NASDAQ · Healthcare

Intuitive Surgical, Inc.

ISRG · Medical Instruments & Supplies

$452.35

▼ -5.43 (-1.19%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Intuitive Surgical, Inc. at $452.35.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 66.0%

Operating Margin 29.3%

Net Income Margin 28.4%

Fin. Health A

Working Capital $7.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 8.99x

Cash Flow A

Free Cash Flow $2.5B

CapEx % of Net Income 18.9%

Owner Earnings $4.1B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $160.2B

Enterprise Value $157.7B

P/E (TTM) 54.90

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 66.0%

Operating Margin 29.3%

Net Margin 28.4%

Company Info

Sector Healthcare

Industry Medical Instruments & Supplies

Employees 17021

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Intuitive Surgical, Inc. at $452.35.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $452.35, the stock trades at a 379% premium to its Graham Number of $94.40. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 22.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Intuitive Surgical, Inc.

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. It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung. The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights. It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	66.0% ▼	67.5%	66.4%	67.4%
Operating Margin %	29.3% ▲	28.1%	24.8%	25.3%
Net Income %	28.4% ▲	27.8%	25.2%	21.3%
Diluted EPS	7.87 ▲	6.42	5.03	3.65

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$20.5B	$18.7B	$15.4B	$13.0B	N/A
Total Debt	N/A •	N/A	N/A	N/A	$87M
Working Capital	$7.8B ▲	$5.4B	$6.2B	$4.8B	N/A
Years to Pay Debt	N/A	N/A	N/A	N/A	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.5B ▲	$1.3B	$750M	$958M	N/A
Owner Earnings	$4.1B	$3.9B	$3.3B	$2.2B	N/A
CapEx % of Net Income	18.9%	47.8%	59.2%	40.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	3,622,600	2,848,600	2,221,600	1,942,900
Net Income From Continuing Operation Net Minority Interest	2,856,000	2,322,600	1,798,000	1,322,300
Reconciled Depreciation	677,100	499,700	454,800	365,800
Reconciled Cost Of Revenue	3,422,400	2,717,900	2,394,600	2,026,200
EBITDA	3,622,600	2,848,600	2,221,600	1,942,900
EBIT	2,945,500	2,348,900	1,766,800	1,577,100
Net Interest Income	365,900	324,900	192,100	29,700
Interest Income	365,900	324,900	192,100	29,700
Normalized Income	2,856,000	2,322,600	1,798,000	1,322,300
Net Income From Continuing And Discontinued Operation	2,856,000	2,322,600	1,798,000	1,322,300
Total Expenses	7,119,200	6,003,200	5,357,300	4,645,100
Total Operating Income As Reported	2,945,500	2,348,900	1,766,800	1,577,100
Diluted Average Shares	362,700	362,000	357,400	362,000
Basic Average Shares	356,900	355,200	351,200	355,700
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,856,000	2,322,600	1,798,000	1,322,300
Net Income Common Stockholders	2,856,000	2,322,600	1,798,000	1,322,300
Minority Interests	-20,600	-14,900	-19,300	-22,100
Net Income Including Noncontrolling Interests	2,876,600	2,337,500	1,817,300	1,344,400
Net Income Continuous Operations	2,876,600	2,337,500	1,817,300	1,344,400
Tax Provision	434,800	336,300	141,600	262,400
Pretax Income	3,311,400	2,673,800	1,958,900	1,606,800
Net Non Operating Interest Income Expense	365,900	324,900	192,100	29,700
Interest Income Non Operating	365,900	324,900	192,100	29,700
Operating Income	2,945,500	2,348,900	1,766,800	1,577,100
Operating Expense	3,696,800	3,285,300	2,962,700	2,618,900
Research And Development	1,311,800	1,145,300	998,800	879,000
Selling General And Administration	2,385,000	2,140,000	1,963,900	1,739,900
Gross Profit	6,642,300	5,634,200	4,729,500	4,196,000
Cost Of Revenue	3,422,400	2,717,900	2,394,600	2,026,200
Total Revenue	10,064,700	8,352,100	7,124,100	6,222,200
Operating Revenue	10,064,700	8,352,100	7,124,100	6,222,200

