Intuitive Surgical (ISRG)
Market Price (10/15/2025): $437.37 | Market Cap: $156.8 BilSector: Health Care | Industry: Health Care Equipment
Intuitive Surgical (ISRG)
Market Price (10/15/2025): $437.37Market Cap: $156.8 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% | Weak multi-year price returns2Y Excs Rtn is -5.9% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 59x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 55x, P/EPrice/Earnings or Price/(Net Income) is 60x |
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%, CFO LTM is 2.8 Bil | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% | |
Low stock price volatilityVol 12M is 34% |
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29% |
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%, CFO LTM is 2.8 Bil |
Low stock price volatilityVol 12M is 34% |
Weak multi-year price returns2Y Excs Rtn is -5.9% |
Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 59x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 55x, P/EPrice/Earnings or Price/(Net Income) is 60x |
Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% |
Market Valuation & Key Metrics
ISRG Stock
Price Returns Compared
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
ISRG Return | 38% | 32% | -26% | 27% | 55% | -16% | 118% |
Peers Return | 3% | 12% | -12% | 12% | 14% | 4% | 34% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 103% |
Monthly Win Rates [3] | |||||||
ISRG Win Rate | 50% | 58% | 42% | 50% | 67% | 44% | |
Peers Win Rate | 52% | 55% | 48% | 55% | 62% | 58% | |
S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
Max Drawdowns [4] | |||||||
ISRG Max Drawdown | -38% | -16% | -49% | -15% | -5% | -18% | |
Peers Max Drawdown | -35% | -9% | -26% | -8% | -8% | -8% | |
S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: BSX, SYK, MDT, BDX, EW. See ISRG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/14/2025 (YTD)
Downturns Compared
Event | ISRG | S&P 500 |
---|---|---|
2022 Inflation Shock | ||
% Loss | -49.9% | -25.4% |
% Gain to Breakeven | 99.6% | 34.1% |
Time to Breakeven | 461 days | 464 days |
2020 Covid Pandemic | ||
% Loss | -40.5% | -33.9% |
% Gain to Breakeven | 68.1% | 51.3% |
Time to Breakeven | 116 days | 148 days |
2018 Correction | ||
% Loss | -24.3% | -19.8% |
% Gain to Breakeven | 32.2% | 24.7% |
Time to Breakeven | 87 days | 120 days |
2008 Global Financial Crisis | ||
% Loss | -75.9% | -56.8% |
% Gain to Breakeven | 314.7% | 131.3% |
Time to Breakeven | 364 days | 1480 days |
How Low Can It Go?
Intuitive Surgical's stock fell -49.9% during the 2022 Inflation Shock from a high on 11/8/2021. A -49.9% loss requires a 99.6% gain to breakeven.
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About Intuitive Surgical (ISRG)
Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offers the da Vinci Surgical System to enable complex surgery using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic procedures enabling minimally invasive biopsies in the lung. It also provides a suite of stapling, energy, and core instrumentation for its surgical systems; progressive learning pathways to support the use of its technology; a complement of services to its customers, including support, installation, repair, and maintenance; and integrated digital capabilities providing unified and connected offerings, streamlining performance for hospitals with program-enhancing insights. The company was incorporated in 1995 and is headquartered in Sunnyvale, California.
Latest Trefis Analyses
Trade Ideas
Select past trade ideas related to ISRG and Health Care Equipment.
