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Intuitive Surgical

Nasdaq:ISRG
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ISRG
Nasdaq
$61B
Market Cap
  1. Home
  2. US
  3. Healthcare
Company description

Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. The last earnings update was 2 days ago. More info.


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ISRG Share Price and Events
7 Day Returns
0.5%
NasdaqGS:ISRG
1.1%
US Medical Equipment
-1.2%
US Market
1 Year Returns
2.3%
NasdaqGS:ISRG
15.1%
US Medical Equipment
3.4%
US Market
ISRG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Intuitive Surgical (ISRG) 0.5% -0.8% 0.1% 2.3% 130.1% 237.8%
US Medical Equipment 1.1% 1.4% 13.5% 15.1% 63.6% 103.7%
US Market -1.2% 1.2% 1.7% 3.4% 35.5% 41.6%
1 Year Return vs Industry and Market
  • ISRG underperformed the Medical Equipment industry which returned 15.1% over the past year.
  • ISRG underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
ISRG
Industry
5yr Volatility vs Market

ISRG Value

 Is Intuitive Surgical undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Intuitive Surgical to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Intuitive Surgical.

NasdaqGS:ISRG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 18 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:ISRG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.87 (1 + (1- 21%) (0%))
0.913
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.913 * 5.96%)
8.17%

Discounted Cash Flow Calculation for NasdaqGS:ISRG using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Intuitive Surgical is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:ISRG DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.17%)
2020 1,342.33 Analyst x3 1,240.96
2021 2,216.00 Analyst x1 1,893.92
2022 2,438.00 Analyst x1 1,926.29
2023 2,814.00 Analyst x1 2,055.46
2024 3,119.28 Est @ 10.85% 2,106.37
2025 3,381.70 Est @ 8.41% 2,111.12
2026 3,608.55 Est @ 6.71% 2,082.60
2027 3,807.55 Est @ 5.51% 2,031.49
2028 3,985.71 Est @ 4.68% 1,965.95
2029 4,148.90 Est @ 4.09% 1,891.89
Present value of next 10 years cash flows $19,306.05
NasdaqGS:ISRG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $4,148.90 × (1 + 2.73%) ÷ (8.17% – 2.73%)
$78,359.66
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $78,359.66 ÷ (1 + 8.17%)10
$35,731.79
NasdaqGS:ISRG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $19,306.05 + $35,731.79
$55,037.84
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $55,037.84 / 115.45
$476.73
NasdaqGS:ISRG Discount to Share Price
Calculation Result
Value per share (USD) From above. $476.73
Current discount Discount to share price of $528.81
= -1 x ($528.81 - $476.73) / $476.73
-10.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Intuitive Surgical is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Intuitive Surgical's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Intuitive Surgical's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:ISRG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $10.55
NasdaqGS:ISRG Share Price ** NasdaqGS (2019-07-19) in USD $528.81
United States of America Medical Equipment Industry PE Ratio Median Figure of 63 Publicly-Listed Medical Equipment Companies 40.94x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Intuitive Surgical.

NasdaqGS:ISRG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:ISRG Share Price ÷ EPS (both in USD)

= 528.81 ÷ 10.55

50.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intuitive Surgical is overvalued based on earnings compared to the US Medical Equipment industry average.
  • Intuitive Surgical is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Intuitive Surgical's expected growth come at a high price?
Raw Data
NasdaqGS:ISRG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 50.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
8.9%per year
United States of America Medical Equipment Industry PEG Ratio Median Figure of 54 Publicly-Listed Medical Equipment Companies 2.38x
United States of America Market PEG Ratio Median Figure of 2,119 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NasdaqGS:ISRG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 50.14x ÷ 8.9%

5.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intuitive Surgical is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Intuitive Surgical's assets?
Raw Data
NasdaqGS:ISRG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $63.08
NasdaqGS:ISRG Share Price * NasdaqGS (2019-07-19) in USD $528.81
United States of America Medical Equipment Industry PB Ratio Median Figure of 182 Publicly-Listed Medical Equipment Companies 4.37x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NasdaqGS:ISRG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:ISRG Share Price ÷ Book Value per Share (both in USD)

= 528.81 ÷ 63.08

8.38x

* Primary Listing of Intuitive Surgical.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intuitive Surgical is overvalued based on assets compared to the US Medical Equipment industry average.
X
Value checks
We assess Intuitive Surgical's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check)
  5. Intuitive Surgical has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ISRG Future Performance

