Intuitive Surgical (ISRG) Financials

$531.48 -0.34 (-0.06%)

As of 03:04 PM Eastern

Annual Income Statements for Intuitive Surgical

This table shows Intuitive Surgical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	589	738	671	1,128	1,379	1,061	1,705	1,322	1,798	2,323
Consolidated Net Income / (Loss)	589	738	671	1,125	1,382	1,067	1,728	1,344	1,817	2,338
Net Income / (Loss) Continuing Operations	589	738	671	1,125	1,382	1,067	1,728	1,344	1,817	2,338
Total Pre-Tax Income	759	985	1,105	1,280	1,502	1,207	1,890	1,607	1,959	2,674
Total Operating Income	740	950	1,063	1,199	1,375	1,050	1,821	1,577	1,767	2,349
Total Gross Profit	1,578	1,893	2,202	2,604	3,110	2,861	3,959	4,196	4,730	5,634
Total Revenue	2,384	2,707	3,138	3,724	4,479	4,358	5,710	6,222	7,124	8,352
Operating Revenue	2,384	2,707	3,138	3,724	4,479	4,358	5,710	6,222	7,124	8,352
Total Cost of Revenue	807	814	936	1,120	1,368	1,497	1,752	2,026	2,395	2,718
Operating Cost of Revenue	807	814	936	1,120	1,368	1,497	1,752	2,026	2,395	2,718
Total Operating Expenses	838	943	1,139	1,405	1,736	1,811	2,138	2,619	2,963	3,285
Selling, General & Admin Expense	641	704	811	987	1,178	1,216	1,467	1,740	1,964	2,140
Research & Development Expense	197	240	329	418	557	595	671	879	999	1,145
Total Other Income / (Expense), net	19	36	42	80	128	157	69	30	192	325
Other Income / (Expense), net	19	36	42	80	128	157	69	30	192	325
Income Tax Expense	170	247	434	155	120	140	162	262	142	336
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	-0.40	-2.90	2.50	6.20	24	22	19	15
Basic Earnings per Share	$5.29	$6.43	$6.01	$9.92	$3.98	$3.02	$4.79	$3.72	$5.12	$6.54
Weighted Average Basic Shares Outstanding	111.30M	114.90M	111.70M	113.70M	346.20M	351.10M	356.10M	355.70M	351.20M	355.20M
Diluted Earnings per Share	$5.18	$6.26	$5.77	$9.49	$3.85	$2.94	$4.66	$3.65	$5.03	$6.42
Weighted Average Diluted Shares Outstanding	113.70M	117.90M	116.30M	118.80M	358.40M	361M	365.80M	362M	357.40M	362M
Weighted Average Basic & Diluted Shares Outstanding	37.10M	115M	113.50M	113.70M	115.98M	117.72M	357.74M	350.39M	352.33M	356.66M

This table shows Intuitive Surgical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	324	325	355	421	416	606	545	527	565	686	698
Consolidated Net Income / (Loss)	325	337	361	426	420	611	547	532	571	688	704
Net Income / (Loss) Continuing Operations	325	337	361	426	420	611	547	532	571	688	704
Total Pre-Tax Income	403	395	422	499	522	516	539	655	671	810	669
Total Operating Income	399	373	388	463	466	450	469	567	577	735	578
Total Gross Profit	1,052	1,111	1,113	1,172	1,167	1,277	1,245	1,373	1,374	1,642	1,458
Total Revenue	1,557	1,655	1,696	1,756	1,744	1,928	1,891	2,010	2,038	2,414	2,253
Operating Revenue	1,557	1,655	1,696	1,756	1,744	1,928	1,891	2,010	2,038	2,414	2,253
Total Cost of Revenue	505	544	583	584	577	651	645	637	664	771	796
Operating Cost of Revenue	505	544	583	584	577	651	645	637	664	771	796
Total Operating Expenses	653	738	725	709	701	827	776	805	797	907	880
Selling, General & Admin Expense	436	494	481	464	452	567	492	525	511	613	563
Research & Development Expense	217	244	245	244	249	260	285	280	286	295	316
Total Other Income / (Expense), net	3.90	22	34	36	56	66	69	87	94	75	90
Other Income / (Expense), net	3.90	22	34	36	56	66	69	87	94	75	90
Income Tax Expense	78	58	61	73	102	-95	-8.90	123	100	122	-35
Net Income / (Loss) Attributable to Noncontrolling Interest	0.70	12	5.50	5.20	4.10	4.50	2.50	4.60	5.50	2.30	5.30
Basic Earnings per Share	$0.91	$0.91	$1.01	$1.20	$1.18	$1.73	$1.54	$1.48	$1.59	$1.93	$1.95
Weighted Average Basic Shares Outstanding	355.30M	355.70M	350.20M	350.90M	351.70M	351.20M	353.50M	355M	355.80M	355.20M	357.50M
Diluted Earnings per Share	$0.90	$0.91	$1.00	$1.18	$1.16	$1.73	$1.51	$1.46	$1.56	$1.89	$1.92
Weighted Average Diluted Shares Outstanding	360.50M	362M	356M	357.30M	358.20M	357.40M	360.50M	361M	362.70M	362M	364.60M
Weighted Average Basic & Diluted Shares Outstanding	353.38M	350.39M	350.40M	351.35M	352.07M	352.33M	354.71M	355.35M	356.18M	356.66M	358.42M

