ISRGNasdaqOrthopedic, Prosthetic & Surgical Appliances & SuppliesFiscal year ends December 31
INTUITIVE SURGICAL INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026
$433.18+6.48 (+1.52%)
Close on Oct 19, 2026
- Market cap
- $154.78B
- P/E (TTM)
- 49.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
66.0%+0.3 pts over 5 years
Operating margin
29.3%+5.2 pts over 5 years
Net margin
28.4%+4.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.5% | +17.4% | +18.2% | +15.5% | |
| Gross profit | +17.9% | +16.5% | +18.3% | +15.5% | |
| Operating income | +25.4% | +23.1% | +22.9% | +14.8% | |
| Net income | +23.0% | +29.3% | +21.9% | +17.1% | |
| EPS, diluted | +22.6% | +29.2% | +21.8% | +16.4% | |
| Free cash flow | +91.0% | +37.5% | +16.9% | +13.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.6% | 11.8% | 16.7% | |
| Return on assets | 13.0% | 10.1% | 14.6% | |
| Current ratio | 5.45 | 6.86 | 4.87 | |
| Inventory turnover | 4.6× | 2.5× | 2.1× | |
| Capex to revenue | 2.0% | 7.8% | 5.4% | |
| Diluted shares | 354M | 361M | 363M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Intuitive Surgical generated $10.84B from operations and spent $8.91B on capital expenditure, dividends and share buybacks. 40% of that went back into the business.
Generated
$10.84B
Used
$8.91B
Capital expenditure$3.59B40%Dividends$00%Share buybacks$5.32B60%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin28.4%
×Asset turnover0.51×
×Equity multiplier1.14×
=Return on equity, FY202516.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 28.4% | 0.51× | 1.14× | 16.7% |
| FY2024 | 27.8% | 0.49× | 1.15× | 15.6% |
| FY2023 | 25.2% | 0.50× | 1.17× | 14.8% |
| FY2022 | 21.3% | 0.47× | 1.16× | 11.5% |
| FY2021 | 29.9% | 0.46× | 1.14× | 15.8% |
| FY2020 | 24.3% | 0.42× | 1.16× | 11.8% |
| FY2019 | 30.8% | 0.51× | 1.18× | 18.5% |
| FY2018 | 30.3% | 0.55× | 1.19× | 19.7% |
| FY2017 | 21.4% | 0.51× | 1.16× | 12.7% |
| FY2016 | 27.3% | 0.48× | 1.13× | 14.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$2.86B
- Cash generatingOperating cash flow above zero$3.03B
- Return on assets improvedROA up on the prior year15.0% → 15.2%
- Earnings backed by cashOperating cash flow above net income$3.03B vs $2.86B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.07 → 4.87
- No dilutionShare count did not rise362M → 363M
- Gross margin improvedGross margin up on the prior year67.46% → 66.00%
- More efficientAsset turnover rose0.54 → 0.54