At a glance
Intuitive Surgical Inc is worth $151.44B, about 56 times its fiscal 2025 earnings. Revenue grew 20.5% to $10.06B in fiscal 2025, with 28.4% kept as profit; over 5 years it has grown 18.2% a year. It pays no dividend; it spent $5.32B buying back its shares over FY2021–FY2025. The stock returned −18.2% over the past year with dividends reinvested and +3.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.5% in the 2020 crash (S&P 500: 33.7%) and 48.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows.
The business in plain English
Intuitive Surgical makes robotic systems that let doctors operate through small incisions rather than large open cuts, an approach called minimally invasive surgery. Its main product is the da Vinci surgical system, first launched in 1999 and used in general, urologic, gynecologic, cardiothoracic, and head and neck surgery. The surgeon sits at a console viewing a 3D high-definition image, and robotic arms beside the patient turn hand movements into precise, tremor-filtered movements of instruments inside the body. The fifth-generation da Vinci 5 adds force feedback, letting surgeons sense pressure on tissue.
A second platform, Ion, extends the business beyond surgery into diagnosis. Cleared by the FDA in 2019, it steers a thin robotic catheter deep into the lung to take biopsies (tissue samples) from small, hard-to-reach spots, which could help doctors diagnose disease earlier.
Customers are hospitals and healthcare systems, and most revenue comes from instruments and service rather than the robots themselves. In FY2025, revenue totaled about $10.1 billion. Instruments and accessories, such as staplers, scissors and energy tools, made up 59.8%; most can be reused only for a set number of procedures, so hospitals keep ordering more as they operate. Systems brought in 24.6% and service 15.6%. The 10-K says substantially all customers get servicing from Intuitive.
Price history
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ISRG -18.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Instruments and accessories | $6.02B | 59.8% |
| Systems | $2.47B | 24.6% |
| Service | $1.57B | 15.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.05B, up 21.7% from a year earlier, and net income was $522.8M (-25.8%).
- For fiscal 2025, revenue was $10.06B (+20.5% year over year; +18.2% a year from FY2020 to FY2025) with a 28.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.2% good |
|---|---|
| Operating margin | 29.3% good |
| Free cash flow margin | 24.7% good |
| Return on equity (FY2025) | 16% good |
| Return on assets (FY2025) | 14% good |
| Cash and investments | $6.80B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.36B | $1.06B | $1.14B |
| FY2021 | $5.71B | $1.70B | $1.75B |
| FY2022 | $6.22B | $1.32B | $958.4M |
| FY2023 | $7.12B | $1.80B | $749.6M |
| FY2024 | $8.35B | $2.32B | $1.30B |
| FY2025 | $10.06B | $2.86B | $2.49B |
Valuation snapshot
| Market value | $151.44B |
|---|---|
| P/E ratio | 55.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Intuitive Surgical’s market value went from $24.57B at the end of 2016 to $151.44B on Nov 2, 2026, about 6.2 times as much; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $151.44B | -24.6% |
| 2025 | $200.77B | +8.0% |
| 2024 | $185.91B | +56.5% |
| 2023 | $118.77B | +26.7% |
| 2022 | $93.77B | -26.9% |
| 2021 | $128.36B | +33.5% |
| 2020 | $96.17B | +40.8% |
| 2019 | $68.32B | +24.9% |
| 2018 | $54.69B | +33.8% |
| 2017 | $40.89B | +66.4% |
| 2016 | $24.57B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ISRG price data to Nov 2, 2026 | -22.9% | -18.2% | +16.3% | +3.9% | +19.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.9% |
| 2025 | +8.5% |
| 2024 | +54.7% |
| 2023 | +27.1% |
| 2022 | -26.1% |
| 2021 | +31.8% |
| 2020 | +38.4% |
| 2019 | +23.4% |
| 2018 | +31.2% |
| 2017 | +72.6% |
| 2016 | +16.1% |
| 2015 | +3.3% |
| 2014 | +37.7% |
| 2013 | -21.7% |
| 2012 | +5.9% |
| 2011 | +79.6% |
| 2010 | -15.1% |
| 2009 | +138.9% |
| 2008 | -60.7% |
| 2007 | +236.8% |
| 2006 | -18.2% |
| 2005 | +193.0% |
| 2004 | +134.2% |
| 2003 | +38.7% |
| 2002 | -38.6% |
| 2001 | +18.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.5% over that stretch · deepest drop along the way 75.9%, back to its old high 12 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 40.5%, back to its old high 3.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.2% over that stretch · deepest drop along the way 48.4%, back to its old high 15 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 37 sales ($22.0M), 37 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 23, 2026 | Gary S Guthart Director | sell (plan) | $9.1M |