This table details how cash moves in and out of Intuitive Surgical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	114	322	-388	246	273	456	-333	295	1,169	-708
Net Cash From Operating Activities	806	1,087	1,144	1,170	1,598	1,485	2,089	1,491	1,814	2,415
Net Cash From Continuing Operating Activities	806	1,087	1,144	1,170	1,598	1,485	2,089	1,491	1,814	2,415
Net Income / (Loss) Continuing Operations	589	738	671	1,125	1,382	1,067	1,728	1,344	1,817	2,338
Consolidated Net Income / (Loss)	589	738	671	1,125	1,382	1,067	1,728	1,344	1,817	2,338
Depreciation Expense	65	74	86	109	160	226	283	338	402	445
Amortization Expense	51	64	45	27	50	12	60	103	61	11
Non-Cash Adjustments To Reconcile Net Income	168	178	209	261	336	395	449	509	593	676
Changes in Operating Assets and Liabilities, net	-66	33	133	-352	-330	-216	-431	-804	-1,058	-1,055
Net Cash From Investing Activities	-850	-1,279	379	-1,050	-1,154	-941	-2,462	1,371	-360	-3,273
Net Cash From Continuing Investing Activities	-850	-1,279	379	-1,050	-1,154	-941	-2,462	1,371	-360	-3,273
Purchase of Property, Plant & Equipment	-81	-54	-191	-187	-426	-342	-340	-532	-1,064	-1,111
Acquisitions	-	0.00	0.00	-88	-60	-38	-23	-13	-8.90	-1.00
Purchase of Investments	-1,827	-2,586	-1,995	-2,582	-3,346	-4,293	-6,452	-1,400	-2,207	-5,140
Sale and/or Maturity of Investments	1,059	1,360	2,564	1,808	2,677	3,732	4,353	3,316	2,920	2,979
Net Cash From Financing Activities	159	514	-1,913	126	-168	-86	43	-2,572	-288	151
Net Cash From Continuing Financing Activities	159	514	-1,913	126	-168	-86	43	-2,572	-288	151
Repurchase of Common Equity	-184	-43	-2,274	0.00	-270	-134	0.00	-2,607	-416	0.00
Payment of Dividends	-	-	-	-	-	-	-	0.00	0.00	-8.00
Issuance of Common Equity	361	581	418	247	283	309	277	234	296	429
Other Financing Activities, net	-11	-24	-57	-120	-182	-260	-234	-199	-168	-271
Effect of Exchange Rate Changes	-1.50	0.00	2.10	-0.10	-2.20	-2.60	-3.40	5.40	3.30	-0.80

This table details how cash moves in and out of Intuitive Surgical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	2.80	47	565	1,292	165	-853	97	200	-621	-384	555
Net Cash From Operating Activities	383	438	371	666	548	228	265	621	707	823	582
Net Cash From Continuing Operating Activities	383	438	371	666	548	228	265	621	707	823	582
Net Income / (Loss) Continuing Operations	325	337	361	426	420	611	547	532	571	688	704
Consolidated Net Income / (Loss)	325	337	361	426	420	611	547	532	571	688	704
Depreciation Expense	82	99	88	92	104	118	104	107	113	122	138
Amortization Expense	25	19	17	22	13	8.10	7.70	-5.90	0.60	8.70	-5.60
Non-Cash Adjustments To Reconcile Net Income	138	128	140	147	156	150	153	174	173	176	185
Changes in Operating Assets and Liabilities, net	-186	-144	-234	-21	-144	-659	-547	-186	-150	-172	-439
Net Cash From Investing Activities	545	575	573	558	-447	-1,044	-129	-467	-1,413	-1,264	214
Net Cash From Continuing Investing Activities	545	575	573	558	-447	-1,044	-129	-467	-1,413	-1,264	214
Purchase of Property, Plant & Equipment	-169	-139	-194	-178	-256	-436	-242	-309	-248	-312	-117
Purchase of Investments	-17	-5.90	-3.50	-11	-806	-1,387	-906	-884	-1,920	-1,430	-520
Sale and/or Maturity of Investments	731	720	771	754	616	780	1,019	726	755	479	850
Net Cash From Financing Activities	-927	-964	-381	63	62	-32	-47	50	98	49	-236
Net Cash From Continuing Financing Activities	-927	-964	-381	63	62	-32	-47	50	98	49	-236
Issuance of Common Equity	82	45	100	75	77	44	180	72	116	62	134
Other Financing Activities, net	-8.80	-7.90	-131	-11	-16	-9.30	-227	-14	-17	-13	-370
Effect of Exchange Rate Changes	1.90	-2.50	1.80	5.20	-	-	6.80	-3.70	-12	8.30	-4.50

This table presents Intuitive Surgical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,907	6,487	5,777	7,847	9,733	11,169	13,555	12,974	15,442	18,743
Total Current Assets	2,196	3,250	2,809	4,333	4,663	6,626	5,845	6,253	7,888	7,111
Cash & Equivalents	715	1,037	648	858	1,168	1,623	1,291	1,581	2,750	2,027
Short-Term Investments	845	1,518	1,312	2,205	2,054	3,489	2,913	2,537	2,473	1,986
Accounts Receivable	394	430	508	682	645	646	783	942	1,130	1,225
Inventories, net	168	182	241	409	596	602	587	893	1,221	1,487
Prepaid Expenses	74	83	99	179	200	268	271	300	314	385
Plant, Property, & Equipment, net	432	458	613	812	1,273	1,577	1,876	2,374	3,538	4,647
Total Noncurrent Assets	2,280	2,778	2,355	2,702	3,798	2,966	5,834	4,347	4,016	6,986
Long-Term Investments	1,788	2,283	1,886	1,771	2,624	1,758	4,416	2,624	2,120	4,819
Goodwill	201	201	201	241	307	337	344	349	349	348
Intangible Assets	123	143	196	261	441	504	633	710	637	774
Noncurrent Deferred & Refundable Income Taxes	168	151	72	429	426	368	441	665	911	1,045
Total Liabilities & Shareholders' Equity	4,907	6,487	5,777	7,847	9,733	11,169	13,555	12,974	15,442	18,743
Total Liabilities	588	709	996	1,159	1,449	1,410	1,604	1,861	2,044	2,214
Total Current Liabilities	492	597	663	821	1,030	965	1,150	1,422	1,659	1,745
Accounts Payable	53	69	83	101	124	82	121	147	189	193
Current Deferred Revenue	226	241	244	294	338	350	377	397	446	469
Current Employee Benefit Liabilities	117	136	168	194	252	235	350	402	436	536
Other Current Liabilities	-	-	169	232	317	298	301	476	588	548
Total Noncurrent Liabilities	96	113	334	339	418	445	454	439	386	468
Long-Term Debt	-	-	334	339	418	445	454	439	386	468
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,320	5,778	4,780	6,688	8,285	9,759	11,952	11,113	13,397	16,530
Total Preferred & Common Equity	4,320	5,778	4,779	6,679	8,264	9,732	11,901	11,042	13,308	16,434
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,320	5,778	4,779	6,679	8,264	9,732	11,901	11,042	13,308	16,434
Common Stock	3,430	4,212	4,679	5,170	5,757	6,445	7,164	7,704	8,577	9,682
Retained Earnings	899	1,575	115	1,522	2,495	3,261	4,761	3,500	4,743	6,803
Accumulated Other Comprehensive Income / (Loss)	-9.50	-8.90	-16	-13	12	25	-24	-163	-12	-51
Noncontrolling Interest	-	0.00	1.60	8.70	21	28	50	71	90	96