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	355,100	356,600	352,300	350,000
Share Issued	355,100	356,600	352,300	350,000
Total Debt					87,000
Tangible Book Value	17,442,600	16,063,200	12,919,800	10,643,600
Invested Capital	17,824,000	16,433,700	13,307,600	11,041,900
Working Capital	7,773,300	5,365,700	6,229,300	4,830,900
Net Tangible Assets	17,442,600	16,063,200	12,919,800	10,643,600
Capital Lease Obligations					87,000
Common Stock Equity	17,824,000	16,433,700	13,307,600	11,041,900
Total Capitalization	17,824,000	16,433,700	13,307,600	11,041,900
Total Equity Gross Minority Interest	17,941,700	16,529,600	13,397,300	11,112,600
Minority Interest	117,700	95,900	89,700	70,700
Stockholders Equity	17,824,000	16,433,700	13,307,600	11,041,900
Gains Losses Not Affecting Retained Earnings	43,300	-51,300	-12,200	-162,500
Other Equity Adjustments	43,300	-51,300	-12,200	-162,500
Retained Earnings	7,011,800	6,803,300	4,743,000	3,500,100
Additional Paid In Capital	10,768,500	9,681,300	8,576,400	7,703,900
Capital Stock	400	400	400	400
Common Stock	400	400	400	400
Total Liabilities Net Minority Interest	2,517,000	2,213,600	2,044,200	1,861,400
Total Non Current Liabilities Net Minority Interest	510,800	468,300	385,500	439,300
Other Non Current Liabilities	225,800	175,200	106,100	110,300
Tradeand Other Payables Non Current	193,600	239,000	233,800	288,000
Non Current Deferred Liabilities	91,400	54,100	45,600	41,000
Non Current Deferred Revenue	91,400	54,100	45,600	41,000
Long Term Debt And Capital Lease Obligation					87,000
Long Term Capital Lease Obligation					87,000
Current Liabilities	2,006,200	1,745,300	1,658,700	1,422,100
Current Deferred Liabilities	506,700	468,800	446,100	397,300
Current Deferred Revenue	506,700	468,800	446,100	397,300
Pensionand Other Post Retirement Benefit Plans Current	648,400	535,600	436,400	401,600
Payables And Accrued Expenses	851,100	740,900	776,200	623,200
Current Accrued Expenses	470,600	393,100	476,100	380,100
Payables	380,500	347,800	300,100	243,100
Total Tax Payable	125,400	154,400	111,400	96,100
Accounts Payable	255,100	193,400	188,700	147,000
Total Assets	20,458,700	18,743,200	15,441,500	12,974,000
Total Non Current Assets	10,679,200	11,632,200	7,553,500	6,721,000
Other Non Current Assets	837,600	750,900	597,600	660,300
Non Current Deferred Assets	1,018,600	1,045,100	910,500	664,600
Non Current Deferred Taxes Assets	1,018,600	1,045,100	910,500	664,600
Investments And Advances	3,099,200	4,819,100	2,120,000	2,623,600
Investmentin Financial Assets	3,099,200	4,819,100	2,120,000
Available For Sale Securities	3,099,200	4,819,100	2,120,000
Goodwill And Other Intangible Assets	381,400	370,500	387,800	398,300
Other Intangible Assets	11,100	23,000	39,100	49,800
Goodwill	370,300	347,500	348,700	348,500
Net PPE	5,342,400	4,646,600	3,537,600	2,374,200
Accumulated Depreciation	-2,276,500	-1,881,300	-1,562,000	-1,237,900
Gross PPE	7,618,900	6,527,900	5,099,600	3,612,100
Construction In Progress	638,100	1,631,600	1,354,700	608,600
Other Properties	2,096,600	1,579,100	1,149,700	806,400
Machinery Furniture Equipment	1,570,600	1,354,500	1,135,800	942,000
Buildings And Improvements	2,833,900	1,486,300	1,002,100	866,500
Land And Improvements	479,700	476,400	457,300	388,600
Current Assets	9,779,500	7,111,000	7,888,000	6,253,000
Other Current Assets	376,400	253,700	176,700	168,600
Prepaid Assets					133,900
Inventory	1,840,000	1,487,200	1,220,600	893,200
Finished Goods	991,000	717,600	606,000	350,400
Work In Process	287,900	205,700	159,900	159,900
Raw Materials	561,100	563,900	454,700	382,900
Receivables	1,628,200	1,356,800	1,267,500	1,073,300
Other Receivables	100,900	131,400	137,300	131,200
Accounts Receivable	1,527,300	1,225,400	1,130,200	942,100
Allowance For Doubtful Accounts Receivable	-29,900	-30,700	-27,100	-22,400
Gross Accounts Receivable	1,557,200	1,256,100	1,157,300	964,500
Cash Cash Equivalents And Short Term Investments	5,934,900	4,013,300	5,223,200	4,117,900
Other Short Term Investments	2,566,900	1,985,900	2,473,100	2,536,700
Cash And Cash Equivalents	3,368,000	2,027,400	2,750,100	1,581,200
Cash Equivalents	2,853,100	1,548,000	2,223,900	1,084,000
Cash Financial	514,900	479,400	526,200	497,200

