Intuitive Surgical, Inc. (ISRG) Financial Ratios
27 years of historical data (1999–2025) · Healthcare · Medical - Instruments & Supplies
EV/EBITDA
↓
43.44
↓-24% vs avg
5yr avg: 57.25
30Y Low14.5·High72.7
P/FCF
↑
64.42
↓-43% vs avg
5yr avg: 112.84
30Y Low19.9·High177.9
P/B Ratio
↑
9.13
↓-11% vs avg
5yr avg: 10.29
30Y Low1.4·High14.2
ROE
↑
16.6%
↓+12% vs avg
5yr avg: 14.8%
30Y Low-83%·High25%
Debt/EBITDA
↑
0.08
↑+42% vs avg
5yr avg: 0.06
30Y Low0.0·High0.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ISRG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Intuitive Surgical, Inc. trades at 57.4x earnings, 22% below its 5-year average of 74.0x, sitting at the 59th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a premium of 159%. On a free-cash-flow basis, the stock trades at 64.4x P/FCF, 43% below the 5-year average of 112.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $160.4B | $205.4B | $188.9B | $120.6B | $96.1B | $131.4B | $98.4B | $70.6B | $56.9B | $42.4B | $24.9B |
| Enterprise Value | $157.4B | $202.4B | $187.1B | $117.8B | $94.5B | $130.2B | $96.8B | $69.6B | $56.0B | $38.6B | $20.1B |
| P/E Ratio → | 57.40 | 71.96 | 81.30 | 67.07 | 72.70 | 77.10 | 92.76 | 51.18 | 50.52 | 64.37 | 33.87 |
| P/S Ratio | 15.94 | 20.41 | 22.62 | 16.92 | 15.44 | 23.02 | 22.58 | 15.77 | 15.28 | 13.57 | 9.22 |
| P/B Ratio | 9.13 | 11.45 | 11.43 | 9.00 | 8.64 | 10.95 | 10.06 | 8.51 | 8.51 | 8.98 | 4.31 |
| P/FCF | 64.42 | 82.47 | 144.92 | 160.85 | 100.23 | 75.71 | 86.08 | 60.24 | 57.93 | 44.53 | 25.20 |
| P/OCF | 52.94 | 67.78 | 78.24 | 66.48 | 64.43 | 62.90 | 66.28 | 44.20 | 48.65 | 37.10 | 23.90 |
P/E links to full P/E history page with 30-year chart
ISRG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Intuitive Surgical, Inc.'s enterprise value stands at 43.4x EBITDA, 24% below its 5-year average of 57.3x. The Healthcare sector median is 14.1x, placing the stock at a 208% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 20.11 | 22.40 | 16.54 | 15.18 | 22.81 | 22.21 | 15.53 | 15.05 | 12.34 | 7.43 |
| EV / EBITDA | 43.44 | 55.86 | 66.55 | 54.32 | 48.63 | 60.91 | 72.65 | 44.18 | 42.47 | 33.57 | 19.42 |
| EV / EBIT | 53.43 | 68.70 | 79.64 | 66.69 | 59.90 | 71.51 | 92.20 | 50.60 | 46.72 | 36.31 | 21.15 |
| EV / FCF | — | 81.24 | 143.48 | 157.18 | 98.58 | 75.02 | 84.66 | 59.31 | 57.05 | 40.49 | 20.31 |
ISRG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Intuitive Surgical, Inc. earns an operating margin of 29.3%. Operating margins have expanded from 24.8% to 29.3% over the past 3 years, signaling improving operational efficiency. ROE of 16.6% indicates solid capital efficiency. ROIC of 15.0% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.0% | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% | 65.6% | 69.4% | 69.9% | 70.1% | 69.9% |
| Operating Margin | 29.3% | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% | 24.1% | 30.7% | 32.2% | 33.7% | 35.0% |
| Net Profit Margin | 28.4% | 28.4% | 27.8% | 25.2% | 21.3% | 29.9% | 24.3% | 30.8% | 30.3% | 21.1% | 27.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.6% | 16.6% | 15.5% | 14.7% | 11.4% | 15.6% | 11.7% | 18.4% | 19.8% | 12.6% | 14.6% |
| ROA | 14.5% | 14.5% | 13.6% | 12.7% | 10.0% | 13.8% | 10.1% | 15.7% | 16.6% | 10.8% | 12.9% |
| ROIC | 15.0% | 15.0% | 13.9% | 13.1% | 11.6% | 14.4% | 10.2% | 15.8% | 26.8% | 86.8% | 74.2% |
| ROCE | 16.5% | 16.5% | 15.2% | 13.9% | 13.2% | 16.1% | 11.1% | 17.5% | 20.4% | 20.1% | 18.7% |
ISRG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Intuitive Surgical, Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 3.1x). The company holds a net cash position — cash of $3.4B exceeds total debt of $303M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | — | — | 0.01 | — | 0.01 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | 0.05 | — | — | 0.04 | — | 0.05 | — | — | — |
| Net Debt / Equity | — | -0.17 | -0.11 | -0.21 | -0.14 | -0.10 | -0.17 | -0.13 | -0.13 | -0.81 | -0.84 |
