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ISRG

NASDAQ · USD
Intuitive Surgical, Inc.
Healthcare · Medical - Instruments & Supplies
CEO David J. Rosa Employees 17,021 R&D / revenue 13.0%
Last price
$426.70−0.27%last session
Market cap
$150.7B
P/E (TTM)
48.2x
From 52w high
−29.3%
From 52w low
+29.9%
1-year return
−1.8%
RSI 14 · vs SMA200
64.7 · −2.9%
IS score
80.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ISRG   SPY   XLV (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116ISRG 98

Score DNA

Each bar is a 0-100 score within the scored universe
89
Profitability
70
Growth
33
Value
92
Momentum
100
Risk (safety)
91
Quality
96
Balance sheet
76
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for ISRG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Efficient ScalePiotroski 7 / 9Altman Z 35.2Beta 1.473 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
34 open-market sales, $7.9M
Form 144 notices (12m): 41, $117.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
5
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−57
183 new holders, 209 closed
2,249 filers hold 87.0% · 899 added, 883 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+168
1,370 funds adding shares
1,202 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
42.7%
20-day avg 52.6%, 50-day avg 52.4%
Latest 9.9 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$10.1B
Revenue growth YoY+20.5%
Gross margin66.0%
Operating income$2.9B
Operating margin29.3%
Net income$2.9B
Net margin28.4%
EPS (diluted)$7.87
Cash flow
Operating cash flow$3.0B
Capital expenditure$539.8M
Free cash flow$2.5B
FCF conversion (FCF / OCF)82.2%
Stock-based compensation$788.2M
FCF less SBC$1.7B
Buybacks$2.3B
Dividends$0
Balance sheet & returns
Cash & short-term investments$5.9B
Total debt$170.9M
Net cash$5.8B
Shareholders' equity$17.9B
Goodwill & intangibles$381.4M
Debt / equity0.00
ROE (TTM)17.8%
ROIC (TTM)15.1%
Operating margin by fiscal year
31.9%FY202125.3%FY202224.8%FY202328.1%FY202429.3%FY2025
Revenue $5.7B (FY2021) to $10.1B (FY2025), a 15.2% CAGR.

Valuation

P/E (TTM)48.2x
EV / EBITDA32.6x
Price / sales13.66x
Price / FCF46.8x
FCF yield2.14%
Buyback yield1.52%
SBC / revenue7.5%
Price / book8.33x
Forward P/E FY202639.5x
Forward P/E FY202735.3x
Forward P/E FY202831.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $433.74 across 6 analysts last quarter is theirs, not ours.

ISRG vs industry median

111 companies in Medical - Instruments & Supplies
Gross margin 66.7% 53.7% Operating margin 31.3% 6.7% Net margin 28.4% 4.3% ROIC 15.1% 7.2%
ISRG (TTM)Industry median Asset turnover 0.53 vs industry 0.60 · financial leverage 1.15

Earnings delivery

Next report 2026-10-20 · consensus EPS $2.65
100%
beat rate, 12 of 12 quarters
+12.9%
median EPS surprise
12
longest beat streak
+4+8+6+16+13+26+4+13+21+11+18+13
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-19 to 2026-07-16. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ISRG Intuitive Surgical, Inc. $150.7B48.2x17.8%28.4%+20.5% −1.8%
BDX Becton, Dickinson and Compan $52.2B57.8x3.8%7.6%−2.6% +4.0%
RMD ResMed Inc. $33.6B22.9x24.3%26.2%+9.9% −11.3%
MDLN Medline Inc. $31.5B41.8x3.2%0.8%— −12.3%
WST West Pharmaceutical Services $27.0B48.8x19.1%17.7%+12.4% +43.8%
HOLX Hologic, Inc. $17.0B30.3x10.9%17.1%+2.2% —
DHR Danaher Corporation $161.0B40.5x7.6%13.9%+4.6% —
PFE Pfizer Inc. $168.6B39.1x5.0%-1.6%−0.2% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-07-27Bylaws Amendment; Exhibits
2026-07-16Earnings Release; Exhibits
2026-05-28Officer/Director Change; Exhibits
2026-05-04Officer/Director Change; Shareholder Vote; Regulation FD
2026-04-21Earnings Release; Exhibits
2026-03-02Other Events; Financial Statements and Exhibits

