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Makes the da Vinci surgical robots that let surgeons perform minimally invasive operations with robotic instruments.
Makes the da Vinci surgical robots that let surgeons perform minimally invasive operations with robotic instruments.
Hospitals buy or lease the robot, then pay for instruments used in each operation and for service contracts, so revenue grows with the number of procedures performed rather than only with robot sales. Most revenue now recurs. The first system gained US approval in 2000.
Moat: wide (installed base, switching costs, IP / patents). Surgeon training, hospital capital investment and instrument recurring revenue lock in the installed base.
Headquarters: Sunnyvale, California, US · Founded: 1995 · Employees: 17,021
Size Intuitive Surgical (ISRG) is a United States Health Care company (Medical Specialties) with a market value of $157B, the 79th largest of 3,117 United States companies the cockpit tracks. Shares closed at $452.80 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against +28.9% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 16 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +8.9%); the operating margin is 32.2% (peer median 19.9%).
Valuation It trades at 37.5× forward earnings against a peer median of 25.8× (2nd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.1 points above its cost of capital (12.1% WACC).
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.6B | $10.1B | $8.35B | $7.12B | $6.22B |
| Revenue growth | — | +21% | +17% | +14% | — |
| Gross profit | $7.78B | $6.64B | $5.63B | $4.73B | $4.19B |
| EBITDA | $4.51B | $3.57B | $2.80B | $2.20B | $1.96B |
| Net income | $2.96B | $2.86B | $2.32B | $1.80B | $1.32B |
| Free cash flow | $3.60B | $2.49B | $1.30B | $750M | $958M |
| Capital expenditure | $492M | $540M | $1.11B | $1.06B | $532M |
| Total debt | $0 | $171M | $146M | $89.8M | $93.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Intuitive Surgical ISRG | $157B | +1% | +20% | 32% | 37.5× | 30.8% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ISRG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.0% | +11.6% | 7th lowest of 16 |
| 6-month return | +0.6% | +28.9% | 4th lowest of 16 |
| Distance from 52-week high | -25.0% | -5.5% | 4th lowest of 16 |
| Revenue growth (TTM) | +20.4% | +8.9% | 2nd highest of 16 |
| Operating margin | 32.2% | 19.9% | 2nd highest of 16 |
| Forward P/E | 37.5× | 25.8× | 2nd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 30.8% | 17.1% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +18.2% | +6.7% | highest of 16 |
| Hurdle (Req g minus delivered) | +12.6 pp | +4.8 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | +12.1 pp | +1.0 pp | 3rd highest of 16 |
| EV / EBITDA | 34.0× | 20.7× | 2nd most expensive of 15 |
| Net debt / EBITDA | -0.9× | 1.9× | 3rd least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Thermo Fisher Scientific TMO | United States | $257B | +50% | +8% | 19% | 25.8× | 20.9% | +6.7% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |