Intuitive Surgical, Inc. (ISRG) Key Metrics
ISRG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $150.74B
- Enterprise value
- $136.83B
- P/E (TTM)
- 48.9 10-yr median 69.5
- Forward P/E
- 33.3
- PEG ratio
- 1.87
- Price / sales
- 13.7 10-yr median 16.3
- Price / book
- 7.8 10-yr median 9.0
- EV / EBITDA
- 32.2 10-yr median 47.2
- Dividend yield
- —
- Beta
- 1.46
ISRG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsISRG valuation Price multiples at each fiscal year-end price.
ISRG returns How much profit the business earns on the capital it uses.
ISRG per-share figures Results divided by the shares outstanding at year-end.
ISRG financial health Debt, liquidity and how easily interest is covered.
ISRG efficiency & capital use Working capital cycle and where the cash goes.
ISRG valuation history
ISRG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ISRG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ISRG cash returned to shareholders
ISRG price vs earnings per share
ISRG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $205.42B | $188.95B | $120.57B | $96.06B | $131.43B | $98.42B | $70.64B | $56.90B | $42.44B | $24.92B |
| Enterprise value | $199.79B | $185.08B | $115.44B | $92.03B | $127.29B | $93.33B | $64.87B | $53.87B | $38.97B | $20.23B |
| P/E ratio | 71.9 | 81.4 | 67.1 | 72.6 | 77.1 | 92.8 | 51.2 | 50.4 | 64.3 | 33.9 |
| Price / sales | 20.4 | 22.6 | 16.9 | 15.4 | 23.0 | 22.6 | 15.8 | 15.3 | 13.6 | 9.2 |
| Price / book | 11.5 | 11.5 | 9.1 | 8.7 | 11.0 | 10.1 | 8.5 | 8.5 | 9.0 | 4.3 |
| Price / free cash flow | 82.5 | 144.9 | 160.8 | 100.2 | 75.7 | 86.1 | 60.2 | 57.9 | 44.5 | 25.2 |
| Price / operating cash flow | 67.8 | 78.2 | 66.5 | 64.4 | 62.9 | 66.3 | 44.2 | 48.6 | 37.1 | 23.9 |
| EV / sales | 19.9 | 22.2 | 16.2 | 14.8 | 22.3 | 21.4 | 14.5 | 14.5 | 12.5 | 7.5 |
| EV / EBITDA | 50.1 | 59.0 | 47.8 | 46.7 | 59.7 | 70.4 | 41.1 | 40.7 | 33.8 | 19.5 |
| EV / free cash flow | 80.2 | 142.0 | 154.0 | 96.0 | 73.3 | 81.6 | 55.3 | 54.8 | 40.9 | 20.5 |
| Earnings yield | 1.4% | 1.2% | 1.5% | 1.4% | 1.3% | 1.1% | 2.0% | 2.0% | 1.6% | 3.0% |
| Free cash flow yield | 1.2% | 0.7% | 0.6% | 1.0% | 1.3% | 1.2% | 1.7% | 1.7% | 2.2% | 4.0% |
| Dividend yield | — | 0.0% | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 1.1% | 0.0% | 0.3% | 2.7% | 0.2% | 0.1% | 0.4% | 0.2% | 5.4% | 0.2% |
| Share price at fiscal year-end | $566.36 | $521.96 | $337.36 | $265.35 | $359.30 | $272.70 | $197.05 | $159.64 | $121.65 | $70.46 |
| Per share | ||||||||||
| Revenue per share | $27.75 | $23.07 | $19.93 | $17.19 | $15.61 | $12.08 | $12.49 | $10.45 | $8.97 | $7.65 |
| Earnings per share | $7.87 | $6.42 | $5.03 | $3.65 | $4.66 | $2.94 | $3.85 | $3.16 | $1.89 | $2.08 |
| Operating cash flow per share | $8.36 | $6.67 | $5.07 | $4.12 | $5.71 | $4.11 | $4.46 | $3.28 | $3.28 | $2.95 |
| Free cash flow per share | $6.87 | $3.60 | $2.10 | $2.65 | $4.75 | $3.17 | $3.27 | $2.76 | $2.73 | $2.80 |
| Cash per share | $16.36 | $11.09 | $14.61 | $11.38 | $11.57 | $14.33 | $16.30 | $8.59 | $11.02 | $13.68 |
| Book value per share | $49.14 | $45.40 | $37.23 | $30.50 | $32.67 | $27.04 | $23.11 | $18.74 | $13.55 | $16.34 |
| Tangible book value per share | $48.09 | $44.37 | $36.15 | $29.40 | $31.54 | $25.89 | $21.94 | $17.88 | $12.90 | $15.68 |
| Dividends per share | — | $0.02 | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $1.49 | $3.07 | $2.98 | $1.47 | $0.97 | $0.95 | $1.19 | $0.53 | $0.55 | $0.15 |
| Debt per share | $0.83 | $0.40 | $0.25 | $0.26 | $0.24 | $0.22 | $0.21 | $0.11 | $1.07 | $0.41 |
