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INTUITIVE SURGICAL INC (ISRG) USD

Makes da Vinci robotic-assisted surgical systems and instruments.

At a glance: strengths & risks
✓Revenue growing (+22% y/y, Q3 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 38.4 vs avg 58.3)✗Profit falling (-26% y/y, Q3 2026)

Sector: United States — large cap (SEC filings)

US_ISRG

Price chart

438 USDDay 1.11%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
438 USD · 1.11%
Market cap
155.5 bn USD

Growth

Δ revenue y/y
21.7%
Δ EBITDA y/y
-22.3%

Multiples

P/E (LTM)
52.6x
3y avg: 72.3x
P/B (FY)
8.7x
P/E (ann.)
74.4x
EV/EBITDA (LTM)
38.4x
3y avg: 58.3x
EV/EBITDA (ann.)
63.5x

Cash return

Dividend yield
—
FCF yield (LTM)
2.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-12.6%
↓ details

Liquidity

Daily turnover (US listing)
1.4 bln USD

Shares: yahoo_fundamentals_timeseries/ISRG

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK3.0
y/y 21.7%
0.6
y/y -22.0%
—
y/y —
0.6
y/y -22.3%
0.5
y/y -25.8%
——19.3
y/y -0.0%
—
y/y —
—≈ -5.0SEC EDGAR
2026-06-30Q2 2026 (3M)PARTIAL2.9
y/y 18.5%
1.0
y/y 30.7%
0.0
y/y 650.0%
1.0
y/y 33.4%
0.8
y/y 24.3%
1.1-0.120.9
y/y 3.5%
18.2
y/y 1.8%
18.4%-5.0SEC EDGAR
2026-03-31Q1 2026 (3M)PARTIAL2.8
y/y 23.0%
0.9
y/y 48.0%
0.0
y/y 108.8%
0.9
y/y 48.3%
0.8
y/y 17.6%
0.9-0.620.1
y/y 4.6%
17.5
y/y 2.2%
18.6%-4.3Link
2025-12-31Q4 2025 (3M)OK2.9
y/y 18.8%
0.9
y/y 17.6%
0.6
y/y 36.5%
1.5
y/y 24.7%
0.8
y/y 15.9%
0.9-0.220.5
y/y 9.2%
17.8
y/y 8.5%
16.4%-5.8Link
2025-09-30Q3 2025 (3M)PARTIAL2.5
y/y 22.9%
0.8
y/y 31.6%
0.0
y/y -5.7%
0.8
y/y 31.4%
0.7
y/y 24.7%
0.8-0.119.4
y/y 9.1%
16.9
y/y 8.6%
5.4%-4.8Link
2025-06-30Q2 2025 (3M)PARTIAL2.4
y/y 21.4%
0.7
y/y 31.0%
0.0
y/y -36.0%
0.7
y/y 30.5%
0.7
y/y 25.0%
0.7-0.220.2
y/y 21.1%
17.8
y/y 21.3%
15.1%-5.2Link
2025-03-31Q1 2025 (3M)PARTIAL2.3
y/y 19.2%
0.6
y/y 23.2%
0.0
y/y -33.3%
0.6
y/y 22.6%
0.7
y/y 28.2%
0.6-0.119.2
y/y 21.4%
17.1
y/y 22.5%
16.7%-4.4Link
2024-12-31Q4 2024 (3M)OK2.4
y/y 25.2%
0.7
y/y 63.2%
0.4
y/y 14.2%
1.2
y/y 40.6%
0.7
y/y 13.1%
0.8-0.318.7
y/y 21.4%
16.4
y/y 23.5%
14.5%-3.9Link
2024-09-30Q3 2024 (3M)PARTIAL2.0
y/y 16.9%
0.6
y/y 23.9%
0.0
y/y -31.4%
0.6
y/y 23.3%
0.6
y/y 35.9%
0.7-0.217.7
y/y 20.6%
15.6
y/y 24.3%
5.0%-4.1Link
2024-06-30Q2 2024 (3M)PARTIAL2.0
y/y 14.5%
0.6
y/y 22.5%
0.0
y/y 0.0%
0.6
y/y 22.2%
0.5
y/y 25.2%
0.6-0.316.6
y/y 19.8%
14.7
y/y 23.8%
14.7%-4.7Link
2024-03-31Q1 2024 (3M)PARTIAL1.9
y/y 11.5%
0.5
y/y 21.1%
0.0
y/y 2.0%
0.5
y/y 20.9%
0.5
y/y 53.4%
0.3-0.215.8
y/y 21.3%
14.0
y/y 24.5%
16.0%-4.7Link
2023-12-31Q4 2023 (3M)OK1.9
y/y —
0.5
y/y —
0.4
y/y —
0.8
y/y —
0.6
y/y —
0.2-0.415.4
y/y —
13.3
y/y —
13.9%-5.1Link
2023-09-30Q3 2023 (3M)PARTIAL1.7
y/y —
0.5
y/y —
0.0
y/y —
0.5
y/y —
0.4
y/y —
0.5-0.314.7
y/y —
12.5
y/y —
4.5%-6.4Link
2023-06-30Q2 2023 (3M)PARTIAL1.8
y/y —
0.5
y/y —
0.0
y/y —
0.5
y/y —
0.4
y/y —
0.7-0.213.9
y/y —
11.9
y/y —
14.6%-5.7Link
2023-03-31Q1 2023 (3M)PARTIAL1.7
y/y —
0.4
y/y —
0.0
y/y —
0.4
y/y —
0.4
y/y —
0.4-0.213.1
y/y —
11.2
y/y —
—-4.6Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)39
Long-term debt (incl. LT leases)132
− Cash & equivalents2 760
Net debt-2 590