Context

Shares outstanding353,278,000
Free float99.4%
Institutional ownership87.0%
Beta1.47
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$390.61 / $440.36
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ISRG sits among 26 scored companies in Medical - Instruments & Supplies (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureISRGIndustry medianIndustry percentileSector median
P/E (TTM) 48.0x 43.3x
60th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.60 1.31
71st		 1.28
Price / sales 13.7x 2.4x
92nd		 3.7x
Price / book 8.3x 2.9x
88th		 3.6x
Price / tangible book 8.2x 7.6x
60th		 5.8x
Price / free cash flow 46.8x 25.3x
71st		 21.2x
Price / operating cash flow 40.7x 18.6x
73rd		 17.1x
Enterprise value $145.5B $6.9B
100th		 $2.5B
EV / sales 13.2x 2.7x
92nd		 3.8x
EV / EBITDA 32.8x 20.4x
75th		 16.2x
EV / EBIT 40.1x 32.2x
76th		 23.0x
EV / free cash flow 45.2x 29.9x
67th		 24.6x
Earnings yield 2.1% 0.6%
64th		 -0.3%
FCF yield 2.1% 3.8%
40th		 1.7%
Operating cash flow yield 2.5% 4.9%
36th		 2.9%
Graham number (per share) $99.92 $48.19
93rd		 $26.70

Profitability (TTM)

MeasureISRGIndustry medianIndustry percentileSector median
Gross margin 66.7% 53.8%
84th		 65.1%
EBITDA margin 40.3% 13.9%
100th		 6.6%
Operating margin 31.3% 9.8%
96th		 3.5%
EBIT margin 32.9% 6.8%
96th		 2.4%
Net margin 28.4% 1.9%
100th		 0.3%
NOPAT margin 26.0% 6.6%
96th		 2.7%
FCF margin 29.2% 7.9%
96th		 4.3%
Operating cash flow margin 33.6% 11.4%
96th		 7.1%
R&D / revenue 12.8% 5.9%
88th		 12.4%
SG&A / revenue 22.6% 36.9%
21st		 37.9%
Stock comp / revenue 7.5% 1.7%
84th		 4.5%
Effective tax rate 17.0% 21.0%
12th		 21.0%

Returns on capital

MeasureISRGIndustry medianIndustry percentileSector median
ROE (on average equity) 17.4% 2.0%
88th		 0.8%
ROA 15.3% 1.2%
96th		 -0.3%
ROIC 22.1% 3.8%
88th		 5.5%
ROCE 19.2% 3.9%
88th		 2.3%
Return on tangible assets 17.7% 3.3%
92nd		 1.7%
Cash ROIC (OCF / invested capital) 28.6% 8.3%
92nd		 9.7%
Gross profitability (GP / assets) 35.2% 24.9%
76th		 29.9%
ROIC, 3-yr average 19.2% 2.1%
95th		 2.6%
ROIC, 5-yr average 21.4% -0.2%
90th		 3.2%
ROE, 5-yr average 14.0% -0.8%
90th		 -4.9%
Incremental ROIC 216.9% 34.6%
88th		 17.2%

Growth

MeasureISRGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 20.7% 8.8%
91st		 10.5%
Revenue growth (QoQ) 4.4% 4.8%
40th		 7.2%
Revenue CAGR, 3 yr 18.3% 3.5%
95th		 10.7%
Revenue CAGR, 5 yr 16.4% 7.0%
89th		 12.1%
Gross profit CAGR, 3 yr 18.3% 2.8%
90th		 10.6%
Operating income CAGR, 3 yr 28.6% 9.5%
79th		 11.7%
Net income growth (TTM YoY) 20.4% 20.4%
50th		 17.5%
Net income CAGR, 3 yr 30.1% 15.3%
91st		 11.3%
EPS growth (TTM YoY) 22.3% 22.3%
50th		 19.2%
EPS CAGR, 3 yr 30.0% 15.5%
91st		 14.0%
EPS CAGR, 5 yr 14.5% -4.8%
73rd		 8.1%
FCF growth (TTM YoY) 61.6% 14.5%
71st		 18.6%
FCF CAGR, 3 yr 39.8% 24.8%
71st		 15.4%
Operating cash flow CAGR, 3 yr 25.9% 8.4%
69th		 11.9%
Book value CAGR, 3 yr 15.1% 1.8%
95th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 17.4% 6.8%
93rd		 12.2%

