Tearsheet

Intuitive Surgical (ISRG)


Market Price (10/15/2025): $437.37 | Market Cap: $156.8 Bil
Sector: Health Care | Industry: Health Care Equipment

Intuitive Surgical (ISRG)


Market Price (10/15/2025): $437.37
Market Cap: $156.8 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29%
Weak multi-year price returns
2Y Excs Rtn is -5.9%
Expensive valuation multiples
P/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
1 Attractive cash flow generation
CFO/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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%
2 Low stock price volatility
Vol 12M is 34%
  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 29%
1 Attractive cash flow generation
CFO/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
2 Low stock price volatility
Vol 12M is 34%
3 Weak multi-year price returns
2Y Excs Rtn is -5.9%
4 Expensive valuation multiples
P/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
5 Yield minus risk free rate is negative
ERPEquity 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

 202020212022202320242025Total [1]
Returns
ISRG Return38%32%-26%27%55%-16%118%
Peers Return3%12%-12%12%14%4%34%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
ISRG Win Rate50%58%42%50%67%44% 
Peers Win Rate52%55%48%55%62%58% 
S&P 500 Win Rate58%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

Unique KeyEventISRGS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-49.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven99.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven461 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-40.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven68.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven116 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-24.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven32.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven87 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-75.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven314.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven364 days1480 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.

Better Bets than Intuitive Surgical (ISRG)

Latest Trefis Analyses

Trade Ideas

Select past trade ideas related to ISRG and Health Care Equipment.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.0%2.0%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
1.8%1.8%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
3.3%3.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.7%10.7%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-6.5%-6.5%-8.0%
ISRG_10312022_Monopoly_xInd_xCD_Getting_Cheaper10312022ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
22.9%6.4%-8.8%
ISRG_4302022_Monopoly_xInd_xCD_Getting_Cheaper04302022ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.0%25.9%-23.5%
ISRG_3312020_Monopoly_xInd_xCD_Getting_Cheaper03312020ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
39.9%49.2%-7.5%
ISRG_8312019_Monopoly_xInd_xCD_Getting_Cheaper08312019ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.4%42.2%-28.1%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.0%2.0%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
1.8%1.8%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
3.3%3.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.7%10.7%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-6.5%-6.5%-8.0%
ISRG_10312022_Monopoly_xInd_xCD_Getting_Cheaper10312022ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
22.9%6.4%-8.8%
ISRG_4302022_Monopoly_xInd_xCD_Getting_Cheaper04302022ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.0%25.9%-23.5%
ISRG_3312020_Monopoly_xInd_xCD_Getting_Cheaper03312020ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
39.9%49.2%-7.5%
ISRG_8312019_Monopoly_xInd_xCD_Getting_Cheaper08312019ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large 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.

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Recent Active Movers

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Peer Comparisons for Intuitive Surgical

Financials

ISRGBSXSYKMDTBDXEWMedian
NameIntuitiv.Boston S.Stryker MedtronicBecton D.Edwards . 
Mkt Price436.3996.24370.0096.54188.3673.36142.45
Mkt Cap156.4142.4141.4123.754.143.1132.6
Rev LTM9,14518,49423,81834,20021,3865,68519,940
Op Inc LTM2,6343,3884,6836,6472,9551,5883,172
FCF LTM1,9943,2344,0245,3032,5505782,892
FCF 3Y Avg1,1972,1143,0814,9642,5045992,309
CFO LTM2,8264,2854,7667,1463,2547953,770
CFO 3Y Avg2,1163,0143,7356,6253,2788673,146

Growth & Margins

ISRGBSXSYKMDTBDXEWMedian
NameIntuitiv.Boston S.Stryker MedtronicBecton D.Edwards . 
Rev Chg LTM20.8%21.4%11.4%5.0%7.9%9.1%10.2%
Rev Chg 3Y Avg15.4%14.6%10.6%3.3%4.1%3.0%7.3%
Rev Chg Q21.4%22.8%11.1%8.4%10.4%11.9%11.5%
QoQ Delta Rev Chg LTM4.9%5.4%2.6%2.0%2.5%2.9%2.8%
Op Mgn LTM28.8%18.3%19.7%19.4%13.8%27.9%19.5%
Op Mgn 3Y Avg26.3%17.6%19.3%18.6%13.3%29.5%18.9%
QoQ Delta Op Mgn LTM0.6%-0.2%-0.1%-0.1%0.9%0.2%0.1%
CFO/Rev LTM30.9%23.2%20.0%20.9%15.2%14.0%20.5%
CFO/Rev 3Y Avg26.9%18.8%17.2%20.2%16.3%17.2%18.0%
FCF/Rev LTM21.8%17.5%16.9%15.5%11.9%10.2%16.2%
FCF/Rev 3Y Avg15.0%13.1%14.1%15.1%12.4%11.9%13.6%

