Intuitive Surgical, Inc.ISRG
NasdaqGS•Healthcare•Medical Instruments & Supplies
Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung. The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights. It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.
Intuitive Surgical, Inc. (ISRG) reported trailing twelve months revenue of $10.58B as of March 2026, a 21.4% increase year-over-year. Quarterly revenue reached $2.77B, reflecting continued top-line momentum.
Intuitive Surgical, Inc. generated $2.98B in TTM net income, with quarterly EBITDA of $1.04B. The operating margin expanded from 25.7% to 30.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (30.9%) and net margin (29.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 31.0% a year ago, reflecting increased costs or interest expense.
ISRG trades at a P/E of 53.9x (a premium multiple) and a P/S of 15.2x. The price-to-book ratio of 9.1x indicates a significant premium over book value.
The company generated $808.60M in free cash flow over the trailing twelve months, a 73.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $20.11B in total assets with no in long-term debt against $17.60B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~29.3%, suggesting durable pricing power and cost discipline.
ROE averages 15.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~39.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~30.5% — no sign of cost or pricing stress.
FCF covers net income by 0.8x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation