish

Pivot points (classic, last session)

416.2

421.8

432.8

Pivot

438.5

449.5

455.2

466.2

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

ETFs that hold ISRG

ETF	Share of the fund
IHI iShares U.S. Medical Devices	15.09%
BOTZ Global X Robotics & Artificial Intelli...	6.14%
IGPT Invesco AI and Next Gen Software	3.41%
XLV Health Care Select Sector SPDR	2.45%
VHT Vanguard Health Care	2.38%
IYH iShares U.S. Healthcare	2.05%
IXJ iShares Global Healthcare	1.83%
FHLC Fidelity MSCI Health Care Index	1.82%

The eight funds with the largest weight in ISRG among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.