Margin history & stability

MeasureISRGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 66.7% 54.6%
82nd		 62.6%
Operating margin, 3-yr average 28.6% 7.2%
95th		 1.0%
Net margin, 3-yr average 28.2% 2.3%
100th		 -2.6%
FCF margin, 3-yr average 18.9% 8.8%
91st		 3.2%
Revenue stability (0-1) 0.95 0.73
65th		 0.80
Earnings stability (0-1) 0.81 0.40
83rd		 0.37
Margin stability (0-1) 0.99 0.96
91st		 0.93

Liquidity (latest quarter)

MeasureISRGIndustry medianIndustry percentileSector median
Cash & short-term investments $5.2B $316.3M
100th		 $330.9M
Net cash (− = net debt) $5.2B −$416.9M
100th		 $8.4M
Working capital $7.6B $705.4M
96th		 $381.1M
Current ratio 4.96 2.54
88th		 3.02
Quick ratio 3.91 2.12
80th		 2.51
Cash ratio (cash + ST investments / current liabilities) 2.71 0.83
84th		 1.43
Defensive interval (days) 653 days 399 days
88th		 415 days

Leverage & solvency (latest quarter)

MeasureISRGIndustry medianIndustry percentileSector median
Total debt $0 $1.0B
0th		 $289.1M
Debt / equity 0.00 0.49
0th		 0.45
Net debt / equity −0.29 0.22
17th		 −0.13
Debt / assets 0.0% 28.5%
0th		 24.4%
Debt / capital 0.0% 32.8%
0th		 31.1%
Debt / EBITDA 0.00 3.77
0th		 2.62
Net debt / EBITDA −1.17 1.79
15th		 1.42
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.0 yrs 5.1 yrs
0th		 2.7 yrs
Liabilities / assets 12.4% 43.2%
0th		 49.8%
IS credit model rating AA — —
Implied credit spread (bps) 80 288
8th		 225

Efficiency

MeasureISRGIndustry medianIndustry percentileSector median
Asset turnover 0.54 0.55
44th		 0.56
Fixed asset turnover 1.99 3.55
16th		 4.87
Inventory turnover 2.0 2.7
16th		 2.7
Receivables turnover 7.9 6.3
84th		 6.4
Days sales outstanding 46 days 58 days
16th		 57 days
Days inventory outstanding 183 days 138 days
84th		 136 days
Days payables outstanding 27 days 55 days
8th		 59 days
Cash conversion cycle (days) 202 days 124 days
84th		 70 days
Capex / revenue 4.4% 3.9%
54th		 2.6%
Capex / depreciation 0.60 0.48
67th		 0.55
Operating expense ratio 34.2% 43.1%
29th		 56.5%

Cash flow & earnings quality

MeasureISRGIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.18 1.97
20th		 1.61
FCF / net income 1.03 1.64
27th		 1.36
FCF / operating cash flow 86.9% 74.0%
76th		 81.2%
Capex / operating cash flow 13.1% 26.0%
24th		 18.8%
Accruals ratio -2.8% -5.1%
84th		 -5.4%
Sloan accruals ratio -1.2% -2.4%
60th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
47th		 0.75

Dividends & buybacks

MeasureISRGIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 2.4% 0.5%
72nd		 0.0%
Shareholder yield (dividends + buybacks) 2.4% 0.7%
64th		 0.0%
Share count change (YoY) -1.5% 0.0%
25th		 2.0%
Buybacks, last 5 years $10.3B $56.9M
100th		 $0

