ISRG
Intuitive Surgical, Inc.
ISRG's fundamentals are strong and it looks cheap: trading at 53x earnings, below its usual 72x. Analysts expect strong earnings growth.
ISRG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ISRG's revenue, profitability, cash flow and balance sheet are all currently healthy.
ISRG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 36x | $440 | — |
| Cheap | 52x | $429 | -2.5% |
| Current | 53x | $440 | — |
| Fair | 72x | $596 | +36% |
| Expensive | 84x | $691 | +57% |
Historical ranges are pointers, not guarantees.
ISRG's PE is in its cheap range at 53x. If earnings grow as analysts expect, today's price would be 36x next year's earnings.
ISRG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for ISRG, with profitability improving.
ISRG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.09 | +47% |
| Q3 2026 | $8.25 | +9% |
| Q2 2026 | $8.71 | +21% |
| Q1 2026 | $8.23 | +20% |
| Q4 2025 | $7.87 | +23% |
| Q3 2025 | $7.57 | +22% |
| Q2 2025 | $7.18 | +23% |
| Q1 2025 | $6.83 | +23% |
| Q4 2024 | $6.42 | +28% |
ISRG's earnings per share have climbed steadily: $8.25 over the past year, up 9% from the year before, and higher year over year for 14 quarters in a row.
ISRG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3B | +22% |
| Q2 2026 | $2.9B | +19% |
| Q1 2026 | $2.8B | +23% |
| Q4 2025 | $2.9B | +19% |
| Q3 2025 | $2.5B | +23% |
| Q2 2025 | $2.4B | +21% |
| Q1 2025 | $2.3B | +19% |
| Q4 2024 | $2.4B | +25% |
ISRG's revenue has grown year over year every quarter since late 2020: $3B last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -11 points |
| Q2 2026 | 34% | +3.1 points |
| Q1 2026 | 31% | +5.2 points |
| Q4 2025 | 30% | -0.3 points |
| Q3 2025 | 30% | +2 points |
| Q2 2025 | 30% | +2.2 points |
| Q1 2025 | 26% | +0.8 points |
| Q4 2024 | 30% | +7.1 points |
ISRG's operating margin was 19% last quarter, down 11 points from the same quarter a year ago, near the bottom of its range since 2019.
ISRG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +51% |
| Q2 2026 | $948.4M | +69% |
| Q1 2026 | $808.6M | +74% |
| Q4 2025 | $730M | +43% |
| Q3 2025 | $735.6M | +60% |
| Q2 2025 | $560.1M | +80% |
| Q1 2025 | $465M | +1879% |
| Q4 2024 | $510.6M | +$717.8M |
ISRG generated $3.6B in free cash flow over the past year, up 58% from the year before.
ISRG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -5.7M shares |
| 1 year | -2.8% | -10.2M shares |
| 3 years | -1.8% | -6.6M shares |
| 5 years | -4.1% | -15.2M shares |
| Available history | -1.9% | -6.9M shares |
ISRG has 352M diluted shares, down 2.8% from a year ago, with $4.6B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3B |
| Q2 2026 | $320.3M |
| Q1 2026 | $1.1B |
| Q4 2025 | $201M |
| Q3 2025 | $1.9B |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
ISRG spent $4.6B buying back its own shares over the past year.
ISRG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2021 | -0.6x | Net Cash |
| Q3 2021 | -0.6x | Net Cash |
| Q2 2021 | -0.9x | Net Cash |
| Q1 2021 | -1.0x | Net Cash |
| Q4 2020 | -1.2x | Net Cash |
| Q3 2020 | -1.1x | Net Cash |
| Q2 2020 | -1.5x | Net Cash |
| Q1 2020 | -0.8x | Net Cash |
ISRG has more cash than debt.
ISRG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.7 | Neutral |
| Stochastic | 73.5 | Neutral |
ISRG's weekly RSI is 55 (neutral) and its Stochastic is 74 (neutral).
ISRG PE vs Healthcare Sector
| Metric | ISRG | Sector median | Relative |
|---|---|---|---|
| PE | 53x | 26x | 106% above |
| PE % | 19 | 29 | 10 pts below |
ISRG is trading at 53x earnings, a 106% premium to the Healthcare sector's median of 26x.
ISRG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $428.1 | 2.8% above |
| 20 week MA | $397.4 | 11% above |
| 50 week MA | $449.8 | 2.2% below |
| 100 week MA | $483.9 | 9.1% below |
| 200 week MA | $424.9 | 3.5% above |
ISRG's trend is mixed: it's above three of its five weekly moving averages, and 3.5% above its 200-week average.
ISRG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $199.3 | $269.0 | +35% |
| 2021 | $269.0 | $363.9 | +35% |
| 2022 | $363.9 | $262.7 | -28% |
| 2023 | $262.7 | $337.4 | +28% |
| 2024 | $337.4 | $534.9 | +59% |
| 2025 | $534.9 | $577.8 | +8% |
| 2026 YTD | $577.8 | $439.9 | -24% |
ISRG has finished higher in five of the last six years. It's down 24% so far in 2026.