Valuation

ISRGBSXSYKMDTBDXEWMedian
NameIntuitiv.Boston S.Stryker MedtronicBecton D.Edwards . 
Mkt Cap156.4142.4141.4123.754.143.1132.6
P/S17.17.75.93.62.57.66.8
P/EBIT59.442.830.219.321.625.727.9
P/E60.056.948.526.634.110.441.3
P/CFO55.433.229.717.316.654.231.5
Total Yield1.7%1.8%2.9%6.7%5.1%9.6%4.0%
Dividend Yield0.0%0.0%0.9%2.9%2.2%0.0%0.4%
FCF Yield 3Y Avg0.8%1.8%2.3%4.5%4.1%1.1%2.0%
D/E0.00.10.10.20.40.00.1
Net D/E-0.00.10.10.20.3-0.10.1

Returns

ISRGBSXSYKMDTBDXEWMedian
NameIntuitiv.Boston S.Stryker MedtronicBecton D.Edwards . 
1M Rtn-3.0%-6.3%-3.3%3.4%0.8%-5.4%-3.1%
3M Rtn-14.8%-7.0%-5.1%9.0%6.2%-4.5%-4.8%
6M Rtn-10.6%2.1%7.2%19.1%-5.7%3.7%2.9%
12M Rtn-10.5%9.9%3.8%10.8%-19.9%5.4%4.6%
3Y Rtn138.4%140.7%82.3%30.7%-11.7%-11.0%56.5%
1M Excs Rtn0.1%-4.1%-2.1%3.7%1.0%-4.0%-1.0%
3M Excs Rtn-21.0%-12.8%-11.2%2.3%0.2%-9.7%-10.5%
6M Excs Rtn-33.9%-20.8%-17.8%-6.4%-30.3%-17.9%-19.4%
12M Excs Rtn-24.8%-3.3%-9.3%-2.7%-33.3%-7.5%-8.4%
3Y Excs Rtn48.7%59.5%0.2%-53.2%-93.5%-95.5%-26.5%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Instruments and Accessories4,2773,5183,1002,4562,408
Systems1,6801,6801,6931,1791,346
Services1,1681,024916724724
Total7,1246,2225,7104,3584,478


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity8,224,603
Short Interest: % Change Since 915202543.9%
Average Daily Volume2,513,600
Days-to-Cover Short Interest3.27
Basic Shares Quantity358,500,000
Short % of Basic Shares2.3%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/2025-1.8%-2.8%-6.0%
4/22/20251.9%7.6%14.3%
1/15/20257.7%13.3%9.7%
10/17/202410.0%8.0%11.4%
7/18/20249.3%5.0%15.1%
4/18/2024-1.7%0.1%7.0%
1/9/202410.3%8.6%17.1%
10/19/2023-2.4%-5.1%11.6%
...
SUMMARY STATS   
# Positive151718
# Negative976
Median Positive7.0%4.3%9.1%
Median Negative-2.4%-5.5%-10.4%
Max Positive10.9%22.8%35.8%
Max Negative-14.3%-17.4%-25.6%

SEC Filings

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Report DateFiling DateFiling
6302025723202510-Q 6/30/2025
3312025423202510-Q 3/31/2025
12312024131202510-K 12/31/2024
93020241018202410-Q 9/30/2024
6302024719202410-Q 6/30/2024
3312024419202410-Q 3/31/2024
12312023131202410-K 12/31/2023
93020231020202310-Q 9/30/2023
6302023724202310-Q 6/30/2023
3312023420202310-Q 3/31/2023
12312022210202310-K 12/31/2022
93020221021202210-Q 9/30/2022
6302022722202210-Q 6/30/2022
3312022422202210-Q 3/31/2022
12312021203202210-K 12/31/2021
93020211020202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Ladd Amy L 9042025Sell470.11336157,957504,898Form
1Brosius MarkSVP & Chief Mfg and Supply Cha6062025Sell560.70215120,551629,666Form
2Brosius MarkSVP & Chief Mfg and Supply Cha6042025Sell549.06215118,048970,738Form
3Brosius MarkSVP & Chief Mfg and Supply Cha5162025Sell560.002212,3201,121,680Form
4Brosius MarkSVP & Chief Mfg and Supply Cha5142025Sell551.972212,1431,142,026Form