Financials Intuitive Surgical, Inc.

Equities

ISRG

US46120E6023

Advanced Medical Equipment & Technology

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-20 pm EDT			After market 06:00:10 pm
400 ^USD	+0.30%		399.3	-0.19%

May. 17	Intuitive Surgical Insider Sold Shares Worth $1,021,200, According to a Recent SEC Filing	MT
May. 16	Everlasting momentum

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	68,321	96,172	128,355	93,771	118,775	141,893	-	-
Enterprise Value (EV) ¹	67,154	94,550	127,064	92,189	116,025	136,700	134,140	130,823
P/E ratio	51.2 x	92.8 x	77.1 x	72.7 x	67.1 x	73.1 x	63.1 x	52.8 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	15.3 x	22.1 x	22.5 x	15.1 x	16.7 x	17.7 x	15.2 x	13.3 x
EV / Revenue	15 x	21.7 x	22.3 x	14.8 x	16.3 x	17 x	14.4 x	12.2 x
EV / EBITDA	35 x	54.6 x	48.4 x	37.1 x	41.2 x	44.1 x	36.3 x	30.1 x
EV / FCF	57.3 x	82.7 x	73.2 x	96.2 x	155 x	63.5 x	56.5 x	41.3 x
FCF Yield	1.75%	1.21%	1.37%	1.04%	0.65%	1.57%	1.77%	2.42%
Price to Book	8.3 x	8.62 x	10.8 x	8.41 x	9.06 x	8.91 x	7.13 x	5.92 x
Nbr of stocks (in thousands)	346,721	352,666	357,237	353,385	352,072	354,706	-	-
Reference price ²	197.0	272.7	359.3	265.4	337.4	400.0	400.0	400.0
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,478	4,358	5,710	6,222	7,124	8,028	9,308	10,682
EBITDA ¹	1,920	1,732	2,625	2,487	2,819	3,098	3,692	4,340
EBIT ¹	1,785	1,515	2,315	2,149	2,397	2,645	3,166	3,752
Operating Margin	39.85%	34.75%	40.54%	34.53%	33.65%	32.95%	34.01%	35.12%
Earnings before Tax (EBT) ¹	1,502	1,207	1,890	1,607	1,959	2,221	2,658	3,150
Net income ¹	1,379	1,061	1,705	1,322	1,798	1,969	2,273	2,670
Net margin	30.8%	24.33%	29.85%	21.25%	25.24%	24.53%	24.42%	24.99%
EPS ²	3.847	2.940	4.660	3.650	5.030	5.472	6.335	7.573
Free Cash Flow ¹	1,173	1,143	1,736	958.4	749.6	2,151	2,376	3,171
FCF margin	26.18%	26.23%	30.4%	15.4%	10.52%	26.8%	25.53%	29.69%
FCF Conversion (EBITDA)	61.06%	66.03%	66.12%	38.54%	26.59%	69.43%	64.35%	73.06%
FCF Conversion (Net income)	85.01%	107.8%	101.84%	72.48%	41.69%	109.22%	104.54%	118.77%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,551	1,488	1,522	1,557	1,655	1,696	1,756	1,744	1,928	1,891	1,969	1,991	2,172	2,173	2,277
EBITDA ¹	668.8	611	611	636.5	628.4	627.4	709.9	732.3	744.2	734.2	757.4	784.7	839	831.2	895.3
EBIT ¹	587.9	533.2	531.2	554.6	529.8	534.7	617.6	623.7	621	630	647.9	666.6	702	734.7	781.6
Operating Margin	37.91%	35.84%	34.9%	35.61%	32.01%	31.52%	35.17%	35.77%	32.2%	33.32%	32.9%	33.47%	32.33%	33.82%	34.33%
Earnings before Tax (EBT) ¹	454.2	402.4	406.9	402.8	394.7	421.8	499.2	522	515.9	538.5	556.7	561.3	596	619	660.7
Net income ¹	380.6	365.6	307.8	324	324.9	355.3	420.8	415.7	606.2	544.9	458.6	462.9	497.1	507.2	534.7
Net margin	24.54%	24.57%	20.22%	20.8%	19.63%	20.95%	23.96%	23.84%	31.44%	28.82%	23.29%	23.25%	22.89%	23.35%	23.49%
EPS ²	1.040	1.000	0.8500	0.9000	0.9100	1.000	1.180	1.160	1.690	1.510	1.288	1.300	1.380	1.426	1.516
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/20/22	4/21/22	7/21/22	10/18/22	1/24/23	4/18/23	7/20/23	10/19/23	1/23/24	4/18/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	1,168	1,623	1,291	1,581	2,750	5,193	7,753	11,070
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,173	1,143	1,736	958	750	2,151	2,376	3,171
ROE (net income / shareholders' equity)	20.4%	13.6%	16.8%	14.7%	14.7%	14.7%	14.6%	14.3%
ROA (Net income/ Total Assets)	17.4%	11.7%	14.7%	13.2%	12.7%	12.8%	12.9%	12.7%
Assets ¹	7,949	9,065	11,607	9,995	14,208	15,446	17,618	21,004
Book Value Per Share ²	23.70	31.60	33.30	31.50	37.20	44.90	56.10	67.60
Cash Flow per Share ²	4.460	4.110	5.710	4.120	5.080	8.270	9.190	10.60
Capex ¹	426	342	354	532	1,064	1,113	1,042	1,033
Capex / Sales	9.5%	7.84%	6.19%	8.56%	14.94%	13.86%	11.19%	9.67%
Announcement Date	1/23/20	1/21/21	1/20/22	1/24/23	1/23/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Intuitive Surgical, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

400 USD

Average target price

420.4 USD

Spread / Average Target

+5.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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