ISRG
INTUITIVE SURGICAL INC
Next earnings Jul 16, 2026 (after close) · consensus $2.55 EPS, $2.88B rev
Last earnings -3.1% on 2026-04-21
$426.01
▲ +4.94%$426.01▼ -20.18%
over 1Y
L $399.69H $592.85
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.9%
1W+6.6%
1M+5.9%
3M-5.8%
YTD-24.2%
1Y-20.2%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 40 analysts
Buy
Elite surgical-robotics compounder growing 20%+ with a fortress balance sheet, but 51x earnings already price in the da Vinci 5 ramp.
Revenue (FY2025) $10.1B · FY2025
The read
Middling fundamentals and a rich price (~30% above fair value) leave little margin of safety — a wait-and-see.
Intuitive Surgical is a textbook high-quality, razor-and-blades franchise, and FY2025 shows the model getting stronger, not weaker. Revenue reached $10.1B (+20.5% YoY) — an acceleration over its multi-year cadence ($5.71B in 2021 to $10.1B in 2025) — while operating income grew faster than sales at $2.95B (+25.4%), evidence of real operating leverage. Margins are elite (66.0% gross, 29.3% operating, 28.4% net) and diluted EPS rose to $7.87 (+22.6%). The balance sheet is a fortress: liabilities/equity of just 0.14x, $3.37B cash (+66.1%), and $3.03B operating cash flow (+25.5%) against capex that fell 51.4% to $540M, leaving heavy free cash flow that funded $2.30B of buybacks.
The growth is well-supported by the product cycle described in the MD&A. The fifth-generation da Vinci 5 (FDA cleared March 2024) is still early — an installed base of only 1,231 systems as of Dec 31, 2025 — with the international launch just ramping (Japan clearance June 2025, EU MDR certification July 2025). The single-port SP system is earlier still at 377 units. Because instruments, accessories, and service generate recurring revenue on a growing installed base, the runway for durable double-digit growth is credible.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 19, 2026, 2:18 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $5.71B | $6.22B | $7.12B | $8.35B | $10.1B |
| Gross profit | $3.96B | $4.20B | $4.73B | $5.63B | $6.64B |
| Operating income | $1.82B | $1.58B | $1.77B | $2.35B | $2.95B |
| Net income | $1.70B | $1.32B | $1.80B | $2.32B | $2.86B |
| Diluted EPS | $4.66 | $3.65 | $5.03 | $6.42 | $7.87 |
| Net margin | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$148B
EV / EBITDA—
EV / Sales14.7
EV / FCF59.2
P / FCF60.6
PEG (trailing)2.36
Earnings yield1.9%
FCF yield1.7%
Quality & risk
ROIC (est.)13.1%
Free cash flow$2.49B
Total debt—
Net cash$3.37B
Altman Z-Score37.87 safe
Piotroski F-Score7/8
Capital returns
Buyback yield1.5%
Dividend yield (est.)—
Shareholder yield1.5%
Shares Δ YoY-0.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-05-28
Leadership change: officer/director appointment or departure (Item 5.02)
- 8-K Officer / director change2026-05-04
Annual meeting vote results, board/officer change and Reg FD update
- 10-Q Quarterly report2026-04-22
Q1 2026: growth continues, da Vinci 5 OUS rollout, $3.4B+ cash position
- 8-K Earnings results2026-04-21
Q1 2026 results released; double-digit procedure & revenue growth continues
- DEF 14A Proxy statement2026-03-13
2026 proxy: board elections, executive pay and governance matters
- 8-K Other event2026-03-02
Other-events disclosure (Item 8.01): business/regulatory or volume update
- 10-K Annual report2026-02-03
FY2025: rev +20.5% to $10.1B, da Vinci 5 scaling; GLP-1 drugs a bariatric risk
- 8-K Earnings results2026-01-22
FY2025 results: revenue $10.1B (+20.5%), net income $2.86B (+23%)
- 8-K Earnings results2026-01-14
Preliminary FY2025 revenue & procedure growth pre-announced (JPM conf)
Recent filings
all on EDGAR ↗4Period ending 2026-06-112026-06-12open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-102026-06-10open ↗144Filing2026-06-10open ↗4Period ending 2026-06-102026-06-10open ↗144Filing2026-06-08open ↗144Filing2026-06-03open ↗4Period ending 2026-06-012026-06-02open ↗144Filing2026-06-01open ↗8-KPeriod ending 2026-05-282026-05-28open ↗4Period ending 2026-05-212026-05-22open ↗SDFiling2026-05-21open ↗
Frequently asked
- Is INTUITIVE SURGICAL INC (ISRG) a buy?
- ISRG currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. Elite surgical-robotics compounder growing 20%+ with a fortress balance sheet, but 51x earnings already price in the da Vinci 5 ramp.
- What is ISRG's fair value?
- A Modified-Graham model based on ISRG's SEC fundamentals estimates a fair value of about $299.06. It is an estimate from reported earnings, not a price target.
- Is ISRG overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ISRG currently appears overvalued relative to its SEC-grounded earnings power.
- What is INTUITIVE SURGICAL INC's quality score?
- ISRG scores 69.13124827559847/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001035267, latest 10-Q filed 2026-04-22) · EODHD · Proprietary analysis · as of 6/19/2026, 6:18:05 PM.
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