Intuitive Surgical, Inc. (ISRG) 10-Year Financial Performance & Capital Metrics

ISRG • • Industrial / General

HealthcareMedical InstrumentsSurgical & Interventional DevicesRobotic Surgery Systems

AboutIntuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offers the da Vinci Surgical System to enable complex surgery using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic procedures enabling minimally invasive biopsies in the lung. It also provides a suite of stapling, energy, and core instrumentation for its surgical systems; progressive learning pathways to support the use of its technology; a complement of services to its customers, including support, installation, repair, and maintenance; and integrated digital capabilities providing unified and connected offerings, streamlining performance for hospitals with program-enhancing insights. The company was incorporated in 1995 and is headquartered in Sunnyvale, California.Show more

Revenue $8.35B +17.2%
EBITDA $2.81B +29.6%
Net Income $2.32B +29.2%
EPS (Diluted) 6.42 +27.6%
Gross Margin 67.46% +1.6%
EBITDA Margin 33.66% +10.5%
Operating Margin 28.12% +13.4%
Net Margin 27.81% +10.2%
ROE 15.52% +5.8%
ROIC 13.93% +6.1%
Debt/Equity 0.01
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 15.6% free cash flow margin
✓Strong 5Y sales CAGR of 13.3%
✓Healthy 5Y average net margin of 25.7%

✗Weaknesses

✗Expensive at 12.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.63%

5Y13.27%

3Y13.51%

TTM22.18%

Profit (Net Income) CAGR

10Y18.69%

5Y10.98%

3Y10.86%

TTM22.46%

EPS CAGR

10Y17.97%

5Y10.77%

3Y11.27%

TTM21.54%

ROCE

10Y Avg16.55%

5Y Avg13.91%

3Y Avg14.11%

Latest15.21%

Peer Comparison

Robotic Surgery Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ISRGIntuitive Surgical, Inc.	199.16B	561.82	87.51	17.24%	28.58%	16.12%	0.65%	0.01
MBOTMicrobot Medical Inc.	142.38M	2.12	-2.90			-16.71%		0.03
STXSStereotaxis, Inc.	250.11M	2.68	-8.93	0.55%	-78.56%	-204.85%		0.53

