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NASDAQ NMS - GLOBAL MARKET · Health Care · CIK 0001035267
$443.85
+3.67% · delayed ~15 min
Last price from Oct 22, 2026
$157.61B market value
From INTUITIVE SURGICAL INC's FY2025 10-K, filed Feb 3, 2026 · read the filing
INTUITIVE SURGICAL makes medical devices and equipment. It took in $10.06B last year, which makes it a large company. Of every dollar it sells, about 28 cents is left as profit.
The financial picture is led by profitability, growth and debt.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From INTUITIVE SURGICAL INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
$1.30B → $2.49B
Cash
$2.03B → $3.37B
Capital spending
$1.11B → $539.8M
Revenue
$8.35B → $10.06B
Measured against FY2024, from the 10-K filed Feb 3, 2026
Improved: +91.0%
$1.30B to $2.49BCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote delayed ~15 min), and what was published around it
ISRG rose 3.67% on the latest quote. The average Health Care company tracked here moved +1.57%, and the S&P 500 −1.04%. That is 2.1 points above its sector and 4.7 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 21% a year for the next 10 years. Over the last 10 years it grew by about 13% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 28 cents of every dollar of sales as profit, earning $2.86B last year.
Yes, quickly. Sales grew 20.5% last year.
It does not appear so. For every $1 it owes, it owns $8.13 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $2.86B and generated $3.03B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 3, 2026Filing for FY2025 | FY202410-K · Jan 31, 2025Filing for FY2024 | FY202310-K · Jan 31, 2024Filing for FY2023 | FY202210-K · Feb 10, 2023Filing for FY2022 | FY202110-K · Feb 10, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $10.06B | $8.35B | $7.12B | $6.22B | $5.71B | +20.5% |
| Cost of revenue | $3.42B | $2.72B | $2.39B | $2.03B | $1.75B | +25.9% |
| Gross profit | $6.64B | $5.63B | $4.73B | $4.20B | $3.96B | +17.9% |
| Gross marginGross profit ÷ revenueWhat is this? | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% | −1.5 pts |
| Selling, general and administrative | $2.38B | $2.14B | $1.96B | $1.74B | $1.47B | +11.4% |
| Operating income | $2.95B | $2.35B | $1.77B | $1.58B | $1.82B | +25.4% |
| Operating marginOperating income ÷ revenueWhat is this? | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% | +1.1 pts |
| Income before tax | $3.31B | $2.67B | $1.96B | $1.61B | $1.89B | +23.8% |
| Net income | $2.86B | $2.32B | $1.80B | $1.32B | $1.70B | +23.0% |
| Net marginNet income ÷ revenueWhat is this? | 28.4% | 27.8% | 25.2% | 21.3% | 29.9% | +0.6 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $8.04 | $6.51 | $5.10 | $3.78 | $4.77 | +23.5% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| ISRGINTUITIVE SURGICAL INC · this page | 10.0/10 | 7/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 2,612 shares
Holds 7,932 shares after this filing.
Had shares withheld to cover taxes — 1,296 shares at $423.96 ($549.5K)
Holds 6,636 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q3 FY2026
Revenue +21.7% · Operating margin −10.9 pts · Profit margin −11.0 pts — against Q3 FY2025
Read the filingPublished results
Read the filingWrite down why you are following INTUITIVE SURGICAL INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 46 subsidiaries named in its 10-K, incorporated across 30 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from ISRG's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 3, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 10.0 | 7/8 | 10-K, filed Feb 3, 2026 |
| FY2024 | 10.0 | 6/8 | 10-K, filed Jan 31, 2025 |
| FY2023 | 8.7 | 6/8 | 10-K, filed Jan 31, 2024 |
| FY2022 | 8.7 | 5/8 | 10-K, filed Feb 10, 2023 |
| FY2021 | 10.0 | 7/8 | 10-K, filed Feb 3, 2022 |
| FY2020 | 7.3 | 5/8 | 10-K, filed Feb 10, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
7 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
39.47
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +66.1%
$2.03B to $3.37BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: -51.4%
$1.11B to $539.8MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +20.5%
$8.35B to $10.06BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +17.9%
$5.63B to $6.64BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +25.4%
$2.35B to $2.95BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +23.0%
$2.32B to $2.86BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +23.5%
$6.51 to $8.04Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: −1.5 pts
67.5% to 66.0%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +1.1 pts
28.1% to 29.3%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Oct 21, 2026 — read it.
