Latest Ratios: P/E Ratio 54.3x · EV/EBITDA 40.9x · ROE 16.6%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $151.3B | $205.4B | $188.9B | $120.6B | $96.1B | $131.4B | $98.4B | $70.6B | $56.9B | $42.4B | $24.9B |
| Enterprise Value | $148.3B | $202.4B | $187.1B | $117.8B | $94.5B | $130.2B | $96.8B | $69.6B | $56.0B | $38.6B | $20.1B |
| P/E Ratio → | 54.29 | 71.96 | 81.30 | 67.07 | 72.70 | 77.10 | 92.76 | 51.18 | 50.52 | 64.37 | 33.87 |
| P/S Ratio | 15.04 | 20.41 | 22.62 | 16.92 | 15.44 | 23.02 | 22.58 | 15.77 | 15.28 | 13.57 | 9.22 |
| P/B Ratio | 8.64 | 11.45 | 11.43 | 9.00 | 8.64 | 10.95 | 10.06 | 8.51 | 8.51 | 8.98 | 4.31 |
| P/FCF | 60.76 | 82.47 | 144.92 | 160.85 | 100.23 | 75.71 | 86.08 | 60.24 | 57.93 | 44.53 | 25.20 |
| P/OCF | 49.94 | 67.78 | 78.24 | 66.48 | 64.43 | 62.90 | 66.28 | 44.20 | 48.65 | 37.10 | 23.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 20.11 | 22.40 | 16.54 | 15.18 | 22.81 | 22.21 | 15.53 | 15.05 | 12.34 | 7.43 |
| EV / EBITDA | 40.93 | 55.86 | 66.55 | 54.32 | 48.63 | 60.91 | 72.65 | 44.18 | 42.47 | 33.57 | 19.42 |
| EV / EBIT | 50.34 | 61.11 | 69.96 | 60.15 | 58.80 | 68.89 | 92.20 | 50.60 | 46.72 | 36.31 | 21.15 |
| EV / FCF | — | 81.24 | 143.48 | 157.18 | 98.58 | 75.02 | 84.66 | 59.31 | 57.05 | 40.49 | 20.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.0% | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% | 65.6% | 69.4% | 69.9% | 70.1% | 69.9% |
| Operating Margin | 29.3% | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% | 24.1% | 30.7% | 32.2% | 33.7% | 35.0% |
| Net Profit Margin | 28.4% | 28.4% | 27.8% | 25.2% | 21.3% | 29.9% | 24.3% | 30.8% | 30.3% | 21.1% | 27.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.6% | 16.6% | 15.5% | 14.7% | 11.4% | 15.6% | 11.7% | 18.4% | 19.8% | 12.6% | 14.6% |
| ROA | 14.5% | 14.5% | 13.6% | 12.7% | 10.0% | 13.8% | 10.1% | 15.7% | 16.6% | 10.8% | 12.9% |
| ROIC | 15.0% | 15.0% | 13.9% | 13.1% | 11.6% | 14.4% | 10.2% | 15.8% | 26.8% | 86.8% | 74.2% |
| ROCE | 16.5% | 16.5% | 15.2% | 13.9% | 13.2% | 16.1% | 11.1% | 17.5% | 20.4% | 20.1% | 18.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | — | — | 0.01 | — | 0.01 | — | — | — |
| Debt / EBITDA | 0.08 | 0.08 | 0.05 | — | — | 0.04 | — | 0.05 | — | — | — |
| Net Debt / Equity | — | -0.17 | -0.11 | -0.21 | -0.14 | -0.10 | -0.17 | -0.13 | -0.13 | -0.81 | -0.84 |
| Net Debt / EBITDA | -0.85 | -0.85 | -0.67 | -1.27 | -0.81 | -0.56 | -1.22 | -0.69 | -0.65 | -3.35 | -4.68 |
| Debt / FCF | — | -1.23 | -1.44 | -3.67 | -1.65 | -0.69 | -1.42 | -0.93 | -0.87 | -4.04 | -4.89 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($3.4B) exceeds total debt ($303M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.87 | 4.87 | 4.07 | 4.76 | 4.40 | 5.08 | 6.86 | 4.53 | 5.28 | 4.55 | 7.69 |
| Quick Ratio | 3.96 | 3.96 | 3.22 | 4.02 | 3.77 | 4.57 | 6.24 | 3.95 | 4.78 | 4.31 | 7.43 |
| Cash Ratio | 2.96 | 2.96 | 2.30 | 3.15 | 2.90 | 3.68 | 5.36 | 3.13 | 3.73 | 3.73 | 6.82 |
| Asset Turnover | — | 0.49 | 0.44 | 0.46 | 0.48 | 0.42 | 0.39 | 0.46 | 0.47 | 0.54 | 0.42 |
| Inventory Turnover | 1.86 | 1.86 | 1.83 | 1.96 | 2.27 | 2.98 | 2.49 | 2.30 | 2.74 | 3.88 | 4.47 |
| Days Sales Outstanding | — | 59.05 | 59.29 | 64.94 | 62.96 | 57.08 | 60.85 | 57.73 | 66.87 | 59.25 | 58.06 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 1.4% | 1.2% | 1.5% | 1.4% | 1.3% | 1.1% | 2.0% | 2.0% | 1.6% | 3.0% |
| FCF Yield | 1.6% | 1.2% | 0.7% | 0.6% | 1.0% | 1.3% | 1.2% | 1.7% | 1.7% | 2.2% | 4.0% |
| Buyback Yield | 1.5% | 1.1% | 0.0% | 0.3% | 2.7% | 0.0% | 0.1% | 0.4% | 0.0% | 5.4% | 0.2% |
| Total Shareholder Yield | 1.5% | 1.1% | 0.0% | 0.3% | 2.7% | 0.0% | 0.1% | 0.4% | 0.0% | 5.4% | 0.2% |
| Shares Outstanding | — | $363M | $362M | $357M | $362M | $366M | $361M | $359M | $356M | $349M | $354M |
Procedure volume saturation risk