This table presents Intuitive Surgical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	13,261	12,974	13,053	13,903	14,713	15,442	15,828	16,650	17,743	18,743	19,220
Total Current Assets	6,293	6,253	6,877	8,032	8,903	7,888	7,633	7,654	7,216	7,111	7,658
Cash & Equivalents	1,538	1,581	2,143	3,435	3,602	2,750	2,840	3,037	2,413	2,027	2,574
Short-Term Investments	2,776	2,537	2,549	2,364	2,874	2,473	1,961	1,721	1,818	1,986	1,938
Accounts Receivable	850	942	925	904	963	1,130	1,128	1,109	1,153	1,225	1,222
Inventories, net	837	893	947	1,005	1,148	1,221	1,299	1,384	1,482	1,487	1,554
Prepaid Expenses	293	300	313	323	317	314	405	404	349	385	371
Plant, Property, & Equipment, net	2,244	2,374	2,580	2,831	3,077	3,538	3,800	4,117	4,433	4,647	4,799
Total Noncurrent Assets	4,724	4,347	3,596	3,041	2,733	4,016	4,396	4,879	6,095	6,986	6,764
Long-Term Investments	3,078	2,624	1,886	1,333	1,045	2,120	2,523	2,926	4,080	4,819	4,590
Goodwill	348	349	349	349	348	349	348	348	348	348	348
Intangible Assets	710	710	716	693	638	637	607	658	670	774	788
Noncurrent Deferred & Refundable Income Taxes	587	665	645	667	701	911	918	947	997	1,045	1,039
Total Liabilities & Shareholders' Equity	13,261	12,974	13,053	13,903	14,713	15,442	15,828	16,650	17,743	18,743	19,220
Total Liabilities	1,687	1,861	1,759	1,944	2,089	2,044	1,782	1,853	2,066	2,214	2,013
Total Current Liabilities	1,233	1,422	1,307	1,538	1,676	1,659	1,375	1,488	1,677	1,745	1,538
Accounts Payable	164	147	164	200	196	189	194	194	219	193	276
Current Deferred Revenue	359	397	418	405	395	446	438	434	426	469	496
Current Employee Benefit Liabilities	308	402	261	347	375	436	238	321	378	536	310
Other Current Liabilities	402	476	465	587	711	588	505	538	655	548	456
Total Noncurrent Liabilities	453	439	452	405	413	386	407	366	389	468	475
Long-Term Debt	453	439	452	405	413	386	407	366	389	468	475
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,574	11,113	11,294	11,960	12,624	13,397	14,046	14,797	15,678	16,530	17,208
Total Preferred & Common Equity	11,515	11,042	11,218	11,879	12,539	13,308	13,963	14,708	15,583	16,434	17,106
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	11,515	11,042	11,218	11,879	12,539	13,308	13,963	14,708	15,583	16,434	17,106
Common Stock	7,685	7,704	7,929	8,151	8,386	8,577	8,903	9,150	9,441	9,682	9,994
Retained Earnings	4,018	3,500	3,397	3,808	4,209	4,743	5,068	5,582	6,130	6,803	7,139
Accumulated Other Comprehensive Income / (Loss)	-188	-163	-109	-80	-57	-12	-8.70	-24	13	-51	-27
Noncontrolling Interest	59	71	77	81	85	90	84	88	94	96	101

