Explain this page
Arphra AIPlain-English read on Intuitive Surgical, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
A+Top tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin66.0%
Operating margin29.3%
Net margin28.4%
ROE15.9%
ROA13.8%
ROIC17.2%
Liquidity & leverage
Current ratio4.87×
Quick ratio3.96×
Debt / equity0.02×
Net debt / EBITDA-0.85×
Interest coverage—
Efficiency & per-share
Asset turnover0.49×
Inventory days196
Days sales out.59
FCF / share$6.87
Book value / share$49.47
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $185.4B | $202.13B | — | — | — | — |
| Enterprise value | — | — | — | $183.52B | $199.07B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 21.97 | 19.78 | — | — | — | — |
| EV / FCF | — | — | — | 140.76 | 79.92 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +1.25% | +1.41% | — | — | — | — |
| Free cash flow yield | — | — | — | +0.70% | +1.23% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +69.32% | +67.44% | +66.39% | +67.46% | +66.00% | +68.00% | +68.45% | +68.33% | +66.85% |
| Operating margin | +31.89% | +25.35% | +24.80% | +28.12% | +29.27% | +28.01% | +26.86% | +27.42% | +27.61% |
| EBITDA margin | +37.32% | +31.23% | +30.45% | +33.66% | +35.99% | +32.78% | +34.33% | +32.52% | +33.93% |
| EBIT margin | +31.89% | +25.35% | +24.80% | +28.12% | +29.27% | +27.76% | +26.62% | +28.03% | +27.69% |
| Pre-tax margin | +33.10% | +25.82% | +27.50% | +32.01% | +32.90% | +30.66% | +31.55% | +30.49% | +31.17% |
| Net margin | +29.85% | +21.25% | +25.24% | +27.81% | +28.38% | +27.85% | +27.02% | +27.08% | +27.27% |
| Cost structure | |||||||||
| Cost of revenue / sales | +30.68% | +32.56% | +33.61% | +32.54% | +34.00% | +33.95% | +32.76% | +32.46% | +33.09% |
| R&D intensity | +11.75% | +14.13% | +14.02% | +13.71% | +13.03% | +13.92% | +13.92% | +13.27% | +13.22% |
| SG&A intensity | +25.68% | +27.96% | +27.57% | +25.62% | +23.70% | +25.22% | +25.04% | +25.89% | +25.87% |
| Effective tax rate | +8.58% | +16.33% | +7.23% | +12.58% | +13.13% | +11.07% | +10.92% | +11.32% | +10.78% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +14.20% | +11.90% | +13.42% | +14.05% | +15.92% | +15.11% | +14.55% | +14.39% | +14.20% |
| Return on assets (ROA) | +12.58% | +10.19% | +11.64% | +12.33% | +13.84% | +12.66% | +12.22% | +12.23% | +12.36% |
| Return on capital (ROC) | +15.06% | +14.19% | +13.19% | +14.09% | +16.14% | +15.06% | +14.34% | +14.45% | +14.26% |
| Return on invested capital (ROIC) | +14.10% | +11.90% | +13.42% | +13.93% | +15.65% | +14.98% | +14.43% | +14.27% | +14.09% |
| Asset turnover | +42.13% | +47.96% | +46.14% | +44.34% | +48.78% | +45.45% | +45.23% | +45.15% | +45.33% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +29.85% | +21.25% | +25.24% | +27.81% | +28.38% | +27.85% | +27.02% | +27.08% | +27.27% |
| Asset turnover (× revenue / assets) | +42.13% | +47.96% | +46.14% | +44.34% | +48.78% | +45.45% | +45.23% | +45.15% | +45.33% |
| Equity multiplier (× assets / equity) | +112.94% | +116.75% | +115.26% | +113.97% | +114.99% | +119.35% | +119.07% | +117.65% | +114.88% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.42 | 0.48 | 0.46 | 0.44 | 0.49 | 0.45 | 0.45 | 0.45 | 0.45 |
| Fixed-asset turnover | 3.04 | 2.62 | 2.01 | 1.75 | 1.88 | — | — | — | — |
| Inventory turnover | 2.98 | 2.27 | 1.96 | 1.83 | 1.86 | — | — | — | — |
| Receivables turnover | 6.39 | 5.80 | 5.62 | 6.16 | 6.18 | — | — | — | — |
| Payables turnover | 14.45 | 13.78 | 12.69 | 14.05 | 13.42 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 57.08 | 62.96 | 64.94 | 59.29 | 59.05 | — | — | — | — |
| Days inventory outstanding (DIO) | 122.34 | 160.90 | 186.05 | 199.72 | 196.24 | — | — | — | — |
| Days payables outstanding (DPO) | 25.26 | 26.48 | 28.76 | 25.97 | 27.21 | — | — | — | — |
| Cash conversion cycle | 154.17 | 197.38 | 222.23 | 233.04 | 228.08 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.23 | 1.13 | 1.01 | 1.04 | 1.06 | 1.04 | 1.07 | 1.07 | 1.01 |