 How is Intuitive Surgical expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Intuitive Surgical expected to grow at an attractive rate?
  • Intuitive Surgical's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Intuitive Surgical's earnings growth is positive but not above the United States of America market average.
  • Intuitive Surgical's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:ISRG Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:ISRG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 8.9%
NasdaqGS:ISRG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 13%
United States of America Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 21.4%
United States of America Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 7.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:ISRG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:ISRG Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 7,668 3,248 1
2022-12-31 6,727 2,823 1
2021-12-31 5,668 2,282 1,485 11
2020-12-31 4,962 1,785 1,338 18
2019-12-31 4,343 1,594 1,226 18
NasdaqGS:ISRG Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 4,040 1,210
2019-03-31 3,850 1,223 1,147
2018-12-31 3,724 1,170 1,128
2018-09-30 3,560 1,164 793
2018-06-30 3,447 1,198 799
2018-03-31 3,306 1,183 778
2017-12-31 3,138 1,144 671
2017-09-30 3,003 1,142 906
2017-06-30 2,878 1,057 819
2017-03-31 2,790 1,102 780
2016-12-31 2,707 1,087 738
2016-09-30 2,619 1,041 722

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Intuitive Surgical's earnings are expected to grow by 8.9% yearly, however this is not considered high growth (20% yearly).
  • Intuitive Surgical's revenue is expected to grow by 13% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:ISRG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from Intuitive Surgical Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:ISRG Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 13.30 15.32 12.10 4.00
2020-12-31 11.46 13.58 9.83 8.00
2019-12-31 10.14 10.63 9.50 7.00
NasdaqGS:ISRG Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 10.55
2019-03-31 10.04
2018-12-31 9.92
2018-09-30 7.01
2018-06-30 7.10
2018-03-31 6.95
2017-12-31 6.01
2017-09-30 8.05
2017-06-30 7.20
2017-03-31 6.81
2016-12-31 6.43
2016-09-30 6.33

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Intuitive Surgical is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Intuitive Surgical's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Intuitive Surgical has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ISRG Past Performance

  How has Intuitive Surgical performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Intuitive Surgical's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Intuitive Surgical's year on year earnings growth rate has been positive over the past 5 years.
  • Intuitive Surgical's 1-year earnings growth exceeds its 5-year average (51.4% vs 18.7%)
  • Intuitive Surgical's earnings growth has exceeded the US Medical Equipment industry average in the past year (51.4% vs 31.9%).
Earnings and Revenue History
Intuitive Surgical's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Intuitive Surgical Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:ISRG Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 4,040.00 1,209.80 1,059.60 492.30
2019-03-31 3,850.40 1,146.80 998.40 466.60
2018-12-31 3,724.20 1,127.90 941.40 418.10
2018-09-30 3,560.40 793.00 876.40 385.30
2018-06-30 3,447.30 799.10 847.60 361.10
2018-03-31 3,306.10 777.70 820.00 350.60
2017-12-31 3,138.20 670.90 793.00 328.60
2017-09-30 3,003.10 906.40 762.10 310.60
2017-06-30 2,878.20 818.80 735.70 289.80
2017-03-31 2,789.50 780.30 712.00 259.90
2016-12-31 2,706.50 738.30 691.50 239.60
2016-09-30 2,619.30 721.90 665.90 223.10
2016-06-30 2,521.60 678.20 652.80 211.50
2016-03-31 2,434.00 628.20 643.10 206.20
2015-12-31 2,367.40 588.80 627.30 197.40
2015-09-30 2,284.60 545.60 621.00 192.10
2015-06-30 2,249.50 502.00 620.10 188.60
2015-03-31 2,179.20 471.50 615.00 179.40
2014-12-31 2,131.70 418.80 608.60 178.00
2014-09-30 2,082.20 438.20 601.70 172.40
2014-06-30 2,031.10 471.30 587.00 168.10
2014-03-31 2,097.40 526.40 580.90 169.10
2013-12-31 2,244.10 671.00 574.00 167.70
2013-09-30 2,298.20 679.70 574.40 167.70
2013-06-30 2,337.00 706.20 564.10 174.20
2013-03-31 2,295.00 702.00 539.50 173.20
2012-12-31 2,178.80 656.60 522.20 170.00
2012-09-30 2,066.30 632.90 496.10 169.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Intuitive Surgical has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Intuitive Surgical used its assets more efficiently than the US Medical Equipment industry average last year based on Return on Assets.
  • Intuitive Surgical's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Intuitive Surgical's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Intuitive Surgical has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ISRG Health

 How is Intuitive Surgical's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Intuitive Surgical's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Intuitive Surgical is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Intuitive Surgical's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Intuitive Surgical's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are -82.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Intuitive Surgical Company Filings, last reported 2 weeks ago.