This table displays calculated financial ratios and metrics derived from Intuitive Surgical's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.85%	13.51%	15.95%	18.67%	20.25%	-2.68%	31.01%	8.97%	14.49%	17.24%
EBITDA Growth	33.03%	28.48%	10.02%	14.46%	21.04%	-15.60%	54.52%	-8.28%	18.20%	29.29%
EBIT Growth	38.16%	29.90%	12.13%	15.81%	17.41%	-19.65%	56.61%	-15.00%	21.91%	36.50%
NOPAT Growth	38.22%	23.88%	-9.30%	63.38%	19.89%	-26.61%	79.42%	-20.74%	24.22%	25.28%
Net Income Growth	40.59%	25.39%	-9.13%	67.69%	22.83%	-22.80%	61.99%	-22.20%	35.18%	28.62%
EPS Growth	40.59%	25.39%	-7.83%	64.47%	22.83%	-22.80%	58.50%	-21.67%	37.81%	27.63%
Operating Cash Flow Growth	21.21%	34.83%	5.23%	2.25%	36.65%	-7.10%	40.72%	-28.65%	21.67%	33.15%
Free Cash Flow Firm Growth	72.83%	53.24%	-57.24%	-58.98%	358.87%	-24.60%	169.07%	-75.71%	-96.65%	3,213.41%
Invested Capital Growth	10.12%	-3.27%	34.85%	72.92%	30.39%	16.68%	13.53%	27.07%	33.87%	26.80%
Revenue Q/Q Growth	3.10%	3.14%	4.43%	4.33%	5.44%	1.19%	4.04%	1.70%	3.99%	6.17%
EBITDA Q/Q Growth	8.58%	3.70%	4.36%	1.46%	6.44%	2.13%	1.10%	-2.00%	5.66%	10.52%
EBIT Q/Q Growth	9.69%	3.01%	5.81%	1.39%	5.10%	0.40%	0.95%	-3.57%	6.60%	12.35%
NOPAT Q/Q Growth	7.03%	1.75%	-26.05%	38.67%	5.36%	1.45%	2.11%	-4.45%	15.55%	4.75%
Net Income Q/Q Growth	7.92%	2.27%	-26.18%	40.24%	5.45%	0.08%	1.12%	-3.31%	17.75%	3.42%
EPS Q/Q Growth	7.92%	2.27%	-29.03%	34.61%	5.45%	0.08%	-1.48%	-5.93%	16.71%	1.90%
Operating Cash Flow Q/Q Growth	18.09%	1.12%	0.20%	0.52%	15.51%	5.31%	-2.78%	-8.01%	-10.36%	32.64%
Free Cash Flow Firm Q/Q Growth	31.77%	4.87%	-54.30%	203.14%	25.94%	39.63%	-6.94%	-31.93%	-98.16%	217.40%
Invested Capital Q/Q Growth	-1.85%	-4.14%	9.47%	7.18%	3.18%	-0.80%	2.66%	3.78%	16.75%	5.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.18%	69.94%	70.17%	69.92%	69.45%	65.65%	69.32%	67.44%	66.39%	67.46%
EBITDA Margin	36.67%	41.51%	39.39%	37.99%	38.23%	33.16%	39.11%	32.92%	33.98%	37.48%
Operating Margin	31.04%	35.09%	33.87%	32.21%	30.69%	24.09%	31.89%	25.35%	24.80%	28.12%
EBIT Margin	31.81%	36.41%	35.20%	34.36%	33.54%	27.69%	33.10%	25.82%	27.50%	32.01%
Profit (Net Income) Margin	24.69%	27.28%	21.38%	30.21%	30.85%	24.48%	30.26%	21.61%	25.51%	27.99%
Tax Burden Percent	77.63%	74.93%	60.73%	87.93%	91.99%	88.38%	91.42%	83.67%	92.77%	87.42%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	22.37%	25.07%	39.27%	12.08%	8.01%	11.62%	8.58%	16.33%	7.23%	12.58%
Return on Invested Capital (ROIC)	61.96%	74.45%	58.48%	60.97%	50.08%	29.97%	46.76%	30.70%	29.14%	28.12%
ROIC Less NNEP Spread (ROIC-NNEP)	61.47%	73.80%	57.87%	59.21%	47.71%	27.62%	45.89%	30.36%	26.45%	24.41%
Return on Net Nonoperating Assets (RNNOA)	-46.67%	-59.83%	-45.77%	-41.35%	-31.62%	-18.14%	-30.84%	-19.04%	-14.31%	-12.50%
Return on Equity (ROE)	15.30%	14.62%	12.71%	19.62%	18.46%	11.82%	15.92%	11.66%	14.83%	15.62%
Cash Return on Invested Capital (CROIC)	52.33%	77.78%	28.80%	7.54%	23.69%	14.57%	34.09%	6.86%	0.18%	4.49%
Operating Return on Assets (OROA)	17.11%	17.29%	18.02%	18.78%	17.09%	11.55%	15.29%	12.11%	13.79%	15.64%
Return on Assets (ROA)	13.28%	12.96%	10.94%	16.52%	15.72%	10.21%	13.98%	10.14%	12.79%	13.68%
Return on Common Equity (ROCE)	15.30%	14.62%	12.71%	19.60%	18.42%	11.79%	15.86%	11.60%	14.73%	15.52%
Return on Equity Simple (ROE_SIMPLE)	13.63%	12.78%	14.04%	16.84%	16.72%	10.96%	14.52%	12.18%	13.66%	14.22%
Net Operating Profit after Tax (NOPAT)	574	712	645	1,055	1,264	928	1,665	1,320	1,639	2,053
NOPAT Margin	24.09%	26.29%	20.57%	28.32%	28.23%	21.29%	29.15%	21.21%	23.01%	24.59%
Net Nonoperating Expense Percent (NNEP)	0.49%	0.65%	0.61%	1.76%	2.37%	2.34%	0.87%	0.34%	2.69%	3.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.42%	11.89%	12.08%
Cost of Revenue to Revenue	33.82%	30.06%	29.83%	30.08%	30.55%	34.35%	30.68%	32.56%	33.61%	32.54%
SG&A Expenses to Revenue	26.86%	26.00%	25.83%	26.49%	26.31%	27.91%	25.68%	27.96%	27.57%	25.62%
R&D to Revenue	8.28%	8.85%	10.47%	11.23%	12.44%	13.65%	11.75%	14.13%	14.02%	13.71%
Operating Expenses to Revenue	35.14%	34.85%	36.30%	37.72%	38.76%	41.56%	37.43%	42.09%	41.59%	39.34%
Earnings before Interest and Taxes (EBIT)	759	985	1,105	1,280	1,502	1,207	1,890	1,607	1,959	2,674
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	874	1,123	1,236	1,415	1,712	1,445	2,233	2,048	2,421	3,130
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.72	4.25	8.56	8.19	8.27	9.88	10.79	8.49	8.93	11.31
Price to Tangible Book Value (P/TBV)	5.11	4.52	9.33	8.85	9.09	10.82	11.75	9.39	9.64	12.14
Price to Revenue (P/Rev)	8.56	9.08	13.03	14.69	15.26	22.07	22.48	15.07	16.67	22.26
Price to Earnings (P/E)	34.66	33.28	60.95	48.49	49.53	90.68	75.30	70.91	66.06	80.04
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.89%	3.00%	1.64%	2.06%	2.02%	1.10%	1.33%	1.41%	1.51%	1.25%
Enterprise Value to Invested Capital (EV/IC)	17.56	21.00	29.49	22.91	22.02	26.92	31.76	18.20	17.38	21.76
Enterprise Value to Revenue (EV/Rev)	7.15	7.29	11.91	13.48	14.05	20.60	21.06	14.07	15.71	21.27
Enterprise Value to EBITDA (EV/EBITDA)	19.51	17.57	30.24	35.49	36.74	62.12	53.84	42.74	46.22	56.75
Enterprise Value to EBIT (EV/EBIT)	22.49	20.03	33.83	39.24	41.88	74.38	63.61	54.48	57.13	66.44
Enterprise Value to NOPAT (EV/NOPAT)	29.70	27.73	57.91	47.61	49.76	96.76	72.23	66.34	68.27	86.51
Enterprise Value to Operating Cash Flow (EV/OCF)	21.16	18.15	32.68	42.93	39.37	60.46	57.55	58.72	61.70	73.56
