Health Care · Health Care Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$426.70
52-week range
$328.57 – $603.88
Market cap
$152.5B
P/E (trailing)
49.0×
EV / EBITDA
42.7×
Free-cash-flow yield
2.1%
Dividend yield
–
Revenue (last 12 months)
$11.0B
Revenue growth (3y a year)
17.4%
Operating margin
31.3%
Return on invested capital
22.1%
Net debt / EBITDA
–
Fair value
Blended fair value$287.30 range $257 – $317
Versus priceOvervalued−33% to fair value
Peer multiples
$237.85
Fundamentals-adjusted multiple
$237.54
10-year DCF (market-scaled)
$386.49
Earnings power value (floor, not blended)
$96.23
Model uncertainty
Medium
X-Ray Score
61/ 100 · High confidence · ahead of 72% of sector peers
Valuation20
Growth86
Profitability65
Financial health80
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Intuitive Surgical makes the da Vinci robotic-assisted surgical systems, which surgeons use to perform minimally invasive procedures, along with the Ion system for lung biopsy. Hospitals acquire or lease the systems, and then order instruments, accessories and service plans for them. Revenue therefore combines system sales and leases with recurring income from instruments and services that rise with the number of procedures performed.
Sales reached $11.0 billion in the last twelve months, having grown 17.4% a year over the past three years. Operating profit equals 31.3% of revenue. Return on invested capital is 22%. No dividend is paid. These numbers describe past results and current financial position, and they are shown for reference only.
StocksXray gives Intuitive Surgical Inc an X-Ray Score of 61 out of 100 (high confidence), ahead of 72% of the S&P 500 stocks in its sector. Its strongest lens is growth (86) and its weakest is valuation (20).
Our fair value blend is $287.30 (range $256.77 to $316.61). At $426.70 the stock trades 49% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Intuitive Surgical Inc (ISRG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$359.30
$265.35
$337.36
$521.96
$566.36
$426.70
Market cap
$131.4B
$96.1B
$120.6B
$188.9B
$205.4B
$152.5B
P/E
77.1×
72.7×
67.1×
81.3×
72.0×
49.0×
EV / revenue
22.3×
14.8×
16.2×
22.2×
19.8×
13.4×
EV / EBITDA
69.9×
58.3×
65.3×
78.8×
67.8×
42.7×
Price / free cash flow
75.1×
100.2×
160.8×
144.9×
82.5×
47.3×
Free-cash-flow yield
1.3%
1.0%
0.6%
0.7%
1.2%
2.1%
Price / book
11.0×
8.7×
9.1×
11.5×
11.5×
8.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 9 Good · ● 3 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.7%Average
Free-cash-flow yield2.1%Bad
Risk models
Altman Z score12.0×Good
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)29.2%Good
Free-cash-flow growth (3y)37.5%Good
Revenue growth (3y)17.4%Good
Growth consistency100%Good
Balance sheet
Current ratio5.0×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield2.3%Bad
Profitability
Return on invested capital22.1%Good
Operating margin31.3%Good
Gross profitability35.2%Average
XStocksXray
Intuitive Surgical Inc (ISRG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,710
6,222
7,124
8,352
10,065
11,034
Gross profit
3,959
4,196
4,730
5,634
6,642
7,358
Operating income
1,821
1,577
1,767
2,349
2,946
3,451
Net income
1,705
1,322
1,798
2,323
2,856
3,139
Diluted EPS ($)
4.66
3.65
5.03
6.42
7.87
8.71
Free cash flow
1,750
958
750
1,304
2,491
3,223
Gross margin
69.3%
67.4%
66.4%
67.5%
66.0%
66.7%
Operating margin
31.9%
25.3%
24.8%
28.1%
29.3%
31.3%
Net margin
29.9%
21.3%
25.2%
27.8%
28.4%
28.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,555
12,974
15,442
18,743
20,459
20,877
Cash
1,291
1,581
2,750
2,027
3,368
2,760
Total debt
–
–
–
–
–
–
Equity
11,901
11,042
13,308
16,434
17,824
18,168
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.