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.38B	2.7B	3.13B	3.72B	4.48B	4.36B	5.71B	6.22B	7.12B	8.35B
Revenue Growth %	0.12%	0.13%	0.16%	0.19%	0.2%	-0.03%	0.31%	0.09%	0.14%	0.17%
Cost of Goods Sold+	806.5M	814.3M	934.8M	1.12B	1.37B	1.5B	1.75B	2.03B	2.39B	2.72B
COGS % of Revenue	0.34%	0.3%	0.3%	0.3%	0.31%	0.34%	0.31%	0.33%	0.34%	0.33%
Gross Profit+	1.58B	1.89B	2.19B	2.6B	3.11B	2.86B	3.96B	4.2B	4.73B	5.63B
Gross Margin %	0.66%	0.7%	0.7%	0.7%	0.69%	0.66%	0.69%	0.67%	0.66%	0.67%
Gross Profit Growth %	0.12%	0.2%	0.16%	0.19%	0.19%	-0.08%	0.38%	0.06%	0.13%	0.19%
Operating Expenses+	837.9M	944.9M	1.14B	1.4B	1.74B	1.81B	2.14B	2.62B	2.96B	3.29B
OpEx % of Revenue	0.35%	0.35%	0.36%	0.38%	0.39%	0.42%	0.37%	0.42%	0.42%	0.39%
Selling, General & Admin	640.5M	705.3M	810.9M	986.6M	1.18B	1.22B	1.47B	1.74B	1.96B	2.14B
SG&A % of Revenue	0.27%	0.26%	0.26%	0.26%	0.26%	0.28%	0.26%	0.28%	0.28%	0.26%
Research & Development	197.4M	239.6M	328.6M	418.1M	557.3M	595.1M	671M	879M	998.8M	1.15B
R&D % of Revenue	0.08%	0.09%	0.11%	0.11%	0.12%	0.14%	0.12%	0.14%	0.14%	0.14%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	740M	945.2M	1.05B	1.2B	1.37B	1.05B	1.82B	1.58B	1.77B	2.35B
Operating Margin %	0.31%	0.35%	0.34%	0.32%	0.31%	0.24%	0.32%	0.25%	0.25%	0.28%
Operating Income Growth %	0.36%	0.28%	0.12%	0.14%	0.15%	-0.24%	0.73%	-0.13%	0.12%	0.33%
EBITDA+	829.5M	1.03B	1.15B	1.32B	1.57B	1.33B	2.14B	1.94B	2.17B	2.81B
EBITDA Margin %	0.35%	0.38%	0.37%	0.35%	0.35%	0.31%	0.37%	0.31%	0.3%	0.34%
EBITDA Growth %	0.34%	0.25%	0.11%	0.15%	0.19%	-0.15%	0.6%	-0.09%	0.12%	0.3%
D&A (Non-Cash Add-back)	89.5M	88.9M	95M	120.1M	199.7M	282.5M	317M	365.8M	402.2M	462M
EBIT	740M	949.7M	1.06B	1.2B	1.37B	1.05B	1.82B	1.58B	1.77B	2.35B
Net Interest Income+	18.5M	35.6M	41.9M	80.1M	127.7M	157.2M	69.3M	29.7M	192.1M	324.9M
Interest Income	18.5M	35.6M	41.9M	80.1M	127.7M	157.2M	69.3M	29.7M	192.1M	324.9M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	18.5M	35.6M	41.9M	80.1M	127.7M	157.2M	69.3M	29.7M	192.1M	324.9M
Pretax Income+	758.5M	980.8M	1.1B	1.28B	1.5B	1.21B	1.89B	1.61B	1.96B	2.67B
Pretax Margin %	0.32%	0.36%	0.35%	0.34%	0.34%	0.28%	0.33%	0.26%	0.27%	0.32%
Income Tax+	169.7M	244.9M	436.5M	154.5M	120.4M	140.2M	162.2M	262.4M	141.6M	336.3M
Effective Tax Rate %	0.78%	0.75%	0.6%	0.88%	0.92%	0.88%	0.9%	0.82%	0.92%	0.87%
Net Income+	588.8M	735.9M	660M	1.13B	1.38B	1.06B	1.7B	1.32B	1.8B	2.32B
Net Margin %	0.25%	0.27%	0.21%	0.3%	0.31%	0.24%	0.3%	0.21%	0.25%	0.28%
Net Income Growth %	0.41%	0.25%	-0.1%	0.71%	0.22%	-0.23%	0.61%	-0.22%	0.36%	0.29%
Net Income (Continuing)	588.8M	735.9M	670.9M	1.13B	1.38B	1.07B	1.73B	1.34B	1.82B	2.34B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	1.6M	8.7M	20.9M	27.6M	50.4M	70.7M	89.7M	95.9M