Scores & forensic checks

MeasureISRGIndustry medianIndustry percentileSector median
IS score 80 43
96th		 46
IS profitability 89 32
96th		 22
IS growth 70 57
91st		 60
IS value 33 42
8th		 39
IS momentum 92 70
91st		 67
IS risk (safety) 100 80
72nd		 80
IS quality 91 58
96th		 49
IS balance sheet 96 53
100th		 55
IS earnings quality 76 60
80th		 56
IS cash flow 87 51
96th		 41
Piotroski F-score (0-9) 7 6
68th		 5
Altman Z-score 35.2 3.2
96th		 3.2
Beneish M-score −2.41 −2.68
87th		 −2.62
Ohlson O-score −13.79 −8.33
0th		 −7.16
IS credit score 89 58
88th		 62

Per share

MeasureISRGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $8.76 $0.50
96th		 −$0.03
Book value per share $50.68 $18.30
88th		 $7.10
Tangible book per share $49.42 $3.11
100th		 $1.91
Revenue per share $30.78 $17.79
72nd		 $9.38
FCF per share $8.99 $1.57
92nd		 $0.46
Operating cash flow per share $10.34 $2.10
92nd		 $0.93
Cash per share $14.55 $3.47
96th		 $3.51

Size (TTM)

MeasureISRGIndustry medianIndustry percentileSector median
Market cap $150.7B $5.4B
100th		 $2.4B
Revenue $11.0B $2.7B
88th		 $770.2M
EBITDA $4.4B $262.0M
96th		 $56.1M
Net income $3.1B $35.8M
100th		 −$3.3M
Free cash flow $3.2B $158.7M
100th		 $41.2M
Total assets $20.9B $4.6B
92nd		 $1.3B
Shareholders' equity $18.2B $2.4B
96th		 $568.4M
Employees 17,021 11,685
84th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-10Loeb Gary
EVP & Chief Legal and Complian
 Option exercise 2,612——7,932
2026-10-10Loeb Gary
EVP & Chief Legal and Complian
 Tax withholding 1,296$423.96$549,4526,636
2026-10-10Loeb Gary
EVP & Chief Legal and Complian
 Option exercise 2,612——0
2026-10-10Wadors Patricia L
SVP Chief Human Resources Offi
 Option exercise 2,140——2,140
2026-10-10Wadors Patricia L
SVP Chief Human Resources Offi
 Tax withholding 1,062$423.96$450,2461,078
2026-10-10Wadors Patricia L
SVP Chief Human Resources Offi
 Option exercise 2,140——4,279
2026-09-15Widman Fredrik
VP Corporate Controller
 Option exercise 546$79.64$43,4821,572
2026-09-15Widman Fredrik
VP Corporate Controller
 Open-market sale 543$374.44$203,3211,026
2026-09-15Widman Fredrik
VP Corporate Controller
 Option exercise 543$109.49$59,4511,569
2026-09-15Widman Fredrik
VP Corporate Controller
 Option exercise 546$79.64$43,4821,092
2026-09-15Widman Fredrik
VP Corporate Controller
 Option exercise 543$109.49$59,4511,086
2026-09-11Brosius Mark
EVP & Chief Mfg and Supply Cha
 Open-market sale 25$365.79$9,145764

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired95,075—
Open-market saleDisposed3419,308$7.9M
Option exerciseAcquired1514,107$102,933
Option exerciseDisposed1514,107$102,933
Tax withholdingDisposed43,979$1.7M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 41 notices · 230,212 shares · $117.5M
FiledFilerShares proposedEst. proceeds
2026-09-15Fredrik Widman2,178$823,153
2026-09-08Mark Brosius694$254,490
2026-08-11Guthart Family Trust20,095$7.9M
2026-08-10Gary Loeb400$151,524
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 17 trades (15 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-10Ro KhannaHouseSale$1,001 - $15,0002026-09-07
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
2025-09-24Markwayne MullinSenatePurchase$50,001 - $100,0002025-10-01
2025-09-24Markwayne MullinSenatePurchase$50,001 - $100,0002025-10-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.30,024,648$11.9B8.50%
VANGUARD CAPITAL MANAGEMENT LLC23,131,099$9.2B6.55%
STATE STREET CORP16,063,040$6.4B4.55%
Invesco Ltd.11,843,563$4.7B3.35%
PRICE T ROWE ASSOCIATES INC /MD/11,256,570$4.5B3.19%
GEODE CAPITAL MANAGEMENT, LLC8,534,767$3.4B2.42%
Capital World Investors7,742,681$3.1B2.19%
VANGUARD PORTFOLIO MANAGEMENT LLC7,243,264$2.9B2.05%
NORGES BANK4,954,874$2.0B1.40%
FMR LLC4,251,130$1.7B1.20%
MORGAN STANLEY4,138,750$1.6B1.17%
Fisher Asset Management, LLC3,918,840$1.6B1.11%
JPMORGAN CHASE & CO3,849,672$1.6B1.09%
WELLINGTON MANAGEMENT GROUP LLP3,802,003$1.5B1.08%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP3,744,497$1.5B1.06%