Net debt / LTM EBITDA: -0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-40%-20%0%20%40%60%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-50005001 0001 5002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-6 000-4 000-2 00002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.05x of reported net profit; after capex, 0.64x.
year2022202320242025
cash flow / profit1.13x1.01x1.04x1.06x
accruals, % of assets-1.3%-0.1%-0.5%-0.9%
Last twelve months (to 2026-06-30): 1.18x of profit came back as operating cash flow.
net debt / EBITDA -1.6x · capex 1.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -12.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (593 − 763) × 5.88
-1 002
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (155 534 + -5 045) ÷ 3 484
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 282 + 0 + 1 123 − 0
1 406
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 002 × 21.0 + 1 406) ÷ 155 534
-12.6%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-09-30)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +21% vs +17% the year before — a +3.3 pp move. 3-year CAGR +17%.
revenue growth by year: 2023 +14% · 2024 +17% · 2025 +21%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 41.2x · 3-year 75th pct 74.1x

EV/EBITDA3-year 75th pct

Peer comparison

Group: healthcare (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
UNITEDHEALTH GROUP INCUS368.615.0x
Merck & Co., Inc.US360.115.1x
AMGEN INCUS230.317.0x
JOHNSON & JOHNSONUS611.119.2x
AbbVie Inc.US501.224.2x
THERMO FISHER SCIENTIFIC INC.US255.626.5x
ELI LILLY & CoUS1109.932.4x
Group median19.2x
Group average21.3x
This companyUS153.838.4x

Group median 19.2x; this company 38.4x — a 100% premium.

Group average 21.3x; against the average this company is at a 80% premium.

At the adjusted group median the market cap would be -49% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.2x, India 18.8x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-20; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of INTUITIVE SURGICAL INC (ISRG) — from primary filings.

Frequently asked questions

What is INTUITIVE SURGICAL INC (ISRG)'s P/E ratio?
INTUITIVE SURGICAL INC (ISRG) trades at a P/E of 52.6x (price to trailing 12-month earnings).
What is INTUITIVE SURGICAL INC (ISRG)'s EV/EBITDA?
INTUITIVE SURGICAL INC (ISRG) trades at 38.4x EV/EBITDA.
What is INTUITIVE SURGICAL INC (ISRG)'s P/B ratio?
INTUITIVE SURGICAL INC (ISRG) trades at a P/B of 8.7x.
What is INTUITIVE SURGICAL INC (ISRG)'s return on equity (ROE)?
INTUITIVE SURGICAL INC (ISRG)'s ROE is 18.4%.
What is INTUITIVE SURGICAL INC (ISRG)'s market capitalization?
INTUITIVE SURGICAL INC (ISRG)'s market cap is 155.5 bn USD.

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