Enterprise Value to Free Cash Flow (EV/FCFF)	35.16	26.55	117.60	385.10	105.17	199.03	99.07	296.89	11,319.69	542.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.07	0.05	0.05	0.05	0.04	0.04	0.03	0.03
Long-Term Debt to Equity	0.00	0.00	0.07	0.05	0.05	0.05	0.04	0.04	0.03	0.03
Financial Leverage	-0.76	-0.81	-0.79	-0.70	-0.66	-0.66	-0.67	-0.63	-0.54	-0.51
Leverage Ratio	1.15	1.13	1.16	1.19	1.17	1.16	1.14	1.15	1.16	1.14
Compound Leverage Factor	1.15	1.13	1.16	1.19	1.17	1.16	1.14	1.15	1.16	1.14
Debt to Total Capital	0.00%	0.00%	6.52%	4.82%	4.81%	4.36%	3.66%	3.80%	2.80%	2.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	6.52%	4.82%	4.81%	4.36%	3.66%	3.80%	2.80%	2.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.03%	0.12%	0.24%	0.27%	0.41%	0.61%	0.65%	0.56%
Common Equity to Total Capital	100.00%	100.00%	93.45%	95.06%	94.95%	95.37%	95.94%	95.59%	96.55%	96.68%
Debt to EBITDA	0.00	0.00	0.27	0.24	0.24	0.31	0.20	0.21	0.16	0.15
Net Debt to EBITDA	0.00	0.00	-2.84	-3.18	-3.17	-4.45	-3.66	-3.08	-2.87	-2.67
Long-Term Debt to EBITDA	0.00	0.00	0.27	0.24	0.24	0.31	0.20	0.21	0.16	0.15
Debt to NOPAT	0.00	0.00	0.52	0.32	0.33	0.48	0.27	0.33	0.24	0.23
Net Debt to NOPAT	0.00	0.00	-5.44	-4.26	-4.29	-6.92	-4.91	-4.78	-4.24	-4.07
Long-Term Debt to NOPAT	0.00	0.00	0.52	0.32	0.33	0.48	0.27	0.33	0.24	0.23
Altman Z-Score	22.50	22.54	26.27	30.13	30.08	42.69	49.82	31.94	36.66	52.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.02%	0.09%	0.20%	0.27%	0.36%	0.53%	0.65%	0.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.46	5.45	4.24	5.28	4.53	6.86	5.08	4.40	4.76	4.07
Quick Ratio	3.97	5.00	3.72	4.56	3.75	5.96	4.34	3.56	3.83	3.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	485	743	318	130	598	451	1,214	295	9.89	328
Operating Cash Flow to CapEx	995.31%	2,016.70%	599.84%	624.12%	375.52%	434.79%	615.43%	280.02%	170.44%	217.33%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.48	0.51	0.55	0.51	0.42	0.46	0.47	0.50	0.49
Accounts Receivable Turnover	6.72	6.57	6.69	6.26	6.75	6.75	8.00	7.22	6.88	7.09
Inventory Turnover	4.61	4.65	4.42	3.45	2.72	2.50	2.95	2.74	2.27	2.01
Fixed Asset Turnover	5.82	6.08	5.86	5.23	4.30	3.06	3.31	2.93	2.41	2.04
Accounts Payable Turnover	14.12	13.44	12.40	12.23	12.21	14.60	17.27	15.11	14.27	14.23
Days Sales Outstanding (DSO)	54.30	55.60	54.55	58.32	54.10	54.05	45.65	50.59	53.09	51.47
Days Inventory Outstanding (DIO)	79.11	78.55	82.56	105.94	133.98	145.91	123.84	133.33	161.10	181.82
Days Payable Outstanding (DPO)	25.84	27.16	29.44	29.85	29.90	25.00	21.13	24.16	25.58	25.66
Cash Conversion Cycle (CCC)	107.56	106.99	107.67	134.41	158.17	174.95	148.36	159.76	188.60	207.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	972	940	1,268	2,192	2,858	3,335	3,786	4,810	6,440	8,166
Invested Capital Turnover	2.57	2.83	2.84	2.15	1.77	1.41	1.60	1.45	1.27	1.14
Increase / (Decrease) in Invested Capital	89	-32	328	924	666	477	451	1,025	1,629	1,726
Enterprise Value (EV)	17,060	19,734	37,379	50,206	62,915	89,775	120,240	87,539	111,907	177,643
Market Capitalization	20,407	24,572	40,891	54,693	68,321	96,172	128,355	93,771	118,775	185,911
Book Value per Share	$115.60	$149.12	$42.65	$58.48	$71.50	$82.78	$33.31	$31.25	$37.80	$46.14
Tangible Book Value per Share	$106.93	$140.24	$39.11	$54.09	$65.03	$75.63	$30.58	$28.25	$35.00	$42.99
Total Capital	4,320	5,778	5,114	7,026	8,703	10,204	12,405	11,552	13,783	16,998
Total Debt	0.00	0.00	334	339	418	445	454	439	386	468
Total Long-Term Debt	0.00	0.00	334	339	418	445	454	439	386	468
Net Debt	-3,348	-4,838	-3,513	-4,496	-5,427	-6,425	-8,166	-6,302	-6,958	-8,364
Capital Expenditures (CapEx)	81	54	191	187	426	342	340	532	1,064	1,111
Debt-free, Cash-free Net Working Capital (DFCFNWC)	144	99	186	450	411	549	491	713	1,006	1,352
Debt-free Net Working Capital (DFNWC)	1,704	2,654	2,146	3,513	3,632	5,661	4,695	4,831	6,229	5,366
Net Working Capital (NWC)	1,704	2,654	2,146	3,513	3,632	5,661	4,695	4,831	6,229	5,366
Net Nonoperating Expense (NNE)	-14	-27	-25	-70	-117	-139	-63	-25	-178	-284
Net Nonoperating Obligations (NNO)	-3,348	-4,838	-3,513	-4,496	-5,427	-6,425	-8,166	-6,302	-6,958	-8,364
Total Depreciation and Amortization (D&A)	116	138	131	135	210	238	343	441	462	456
Debt-free, Cash-free Net Working Capital to Revenue	6.03%	3.67%	5.91%	12.07%	9.17%	12.60%	8.60%	11.46%	14.12%	16.19%
Debt-free Net Working Capital to Revenue	71.45%	98.06%	68.39%	94.32%	81.11%	129.88%	82.22%	77.64%	87.44%	64.24%
Net Working Capital to Revenue	71.45%	98.06%	68.39%	94.32%	81.11%	129.88%	82.22%	77.64%	87.44%	64.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.76	$2.13	$1.97	$3.31	$3.98	$3.02	$4.79	$3.72	$5.12	$6.54
Adjusted Weighted Average Basic Shares Outstanding	333.90M	344.70M	335.10M	341.10M	346.20M	351M	356.10M	355.70M	351.20M	355.20M
Adjusted Diluted Earnings per Share	$1.73	$2.08	$1.89	$3.16	$3.85	$2.94	$4.66	$3.65	$5.03	$6.42
Adjusted Weighted Average Diluted Shares Outstanding	341.10M	353.70M	348.90M	356.40M	358.50M	360.90M	365.80M	362M	357.40M	362M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	336.42M	349.08M	336.90M	343.47M	347.95M	353.15M	357.74M	350.39M	352.33M	356.66M
Normalized Net Operating Profit after Tax (NOPAT)	574	712	645	1,055	1,264	928	1,665	1,320	1,639	2,053
Normalized NOPAT Margin	24.09%	26.29%	20.57%	28.32%	28.23%	21.29%	29.15%	21.21%	23.01%	24.59%
Pre Tax Income Margin	31.81%	36.41%	35.20%	34.36%	33.54%	27.69%	33.10%	25.82%	27.50%	32.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%
Augmented Payout Ratio	31.20%	5.76%	338.95%	0.00%	19.50%	12.59%	0.00%	193.95%	22.91%	0.34%