EPS (Diluted)+	1.73	2.08	1.89	3.16	3.85	2.94	4.66	3.65	5.03	6.42
EPS Growth %	0.41%	0.2%	-0.09%	0.67%	0.22%	-0.24%	0.59%	-0.22%	0.38%	0.28%
EPS (Basic)	1.76	2.13	1.97	3.31	3.98	3.02	4.79	3.72	5.12	6.54
Diluted Shares Outstanding	341.1M	353.7M	348.9M	356.4M	358.5M	360.9M	365.8M	362M	357.4M	362M
Basic Shares Outstanding	333.9M	344.7M	335.1M	341.1M	346.2M	351M	356.1M	355.7M	351.2M	355.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.91B	5.45B	4.69B	4.33B	4.66B	6.63B	5.84B	6.25B	7.89B	7.11B
Cash & Short-Term Investments	3.35B	4.84B	3.85B	3.06B	3.22B	5.17B	4.23B	4.12B	5.22B	4.01B
Cash Only	3.35B	4.84B	3.85B	857.9M	1.17B	1.62B	1.29B	1.58B	2.75B	2.03B
Short-Term Investments	0	0	0	2.21B	2.05B	3.55B	2.94B	2.54B	2.47B	1.99B
Accounts Receivable	394.3M	430.2M	507.9M	682.3M	708.3M	726.6M	893M	1.07B	1.27B	1.36B
Days Sales Outstanding	60.36	58.06	59.25	66.87	57.73	60.85	57.08	62.96	64.94	59.29
Inventory	167.9M	182.3M	241.2M	409M	595.5M	601.5M	587.1M	893.2M	1.22B	1.49B
Days Inventory Outstanding	75.99	81.71	94.18	133.28	158.85	146.64	122.34	160.9	186.05	199.72
Other Current Assets	0	41.6M	2.1M	137.4M	0	0	129.6M	6.1M	176.7M	253.7M
Total Non-Current Assets+	997.3M	1.04B	1.07B	3.51B	5.07B	4.54B	7.71B	6.72B	7.55B	11.73B
Property, Plant & Equipment	432.1M	458.4M	613.1M	812M	1.27B	1.58B	1.88B	2.37B	3.54B	4.78B
Fixed Asset Turnover	5.52x	5.90x	5.10x	4.59x	3.52x	2.76x	3.04x	2.62x	2.01x	1.75x
Goodwill	201.1M	201.1M	201.1M	240.6M	307.2M	336.7M	343.6M	348.5M	348.7M	347.5M
Intangible Assets	49.7M	31.5M	26M	66.7M	112.1M	77.4M	70.5M	49.8M	39.1M	23M
Long-Term Investments	1.79B	2.28B	1.89B	1.77B	2.62B	1.76B	4.42B	2.62B	2.12B	5.06B
Other Non-Current Assets	-1.59B	-2.06B	-1.72B	194.3M	329.3M	426.2M	562.7M	660.3M	597.6M	369M
Total Assets+	4.91B	6.49B	5.76B	7.85B	9.73B	11.17B	13.55B	12.97B	15.44B	18.84B
Asset Turnover	0.49x	0.42x	0.54x	0.47x	0.46x	0.39x	0.42x	0.48x	0.46x	0.44x
Asset Growth %	0.24%	0.32%	-0.11%	0.36%	0.24%	0.15%	0.21%	-0.04%	0.19%	0.22%
Total Current Liabilities+	587.8M	709.1M	1.03B	820.6M	1.03B	965.2M	1.15B	1.42B	1.66B	1.75B
Accounts Payable	52.6M	68.5M	82.5M	100.7M	123.5M	81.6M	121.2M	147M	188.7M	193.4M
Days Payables Outstanding	23.81	30.7	32.21	32.81	32.94	19.89	25.26	26.48	28.76	25.97
Short-Term Debt	0	0	0	0	0	0	0	0	0	33.5M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	85M	110.6M	230.7M	198.4M	287.3M	245.4M	362.1M	401.6M	436.4M	359.6M
Current Ratio	6.65x	7.69x	4.55x	5.28x	4.53x	6.86x	5.08x	4.40x	4.76x	4.07x
Quick Ratio	6.37x	7.43x	4.31x	4.78x	3.95x	6.24x	4.57x	3.77x	4.02x	3.22x
Cash Conversion Cycle	112.54	109.07	121.21	167.33	183.63	187.6	154.17	197.38	222.23	233.04
