FirmAtlas
Company handbook · ISRG · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ISRG · CIK 1035267 · LATEST FILING: 10-Q JUN '26 · FILED JUL 21, 2026
Intuitive Surgical, Inc.
$426.70
−1.16 (−0.27%)
Close, Oct 16, 2026 · 52-week $329–604
Intuitive Surgical makes the da Vinci robotic surgery systems and the Ion system for lung biopsies. It also sells the instruments and supplies used in each procedure, and service contracts for its systems.
Business
- ProductsInstrumentsand Accessories 60% · Systems 25% · Service 16% (FY25)
- CustomersHospitals and surgery centers worldwide; sold by its own sales force (plus distributors in some countries), and also leased
- Cash useFY24–FY25: buybacks $2.3B · capex $1.7B · acquisitions $15M
Reinvested 31% of operating cash flow · returned 60% of free cash flow
Last fiscal year
Intuitive Surgical, Inc. reported revenue of $10.1B for the year ended Dec 31, 2025 (FY25), up 20.5% from FY24. Net income was $2.9B, operating cash flow $3.0B and free cash flow $2.5B. Source: 10-K filed Feb 3, 2026.
Market cap
$151.5B
P/E
48.3
EV/EBITDA
41.1x
P/B
8.3
ROIC
21.1%
Revenue 1Y
20.5%/yr
EPS 1Y
22.6%/yr
Shares 1Y
−0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEODavid J. Rosa
HQSunnyvale, CA
AuditorPricewaterhouseCoopers LLP
Employees17,021
Year endsDecember
Revenue by segment · FY25
Instrumentsand Accessories60%
Systems25%
Service16%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
18.3%
5.2%
15.9%
−1.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.0B deployed
Capex
$1.7B
41.7%
Acquisitions
$15M
0.4%
Buybacks
$2.3B
57.9%
Operating cash flow over the period: $5.4B. Total debt changed by $0M. R&D of $2.5B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (3-for-1 split after FY19).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,352
10,065+20.5%
11,034
YoY
+20.5%
Gross profit
5,634
6,642+17.9%
7,358
Gross margin
67.5%
66.0%−1.5 pp
—
Operating income
2,349
2,946+25.4%
3,451
Operating margin
28.1%
29.3%+1.1 pp
—
EBITDA
2,788
3,546+27.2%
—
EBITDA margin
33.4%
35.2%+1.8 pp
—
Net income
2,323
2,856+23.0%
3,139
YoY
+23.0%
Net margin
27.8%
28.4%+0.6 pp
—
EPS (diluted, $)
6.42
7.87+22.6%
8.76
YoY
+22.6%
Balance sheet
Total assets
18,743
20,459+9.2%
20,877
Cash & short-term investments
4,048
5,974+47.6%
—
Accounts receivable
1,225
1,527+24.6%
—
Inventory
1,487
1,840+23.7%
—
Net PP&E
4,647
5,342+15.0%
—
Other assets
7,336
5,775−21.3%
—
Total liabilities
2,310
2,635+14.1%
2,708
Accounts payable
193
255+31.9%
—
Other liabilities
2,116
2,380+12.5%
—
Shareholders’ equity
16,434
17,824+8.5%
18,168
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,415
3,030+25.5%
3,706
Net income
2,338
2,877+23.1%
—
Depreciation & amortization
439
600+36.7%
—
Stock-based compensation
677
788+16.5%
—
Working capital & other
(1,038)
(1,234)n/m
—
Cash from investing
(3,273)
666n/m
—
Capex
(1,111)
(540)n/m
—
Acquisitions
(1)
(14)n/m
—
Investments bought
(5,140)
(1,216)n/m
—
Investments sold / matured
2,879
2,176−24.4%
—
Other investing
100
260+159.4%
—
Cash from financing
151
(2,364)−1666.7%
—
Buybacks
0
(2,295)n/m
—
Other financing
151
(69)−145.6%
—
Net change in cash
(708)
1,345n/m
—
Free cash flow (OCF − capex)
1,304
2,491+91.0%
3,223
Where the cash went
Operating cash flow
2,415
3,030+25.5%
3,706
Reinvested in the business
1,112
554−50.2%
—
% of operating cash flow
46.1%
18.3%
Capex
1,111
540−51.4%
484
Acquisitions
1
14+1290.0%
—
R&D (memo, already in costs)
1,145
1,312+14.5%
—
Free cash flow
1,304
2,491+91.0%
3,223
YoY
+91.0%
Returned to shareholders
0
2,295n/m
—
% of free cash flow
0.0%
92.2%
Buybacks
0
2,295n/m
—
FCF conversion (FCF ÷ net income)
56.1%
87.2%+31.1 pp
—
Owner earnings
—
2,323
—
Owner earnings margin
—
23.1%
—
Returns & ratios
ROIC (all capital)
16.6%
21.1%+4.5 pp
—
ROIC (operating)
28.7%
32.8%+4.1 pp
—
Cash conversion cycle (days)
227
224−3 d
—
ROE
14.1%
16.0%+1.9 pp
—
ROA
12.4%
14.0%+1.6 pp
—
ROCE
13.8%
16.0%+2.1 pp
—
NOPAT
2,053
2,559+24.6%
—
Invested capital (operating)
7,166
8,455+18.0%
—
Invested capital (all)
12,385
11,850−4.3%
—
Reinvestment rate
—
50.4%
—
Debtor days
54
55+2 d
—
Inventory days
200
196−3 d
—
Days payable
26
27+1 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,505
2,866
2,771
2,892
vs year-ago quarter
Gross profit
1,662
1,904
1,830
1,960
Gross margin
66.4%
66.4%
66.1%
67.8%
Operating income
760
864
855
972
Net income
704
795
822
818
vs year-ago quarter
Net margin
28.1%
27.7%
29.6%
28.3%
EPS (diluted, $)
1.95
2.24
2.28
2.29
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
19,352
20,459
20,111
20,877
Cash & equivalents
2,850
5,974
2,052
2,806
Shareholders’ equity
16,930
17,824
17,474
18,168
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
841
892
912
1,061
Capex
105
162
103
113
Free cash flow
736
730
809
948
vs year-ago quarter