This table displays calculated financial ratios and metrics derived from Intuitive Surgical's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.98%	6.73%	14.01%	15.36%	11.96%	16.51%	11.46%	14.47%	16.88%	25.16%	19.19%
EBITDA Growth	-7.53%	-7.56%	1.54%	20.84%	25.39%	25.31%	23.46%	23.13%	22.82%	46.41%	23.06%
EBIT Growth	-12.64%	-13.10%	4.82%	22.68%	29.59%	30.71%	27.67%	31.11%	28.54%	56.97%	24.14%
NOPAT Growth	-13.48%	-16.27%	-11.50%	28.99%	16.50%	67.71%	43.92%	16.55%	31.05%	17.16%	27.53%
Net Income Growth	-16.14%	-12.02%	-2.33%	35.84%	29.29%	81.38%	51.72%	24.77%	35.92%	12.66%	28.55%
EPS Growth	-13.46%	-14.95%	0.00%	38.82%	28.89%	90.11%	51.00%	23.73%	34.48%	9.25%	27.15%
Operating Cash Flow Growth	-23.57%	-22.86%	66.55%	49.03%	43.11%	-47.86%	-28.54%	-6.79%	28.83%	260.32%	119.14%
Free Cash Flow Firm Growth	-1,477.42%	-887.32%	-74.59%	1.56%	19.25%	-55.07%	-121.35%	-269.56%	-245.76%	-0.48%	43.31%
Invested Capital Growth	25.70%	27.07%	24.08%	20.17%	18.99%	33.87%	37.99%	42.92%	40.60%	26.80%	20.35%
Revenue Q/Q Growth	2.32%	6.27%	2.49%	3.52%	-0.69%	10.59%	-1.96%	6.31%	1.40%	18.42%	-6.63%
EBITDA Q/Q Growth	0.32%	0.61%	2.81%	16.46%	4.09%	0.55%	1.29%	16.14%	3.83%	19.86%	-14.86%
EBIT Q/Q Growth	-1.01%	-2.01%	6.87%	18.35%	4.57%	-1.17%	4.38%	21.54%	2.52%	20.69%	-17.45%
NOPAT Q/Q Growth	4.94%	-1.18%	4.34%	19.22%	-5.23%	42.26%	-10.46%	-3.45%	6.56%	27.18%	-2.53%
Net Income Q/Q Growth	3.54%	3.70%	7.16%	18.07%	-1.46%	45.47%	-10.37%	-2.90%	7.36%	20.57%	2.28%
EPS Q/Q Growth	5.88%	1.11%	9.89%	18.00%	-1.69%	49.14%	-12.72%	-3.31%	6.85%	21.15%	1.59%
Operating Cash Flow Q/Q Growth	-14.22%	14.27%	-15.19%	79.24%	-17.62%	-58.37%	16.25%	133.80%	13.86%	16.43%	-29.30%
Free Cash Flow Firm Q/Q Growth	-27.61%	-12.89%	5.05%	28.03%	-4.67%	-116.78%	-35.54%	-20.16%	2.07%	37.00%	23.53%
Invested Capital Q/Q Growth	6.44%	3.78%	7.42%	1.28%	5.40%	16.75%	10.72%	4.90%	3.69%	5.29%	5.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.55%	67.12%	65.62%	66.74%	66.94%	66.24%	65.87%	68.30%	67.41%	68.04%	64.69%
EBITDA Margin	32.70%	30.96%	31.06%	34.94%	36.62%	33.30%	34.40%	37.58%	38.48%	38.95%	35.52%
Operating Margin	25.61%	22.51%	22.85%	26.38%	26.71%	23.35%	24.83%	28.23%	28.33%	30.45%	25.65%
EBIT Margin	25.86%	23.85%	24.87%	28.43%	29.94%	26.75%	28.48%	32.56%	32.92%	33.55%	29.67%
Profit (Net Income) Margin	20.85%	20.34%	21.27%	24.26%	24.08%	31.67%	28.95%	26.44%	28.00%	28.51%	31.23%
Tax Burden Percent	80.61%	85.31%	85.54%	85.34%	80.42%	118.38%	101.65%	81.21%	85.04%	84.96%	105.27%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	19.39%	14.69%	14.46%	14.66%	19.58%	-18.38%	-1.65%	18.79%	14.96%	15.04%	-5.27%
Return on Invested Capital (ROIC)	30.35%	27.80%	26.94%	31.29%	29.00%	35.00%	30.04%	27.31%	28.56%	29.59%	29.96%
ROIC Less NNEP Spread (ROIC-NNEP)	30.31%	27.53%	26.53%	30.87%	28.35%	33.83%	28.96%	26.30%	27.50%	28.76%	28.73%
Return on Net Nonoperating Assets (RNNOA)	-19.36%	-17.27%	-15.97%	-18.56%	-16.46%	-18.30%	-14.91%	-13.80%	-14.60%	-14.72%	-14.29%
Return on Equity (ROE)	11.00%	10.52%	10.97%	12.74%	12.54%	16.70%	15.13%	13.50%	13.95%	14.86%	15.67%
Cash Return on Invested Capital (CROIC)	10.41%	6.86%	5.91%	10.19%	10.60%	0.18%	-2.90%	-6.29%	-4.21%	4.49%	9.36%
Operating Return on Assets (OROA)	12.08%	11.19%	11.96%	13.73%	14.66%	13.42%	14.44%	16.14%	15.96%	16.40%	14.75%
Return on Assets (ROA)	9.74%	9.54%	10.23%	11.71%	11.79%	15.88%	14.67%	13.11%	13.57%	13.93%	15.53%
Return on Common Equity (ROCE)	10.94%	10.47%	10.91%	12.66%	12.46%	16.59%	15.04%	13.42%	13.87%	14.77%	15.58%
Return on Equity Simple (ROE_SIMPLE)	12.07%	0.00%	11.91%	12.19%	12.31%	0.00%	14.35%	14.34%	14.50%	0.00%	14.58%
Net Operating Profit after Tax (NOPAT)	322	318	332	395	375	533	477	461	491	624	609
NOPAT Margin	20.65%	19.20%	19.55%	22.51%	21.48%	27.64%	25.24%	22.92%	24.09%	25.87%	27.01%
Net Nonoperating Expense Percent (NNEP)	0.04%	0.26%	0.41%	0.43%	0.64%	1.17%	1.08%	1.01%	1.06%	0.83%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	-	2.75%	-	-	-	3.87%	-	-	-	3.67%	3.44%
Cost of Revenue to Revenue	32.45%	32.88%	34.38%	33.26%	33.06%	33.76%	34.13%	31.70%	32.59%	31.96%	35.31%
SG&A Expenses to Revenue	28.00%	29.87%	28.33%	26.44%	25.92%	29.41%	26.00%	26.14%	25.05%	25.38%	25.00%
R&D to Revenue	13.94%	14.75%	14.44%	13.92%	14.30%	13.49%	15.05%	13.94%	14.03%	12.21%	14.03%
Operating Expenses to Revenue	41.94%	44.62%	42.77%	40.36%	40.22%	42.90%	41.05%	40.07%	39.09%	37.59%	39.03%
Earnings before Interest and Taxes (EBIT)	403	395	422	499	522	516	539	655	671	810	669
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	509	512	527	614	639	642	650	755	784	940	800
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.81	8.49	7.98	10.09	8.19	8.93	10.06	10.73	11.20	11.31	10.33
Price to Tangible Book Value (P/TBV)	6.40	9.39	8.82	11.06	8.89	9.64	10.80	11.52	11.99	12.14	11.06
Price to Revenue (P/Rev)	10.94	15.07	13.92	17.98	14.99	16.67	19.20	20.84	22.19	22.26	20.27
Price to Earnings (P/E)	48.58	70.91	68.23	84.08	67.71	66.06	70.69	75.36	77.83	80.04	71.34
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.06%	1.41%	1.47%	1.19%	1.48%	1.51%	1.41%	1.33%	1.28%	1.25%	1.40%
Enterprise Value to Invested Capital (EV/IC)	12.96	18.20	16.15	21.63	17.35	17.38	18.75	20.13	21.50	21.76	19.59
Enterprise Value to Revenue (EV/Rev)	9.82	14.07	12.98	16.98	13.97	15.71	18.27	19.88	21.20	21.27	19.29
Enterprise Value to EBITDA (EV/EBITDA)	28.73	42.74	40.59	52.34	41.76	46.22	52.53	56.04	58.88	56.75	51.25
Enterprise Value to EBIT (EV/EBIT)	36.04	54.48	51.32	65.85	52.06	57.13	64.40	67.49	70.06	66.44	59.96
Enterprise Value to NOPAT (EV/NOPAT)	43.49	66.34	65.28	82.78	67.45	68.27	74.90	81.55	85.06	86.51	76.91
Enterprise Value to Operating Cash Flow (EV/OCF)	37.06	58.72	50.92	60.90	47.28	61.70	78.27	90.56	91.58	73.56	61.55
Enterprise Value to Free Cash Flow (EV/FCFF)	138.64	296.89	302.59	231.60	177.77	11,319.69	0.00	0.00	0.00	542.32	228.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.02	0.02	0.03	0.03
