Intuitive Surgical

ISRG · Nasdaq · Health Care · Financials, fiscal 2016 to 2025

ISRG · Last close · October 26, 2026

$451.63

Intuitive Surgical's revenue rose 20.5% to $10.1 billion in fiscal 2025. Its operating margin was 29.3%, up from 28.1% a year earlier. Free cash flow was $2.5 billion, up 91.0%. It paid out $2.3 billion in dividends and buybacks, 92% of free cash flow. The diluted share count rose 0.2%.

Intuitive Surgical, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 3, 2026 · 0001035267-26-000010 Updated October 21, 2026

Revenue

$10.1B

20.5%

Operating margin

29.3%

1.1 pts

Net income

$2.9B

23.0%

Free cash flow

$2.5B

91.0%

Return on capital

20.9%

1.0 pts

Market cap

$158.8B

Oct 26 close

P/E

54.7x

On $8.26 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Intuitive Surgical reports no borrowings, so debt is counted as zero. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 15.9% a year and net income 16.2% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Intuitive Surgical yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Intuitive Surgical says to expect

Full year 2026: da Vinci procedure growthWorldwide da Vinci procedure growth of approximately 14% to 15% in 2026. The Company expects to be closer to the midpoint of this range.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 20, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Intuitive Surgical's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Intuitive Surgical's fiscal 2025 free cash flow of $2.5B, net cash of $5.9B at December 31, 2025 and 363 million diluted shares, from its filings. The scenarios are fitted to Intuitive Surgical: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 17.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Health Care Equipment); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Intuitive Surgical's own revenue growth, as above. Cautious: growth of 8.5% then 5% a year, 2% after year 10, a 10% discount rate. Base: growth of 17.5% then 10% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $451.63
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Intuitive Surgical's earnings per share of $8.26 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 37.8×, the middle of Intuitive Surgical's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Zimmer Biomet, Edwards Lifesciences.

Earnings growth in the years ahead (% a year) Starts at Intuitive Surgical's revenue growth over the last 3 years, 17.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $451.63
Value at this multiple, against the last close: —
Intuitive Surgical's P/E at the last close: 54.7×

Company	Last close	Earnings per share	P/E today
Intuitive SurgicalISRG	$451.63	$8.26	54.7×
Edwards LifesciencesEW	$90.56	$1.74	52.0×
Zimmer BiometZBH	$97.44	$4.12	23.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	4,204	4,118	5,223	4,013	5,935
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−4,204	−4,118	−5,223	−4,013	−5,935
Net debt to EBITDA	−2.0x	−2.1x	−2.4x	−1.4x	−1.7x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	5.1x	4.4x	4.8x	4.1x	4.9x
Quick ratio	4.6x	3.8x	4.0x	3.2x	4.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Intuitive Surgical shares on the open market, and 11 insiders sold $72.8 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	Gary S GuthartDirector	Sold plan	20,095	$451.61	$9.1 million	Form 4
Oct 23, 2026	Fredrik WidmanVP Corporate Controller	Sold plan	4,047	$453.21	$1.8 million	Form 4
Oct 23, 2026	Craig H BarrattDirector	Sold plan	1,150	$443.80	$510,370	Form 4
Oct 23, 2026	Patricia L WadorsSVP Chief Human Resources Offi	Sold plan	1,078	$443.80	$478,416	Form 4
Sep 15, 2026	Fredrik WidmanVP Corporate Controller	Sold plan	1,089	$374.44	$407,765	Form 4
Sep 11, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	25	$365.79	$9,145	Form 4
Sep 10, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	23	$347.66	$7,996	Form 4
Sep 9, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	23	$350.20	$8,055	Form 4
Sep 8, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	46	$361.23	$16,617	Form 4
Aug 21, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	77	$375.57	$28,919	Form 4
Aug 20, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	77	$396.37	$30,520	Form 4
Aug 19, 2026	Mark BrosiusEVP & Chief Mfg and Supply Cha	Sold plan	77	$394.26	$30,358	Form 4

The latest 12 of 67 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	7 of 9	5 of 9	5 of 9
Accruals ratio	−0.1%	−0.5%	−0.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Intuitive Surgical side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Intuitive Surgical	FY25	20.5%	29.3%	24.8%	20.9%	−1.7x	5
Baxter International	FY25	5.7%	−2.7%	3.0%	−1.4%	11.1x	5	Compare
Zimmer Biomet	FY25	7.2%	13.3%	17.9%	4.9%	3.2x	6	Compare
Smith & Nephew	FY25	6.1%	12.9%	13.8%	—	—	—	Compare
Edwards Lifesciences	FY25	11.6%	20.8%	22.0%	15.7%	−2.5x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,706	3,138	3,724	4,478	4,358	5,710	6,222	7,124	8,352	10,065
Revenue growth	13.5%	15.9%	18.7%	20.2%	−2.7%	31.0%	9.0%	14.5%	17.2%	20.5%
Gross profit	1,893	2,202	2,604	3,110	2,861	3,958	4,196	4,730	5,634	6,642
Research and development	240	329	418	557	595	671	879	999	1,145	1,312
Operating income	950	1,063	1,199	1,374	1,050	1,821	1,577	1,767	2,349	2,946
Net income	738	671	1,128	1,379	1,061	1,705	1,322	1,798	2,323	2,856
Diluted EPS (US$)	2.09	1.92	3.16	3.85	2.94	4.66	3.65	5.03	6.42	7.87
Diluted shares (millions)	354	349	356	358	361	366	362	357	362	363
Cash flow
Cash from operations	1,087	1,144	1,170	1,598	1,485	2,089	1,491	1,814	2,415	3,030
Capital expenditure	54	191	187	426	342	340	532	1,064	1,111	540
Free cash flow	1,033	953	982	1,173	1,143	1,750	958	750	1,304	2,491
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	42	2,274	0	270	134	0	2,607	416	0	2,295
Acquisitions	0	0	88	60	38	23	13	9	1	14
Stock-based compensation	178	209	261	336	395	449	513	593	677	788
Balance sheet at fiscal year end
Cash and short-term investments	2,555	1,961	3,063	3,222	5,111	4,204	4,118	5,223	4,013	5,935
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	6,487	5,777	7,847	9,733	11,169	13,555	12,974	15,442	18,743	20,459
Total liabilities	709	996	1,159	1,448	1,410	1,604	1,861	2,044	2,214	2,517
Shareholders' equity	5,778	4,779	6,679	8,264	9,732	11,901	11,042	13,308	16,434	17,824
Margins and ratios
Gross margin	69.9%	70.2%	69.9%	69.5%	65.7%	69.3%	67.4%	66.4%	67.5%	66.0%
Operating margin	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	25.4%	24.8%	28.1%	29.3%
Net margin	27.3%	21.4%	30.3%	30.8%	24.3%	29.9%	21.2%	25.2%	27.8%	28.4%
Free cash flow margin	38.2%	30.4%	26.4%	26.2%	26.2%	30.6%	15.4%	10.5%	15.6%	24.8%
Return on capital	23.6%	21.2%	32.7%	29.1%	19.1%	26.9%	17.9%	21.6%	19.9%	20.9%
Return on equity	14.6%	12.7%	19.7%	18.5%	11.8%	15.8%	11.5%	14.8%	15.6%	16.7%
Return on assets	13.0%	10.9%	16.6%	15.7%	10.2%	13.8%	10.0%	12.7%	13.6%	14.6%
Net debt to EBITDA	−2.5x	−1.7x	−2.3x	−2.0x	−3.9x	−2.0x	−2.1x	−2.4x	−1.4x	−1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Intuitive Surgical's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Intuitive Surgical.