Total Non-Current Liabilities+	95.9M	112.6M	327.1M	338.6M	418.3M	444.6M	453.7M	439.3M	385.5M	563.7M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	87M	0	0	112.5M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	95.4M
Other Non-Current Liabilities	95.9M	112.6M	308.8M	305.6M	390.9M	412.5M	329.9M	398.3M	339.9M	301.7M
Total Liabilities	587.8M	709.1M	1.03B	1.16B	1.45B	1.41B	1.6B	1.86B	2.04B	2.31B
Total Debt+	0	0	0	0	76.4M	0	87M	0	0	146M
Net Debt	-3.35B	-4.84B	-3.85B	-857.9M	-1.09B	-1.62B	-1.2B	-1.58B	-2.75B	-1.88B
Debt / Equity	-	-	-	-	0.01x	-	0.01x	-	-	0.01x
Debt / EBITDA	-	-	-	-	0.05x	-	0.04x	-	-	0.05x
Net Debt / EBITDA	-4.04x	-4.68x	-3.35x	-0.65x	-0.69x	-1.22x	-0.56x	-0.81x	-1.27x	-0.67x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	4.32B	5.78B	4.73B	6.69B	8.31B	9.79B	12B	11.11B	13.4B	16.53B
Equity Growth %	0.28%	0.34%	-0.18%	0.41%	0.24%	0.18%	0.23%	-0.07%	0.21%	0.23%
Book Value per Share	12.66	16.34	13.55	18.76	23.17	27.12	32.81	30.70	37.49	45.66
Total Shareholders' Equity	4.32B	5.78B	4.73B	6.68B	8.28B	9.76B	11.95B	11.04B	13.31B	16.43B
Common Stock	0	0	100K	100K	100K	100K	400K	400K	400K	400K
Retained Earnings	899.2M	1.57B	61.4M	1.52B	2.49B	3.26B	4.76B	3.5B	4.74B	6.8B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-9.5M	-8.9M	-15.5M	-13.3M	12.4M	24.9M	-24.2M	-162.5M	-12.2M	-51.3M
Minority Interest	0	0	1.6M	8.7M	20.9M	27.6M	50.4M	70.7M	89.7M	95.9M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	771.9M	1.04B	1.14B	1.17B	1.6B	1.48B	2.09B	1.49B	1.81B	2.42B
Operating CF Margin %	0.32%	0.39%	0.37%	0.31%	0.36%	0.34%	0.37%	0.24%	0.25%	0.29%
Operating CF Growth %	0.16%	0.35%	0.1%	0.02%	0.37%	-0.07%	0.41%	-0.29%	0.22%	0.33%
Net Income	588.8M	735.9M	660M	1.13B	1.38B	1.07B	1.73B	1.34B	1.82B	2.34B
Depreciation & Amortization	89.5M	92.1M	99.1M	122.8M	203M	276.2M	310.2M	365.8M	435.2M	462M
Stock-Based Compensation	167.9M	177.6M	209.1M	261.2M	335.8M	395.4M	449.2M	513.2M	598.2M	676.8M
Deferred Taxes	4.6M	18.7M	62.9M	31.9M	-8M	57.6M	-62.6M	-185.3M	-280.8M	-135.3M
Other Non-Cash Items	13.6M	21.6M	21.2M	12.4M	7.1M	-38M	32.6M	71.8M	21.5M	-6.7M
Working Capital Changes	-92.5M	-3M	91.6M	-383.7M	-321.5M	-273.2M	-368.1M	-619.1M	-777.6M	-919.3M
Change in Receivables	-79.2M	-35.9M	-81.7M	-161.3M	38.8M	5.7M	-142.3M	-159.3M	-186.3M	-95.9M
Change in Inventory	-10.7M	-46.7M	-115.5M	-279M	-360.5M	-170.1M	-256M	-546.6M	-712.5M	-830M
Change in Payables	-11.3M	15.9M	14M	16.7M	12.3M	-32.3M	36M	21.3M	41.7M	-400K
Cash from Investing+	-849.5M	-1.28B	378.7M	-1.05B	-1.15B	-940.6M	-2.46B	1.37B	-360.1M	-3.27B
Capital Expenditures	-81M	-53.9M	-190.7M	-187.4M	-425.6M	-341.5M	-353.5M	-532.4M	-1.06B	-1.11B
CapEx % of Revenue	0.03%	0.02%	0.06%	0.05%	0.1%	0.08%	0.06%	0.09%	0.15%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-81M	-53.9M	-190.7M	-774.3M	0	0	0	0	0	0