Long-Term Debt to Equity	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.02	0.02	0.03	0.03
Financial Leverage	-0.64	-0.63	-0.60	-0.60	-0.58	-0.54	-0.51	-0.52	-0.53	-0.51	-0.50
Leverage Ratio	1.14	1.15	1.14	1.15	1.16	1.16	1.14	1.14	1.15	1.14	1.12
Compound Leverage Factor	1.14	1.15	1.14	1.15	1.16	1.16	1.14	1.14	1.15	1.14	1.12
Debt to Total Capital	3.77%	3.80%	3.84%	3.28%	3.17%	2.80%	2.81%	2.41%	2.42%	2.76%	2.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	3.77%	3.80%	3.84%	3.28%	3.17%	2.80%	2.81%	2.41%	2.42%	2.76%	2.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.49%	0.61%	0.65%	0.65%	0.65%	0.65%	0.58%	0.58%	0.59%	0.56%	0.57%
Common Equity to Total Capital	95.74%	95.59%	95.50%	96.07%	96.19%	96.55%	96.61%	97.01%	96.99%	96.68%	96.74%
Debt to EBITDA	0.22	0.21	0.22	0.19	0.18	0.16	0.16	0.14	0.14	0.15	0.14
Net Debt to EBITDA	-3.32	-3.08	-2.98	-3.11	-3.10	-2.87	-2.72	-2.72	-2.80	-2.67	-2.63
Long-Term Debt to EBITDA	0.22	0.21	0.22	0.19	0.18	0.16	0.16	0.14	0.14	0.15	0.14
Debt to NOPAT	0.33	0.33	0.35	0.30	0.29	0.24	0.23	0.20	0.20	0.23	0.22
Net Debt to NOPAT	-5.02	-4.78	-4.79	-4.92	-5.01	-4.24	-3.88	-3.96	-4.04	-4.07	-3.95
Long-Term Debt to NOPAT	0.33	0.33	0.35	0.30	0.29	0.24	0.23	0.20	0.20	0.23	0.22
Altman Z-Score	25.25	31.63	32.01	38.53	31.07	36.35	48.82	52.58	52.13	51.83	54.13
Noncontrolling Interest Sharing Ratio	0.47%	0.53%	0.56%	0.58%	0.59%	0.65%	0.63%	0.63%	0.63%	0.62%	0.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.10	4.40	5.26	5.22	5.31	4.76	5.55	5.15	4.30	4.07	4.98
Quick Ratio	4.19	3.56	4.30	4.36	4.44	3.83	4.31	3.94	3.21	3.00	3.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-626	-707	-671	-483	-506	-1,096	-1,486	-1,785	-1,748	-1,102	-842
Operating Cash Flow to CapEx	226.61%	314.58%	191.34%	373.36%	213.97%	52.42%	109.71%	200.55%	284.99%	263.65%	498.80%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.47	0.48	0.48	0.49	0.50	0.51	0.50	0.48	0.49	0.50
Accounts Receivable Turnover	7.92	7.22	7.02	7.65	7.56	6.88	7.13	7.52	7.44	7.09	7.42
Inventory Turnover	2.77	2.74	2.66	2.56	2.31	2.27	2.19	2.10	1.98	2.01	2.01
Fixed Asset Turnover	3.07	2.93	2.83	2.70	2.58	2.41	2.29	2.18	2.10	2.04	2.03
Accounts Payable Turnover	13.88	15.11	14.59	12.69	12.70	14.27	13.70	12.74	12.52	14.23	12.19
Days Sales Outstanding (DSO)	46.08	50.59	51.97	47.72	48.28	53.09	51.20	48.52	49.08	51.47	49.20
Days Inventory Outstanding (DIO)	131.60	133.33	136.96	142.37	158.31	161.10	166.85	173.72	184.73	181.82	181.51
Days Payable Outstanding (DPO)	26.30	24.16	25.02	28.77	28.75	25.58	26.63	28.66	29.15	25.66	29.94
Cash Conversion Cycle (CCC)	151.37	159.76	163.92	161.33	177.84	188.60	191.41	193.59	204.66	207.64	200.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,635	4,810	5,167	5,233	5,516	6,440	7,130	7,479	7,755	8,166	8,581
Invested Capital Turnover	1.47	1.45	1.38	1.39	1.35	1.27	1.19	1.19	1.19	1.14	1.11
Increase / (Decrease) in Invested Capital	948	1,025	1,003	878	880	1,629	1,963	2,246	2,239	1,726	1,451
Enterprise Value (EV)	60,057	87,539	83,464	113,169	95,674	111,907	133,676	150,562	166,747	177,643	168,116
Market Capitalization	66,937	93,771	89,514	119,815	102,697	118,775	140,508	157,791	174,575	185,911	176,641
Book Value per Share	$32.25	$31.25	$32.01	$33.90	$35.69	$37.80	$39.50	$41.47	$43.85	$46.14	$47.96
Tangible Book Value per Share	$29.28	$28.25	$28.98	$30.93	$32.88	$35.00	$36.80	$38.63	$40.99	$42.99	$44.78
Total Capital	12,027	11,552	11,746	12,365	13,036	13,783	14,453	15,162	16,067	16,998	17,682
Total Debt	453	439	452	405	413	386	407	366	389	468	475
Total Long-Term Debt	453	439	452	405	413	386	407	366	389	468	475
Net Debt	-6,939	-6,302	-6,127	-6,727	-7,108	-6,958	-6,916	-7,317	-7,922	-8,364	-8,627
Capital Expenditures (CapEx)	169	139	194	178	256	436	242	309	248	312	117
Debt-free, Cash-free Net Working Capital (DFCFNWC)	746	713	877	694	751	1,006	1,458	1,410	1,307	1,352	1,608
Debt-free Net Working Capital (DFNWC)	5,060	4,831	5,570	6,493	7,227	6,229	6,258	6,167	5,539	5,366	6,120
Net Working Capital (NWC)	5,060	4,831	5,570	6,493	7,227	6,229	6,258	6,167	5,539	5,366	6,120
Net Nonoperating Expense (NNE)	-3.14	-19	-29	-31	-45	-78	-70	-71	-80	-64	-95
Net Nonoperating Obligations (NNO)	-6,939	-6,302	-6,127	-6,727	-7,108	-6,958	-6,916	-7,317	-7,922	-8,364	-8,627
Total Depreciation and Amortization (D&A)	107	118	105	114	117	126	112	101	113	130	132
Debt-free, Cash-free Net Working Capital to Revenue	12.19%	11.46%	13.64%	10.42%	10.96%	14.12%	19.92%	18.61%	16.62%	16.19%	18.46%
Debt-free Net Working Capital to Revenue	82.70%	77.64%	86.61%	97.43%	105.48%	87.44%	85.50%	81.44%	70.41%	64.24%	70.22%
Net Working Capital to Revenue	82.70%	77.64%	86.61%	97.43%	105.48%	87.44%	85.50%	81.44%	70.41%	64.24%	70.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.91	$0.91	$1.01	$1.20	$1.18	$1.73	$1.54	$1.48	$1.59	$1.93	$1.95
Adjusted Weighted Average Basic Shares Outstanding	355.30M	355.70M	350.20M	350.90M	351.70M	351.20M	353.50M	355M	355.80M	355.20M	357.50M
Adjusted Diluted Earnings per Share	$0.90	$0.91	$1.00	$1.18	$1.16	$1.73	$1.51	$1.46	$1.56	$1.89	$1.92
Adjusted Weighted Average Diluted Shares Outstanding	360.50M	362M	356M	357.30M	358.20M	357.40M	360.50M	361M	362.70M	362M	364.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.91	$0.00	$0.00	$0.00	$1.73	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	353.38M	350.39M	350.40M	351.35M	352.07M	352.33M	354.71M	355.35M	356.18M	356.66M	358.42M
Normalized Net Operating Profit after Tax (NOPAT)	322	318	332	395	375	315	329	461	491	624	405
Normalized NOPAT Margin	20.65%	19.20%	19.55%	22.51%	21.48%	16.34%	17.38%	22.92%	24.09%	25.87%	17.96%
Pre Tax Income Margin	25.86%	23.85%	24.87%	28.43%	29.94%	26.75%	28.48%	32.56%	32.92%	33.55%	29.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%	0.00%
Augmented Payout Ratio	115.55%	193.95%	213.42%	162.33%	87.53%	22.91%	3.31%	3.14%	2.93%	0.34%	0.00%