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,490,700	1,303,800	749,600	958,400
Repurchase Of Capital Stock	-2,295,300	0	-416,300	-2,607,400
Capital Expenditure	-539,800	-1,111,200	-1,064,200	-532,400
Income Tax Paid Supplemental Data	537,900	466,500	447,800	444,200
End Cash Position	3,407,400	2,062,400	2,770,100	1,600,700
Beginning Cash Position	2,062,400	2,770,100	1,600,700	1,306,000
Effect Of Exchange Rate Changes	12,800	-800	3,300	5,400
Changes In Cash	1,332,200	-706,900	1,166,100	289,300
Financing Cash Flow	-2,364,100	150,900	-287,600	-2,572,300
Cash Flow From Continuing Financing Activities	-2,364,100	150,900	-287,600	-2,572,300
Net Other Financing Charges	-419,100	-278,500	-167,600	-198,700
Proceeds From Stock Option Exercised	350,300	429,400	296,300	233,800
Net Common Stock Issuance	-2,295,300	0	-416,300	-2,607,400
Common Stock Payments	-2,295,300	0	-416,300	-2,607,400
Investing Cash Flow	665,800	-3,272,800	-360,100	1,370,800
Cash Flow From Continuing Investing Activities	665,800	-3,272,800	-360,100	1,370,800
Net Investment Purchase And Sale	1,219,500	-2,160,600	713,000	1,916,000
Sale Of Investment	2,435,400	2,979,000	2,920,400	3,315,500
Purchase Of Investment	-1,215,900	-5,139,600	-2,207,400	-1,399,500
Net Business Purchase And Sale	-13,900	-1,000	-8,900	-12,800
Purchase Of Business	-13,900	-1,000	-8,900	-12,800
Net PPE Purchase And Sale	-539,800	-1,111,200	-1,064,200	-532,400
Purchase Of PPE					-339,500
Operating Cash Flow	3,030,500	2,415,000	1,813,800	1,490,800
Cash Flow From Continuing Operating Activities	3,030,500	2,415,000	1,813,800	1,490,800
Change In Working Capital	-1,272,300	-919,300	-777,600	-619,100
Change In Other Working Capital	187,900	130,500	88,200	73,000
Change In Other Current Liabilities	34,100	108,300	-32,900	121,700
Change In Payables And Accrued Expense	57,900	-400	41,700	21,300
Change In Payable	57,900	-400	41,700	21,300
Change In Account Payable	57,900	-400	41,700	21,300
Change In Prepaid Assets	-187,100	-231,800	24,200	-129,200
Change In Inventory	-1,063,400	-830,000	-712,500	-546,600
Change In Receivables	-301,700	-95,900	-186,300	-159,300
Changes In Account Receivables	-301,700	-95,900	-186,300	-159,300
Other Non Cash Items		37,700	33,000	26,600	22,000
Stock Based Compensation	788,200	676,800	592,800	513,200
Deferred Tax	19,100	-135,300	-280,800	-185,300
Deferred Income Tax	19,100	-135,300	-280,800	-185,300
Depreciation Amortization Depletion	677,100	499,700	454,800	365,800
Depreciation And Amortization	677,100	499,700	454,800	365,800
Amortization Cash Flow	62,400	54,400	53,200	27,800
Amortization Of Intangibles	62,400	54,400	53,200	27,800
Depreciation	614,700	445,300	401,600	338,000
Operating Gains Losses	-58,200	-44,400	7,300	45,200
Gain Loss On Investment Securities	-57,200	-43,300	7,300	49,000
Gain Loss On Sale Of Business	-1,000	-1,100	0	-3,800
Net Income From Continuing Operations	2,876,600	2,337,500	1,817,300	1,344,400

These metrics estimate what Intuitive Surgical, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$94.40

Margin of Safety

Market Cap ÷ Company Value

0.99

P/B Ratio

8.99

Warren's Owner Earnings

$4.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$10.1B

vs > $1.5B revenue

✅ Strong Financial Condition

4.87x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+115.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

54.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

8.99x P/B (P/E×P/B: 493.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$20.51

Trading at 22.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$92.41

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	18.9%	47.8%	59.2%	40.3%	N/A
Repurchase of Capital Stock	-$2.3B	$0M	-$416M	-$2.6B	N/A
Free Cash Flow	$2.5B ▲	$1.3B ▲	$750M ▼	$958M •	N/A •
Warren's Owner Earnings	$4.1B	$3.9B	$3.3B	$2.2B	N/A

Peers & Industry

No auto-detected peers for Medical Instruments & Supplies. You can manually compare ISRG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.56%

Low — management has little skin in the game

Return on Equity (ROE)

16.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

14.0%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.3B

Management is returning capital to shareholders via buybacks

Leadership Team

David Rosa

CEO & Director

Age 57

Pay: $2,322,608

0.081% of net income

Jamie Samath

Executive VP, CFO & Enterprise Technology Leader

Age 54

Pay: $1,481,816

0.052% of net income

Christopher Carlson Ph.

Executive Vice President of Research, Corporate Development, Corporate Strategy & Intuitive Ventures

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.49%	33,613,298
Blackrock Inc.	8.62%	30,516,153
State Street Corporation	4.43%	15,701,591
Price (T.Rowe) Associates Inc	3.54%	12,554,763
Geode Capital Management, LLC	2.32%	8,225,691
Capital World Investors	2.22%	7,856,018
FMR, LLC	1.86%	6,577,517
Morgan Stanley	1.62%	5,741,035

Risk Analysis

Beta (Market Risk)

1.51

High volatility — moves more than the market

Short Interest

1.9% of float

Low short interest — market is not heavily bearish

Current Ratio

4.61x

Strong liquidity — Graham approved

52-Week Price Range

Low: $427.84 Current: $452.35 High: $603.88

Currently at 14% of 52-week range

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