| FCF / Net income | 1.02 | 0.72 | 0.42 | 0.56 | 0.87 | 0.62 | 0.63 | 0.63 | 0.61 |
| FCF margin | +30.40% | +15.40% | +10.52% | +15.61% | +24.75% | +17.13% | +16.97% | +17.09% | +16.57% |
| OCF margin | +36.59% | +23.96% | +25.46% | +28.91% | +30.11% | +28.90% | +28.84% | +28.98% | +27.43% |
| CapEx / Revenue | +6.19% | +8.56% | +14.94% | +13.30% | +5.36% | +11.29% | +10.87% | +10.95% | +11.47% |
| CapEx / D&A | 1.14 | 1.46 | 2.45 | 2.41 | 0.80 | — | — | — | — |
| Stock-based comp / Revenue | +7.87% | +8.25% | +8.40% | +8.10% | +7.83% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.66 | 3.65 | 5.03 | 6.42 | 7.87 | 10.39 | 11.77 | 13.31 | 15.65 |
| EPS · basic | 4.79 | 3.72 | 5.12 | 6.54 | 8.00 | 10.53 | 11.92 | 13.42 | 15.76 |
| Book value / share | 32.81 | 30.70 | 37.49 | 45.66 | 49.47 | 59.12 | 67.77 | 78.07 | 90.92 |
| Tangible BV / share | 31.68 | 29.60 | 36.40 | 44.64 | 48.42 | 59.12 | 67.77 | 78.07 | 90.92 |
| Sales / share | 15.61 | 17.19 | 19.93 | 23.07 | 27.75 | 32.07 | 36.50 | 41.47 | 47.35 |
| Operating CF / share | 5.71 | 4.12 | 5.07 | 6.67 | 8.36 | 9.27 | 10.53 | 12.02 | 12.99 |
| Free cash flow / share | 4.75 | 2.65 | 2.10 | 3.60 | 6.87 | 5.49 | 6.19 | 7.09 | 7.85 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +8.97% | +14.49% | +17.24% | +20.51% | +16.12% | +13.48% | +13.68% | +13.77% | +14.74% |
| Gross profit · YoY | — | +6.00% | +12.71% | +19.13% | +17.89% | +19.64% | +14.24% | +13.48% | +11.30% | +14.22% |
| Profit | ||||||||||
| Operating income · YoY | — | -13.39% | +12.03% | +32.95% | +25.40% | +11.13% | +8.83% | +16.07% | +14.56% | +12.69% |
| EBITDA · YoY | — | -8.84% | +11.64% | +29.59% | +28.88% | +5.76% | +18.86% | +7.68% | +18.71% | +13.38% |
| Net income · YoY | — | -22.43% | +35.98% | +29.18% | +22.97% | +13.99% | +10.07% | +13.96% | +14.56% | +13.45% |
| Operating | ||||||||||
| EBIT · YoY | — | -13.39% | +12.03% | +32.95% | +25.40% | +10.16% | +8.82% | +19.70% | +12.38% | +12.73% |
| R&D · YoY | — | +31.00% | +13.63% | +14.67% | +14.54% | +23.98% | +13.48% | +8.37% | +13.37% | +16.44% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -21.67% | +37.81% | +27.63% | +22.59% | +32.02% | +13.31% | +13.08% | +17.53% | +16.35% |
| EPS · basic · YoY | — | -22.34% | +37.63% | +27.73% | +22.32% | +31.66% | +13.18% | +12.60% | +17.38% | +16.05% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $87M | $0 | $0 | $146M | $302.8M | $187.33M | $208.7M | $241.62M | $267.58M |
| Net debt | -$1.2B | -$1.58B | -$2.75B | -$1.88B | -$3.07B | -$3.5B | -$4.1B | -$4.7B | -$5.32B |
| Net debt / EBITDA | -0.56 | -0.81 | -1.27 | -0.67 | -0.85 | -0.91 | -0.90 | -0.96 | -0.91 |
| Debt / equity | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
| Debt / assets | +0.64% | 0.00% | 0.00% | +0.78% | +1.47% | +0.73% | +0.71% | +0.72% | +0.71% |
| Equity / assets | +88.54% | +85.65% | +86.76% | +87.74% | +86.96% | +83.78% | +83.98% | +85.00% | +87.05% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | — | — | — | — | — | — | — |
| Operating income / interest | — | — | — | — | — | — | — | — | — |
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Liquidity | |||||||||
| Current ratio | 5.08 | 4.40 | 4.76 | 4.07 | 4.87 | — | — | — | — |
| Quick ratio | 4.46 | 3.65 | 3.91 | 3.08 | 3.77 | — | — | — | — |
| Cash ratio | 1.12 | 1.11 | 1.66 | 1.16 | 1.68 | — | — | — | — |
| Working capital | $4.7B | $4.83B | $6.23B | $5.37B | $7.77B | — | — | — | — |
| Working capital / revenue | +82.22% | +77.64% | +87.44% | +64.24% | +77.23% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 19.78x | 21.97x |
| Earnings yield | 1.4% | 1.3% |
| FCF yield | 1.2% | 0.7% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 16.0% | 14.1% |
| ROA | 13.8% | 12.3% |
| ROIC | 13.7% | 12.0% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -0.85 | -0.67 |
| Interest coverage | — | — |
| Current ratio | 4.87x | 4.07x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).