ISRG · Intuitive Surgical Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $10.06B | $8.35B | $7.12B | $6.22B | $5.71B | $4.36B |
| Cost of Revenue | $3.42B | $2.72B | $2.39B | $2.03B | $1.75B | $1.50B |
| Gross Profit | $6.64B | $5.63B | $4.73B | $4.20B | $3.96B | $2.86B |
| R&D | $1.31B | $1.15B | $998.80M | $879.00M | $671.00M | $595.10M |
| SG&A | $2.38B | $2.14B | $1.96B | $1.74B | $1.47B | $1.22B |
| Total Operating Expenses | $3.70B | $3.29B | $2.96B | $2.62B | $2.14B | $1.81B |
| D&A | $600.00M | $439.00M | $382.00M | $326.00M | $280.00M | $220.60M |
| Operating Income | $2.95B | $2.35B | $1.77B | $1.58B | $1.82B | $1.05B |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $434.80M | $336.30M | $141.60M | $262.40M | $162.20M | $140.20M |
| Net Income | $2.86B | $2.32B | $1.80B | $1.32B | $1.70B | $1.06B |
| EPS - Basic | $8.00 | $6.54 | $5.12 | $3.72 | $4.79 | $3.02 |
| EPS - Diluted | $7.87 | $6.42 | $5.03 | $3.65 | $4.66 | $2.94 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.37B | $2.03B | $2.75B | $1.58B | $1.29B | $1.62B |
| Accounts Receivable | $1.53B | $1.23B | $1.13B | $942.10M | $782.70M | $645.50M |
| Inventory | $1.84B | $1.49B | $1.22B | $893.20M | $587.10M | $601.50M |
| Accounts Payable | $255.10M | $193.40M | $188.70M | $147.00M | $121.20M | $81.60M |
| Current Assets | $9.78B | $7.11B | $7.89B | $6.25B | $5.84B | $6.63B |
| Total Assets | $20.46B | $18.74B | $15.44B | $12.97B | $13.55B | $11.17B |
| Current Liabilities | $2.01B | $1.75B | $1.66B | $1.42B | $1.15B | $965.20M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $2.52B | $2.21B | $2.04B | $1.86B | $1.60B | $1.41B |
| Stockholders' Equity | $17.82B | $16.43B | $13.31B | $11.04B | $11.90B | $9.73B |
| Retained Earnings | $7.01B | $6.80B | $4.74B | $3.50B | $4.76B | $3.26B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.03B | $2.42B | $1.81B | $1.49B | $2.09B | $1.48B |
| Investing Cash Flow | $665.80M | ($3.27B) | ($360.10M) | $1.37B | ($2.46B) | ($940.60M) |
| Financing Cash Flow | ($2.36B) | $150.90M | ($287.60M) | ($2.57B) | $43.00M | ($85.70M) |
| CapEx | $539.80M | $1.11B | $1.06B | $532.40M | $353.50M | $341.50M |
| Free Cash Flow | $2.49B | $1.30B | $749.60M | $958.40M | $1.74B | $1.14B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% | 65.6% |
| Operating margin | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% | 24.1% |
| EBITDA margin | 35.2% | 33.4% | 30.2% | 30.6% | 36.8% | 29.1% |
| Net margin | 28.4% | 27.8% | 25.2% | 21.3% | 29.9% | 24.3% |
| Free cash flow margin | 24.7% | 15.6% | 10.5% | 15.4% | 30.4% | 26.2% |
| FCF / Net income | 0.87 | 0.56 | 0.42 | 0.72 | 1.02 | 1.08 |
| R&D / Revenue | 13.0% | 13.7% | 14.0% | 14.1% | 11.8% | 13.7% |
| SG&A / Revenue | 23.7% | 25.6% | 27.6% | 28.0% | 25.7% | 27.9% |
| Effective tax rate | 13.2% | 12.6% | 7.3% | 16.6% | 8.7% | 11.7% |
| Return on assets | 14.0% | 12.4% | 11.6% | 10.2% | 12.6% | 9.5% |
| Return on equity | 16.0% | 14.1% | 13.5% | 12.0% | 14.3% | 10.9% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 4.87 | 4.07 | 4.76 | 4.40 | 5.08 | 6.86 |
| Quick ratio | 3.96 | 3.22 | 4.02 | 3.77 | 4.57 | 6.24 |
| Cash ratio | 1.68 | 1.16 | 1.66 | 1.11 | 1.12 | 1.68 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.15 | 1.14 | 1.16 | 1.17 | 1.14 | 1.15 |
| Liabilities / Assets | 0.12 | 0.12 | 0.13 | 0.14 | 0.12 | 0.13 |
| Efficiency | ||||||
| Asset turnover | 0.49 | 0.45 | 0.46 | 0.48 | 0.42 | 0.39 |
| Inventory turnover | 1.86 | 1.83 | 1.96 | 2.27 | 2.98 | 2.49 |
| Days sales outstanding | 55d | 54d | 58d | 55d | 50d | 54d |
| Days inventory outstanding | 196d | 200d | 186d | 161d | 122d | 147d |
| Days payable outstanding | 27d | 26d | 29d | 26d | 25d | 20d |
| Cash conversion cycle | 224d | 227d | 215d | 190d | 147d | 181d |
| Valuation | ||||||
| P / E | 72.0x | 81.3x | 67.1x | 72.7x | 77.1x | 92.8x |
| P / B | 11.5x | 11.5x | 9.1x | 8.7x | 11.0x | 3.4x |
| P / S | 20.4x | 22.6x | 16.9x | 15.4x | 23.0x | 7.5x |
| EV / EBITDA | 57.0x | 67.0x | 54.8x | 49.6x | 61.9x | 24.5x |
| Growth | ||||||
| Revenue growth (YoY) | 20.5% | 17.2% | 14.5% | 9.0% | 31.0% | -2.7% |
| Revenue CAGR (3y) | 17.4% | 13.5% | 17.8% | 11.6% | 28.3% | 11.7% |
| Revenue CAGR (5y) | 18.2% | 13.3% | 21.4% | 14.7% | 16.1% | 12.8% |
| Gross profit growth (YoY) | 17.9% | 19.1% | 12.7% | 6.0% | 38.4% | -8.0% |
| Operating income growth (YoY) | 25.4% | 32.9% | 12.0% | -13.4% | 73.5% | -23.6% |
| Net income growth (YoY) | 23.0% | 29.2% | 36.0% | -22.4% | 60.7% | -23.1% |
| EPS growth (YoY) | 22.6% | 27.6% | 37.8% | -21.7% | 58.5% | -74.5% |
| EPS CAGR (3y) | 29.2% | 11.3% | 19.6% | -31.9% | -21.1% | -19.7% |
| EPS CAGR (5y) | 21.8% | -11.1% | -11.9% | -8.4% | -24.3% | -28.3% |
| FCF growth (YoY) | 91.0% | 73.9% | -21.8% | -44.8% | 51.8% | -2.5% |
| FCF CAGR (5y) | 16.9% | 2.1% | -5.3% | 0.1% | 11.9% | 10.6% |
| Book value growth (YoY) | 8.5% | 23.5% | 20.5% | -7.2% | 22.3% | 17.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$16.74B totalProduct$8.49B · 50.7%
Instrumentsand Accessories$4.20B · 25.1%
Systems$2.47B · 14.8%
Service$1.57B · 9.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
4.48
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Orthopedic, Prosthetic & Surgical Appliances & Supplies
Comparing INTUITIVE SURGICAL INC against the 5 most active filers in the same SIC group.