Intuitive Surgical, Inc.

ISRGNASDAQ

$449.81

Last price · USD

Market cap: $163.1B
P/E: 57.2x
EV / EBITDA: 40.1x
P/S: 16.2x
FCF yield: 1.5%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Intuitive Surgical, Inc. balance sheet

Annual · USD millions except per-share data · 48 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	3,368	2,027	2,750	1,581	1,291	+27.1%
Short-term investments	2,567	1,986	2,473	2,541	2,940	-3.3%
Cash & short-term investments	5,935	4,013	5,223	4,118	4,231	+8.8%
Net receivables	1,628	1,357	1,268	1,073	893	+16.2%
Accounts receivable	1,527	1,225	1,130	942	783	+18.2%
Other receivables	101	131	137	131	110	-2.2%
Inventory	1,840	1,487	1,221	893	587	+33.1%
Prepaids	0	0	0	163	4	—
Other current assets	376	254	177	6	130	+30.5%
Total current assets	9,780	7,111	7,888	6,253	5,845	+13.7%
Non-current assets
Property, plant & equipment (net)	5,342	4,783	3,538	2,374	1,876	+29.9%
Goodwill	370	348	349	349	344	+1.9%
Intangible assets	11	23	39	50	71	-37.0%
Goodwill & intangible assets	381	371	388	398	414	-2.0%
Long-term investments	3,299	5,065	2,120	2,624	4,416	-7.0%
Tax assets	1,019	1,141	911	665	441	+23.3%
Other non-current assets	811	369	598	660	563	+9.6%
Total non-current assets	10,852	11,728	7,554	6,721	7,710	+8.9%
Total assets	20,631	18,839	15,442	12,974	13,555	+11.1%
Current liabilities
Accounts payable	255	193	189	147	121	+20.4%
Other payables	125	154	111	96	54	+23.4%
Total payables	381	348	300	243	175	+21.4%
Short-term debt	39	34	0	0	0	—
Tax payables	125	0	111	96	54	+23.4%
Deferred revenue	507	469	446	397	377	+7.7%
Other current liabilities	609	360	436	402	362	+13.9%
Total current liabilities	2,006	1,745	1,659	1,422	1,150	+14.9%
Non-current liabilities
Long-term debt	132	0	0	0	0	—
Capital lease obligations (non-current)	132	113	0	0	87	+11.0%
Deferred revenue (non-current)	91	54	46	41	37	+25.5%
Deferred tax liabilities (non-current)	173	95	0	0	0	—
Other non-current liabilities	156	302	340	398	330	-17.1%
Total non-current liabilities	683	564	386	439	454	+10.8%
Capital lease obligations	132	113	0	0	87	+11.0%
Total debt	303	146	0	0	87	+36.6%
Total liabilities	2,690	2,309	2,044	1,861	1,604	+13.8%
Stockholders' equity
Common stock	0	0	0	0	0	0.0%
Preferred stock	0	0	0	0	50	—
Retained earnings	7,012	6,803	4,743	3,500	4,761	+10.2%
Additional paid-in capital	10,769	9,681	8,576	7,704	7,164	+10.7%
Accumulated other comprehensive income (loss)	43	(51)	(12)	(162)	(24)	—
Total stockholders' equity	17,824	16,434	13,308	11,042	11,952	+10.5%
Total equity	17,942	16,530	13,397	11,113	12,002	+10.6%
Minority interest	118	96	90	71	50	+23.6%
Total liabilities & equity	20,631	18,839	15,442	12,974	13,555	+11.1%
Additional fields
Accrued Expenses	471	536	476	380	235	+18.9%
Net Debt	(3,065)	(1,881)	(2,750)	(1,581)	(1,204)	—
Total Investments	5,865	7,051	4,593	5,165	7,356	-5.5%

Intuitive Surgical, Inc.

ISRGNASDAQ

$449.81

Last price · USD

Market cap: $163.1B
P/E: 57.2x
EV / EBITDA: 40.1x
P/S: 16.2x
FCF yield: 1.5%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Intuitive Surgical, Inc. balance sheet

Annual · USD millions except per-share data · 48 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	3,368	2,027	2,750	1,581	1,291	+27.1%
Short-term investments	2,567	1,986	2,473	2,541	2,940	-3.3%
Cash & short-term investments	5,935	4,013	5,223	4,118	4,231	+8.8%
Net receivables	1,628	1,357	1,268	1,073	893	+16.2%
Accounts receivable	1,527	1,225	1,130	942	783	+18.2%
Other receivables	101	131	137	131	110	-2.2%
Inventory	1,840	1,487	1,221	893	587	+33.1%
Prepaids	0	0	0	163	4	—
Other current assets	376	254	177	6	130	+30.5%
Total current assets	9,780	7,111	7,888	6,253	5,845	+13.7%
Non-current assets
Property, plant & equipment (net)	5,342	4,783	3,538	2,374	1,876	+29.9%
Goodwill	370	348	349	349	344	+1.9%
Intangible assets	11	23	39	50	71	-37.0%
Goodwill & intangible assets	381	371	388	398	414	-2.0%
Long-term investments	3,299	5,065	2,120	2,624	4,416	-7.0%
Tax assets	1,019	1,141	911	665	441	+23.3%
Other non-current assets	811	369	598	660	563	+9.6%
Total non-current assets	10,852	11,728	7,554	6,721	7,710	+8.9%
Total assets	20,631	18,839	15,442	12,974	13,555	+11.1%
Current liabilities
Accounts payable	255	193	189	147	121	+20.4%
Other payables	125	154	111	96	54	+23.4%
Total payables	381	348	300	243	175	+21.4%
Short-term debt	39	34	0	0	0	—
Tax payables	125	0	111	96	54	+23.4%
Deferred revenue	507	469	446	397	377	+7.7%
Other current liabilities	609	360	436	402	362	+13.9%
Total current liabilities	2,006	1,745	1,659	1,422	1,150	+14.9%
Non-current liabilities
Long-term debt	132	0	0	0	0	—
Capital lease obligations (non-current)	132	113	0	0	87	+11.0%
Deferred revenue (non-current)	91	54	46	41	37	+25.5%
Deferred tax liabilities (non-current)	173	95	0	0	0	—
Other non-current liabilities	156	302	340	398	330	-17.1%
Total non-current liabilities	683	564	386	439	454	+10.8%
Capital lease obligations	132	113	0	0	87	+11.0%
Total debt	303	146	0	0	87	+36.6%
Total liabilities	2,690	2,309	2,044	1,861	1,604	+13.8%
Stockholders' equity
Common stock	0	0	0	0	0	0.0%
Preferred stock	0	0	0	0	50	—
Retained earnings	7,012	6,803	4,743	3,500	4,761	+10.2%
Additional paid-in capital	10,769	9,681	8,576	7,704	7,164	+10.7%
Accumulated other comprehensive income (loss)	43	(51)	(12)	(162)	(24)	—
Total stockholders' equity	17,824	16,434	13,308	11,042	11,952	+10.5%
Total equity	17,942	16,530	13,397	11,113	12,002	+10.6%
Minority interest	118	96	90	71	50	+23.6%
Total liabilities & equity	20,631	18,839	15,442	12,974	13,555	+11.1%
Additional fields
Accrued Expenses	471	536	476	380	235	+18.9%
Net Debt	(3,065)	(1,881)	(2,750)	(1,581)	(1,204)	—
Total Investments	5,865	7,051	4,593	5,165	7,356	-5.5%