Deteriorated: −10.9 pts
30.3% to 19.4%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −11.0 pts
28.1% to 17.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +21.7%
$2.51B to $3.05BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +25.4%
$1.66B to $2.08BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: -22.0%
$759.7M to $592.6MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -25.8%
$704.4M to $522.8MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -24.0%
$1.98 to $1.51Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +2.0 pts
66.4% to 68.4%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +6.1%
$2.81B to $2.98BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -2.3%
354.9M to 346.6MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Oct 21, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: −14.2 pts
33.6% to 19.4%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −11.1 pts
28.3% to 17.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -39.0%
$971.9M to $592.6MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -36.1%
$818.1M to $522.8MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -34.7%
$2.31 to $1.51Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +5.4%
$2.89B to $3.05BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +6.3%
$1.96B to $2.08BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +7.9%
$2.76B to $2.98BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -2.1%
353.9M to 346.6MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 18% and 23%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 40 analysts covering this company, as of . Their views, not this site's.
Of 40 analysts publishing on this company, 13 say strong buy, 16 say buy, 10 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 2.1% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 55.0x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 20.5% |
| 28.4% |
| 55.19x |
| 0.14x |
| ABTABBOTT LABORATORIES | 9.0/10 | 6/9 | 5.7% | 14.7% | 27.25x | 0.66x |
|---|
| SYKSTRYKER CORP | 9.0/10 | 6/9 | 11.2% | 12.9% | 36.10x | 1.13x |
|---|
| BSXBOSTON SCIENTIFIC CORP | 10.0/10 | 8/9 | 19.9% | 14.4% | 23.48x | 0.80x |
|---|
| BDXBECTON DICKINSON & CO | 7.0/10 | 6/9 | 8.2% | 7.7% | 34.09x | 1.18x |
|---|
| EWEdwards Lifesciences Corp | 9.0/10 | 6/9 | 11.5% | 17.7% | 48.73x | 0.32x |
|---|
| IDXXIDEXX LABORATORIES INC /DE | 9.0/10 | 8/9 | 10.4% | 24.6% | 42.64x | 1.09x |
|---|
| RMDRESMED INC | 9.0/10 | 8/9 | 9.9% | 26.9% | 23.96x | 0.36x |
|---|
| Median of peers | 9.0/10 | — | 10.4% | 14.7% | 34.09x | 0.80x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Exercised stock options — 2,140 shares
Holds 2,140 shares after this filing.
Had shares withheld to cover taxes — 1,062 shares at $423.96 ($450.2K)
Holds 1,078 shares after this filing.
Exercised stock options — 546 shares at $79.64 ($43.5K)
Holds 1,572 shares after this filing.
Sold on the open market — 546 shares at $374.44 ($204.4K)
Holds 1,026 shares after this filing.
Exercised stock options — 543 shares at $109.49 ($59.5K)
Holds 1,569 shares after this filing.
Sold on the open market — 543 shares at $374.44 ($203.3K)
Holds 1,026 shares after this filing.
Sold on the open market — 23 shares at $347.66 ($8.0K)
Holds 789 shares after this filing.
Sold on the open market — 25 shares at $365.79 ($9.1K)
Holds 764 shares after this filing.
Sold on the open market — 46 shares at $361.23 ($16.6K)
Holds 835 shares after this filing.
Sold on the open market — 23 shares at $350.20 ($8.1K)
Holds 812 shares after this filing.
Sold on the open market — 77 shares at $396.37 ($30.5K)
Holds 958 shares after this filing.
Sold on the open market — 77 shares at $375.57 ($28.9K)
Holds 881 shares after this filing.
Sold on the open market — 77 shares at $390.67 ($30.1K)
Holds 1,189 shares after this filing.
Sold on the open market — 77 shares at $394.00 ($30.3K)
Holds 1,112 shares after this filing.
Sold on the open market — 77 shares at $394.26 ($30.4K)
Holds 1,035 shares after this filing.
Sold on the open market — 10,000 shares at $400.00 ($4.0M)
Holds 1,245,679 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 2,178 shares ($823.2K) on or after .
Shares originally obtained via Exercise of Stock Options.
Filed notice to sell 694 shares ($254.5K) on or after .
Shares originally obtained via Performance Stock Units.
Filed notice to sell 20,095 shares ($7.9M) on or after .
Shares originally obtained via RSU/PSU.
Filed notice to sell 400 shares ($151.5K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 472 shares ($178.8K) on or after .
Shares originally obtained via Restricted Stock Units.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Amended its charter or changed its financial year
Quarterly report for Q2 FY2026
Revenue +18.5% · Operating margin +3.1 pts · Gross profit +21.2% — against Q2 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join · Held a shareholder vote · Made a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2026
Revenue +23.0% · Operating margin +5.2 pts · Operating income +48.0% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingReported another event
Read the filingAnnual report for FY2025
Revenue +20.5% · Operating margin +1.1 pts · Free cash flow +91.0% — against FY2024
Read the filingPublished results
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2025
Revenue +22.9% · Operating margin +2.0 pts · Gross profit +21.0% — against Q3 FY2024
Read the filingPublished results
Read the filingQuarterly report for Q2 FY2025
Revenue +21.4% · Operating margin +2.2 pts · Gross profit +17.9% — against Q2 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingThe first 40 of 46. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-03. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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