INTUITIVE SURGICAL INC ISRG
As part of Intuitive's mission, we believe that minimally invasive care is life-enhancing care. By combining ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. We envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly so patients can get back to what matters most.
Since our founding over 30 years ago, we have been delivering on this mission and vision by combining innovative technology with clinical expertise to advance minimally invasive care. We do so by providing a comprehensive ecosystem that includes robotic-assisted systems, instruments and accessories, customer learning, and customer support services all connected by a digital portfolio that enables actionable insights across the care continuum. Among other capabilities, these products and services can augment the skills and improve the efficiency of clinicians and care teams while providing decision support and learning that can help deliver differentiated clinical and economic value for patients, providers, and payers when compared to the next best available treatment options.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.06B | $8.35B | $7.12B | $6.22B | $5.71B | $4.36B | $4.48B | $3.72B | $3.14B | $2.71B |
| Cost of revenue | $3.42B | $2.72B | $2.39B | $2.03B | $1.75B | $1.50B | $1.37B | $1.12B | $936.2M | $813.6M |
| Gross profit | $6.64B | $5.63B | $4.73B | $4.20B | $3.96B | $2.86B | $3.11B | $2.60B | $2.20B | $1.89B |
| R&D | $1.31B | $1.15B | $998.8M | $879.0M | $671.0M | $595.1M | $557.3M | $418.1M | $328.6M | $239.6M |
| SG&A | $2.38B | $2.14B | $1.96B | $1.74B | $1.47B | $1.22B | $1.18B | $986.6M | $810.5M | $703.6M |
| Total operating expenses | $3.70B | $3.29B | $2.96B | $2.62B | $2.14B | $1.81B | $1.74B | $1.40B | $1.14B | $943.2M |
| Operating income | $2.95B | $2.35B | $1.77B | $1.58B | $1.82B | $1.05B | $1.37B | $1.20B | $1.06B | $949.7M |
| Pre-tax income | $3.31B | $2.67B | $1.96B | $1.61B | $1.89B | $1.21B | $1.50B | $1.28B | $1.10B | $985.3M |
| Income tax | $434.8M | $336.3M | $141.6M | $262.4M | $162.2M | $140.2M | $120.4M | $154.5M | $433.9M | $247.0M |
| Net income | $2.86B | $2.32B | $1.80B | $1.32B | $1.70B | $1.06B | $1.38B | $1.13B | $670.9M | $738.3M |
| EPS, basic | 8.00 | 6.54 | 5.12 | 3.72 | 4.79 | 3.02 | 3.98 | 9.92 | 6.01 | 6.43 |
| EPS, diluted | 7.87 | 6.42 | 5.03 | 3.65 | 4.66 | 2.94 | 3.85 | 9.49 | 5.77 | 6.26 |
| Shares, diluted (wtd. avg.) | $362.7M | $362.0M | $357.4M | $362.0M | $365.8M | $361.0M | $358.4M | $118.8M | $116.3M | $117.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.37B | $2.03B | $2.77B | $1.60B | $1.31B | $1.64B | $1.18B | $909.4M | $663.2M | $1.05B |
| Short-term investments | $2.57B | $1.99B | $2.47B | $2.54B | $2.91B | $3.49B | $2.05B | $2.21B | $1.31B | $1.52B |
| Receivables | $1.53B | $1.23B | $1.13B | $942.1M | $782.7M | $645.5M | $645.2M | $682.3M | $507.9M | $430.2M |
| Inventory | $1.84B | $1.49B | $1.22B | $893.2M | $587.1M | $601.5M | $595.5M | $409.0M | $241.2M | $182.3M |
| Total current assets | $9.78B | $7.11B | $7.89B | $6.25B | $5.84B | $6.63B | $4.66B | $4.33B | $2.81B | $3.25B |
| Property, plant and equipment | $5.34B | $4.65B | $3.54B | $2.37B | $1.88B | $1.58B | $1.27B | $812.0M | $613.1M | $458.4M |
| Goodwill | $370.3M | $347.5M | $348.7M | $348.5M | $343.6M | $336.7M | $307.2M | $240.6M | $201.1M | $201.1M |
| Other intangibles | $17.1M | $23.0M | $39.1M | $49.8M | $70.5M | $77.4M | $112.1M | $66.7M | $26.0M | $31.5M |
| Total assets | $20.46B | $18.74B | $15.44B | $12.97B | $13.55B | $11.17B | $9.73B | $7.85B | $5.78B | $6.49B |
| Accounts payable | $255.1M | $193.4M | $188.7M | $147.0M | $121.2M | $81.6M | $123.5M | $100.7M | $82.5M | $68.5M |
| Total current liabilities | $2.01B | $1.75B | $1.66B | $1.42B | $1.15B | $965.2M | $1.03B | $820.6M | $662.8M | $596.5M |
| Total liabilities | $2.52B | $2.21B | $2.04B | $1.86B | $1.60B | $1.41B | $1.45B | $1.16B | $996.4M | $709.1M |
| Retained earnings | $7.01B | $6.80B | $4.74B | $3.50B | $4.76B | $3.26B | $2.49B | $1.52B | $115.0M | $1.57B |
| Total equity | $17.82B | $16.43B | $13.40B | $11.11B | $11.95B | $9.76B | $8.28B | $6.69B | $4.78B | $5.82B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.03B | $2.42B | $1.81B | $1.49B | $2.09B | $1.48B | $1.60B | $1.17B | $1.14B | $1.09B |
| Depreciation and amortisation | $600.0M | $439.0M | $382.0M | $326.0M | $280.0M | $221.0M | $157.0M | $105.9M | $82.1M | $70.7M |
| Stock-based compensation | $788.2M | $676.8M | $592.8M | $513.2M | $449.2M | $395.4M | $335.8M | $261.2M | $209.1M | $177.6M |
| Capital expenditure | $539.8M | $1.11B | $1.06B | $532.4M | $339.5M | $341.5M | $425.6M | $187.4M | $190.7M | $53.9M |
| Investing cash flow | $665.8M | -$3.27B | -$360.1M | $1.37B | -$2.46B | -$940.6M | -$1.15B | -$1.05B | $378.7M | -$1.28B |
| Financing cash flow | -$2.36B | $150.9M | -$287.6M | -$2.57B | $43.0M | -$85.7M | -$168.4M | $126.3M | -$1.91B | $514.4M |
| Buybacks | $2.30B | $0 | $416.3M | $2.61B | $0 | $134.3M | $269.5M | $0 | $2.27B | $42.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001035267-26-000010.
Others in SIC 3842
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| EW | Edwards Lifesciences Corp | $51.82B | 49.1x | 11.5% |
| STE | STERIS plc | $21.90B | 28.3x | 8.7% |
| ZBH | ZIMMER BIOMET HOLDINGS, INC. | $18.71B | 27.6x | 7.2% |
| ALGN | ALIGN TECHNOLOGY INC | $11.27B | 28.1x | 0.9% |
| MSA | MSA Safety Inc | $7.28B | 26.6x | 3.7% |
| ESTA | ESTABLISHMENT LABS HOLDINGS INC. | $2.21B | — | 27.1% |
| CDRE | Cadre Holdings, Inc. | $1.27B | 29.2x | 7.5% |
| ENOV | Enovis CORP | $1.07B | — | 6.7% |