Institutional ownership by quarter

2023-092026-0687.0%
% of shares held by 13F filers
2023-092026-062,249
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,24987.0%183899883209
2026-03-312,30683.5%184993821236
2025-12-312,39485.8%455973702105
2025-09-302,09582.6%150841804262
2025-06-302,24686.2%2131,034693109
2025-03-312,17285.3%230949697133
2024-12-312,11585.7%29081870077
2024-09-301,93785.0%22675664374
2024-06-301,80785.7%18278457279
2024-03-311,72984.4%207703584103
2023-12-311,65983.3%250621558100
2023-09-301,53782.7%125641505111

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%26,601,419
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.20%$4.6B
VSMPX0.20%$4.6B
VTSAX0.20%$4.6B
VTI0.20%$4.6B
VOO0.22%$3.8B
VFIAX0.22%$3.8B

Share structure

Shares outstanding353,278,000
Float351,211,361
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$5.7B$6.2B$7.1B$8.4B$10.1B
Cost of revenue$1.8B$2.0B$2.4B$2.7B$3.4B
Gross profit$4.0B$4.2B$4.7B$5.6B$6.6B
R&D$671.0M$879.0M$998.8M$1.1B$1.3B
SG&A$1.5B$1.7B$2.0B$2.1B$2.4B
Operating income$1.8B$1.6B$1.8B$2.3B$2.9B
EBITDA$2.1B$1.9B$2.2B$2.8B$3.6B
Pretax income$1.9B$1.6B$2.0B$2.7B$3.3B
Income tax$162.2M$262.4M$141.6M$336.3M$434.8M
Net income$1.7B$1.3B$1.8B$2.3B$2.9B
EPS, diluted$4.66$3.65$5.03$6.42$7.87
Diluted shares365.8M362.0M357.4M362.0M362.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$4.2B$4.1B$5.2B$4.0B$5.9B
Receivables$893.0M$1.1B$1.3B$1.4B$1.6B
Inventory$587.1M$893.2M$1.2B$1.5B$1.8B
Total current assets$5.8B$6.3B$7.9B$7.1B$9.8B
PP&E, net$1.9B$2.4B$3.5B$4.8B$5.3B
Goodwill & intangibles$414.1M$398.3M$387.8M$370.5M$381.4M
Total assets$13.6B$13.0B$15.4B$18.8B$20.6B
Accounts payable$121.2M$147.0M$188.7M$193.4M$255.1M
Total current liabilities$1.1B$1.4B$1.7B$1.7B$2.0B
Long-term debt$0$0$0$0$131.9M
Total liabilities$1.6B$1.9B$2.0B$2.3B$2.7B
Shareholders' equity$12.0B$11.1B$13.4B$16.5B$17.9B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.7B$1.3B$1.8B$2.3B$2.9B
Depreciation & amortization$310.2M$365.8M$435.2M$462.0M$677.1M
Stock-based compensation$449.2M$513.2M$598.2M$676.8M$788.2M
Change in working capital−$368.1M−$619.1M−$777.6M−$919.3M−$1.3B
Operating cash flow$2.1B$1.5B$1.8B$2.4B$3.0B
Capital expenditure−$353.5M−$532.4M−$1.1B−$1.1B−$539.8M
Free cash flow$1.7B$958.4M$749.6M$1.3B$2.5B
Investing cash flow−$2.5B$1.4B−$360.1M−$3.3B$665.8M
Net debt issued / repaid$0$0$0$0$0
Buybacks$0−$2.6B−$416.3M$0−$2.3B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin69.3%67.4%66.4%67.5%66.0%
Operating margin31.9%25.3%24.8%28.1%29.3%
Net margin29.9%21.3%25.2%27.8%28.4%
FCF margin30.4%15.4%10.5%15.6%24.7%
ROE15.7%11.5%14.8%15.6%16.7%
ROIC21.3%19.1%20.3%16.3%21.0%
ROA13.8%10.0%12.7%13.6%14.5%
Debt / equity0.010.000.000.010.02
Interest coverage—————
Current ratio5.084.404.764.074.87
Revenue growth+31.0%+9.0%+14.5%+17.2%+20.5%
EPS growth+58.9%−20.2%+35.5%+27.2%+24.2%
P/E at year end77.4x71.6x67.2x81.8x71.5x
EV / EBITDA at year end60.0x46.6x52.8x66.2x52.2x
FCF yield at year end1.32%1.01%0.62%0.69%1.22%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Instruments and Accessories$3.1B$3.5B$4.3B$5.1B$6.0B
Product—$5.2B———
Systems$1.7B$1.7B$1.7B$2.0B$2.5B
Services$916.2M$1.0B$1.2B$1.3B$1.6B