NasdaqGS:ISRG Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 7,279.60 0.00 5,148.20
2019-03-31 7,040.40 0.00 2,808.70
2018-12-31 6,687.50 0.00 3,063.10
2018-09-30 6,288.50 0.00 3,135.90
2018-06-30 5,869.20 0.00 2,932.50
2018-03-31 5,506.40 0.00 2,517.30
2017-12-31 4,780.40 0.00 1,960.60
2017-09-30 4,959.90 0.00 2,146.80
2017-06-30 4,522.30 0.00 1,823.40
2017-03-31 4,127.50 0.00 1,464.80
2016-12-31 5,777.80 0.00 2,554.60
2016-09-30 5,541.80 0.00 2,215.30
2016-06-30 5,181.50 0.00 2,183.80
2016-03-31 4,750.40 0.00 1,808.40
2015-12-31 4,319.50 0.00 1,559.80
2015-09-30 4,115.20 0.00 1,739.70
2015-06-30 3,792.70 0.00 1,561.50
2015-03-31 3,585.40 0.00 1,362.20
2014-12-31 3,379.40 0.00 1,232.50
2014-09-30 3,084.20 0.00 1,014.30
2014-06-30 2,822.40 0.00 978.60
2014-03-31 3,656.60 0.00 1,559.30
2013-12-31 3,501.40 0.00 1,403.50
2013-09-30 3,264.30 0.00 1,212.90
2013-06-30 3,718.80 0.00 1,290.20
2013-03-31 3,772.20 0.00 1,358.20
2012-12-31 3,580.10 0.00 1,324.40
2012-09-30 3,293.50 0.00 1,141.40
  • Intuitive Surgical's level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (0% vs 0% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Intuitive Surgical has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Intuitive Surgical's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Intuitive Surgical has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ISRG Dividends

 What is Intuitive Surgical's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Intuitive Surgical dividends. Estimated to be 0% next year.
If you bought $2,000 of Intuitive Surgical shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Intuitive Surgical's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Intuitive Surgical's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:ISRG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
United States of America Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 1.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2016 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:ISRG Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 3.00
2019-12-31 0.00 3.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Intuitive Surgical has not reported any payouts.
  • Unable to verify if Intuitive Surgical's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Intuitive Surgical's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Intuitive Surgical has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Intuitive Surgical's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Intuitive Surgical's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Intuitive Surgical afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Intuitive Surgical has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ISRG Management

 What is the CEO of Intuitive Surgical's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gary Guthart
COMPENSATION $6,423,078
AGE 53
TENURE AS CEO 9.5 years
CEO Bio

Dr. Gary S. Guthart, Ph.D., has been the President of Intuitive Surgical, Inc. since July 12, 2007 and also has been its Chief Executive Officer since January 01, 2010. Dr. Guthart served as the Chief Operating Officer at Intuitive Surgical, Inc. from February 09, 2006 to December 31, 2009 and also served as its Executive Vice President until July 12, 2007 and Senior Vice President of Product Operations until February 09, 2006. He joined Intuitive Surgical, Inc. in April 1996 and served as the Vice President of Engineering in November 1999. He was part of the core team developing foundation technology for computer enhanced-surgery at SRI International (formally Stanford Research Institute). While at SRI, he also developed technologies for vibration and acoustic control of large-scale systems. He has been a Director of Illumina, Inc. since December 1, 2017, Affymetrix Inc since May 2009 and Intuitive Surgical, Inc. since April 22, 2009. Upon receiving his Doctorate Degree from the California Institute of Technology, he was honored with the Richard Bruce Chapman Memorial Award. In addition, Dr. Guthart received a B.S. in Engineering from the University of California, Berkeley, where he graduated magna cum laude and an M.S. and Ph.D. in Engineering Science from the California Institute of Technology.

CEO Compensation
  • Gary's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Gary's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Intuitive Surgical management team in years:

5.6
Average Tenure
55
Average Age
  • The average tenure for the Intuitive Surgical management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Gary Guthart

TITLE
CEO, President & Director
COMPENSATION
$6M
AGE
53
TENURE
9.5 yrs

Marshall Mohr

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
63

Salvatore Brogna

TITLE
Executive VP & COO
COMPENSATION
$5M
AGE
64
TENURE
1.7 yrs

Dave Rosa

TITLE
Executive VP & Chief Business Officer
COMPENSATION
$5M
AGE
51
TENURE
6.5 yrs

Myriam J. McAdams

TITLE
Executive VP & Chief Medical Officer
COMPENSATION
$4M
AGE
62
TENURE
13.6 yrs