| Net Debt / EBITDA | -0.85 | -0.85 | -0.67 | -1.27 | -0.81 | -0.56 | -1.22 | -0.69 | -0.65 | -3.35 | -4.68 |
| Debt / FCF | — | -1.23 | -1.44 | -3.67 | -1.65 | -0.69 | -1.42 | -0.93 | -0.87 | -4.04 | -4.89 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($3.4B) exceeds total debt ($303M)
ISRG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Intuitive Surgical, Inc.'s current ratio of 4.87x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 3.96x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 4.76x to 4.87x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.87 | 4.87 | 4.07 | 4.76 | 4.40 | 5.08 | 6.86 | 4.53 | 5.28 | 4.55 | 7.69 |
| Quick Ratio | 3.96 | 3.96 | 3.22 | 4.02 | 3.77 | 4.57 | 6.24 | 3.95 | 4.78 | 4.31 | 7.43 |
| Cash Ratio | 2.96 | 2.96 | 2.30 | 3.15 | 2.90 | 3.68 | 5.36 | 3.13 | 3.73 | 3.73 | 6.82 |
| Asset Turnover | — | 0.49 | 0.44 | 0.46 | 0.48 | 0.42 | 0.39 | 0.46 | 0.47 | 0.54 | 0.42 |
| Inventory Turnover | 1.86 | 1.86 | 1.83 | 1.96 | 2.27 | 2.98 | 2.49 | 2.30 | 2.74 | 3.88 | 4.47 |
| Days Sales Outstanding | — | 59.05 | 59.29 | 64.94 | 62.96 | 57.08 | 60.85 | 57.73 | 66.87 | 59.25 | 58.06 |
ISRG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Intuitive Surgical, Inc. returns 1.4% to shareholders annually primarily through share buybacks. The earnings yield of 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.4% | 1.2% | 1.5% | 1.4% | 1.3% | 1.1% | 2.0% | 2.0% | 1.6% | 3.0% |
| FCF Yield | 1.6% | 1.2% | 0.7% | 0.6% | 1.0% | 1.3% | 1.2% | 1.7% | 1.7% | 2.2% | 4.0% |
| Buyback Yield | 1.4% | 1.1% | 0.0% | 0.3% | 2.7% | 0.0% | 0.1% | 0.4% | 0.0% | 5.4% | 0.2% |
| Total Shareholder Yield | 1.4% | 1.1% | 0.0% | 0.3% | 2.7% | 0.0% | 0.1% | 0.4% | 0.0% | 5.4% | 0.2% |
| Shares Outstanding | — | $363M | $362M | $357M | $362M | $366M | $361M | $359M | $356M | $349M | $354M |
Peer Comparison
Compare ISRG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ISRGYou | $160B | 57.4 | 43.4 | 64.4 | 66.0% | 29.3% | 16.6% | 15.0% | 0.1 |
 SYK | $112B | 34.8 | 20.2 | 26.1 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
 MDT | $99B | 21.5 | 14.3 | 19.2 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 BSX | $83B | 28.9 | 25.1 | 22.8 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 ZBH | $16B | 23.3 | 9.4 | 11.0 | 61.6% | 16.5% | 5.6% | 5.4% | 3.1 |
 HOLX | $17B | 30.5 | 17.4 | 18.4 | 61.0% | 17.4% | 11.1% | 9.4% | 2.6 |
 NVCR | $2B | -13.5 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 GMED | $12B | 22.8 | 19.4 | 20.5 | 67.4% | 16.3% | 12.3% | 8.9% | 0.2 |
 ATRC | $1B | -116.7 | 78.4 | 29.4 | 74.4% | -0.6% | -2.4% | -0.6% | 5.2 |
 ABT | $150B | 11.3 | 15.7 | 23.6 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 JNJ | $541B | 38.8 | 18.8 | 27.3 | 69.1% | 24.9% | 20.1% | 20.7% | 1.2 |
| Healthcare Median | — | 22.2 | 14.1 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 27 years · Updated daily
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Start ComparisonISRG — Frequently Asked Questions
Quick answers to the most common questions about buying ISRG stock.
What is Intuitive Surgical, Inc.'s P/E ratio?
Intuitive Surgical, Inc.'s current P/E ratio is 57.4x. The historical average is 53.8x. This places it at the 59th percentile of its historical range.
What is Intuitive Surgical, Inc.'s EV/EBITDA?
Intuitive Surgical, Inc.'s current EV/EBITDA is 43.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.7x.
What is Intuitive Surgical, Inc.'s ROE?
Intuitive Surgical, Inc.'s return on equity (ROE) is 16.6%. The historical average is 7.2%.
Is ISRG stock overvalued?
Based on historical data, Intuitive Surgical, Inc. is trading at a P/E of 57.4x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Intuitive Surgical, Inc.'s profit margins?
Intuitive Surgical, Inc. has 66.0% gross margin and 29.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Intuitive Surgical, Inc. have?
Intuitive Surgical, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.