Revenue by region · FY2025

Geographic Distribution, Domestic$6.8B · 68%
Geographic Distribution, Foreign$3.2B · 32%

Street estimates by fiscal year

Next report 2026-10-20 · consensus EPS $2.65 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$11.8B$11.6B – $11.8B$10.80$10.44 – $10.961639.5x
2027$13.3B$12.9B – $13.9B$12.10$11.83 – $12.681635.3x
2028$15.0B$13.7B – $16.2B$13.62$12.22 – $14.63731.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-16$2.48$2.80+12.9%$2.8B$2.9B+2.4%
2026-04-21$2.12$2.50+17.9%$2.6B$2.8B+5.8%
2026-01-22$2.27$2.53+11.5%$2.8B$2.9B+3.7%
2025-10-21$1.99$2.40+20.6%$2.4B$2.5B+4.1%
2025-07-22$1.93$2.19+13.5%$2.4B$2.4B+3.8%
2025-04-22$1.74$1.81+4.0%$2.2B$2.3B+3.1%
2025-01-23$1.76$2.21+25.6%$2.2B$2.4B+7.3%
2024-10-17$1.63$1.84+12.9%$2.0B$2.0B+1.6%
2024-07-18$1.54$1.78+15.6%$2.0B$2.0B+1.9%
2024-04-18$1.41$1.50+6.4%$1.9B$1.9B+1.1%
2024-01-23$1.48$1.60+8.1%$1.9B$1.9B+2.1%
2023-10-19$1.41$1.46+3.5%$1.8B$1.7B−1.3%
2023-07-20$1.33$1.42+6.8%$1.7B$1.8B+1.1%
2023-04-18$1.20$1.23+2.5%$1.6B$1.7B+6.3%
2023-01-24$1.26$1.23−2.4%$1.7B$1.7B−0.9%
2022-10-18$1.10$1.19+8.2%$1.5B$1.6B+2.2%
2022-07-21$1.16$1.14−1.7%$1.6B$1.5B−2.5%
2022-04-21$1.08$1.13+4.6%$1.4B$1.5B+4.4%
2022-01-20$1.28$1.30+1.6%$1.5B$1.6B+1.9%
2021-10-19$1.17$1.19+1.7%$1.4B$1.4B+0.8%
2021-07-20$1.02$1.31+28.4%$1.4B$1.5B+5.2%
2021-04-20$0.87$1.17+34.5%$1.3B$1.3B+0.8%
2021-01-21$1.04$1.19+14.4%$1.1B$1.3B+17.3%
2020-10-15$0.69$0.92+33.3%$671.4M$1.1B+60.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.906-151.306-221.006-291.307-063.107-132.307-201.707-271.508-031.608-101.208-170.808-240.908-31
Week ofNotionalSharesTrades
2026-08-31$879.0M2,371,67385,818
2026-08-24$773.1M2,081,44786,160
2026-08-17$1.2B3,198,639107,323
2026-08-10$1.6B4,036,799125,942
2026-08-03$1.5B4,156,000119,863
2026-07-27$1.7B4,670,692132,369