| Shares outstanding | 362.7M | 362.0M | 357.4M | 362.0M | 365.8M | 360.9M | 358.5M | 356.4M | 348.9M | 353.7M |
| Change in shares outstanding | +0.2% | +1.3% | −1.3% | −1.0% | +1.4% | +0.7% | +0.6% | +2.1% | −1.4% | +3.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 16.7% | 15.6% | 14.8% | 11.5% | 15.7% | 11.8% | 18.4% | 19.8% | 12.6% | 14.6% |
| Return on invested capital (ROIC) | 20.7% | 19.8% | 21.6% | 17.8% | 26.7% | 25.8% | 41.0% | 43.0% | 54.4% | 65.7% |
| Return on assets (ROA) | 14.5% | 13.6% | 12.7% | 10.0% | 13.8% | 10.1% | 15.7% | 16.6% | 10.8% | 12.9% |
| Return on tangible assets | 14.1% | 12.6% | 11.9% | 10.5% | 13.0% | 9.9% | 14.8% | 15.0% | 11.9% | 11.8% |
| Free cash flow margin | 24.7% | 15.6% | 10.5% | 15.4% | 30.4% | 26.2% | 26.2% | 26.4% | 30.5% | 36.6% |
| Income quality (OCF / net income) | 1.06 | 1.04 | 1.01 | 1.13 | 1.23 | 1.40 | 1.16 | 1.04 | 1.73 | 1.42 |
| Financial health | ||||||||||
| Total debt | $302.8M | $146.0M | $89.8M | $93.8M | $87.0M | $79.9M | $76.4M | $39.1M | $371.9M | $143.7M |
| Cash & short-term investments | $5.93B | $4.01B | $5.22B | $4.12B | $4.23B | $5.17B | $5.85B | $3.06B | $3.85B | $4.84B |
| Net debt | −$5.63B | −$3.87B | −$5.13B | −$4.02B | −$4.14B | −$5.09B | −$5.77B | −$3.02B | −$3.47B | −$4.69B |
| Debt / equity | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.08 | 0.02 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.06 | 0.02 |
| Net debt / EBITDA | −1.41 | −1.23 | −2.13 | −2.04 | −1.94 | −3.84 | −3.66 | −2.29 | −3.01 | −4.53 |
| Current ratio | 4.87 | 4.07 | 4.76 | 4.40 | 5.08 | 6.86 | 5.19 | 5.28 | 4.55 | 7.69 |
| Quick ratio | 3.96 | 3.22 | 4.02 | 3.77 | 4.57 | 6.24 | 4.77 | 4.78 | 4.31 | 7.43 |
| Interest coverage | — | — | — | 53.1 | 5.1 | 2.5 | 4.2 | — | — | — |
| Working capital | $7.77B | $5.37B | $6.23B | $4.83B | $4.70B | $5.66B | $6.06B | $3.51B | $3.66B | $4.74B |
| Invested capital | $12.19B | $12.57B | $8.17B | $7.02B | $7.81B | $4.67B | $2.52B | $3.65B | $1.25B | $1.08B |
| Tangible asset value | $17.56B | $16.16B | $13.01B | $10.71B | $11.54B | $9.35B | $7.87B | $6.38B | $4.50B | $5.55B |
| Net current asset value | $7.09B | $4.80B | $5.84B | $4.39B | $4.24B | $5.22B | $6.06B | $3.17B | $3.66B | $4.74B |
| Graham number | $93.31 | $80.95 | $64.92 | $50.07 | $58.53 | $42.28 | $44.73 | $36.53 | $24.01 | $27.65 |
| Graham net-net per share | $14.85 | $9.57 | $13.26 | $9.69 | $9.82 | $12.77 | $14.44 | $7.35 | $9.51 | $12.84 |
| Capital allocation | ||||||||||
| Dividends paid | — | $8.0M | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $2.30B | $0 | $416.3M | $2.61B | $211.6M | $134.3M | $269.5M | $120.0M | $2.27B | $42.5M |
| Dividend payout ratio | — | 0.3% | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 92.2% | 0.6% | 55.5% | 272.1% | 12.2% | 11.7% | 23.0% | 12.2% | 238.6% | 4.3% |
| Capex / revenue | 5.4% | 13.3% | 14.9% | 8.6% | 6.2% | 7.8% | 9.5% | 5.0% | 6.1% | 2.0% |
| Capex / operating cash flow | 17.8% | 46.0% | 58.7% | 35.7% | 16.9% | 23.0% | 26.6% | 16.0% | 16.7% | 5.2% |
| Capex / depreciation | 0.80 | 2.41 | 2.34 | 1.46 | 1.14 | 1.24 | 2.10 | 1.53 | 1.92 | 0.59 |
| Stock-based compensation / revenue | 7.8% | 8.1% | 8.4% | 8.2% | 7.9% | 9.1% | 7.5% | 7.0% | 6.7% | 6.6% |
| R&D / revenue | 13.0% | 13.7% | 14.0% | 14.1% | 11.8% | 13.7% | 12.4% | 11.2% | 10.5% | 8.9% |
| SG&A / revenue | 23.7% | 25.6% | 27.6% | 28.0% | 25.7% | 27.9% | 26.3% | 26.5% | 25.9% | 26.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.1 | 57.3 | 60.0 | 57.7 | 51.8 | 57.4 | 54.1 | 58.3 | 54.7 | 55.6 |