Jamie Samath

TITLE
VP, Corporate Controller & Principal Accounting Officer
COMPENSATION
$2M
AGE
48
TENURE
5.8 yrs

Calvin Darling

TITLE
Senior Director of IR

Kara Reiter

TITLE
Senior VP
AGE
55
TENURE
1 yrs

David Stoffel

TITLE
Vice President of Marketing & New Business Development
TENURE
5.5 yrs

Suresh Sathyamurthy

TITLE
Senior Vice President of Global Marketing
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the Intuitive Surgical board of directors in years:

9.3
Average Tenure
61
Average Age
  • The tenure for the Intuitive Surgical board of directors is about average.
Board of Directors

Lonnie Smith

TITLE
Chairman
COMPENSATION
$446K
AGE
75
TENURE
16.3 yrs

Gary Guthart

TITLE
CEO, President & Director
COMPENSATION
$6M
AGE
53
TENURE
10.3 yrs

Alan Levy

TITLE
Director
COMPENSATION
$364K
AGE
81
TENURE
19.4 yrs

Mark Rubash

TITLE
Independent Director
COMPENSATION
$368K
AGE
61
TENURE
11.8 yrs

Amal Johnson

TITLE
Director
COMPENSATION
$365K
AGE
66
TENURE
9.3 yrs

Craig Barratt

TITLE
Independent lead Director
COMPENSATION
$399K
AGE
57
TENURE
1.3 yrs

Keith Leonard

TITLE
Director
COMPENSATION
$355K
AGE
57
TENURE
3.5 yrs

Jami K. Nachtsheim

TITLE
Director
COMPENSATION
$351K
AGE
60
TENURE
2.3 yrs

Don Kania

TITLE
Director
COMPENSATION
$236K
AGE
64
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Intuitive Surgical individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. May 19 Sell Lonnie Smith Individual 16. May 19 16. May 19 -227 $493.39 $-112,000
28. Feb 19 Sell Lonnie Smith Individual 26. Feb 19 26. Feb 19 -210 $546.56 $-114,777
08. Nov 18 Sell Lonnie Smith Individual 07. Nov 18 07. Nov 18 -225 $540.04 $-121,509
07. Aug 18 Sell Lonnie Smith Individual 06. Aug 18 06. Aug 18 -245 $521.19 $-127,690
X
Management checks
We assess Intuitive Surgical's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Intuitive Surgical has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ISRG News

Simply Wall St News

Is Intuitive Surgical, Inc.'s (NASDAQ:ISRG) CEO Paid Enough Relative To Peers?

First, this article will compare CEO compensation with compensation at other large companies. … See our latest analysis for Intuitive Surgical How Does Gary Guthart's Compensation Compare With Similar Sized Companies? … If you think CEO compensation levels are interesting you will probably really like this free visualization of insider trading at Intuitive Surgical.

Simply Wall St -

What Kind Of Shareholders Own Intuitive Surgical, Inc. (NASDAQ:ISRG)?

Check out our latest analysis for Intuitive Surgical NasdaqGS:ISRG Ownership Summary, July 9th 2019 What Does The Institutional Ownership Tell Us About Intuitive Surgical? … As you can see, institutional investors own 88% of Intuitive Surgical. … Insider Ownership Of Intuitive Surgical While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Why You Should Like Intuitive Surgical, Inc.’s (NASDAQ:ISRG) ROCE

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Intuitive Surgical: 0.16 = US$1.2b ÷ (US$8.2b - US$740m) (Based on the trailing twelve months to March 2019.) Therefore, Intuitive Surgical has an ROCE of 16%. … What Are Current Liabilities, And How Do They Affect Intuitive Surgical's ROCE? … Low current liabilities have only a minimal impact on Intuitive Surgical's ROCE, making its decent returns more credible.

Simply Wall St -

Is Intuitive Surgical, Inc.'s (NASDAQ:ISRG) Stock Available For A Good Price After Accounting For Growth?

This illustrates that Intuitive Surgical is overvalued compared to the US market average ratio of 18x , and overvalued based on current earnings compared to the Medical Equipment industry average of 41.6x. … However, since Intuitive Surgical is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 53.11x and expected year-on-year earnings growth of 11% give Intuitive Surgical a quite high PEG ratio of 4.85x.

Simply Wall St -

Is Intuitive Surgical, Inc.'s (NASDAQ:ISRG) Growth Strong Enough To Justify Its June Share Price?

Check out our latest analysis for Intuitive Surgical Where's the growth? … This tells us that Intuitive Surgical is overvalued compared to the US market average ratio of 18x , and overvalued based on current earnings compared to the Medical Equipment industry average of 41.6x. … A PE ratio of 53.11x and expected year-on-year earnings growth of 11% give Intuitive Surgical a quite high PEG ratio of 4.85x.