Frequently Asked Questions About Intuitive Surgical's Financials

When does Intuitive Surgical's fiscal year end?

According to the most recent income statement we have on file, Intuitive Surgical's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Intuitive Surgical's net income changed over the last 9 years?

Intuitive Surgical's net income appears to be on an upward trend, with a most recent value of $2.34 billion in 2024, rising from $588.80 million in 2015. The previous period was $1.82 billion in 2023. See Intuitive Surgical's forecast for analyst expectations on what’s next for the company.

What is Intuitive Surgical's operating income?

Intuitive Surgical's total operating income in 2024 was $2.35 billion, based on the following breakdown:

Total Gross Profit: $5.63 billion
Total Operating Expenses: $3.29 billion

How has Intuitive Surgical revenue changed over the last 9 years?

Over the last 9 years, Intuitive Surgical's total revenue changed from $2.38 billion in 2015 to $8.35 billion in 2024, a change of 250.3%.

How much debt does Intuitive Surgical have?

Intuitive Surgical's total liabilities were at $2.21 billion at the end of 2024, a 8.3% increase from 2023, and a 276.6% increase since 2015.

How much cash does Intuitive Surgical have?

In the past 9 years, Intuitive Surgical's cash and equivalents has ranged from $648.20 million in 2017 to $2.75 billion in 2023, and is currently $2.03 billion as of their latest financial filing in 2024.

How has Intuitive Surgical's book value per share changed over the last 9 years?

Over the last 9 years, Intuitive Surgical's book value per share changed from 115.60 in 2015 to 46.14 in 2024, a change of -60.1%.

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This page (NASDAQ:ISRG) was last updated on 5/6/2025 by MarketBeat.com Staff

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Intuitive Surgical (ISRG) Financials

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