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | ADMA | ADMA Biologics | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 2.0% | 2.0% | -4.6% |
09302025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.8% | 1.8% | -0.8% |
09262025 | HAE | Haemonetics | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.3% | 3.3% | -0.1% |
09192025 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 10.7% | 10.7% | -4.3% |
09052025 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -6.5% | -6.5% | -8.0% |
10312022 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 22.9% | 6.4% | -8.8% |
04302022 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 25.9% | -23.5% |
03312020 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 39.9% | 49.2% | -7.5% |
08312019 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.4% | 42.2% | -28.1% |
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | ADMA | ADMA Biologics | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 2.0% | 2.0% | -4.6% |
09302025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.8% | 1.8% | -0.8% |
09262025 | HAE | Haemonetics | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.3% | 3.3% | -0.1% |
09192025 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 10.7% | 10.7% | -4.3% |
09052025 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -6.5% | -6.5% | -8.0% |
10312022 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 22.9% | 6.4% | -8.8% |
04302022 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 25.9% | -23.5% |
03312020 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 39.9% | 49.2% | -7.5% |
08312019 | ISRG | Intuitive Surgical | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.4% | 42.2% | -28.1% |
See Trefis Trade Ideas for more.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Intuitive Surgical
Financials
Median | |
---|---|
Name | |
Mkt Price | 142.45 |
Mkt Cap | 132.6 |
Rev LTM | 19,940 |
Op Inc LTM | 3,172 |
FCF LTM | 2,892 |
FCF 3Y Avg | 2,309 |
CFO LTM | 3,770 |
CFO 3Y Avg | 3,146 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 10.2% |
Rev Chg 3Y Avg | 7.3% |
Rev Chg Q | 11.5% |
QoQ Delta Rev Chg LTM | 2.8% |
Op Mgn LTM | 19.5% |
Op Mgn 3Y Avg | 18.9% |
QoQ Delta Op Mgn LTM | 0.1% |
CFO/Rev LTM | 20.5% |
CFO/Rev 3Y Avg | 18.0% |
FCF/Rev LTM | 16.2% |
FCF/Rev 3Y Avg | 13.6% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 132.6 |
P/S | 6.8 |
P/EBIT | 27.9 |
P/E | 41.3 |
P/CFO | 31.5 |
Total Yield | 4.0% |
Dividend Yield | 0.4% |
FCF Yield 3Y Avg | 2.0% |
D/E | 0.1 |
Net D/E | 0.1 |
Returns
Median | |
---|---|
Name | |
1M Rtn | -3.1% |
3M Rtn | -4.8% |
6M Rtn | 2.9% |
12M Rtn | 4.6% |
3Y Rtn | 56.5% |
1M Excs Rtn | -1.0% |
3M Excs Rtn | -10.5% |
6M Excs Rtn | -19.4% |
12M Excs Rtn | -8.4% |
3Y Excs Rtn | -26.5% |
Comparison Analyses
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
7/22/2025 | -1.8% | -2.8% | -6.0% |
4/22/2025 | 1.9% | 7.6% | 14.3% |
1/15/2025 | 7.7% | 13.3% | 9.7% |
10/17/2024 | 10.0% | 8.0% | 11.4% |
7/18/2024 | 9.3% | 5.0% | 15.1% |
4/18/2024 | -1.7% | 0.1% | 7.0% |
1/9/2024 | 10.3% | 8.6% | 17.1% |
10/19/2023 | -2.4% | -5.1% | 11.6% |
... | |||
SUMMARY STATS | |||
# Positive | 15 | 17 | 18 |
# Negative | 9 | 7 | 6 |
Median Positive | 7.0% | 4.3% | 9.1% |
Median Negative | -2.4% | -5.5% | -10.4% |
Max Positive | 10.9% | 22.8% | 35.8% |
Max Negative | -14.3% | -17.4% | -25.6% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 7232025 | 10-Q 6/30/2025 |
3312025 | 4232025 | 10-Q 3/31/2025 |
12312024 | 1312025 | 10-K 12/31/2024 |
9302024 | 10182024 | 10-Q 9/30/2024 |
6302024 | 7192024 | 10-Q 6/30/2024 |
3312024 | 4192024 | 10-Q 3/31/2024 |
12312023 | 1312024 | 10-K 12/31/2023 |
9302023 | 10202023 | 10-Q 9/30/2023 |
6302023 | 7242023 | 10-Q 6/30/2023 |
3312023 | 4202023 | 10-Q 3/31/2023 |
12312022 | 2102023 | 10-K 12/31/2022 |
9302022 | 10212022 | 10-Q 9/30/2022 |
6302022 | 7222022 | 10-Q 6/30/2022 |
3312022 | 4222022 | 10-Q 3/31/2022 |
12312021 | 2032022 | 10-K 12/31/2021 |
9302021 | 10202021 | 10-Q 9/30/2021 |
Insider Activity
Expand for MoreOwner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
---|---|---|---|---|---|---|---|---|---|
0 | Ladd Amy L | 9042025 | Sell | 470.11 | 336 | 157,957 | 504,898 | Form | |
1 | Brosius Mark | SVP & Chief Mfg and Supply Cha | 6062025 | Sell | 560.70 | 215 | 120,551 | 629,666 | Form |
2 | Brosius Mark | SVP & Chief Mfg and Supply Cha | 6042025 | Sell | 549.06 | 215 | 118,048 | 970,738 | Form |
3 | Brosius Mark | SVP & Chief Mfg and Supply Cha | 5162025 | Sell | 560.00 | 22 | 12,320 | 1,121,680 | Form |
4 | Brosius Mark | SVP & Chief Mfg and Supply Cha | 5142025 | Sell | 551.97 | 22 | 12,143 | 1,142,026 | Form |
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