Simply Wall St -

Here's Why I Think Intuitive Surgical (NASDAQ:ISRG) Is An Interesting Stock

In contrast to all that, I prefer to spend time on companies like Intuitive Surgical (NASDAQ:ISRG), which has not only revenues, but also profits. … We would not expect to see insiders owning a large percentage of a US$53b company like Intuitive Surgical. … For growth investors like me, Intuitive Surgical's raw rate of earnings growth is a beacon in the night.

Simply Wall St -

What You Must Know About Intuitive Surgical, Inc.'s (NASDAQ:ISRG) Financial Health

Moreover, ISRG has produced cash from operations of US$1.2b during the same period of time, leading to an operating cash to total debt ratio of 1596%, signalling that ISRG’s operating cash is sufficient to cover its debt. … NasdaqGS:ISRG Historical Debt, May 28th 2019 Can ISRG service its debt comfortably? … This range is considered safe as ISRG is not taking on too much debt obligation, which can be restrictive and risky for equity-holders.

Simply Wall St -

Should You Be Tempted To Sell Intuitive Surgical, Inc. (NASDAQ:ISRG) Because Of Its P/E Ratio?

What is Intuitive Surgical's P/E ratio? … See our latest analysis for Intuitive Surgical How Do You Calculate Intuitive Surgical's P/E Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Intuitive Surgical: P/E of 48.83 = $490.14 ÷ $10.04 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good?

Simply Wall St -

Can Intuitive Surgical, Inc. (NASDAQ:ISRG) Save Your Portfolio?

High quality companies, such as Intuitive Surgical, Inc., are impacted by general market panic and sell-off, but the fundamentals of these companies stay the same. … View our latest analysis for Intuitive Surgical. … designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories

Simply Wall St -

A Look At The Intrinsic Value Of Intuitive Surgical, Inc. (NASDAQ:ISRG)

Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. … We're using the 2-stage growth model, which simply means we take in account two stages of company's growth … In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate.

Simply Wall St -

ISRG Company Info

Description

Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. Its da Vinci Surgical System transforms the surgeon’s natural hand movements outside the body into corresponding micro-movements inside the patient’s body. The company’s da Vinci Surgical System include surgeon’s consoles, patient-side carts, 3-D vision systems, da Vinci skills simulators, da Vinci Xi integrated table motions, and Firefly fluorescence imaging products that enable surgeons to perform various surgical procedures, including gynecologic, urologic, general, cardiothoracic, and head and neck surgical procedures. It also manufactures EndoWrist instruments, such as forceps, scissors, electrocautery tools, scalpels, and other surgical tools, which incorporate wrist joints for natural dexterity for various surgical procedures. In addition, the company offers EndoWrist Stapler, a wristed stapling instrument for resection, transection, and creation of anastomoses; and EndoWrist One Vessel Sealers that are wristed single-use instruments for bipolar coagulation and mechanical transection of vessels up to 7mm in diameter and tissue bundles that fit in the jaws of the instrument. Further, it provides da Vinci Single-Site, a set of non-wristed and wristed instruments and accessories that allow da Vinci Surgical Systems to work through a single incision. Additionally, the company sells various accessories comprising sterile drapes for ensuring sterile field during surgery; and vision products that include replacement 3D stereo endoscopes, camera heads, light guides, and other items that facilitate use of the da Vinci Surgical System. It markets its products directly and through distributors in the United States, Europe, Asia, and internationally. The company was founded in 1995 and is headquartered in Sunnyvale, California.

Details
Name: Intuitive Surgical, Inc.
ISRG
Exchange: NasdaqGS
Founded: 1995
$61,050,404,836
115,448,658
Website: http://www.intuitive.com
Address: Intuitive Surgical, Inc.
1020 Kifer Road,
Sunnyvale,
California, 94086,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS ISRG Common Stock Nasdaq Global Select US USD 13. Jun 2000
DB IUI1 Common Stock Deutsche Boerse AG DE EUR 13. Jun 2000
LSE 0R29 Common Stock London Stock Exchange GB USD 13. Jun 2000
SWX ISRG Common Stock SIX Swiss Exchange CH CHF 13. Jun 2000
WBAG ISRG Common Stock Wiener Boerse AG AT EUR 13. Jun 2000
BMV ISRG * Common Stock Bolsa Mexicana de Valores MX MXN 13. Jun 2000
Number of employees
Current staff
Staff numbers
5,527
Intuitive Surgical employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 23:42
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/07/18
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.