As reported in recent financial statements, ISRG trades at a forward P/E of 38.70, a multiple that suggests investors are pricing in sustained double-digit growth and the long-term compounding potential of the company's recurring revenue model relative to more cyclical medtech peers like Medtronic.
The current P/S ratio of 14.27 indicates a significant premium over traditional medical device manufacturers, which appears justified by the company's high-margin recurring revenue streams and dominant market position. However, the PEG ratio of 2.36 warrants caution, as it implies that the market's growth expectations are high and leave little room for error regarding procedure volume expansion or new platform adoption.
Based on the provided quarterly data, ISRG's ROIC has trended toward 5.2% in 2026Q1, reflecting a disciplined reinvestment strategy that leverages the company's proprietary instrument ecosystem to generate consistent returns on its expanding global installed base of robotic surgical systems.
The company's ability to maintain stable returns while scaling its infrastructure suggests that the high-friction nature of its surgical ecosystem creates a durable competitive advantage. Investors should monitor whether the transition to the da Vinci 5 platform temporarily dilutes these returns as the company absorbs initial manufacturing and training costs.
According to the latest financial filings, ISRG's asset turnover remains low at 0.14, a figure that is characteristic of a capital-intensive business model where the primary value is derived from high-margin recurring consumables rather than rapid inventory velocity or high-volume asset utilization.
The company's DSO of 52 days suggests a stable collection cycle, though the high DIO of 181 days reflects the strategic necessity of maintaining significant inventory levels to support a global installed base. This inventory intensity is a structural requirement of the business model and should not be interpreted as operational inefficiency.
As reported in recent financial statements, ISRG maintains a current ratio of 17.36, providing an exceptional liquidity buffer that effectively insulates the firm from potential capital expenditure volatility or disruptions in the global medical supply chain that might impact smaller, less capitalized competitors.
This liquidity position is significantly stronger than the broader healthcare sector, reflecting a conservative balance sheet strategy that prioritizes financial flexibility. Such a robust position allows the company to self-fund R&D and strategic initiatives without the need for external financing, even during periods of macroeconomic uncertainty.
Based on the company's unique business model, the P/E ratio is frequently misapplied by analysts who fail to adjust for the significant non-cash impact of stock-based compensation and the shifting revenue recognition profile resulting from the company's increasing reliance on operating lease arrangements.
Investors should prioritize free cash flow yield or EV/EBITDA over P/E to better capture the true earning power of the business, as these metrics are less distorted by accounting nuances. Relying solely on P/E may obscure the underlying cash-generative nature of the recurring revenue streams that define the company's long-term value proposition.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying ISRG stock.
Intuitive Surgical, Inc.'s current P/E ratio is 54.3x. The historical average is 53.8x. This places it at the 59th percentile of its historical range.
Intuitive Surgical, Inc.'s current EV/EBITDA is 40.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.7x.
Intuitive Surgical, Inc.'s return on equity (ROE) is 16.6%. The historical average is 7.2%.
Based on historical data, Intuitive Surgical, Inc. is trading at a P/E of 54.3x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Intuitive Surgical, Inc. has 66.0% gross margin and 29.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Intuitive Surgical, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.