| Days of inventory on hand | 177.4 | 181.8 | 161.1 | 133.3 | 123.8 | 145.9 | 134.0 | 105.9 | 82.7 | 78.5 |
| Days payables outstanding | 23.9 | 25.7 | 25.6 | 24.2 | 21.1 | 142.0 | 157.9 | 29.8 | 29.5 | 27.1 |
| Cash conversion cycle (days) | 207.6 | 213.5 | 195.5 | 166.8 | 154.5 | 61.4 | 30.2 | 134.4 | 107.9 | 107.0 |
| Receivables turnover | 6.74 | 6.37 | 6.09 | 6.33 | 7.05 | 6.35 | 6.75 | 6.26 | 6.67 | 6.56 |
| Payables turnover | 15.26 | 14.23 | 14.27 | 15.11 | 17.27 | 2.57 | 2.31 | 12.23 | 12.38 | 13.45 |
| Inventory turnover | 2.06 | 2.01 | 2.27 | 2.74 | 2.95 | 2.50 | 2.72 | 3.45 | 4.41 | 4.65 |
| Asset turnover | 0.51 | 0.49 | 0.50 | 0.47 | 0.46 | 0.42 | 0.51 | 0.55 | 0.51 | 0.47 |
| Average receivables | $1.49B | $1.31B | $1.17B | $983.1M | $809.8M | $685.9M | $663.8M | $595.1M | $469.1M | $412.2M |
| Average payables | $224.2M | $191.1M | $167.8M | $134.1M | $101.4M | $582.5M | $592.0M | $91.6M | $75.5M | $60.5M |
| Average inventory | $1.66B | $1.35B | $1.06B | $740.1M | $594.3M | $598.5M | $502.2M | $325.1M | $211.8M | $175.1M |
| Intangibles / total assets | 1.8% | 2.0% | 2.5% | 3.1% | 3.1% | 3.7% | 4.3% | 3.9% | 3.9% | 3.6% |
Computed from ISRG's annual financial statements (latest annual report filed February 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ISRG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Intuitive Surgical traded at 71.9 times earnings, against a 10-year median of 69.5. Based on the latest twelve months, the trailing P/E is 48.9 and the forward P/E is 33.3. Intuitive Surgical earned a return on equity of 16.7% and a return on invested capital of 20.7% in fiscal 2025. It ended the year with $302.8 million of debt and $5.9 billion in cash and short-term investments, a net cash position of $5.6 billion. It returned $2.3 billion to shareholders: $0 in dividends and $2.3 billion in share buybacks, 92% of free cash flow.
See the ISRG income statement, the ISRG chart for price history, or the ISRG stock overview for the latest quote and news.
ISRG key metrics FAQ
What is Intuitive Surgical's P/E ratio?
Intuitive Surgical's trailing P/E ratio is 48.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 33.3. At the end of fiscal 2025 it was 71.9, compared with a 10-year median of 69.5.
What is Intuitive Surgical's EV/EBITDA?
Intuitive Surgical's enterprise value was 50.1 times EBITDA at the end of fiscal 2025 (enterprise value $199.8 billion, EBITDA $4.0 billion); the current EV/EBITDA is 32.2.
What is Intuitive Surgical's return on equity?
Intuitive Surgical's return on equity (ROE) was 16.7% in fiscal 2025: net income of $2.9 billion on average shareholders' equity of $17.1 billion.
What is Intuitive Surgical's ROIC?
Intuitive Surgical's return on invested capital was 20.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Intuitive Surgical have?
Intuitive Surgical had total debt of $302.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
Does Intuitive Surgical buy back its shares?
Yes. Intuitive Surgical spent $2.3 billion on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 362.7M..
What is Intuitive Surgical's free cash flow yield?
Intuitive Surgical generated $2.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 1.2% on its market value at year-end ($205.4 billion).
What is Intuitive Surgical's current ratio?
Intuitive Surgical's current ratio was 4.87 at the end of fiscal 2025: current assets were 4.87 times current liabilities.