Cash from Financing+	193.4M	558.5M	-1.91B	126.3M	-168.4M	-85.7M	43M	-2.57B	-287.6M	150.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	16M	20.1M	-54.6M	-110.3M	101.1M	-260.2M	-233.5M	-198.7M	128.7M	-278.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	690.9M	989M	953.2M	982.2M	1.17B	1.14B	1.74B	958.4M	749.6M	1.3B
FCF Margin %	0.29%	0.37%	0.3%	0.26%	0.26%	0.26%	0.3%	0.15%	0.11%	0.16%
FCF Growth %	0.23%	0.43%	-0.04%	0.03%	0.19%	-0.02%	0.52%	-0.45%	-0.22%	0.74%
FCF per Share	2.03	2.80	2.73	2.76	3.27	3.17	4.75	2.65	2.10	3.60
FCF Conversion (FCF/Net Income)	1.31x	1.42x	1.73x	1.04x	1.16x	1.40x	1.23x	1.13x	1.01x	1.04x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	110.3M	138.4M	147.5M	179.2M	0	0	0	444.2M	447.8M	466.5M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.3%	14.58%	12.56%	19.76%	18.4%	11.72%	15.65%	11.44%	14.67%	15.52%
Return on Invested Capital (ROIC)	59.87%	74.17%	86.83%	26.81%	15.81%	10.24%	14.41%	11.64%	13.13%	13.93%
Gross Margin	66.18%	69.89%	70.12%	69.92%	69.45%	65.65%	69.32%	67.44%	66.39%	67.46%
Net Margin	24.69%	27.21%	21.09%	30.29%	30.8%	24.33%	29.85%	21.25%	25.24%	27.81%
Debt / Equity	-	-	-	-	0.01x	-	0.01x	-	-	0.01x
FCF Conversion	1.31x	1.42x	1.73x	1.04x	1.16x	1.40x	1.23x	1.13x	1.01x	1.04x
Revenue Growth	11.85%	13.42%	15.7%	19.03%	20.25%	-2.68%	31.01%	8.97%	14.49%	17.24%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Instruments and Accessories	1.96B	2.41B	2.46B	3.1B	3.52B	4.28B	5.08B
Instruments and Accessories Growth	-	22.74%	1.97%	26.26%	13.46%	21.57%	18.76%
Systems	1.13B	1.35B	1.18B	1.69B	1.68B	1.68B	1.97B
Systems Growth	-	19.43%	-12.42%	43.64%	-0.79%	-0.02%	17.04%
Services	635.1M	724.2M	723.8M	916.2M	1.02B	1.17B	1.31B
Services Growth	-	14.03%	-0.06%	26.58%	11.79%	14.02%	11.93%
Product	-	-	-	-	5.2B	-	-
Product Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Intuitive Surgical, Inc. (ISRG) has a price-to-earnings (P/E) ratio of 87.5x. This suggests investors expect higher future growth.

Growth & Financials

Intuitive Surgical, Inc. (ISRG) reported $9.61B in revenue for fiscal year 2024. This represents a 447% increase from $1.76B in 2011.

Intuitive Surgical, Inc. (ISRG) grew revenue by 17.2% over the past year. This is strong growth.

Yes, Intuitive Surgical, Inc. (ISRG) is profitable, generating $2.75B in net income for fiscal year 2024 (27.8% net margin).

Dividend & Returns

Intuitive Surgical, Inc. (ISRG) has a return on equity (ROE) of 15.5%. This is reasonable for most industries.

Intuitive Surgical, Inc. (ISRG) generated $2.27B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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