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1542.7%
DateShort shareShort volumeTotal volume
2026-10-1542.7%367,260859,859
2026-10-1444.1%322,322730,969
2026-10-1343.4%304,141701,265
2026-10-1251.3%338,214659,745
2026-10-0959.2%465,404786,162
2026-10-0858.7%515,705878,197
2026-10-0759.8%483,206808,669
2026-10-0656.6%304,748537,956
2026-10-0557.6%375,176651,148
2026-10-0241.7%293,000702,165
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.3Jan+0.2Feb+2.1Mar+3.5Apr+0.2May+3.4Jun+6.0Jul-0.4Aug-0.2Sep+4.3Oct+2.3Nov+0.8Dec
MonthAvg returnUp yearsYears
Jan+0.3%50%20
Feb+0.2%55%20
Mar+2.1%67%21
Apr+3.5%70%20
May+0.2%55%20
Jun+3.4%60%20
Jul+6.0%70%20
Aug−0.4%40%20
Sep−0.2%50%20
Oct+4.3%55%20
Nov+2.3%75%20
Dec+0.8%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.7
MFI60.3
ADX15.7
Stochastic %K / %D84.5 / 84.2
Williams %R-17.4
CCI138
TSI / signal26.9 / 21.9
Chaikin money flow0.20
ATR$11.10
Bollinger width10.3%
Volume vs 20-day avg1.30x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$411.16 (+3.8%)
SMA 50$391.67 (+8.9%)
SMA 200$439.63 (−2.9%)
EMA 21$409.84 (+4.1%)
EMA 50$398.85 (+7.0%)
EMA 200$428.81 (−0.5%)
Bollinger upper$432.42 (−1.3%)
Bollinger lower$389.89 (+9.4%)
Parabolic SAR$401.93 (+6.2%)
Open the live chart, 110+ indicators

About Intuitive Surgical, Inc.

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.

https://www.intuitive.com

Key executives

NameTitlePayBorn
David J. RosaChief Executive Officer & Director$2.3M1968
Gary S. GuthartExecutive Chair$2.1M1966
Jamie E. SamathExecutive VP, CFO & Enterprise Technology Leader$1.5M1971
Henry L. CharltonSenior VP of Global Business Operations$1.5M1970
Gary LoebExecutive Vice President and Chief Legal & Compliance Officer$1.3M1970
Mark BrosiusChief Manufacturing and Supply Chain Officer$1.0M1967
Daniel ConnallyVice President & Head of Investor Relations——
Fredrik WidmanVice President, Principal Accounting Officer & Corporate Controller——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
David J. Rosa Chief Executive Officer2025$858,750$18.7M$1.4M$21.0M
Gary S. Guthart, Ph.D. Executive Chair of the Board of Directors2025$866,250$16.0M$886,156$18.1M
Jamie E. Samath Executive Vice President, Chief Financial Officer and Enterprise Technology Leader2025$683,000$6.9M$786,816$8.4M
Henry L. Charlton Executive Vice President and Chief Commercial and Marketing Officer2025$670,000$4.8M$771,840$6.2M
Gary H. Loeb Executive Vice President and Chief Legal and Compliance Officer2025$615,000$4.3M$708,480$5.6M
Mark P. Brosius Senior Vice President and Chief Manufacturing and Supply Chain Officer2025$534,350$4.5M$462,243$5.5M

Employees

6k20187k20198k202010k202112k202214k202316k202417k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Efficient Scale · 2026-06-30
Cost advantage79
Intangibles82
Switching costs65
Network effect85
Efficient scale95
Our component scores (0-100) and overall 79.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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