| Aug 11, 2026 | Gary S Guthart Director | sell (plan) | $4.0M |
| Oct 30, 2026 | Fredrik Widman VP Corporate Controller | sell (plan) | $2.4M |
| Jun 1, 2026 | Iman Jeddi SVP & GM da Vinci Platforms & | sell (plan) | $2.4M |
| Oct 23, 2026 | Fredrik Widman VP Corporate Controller | sell (plan) | $1.8M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in ISRG
| LGHT Langar Global HealthTech ETF | 16.36% |
| IHI iShares U.S. Medical Devices ETF | 14.86% |
| BOTZ Global X Robotics & Artificial Intelligence ETF | 8.49% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 7.8% |
| IGPT Invesco AI and Next Gen Software ETF | 7.14% |
| IQM Franklin Intelligent Machines ETF | 6.45% |
| NBDS Neuberger Berman Disrupters ETF | 6.13% |
| GDOC Future Health Care Equity ETF | 5.48% |
What could go wrong
- A crowded field of rival surgical robots. Medtronic, Johnson & Johnson, CMR Surgical and others have launched robotic products or said they plan to. Rivals with better or cheaper products could win customers or squeeze Intuitive's prices and revenue.
- More competition expected in China. Intuitive says it expects increasing competition within China for robotic-assisted systems. Its 10-K names several Chinese rivals, including Shanghai Microport Medbot, Shenzhen Edge Medical and Beijing Surgerii Robotics.
- Weight-loss drugs have reduced some surgeries. Drugs first approved for diabetes and later for weight loss have reduced the number of bariatric (weight-loss) surgeries, including those done with da Vinci. The company says the long-term impact is hard to predict.
- Hospitals could turn to cheaper service providers. Substantially all customers get servicing from Intuitive, and service was 15.6% of FY2025 revenue. Third-party firms could emerge and compete on price, while outside consultants already review whether hospitals' robot programs are cost-effective.
- Doctors and patients may choose other treatments. Robotic procedures compete with open surgery, standard laparoscopy (keyhole surgery with handheld tools), drugs and radiation. New studies could show these options work better or cost less, and advances could make Intuitive's products obsolete.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Quarterly results released
- Executive or board change
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Intuitive Surgical paid no dividends over FY2021–FY2025, so the stock offers no regular cash income; an investor drawing income from it would need to cash in shares. The company instead returns cash through buybacks, purchasing its own shares. It spent about $5.3 billion this way over that period, including $2.3 billion in FY2025, and the share count fell 3.1% between January 2022 and October 2026.
The share price has swung sharply in downturns. In the 2008 financial crisis it fell about 76% from its April 2008 high to its March 2009 low, then took about 12 months to recover. In the 2020 COVID crash it dropped about 41% and recovered within four months. In the 2022 bear market it fell about 48% and did not regain its January 2022 high until January 2024. As of October 27, 2026, the shares were down 21.3% year to date. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Intuitive Surgical make money?
Mostly from instruments and accessories used in procedures on its robotic systems. In FY2025 these made up 59.8% of about $10.1 billion in revenue. Most instruments can be reused only for a set number of procedures, so hospitals keep ordering more as they operate. Sales of the systems themselves, including the da Vinci surgical robots and the Ion lung-biopsy system, brought in 24.6%, and service 15.6%. Its customers are hospitals and healthcare systems.
Does Intuitive Surgical pay a dividend?
No. Intuitive Surgical paid no dividends over FY2021–FY2025, so the stock provides no regular cash income. It returns cash to shareholders through buybacks instead, spending about $5.3 billion on its own shares over that period, including $2.3 billion in FY2025. Buybacks reduce the number of shares outstanding, which fell 3.1% between January 26, 2022 and October 15, 2026. An investor needing income from this stock would have to cash in shares.
Who are Intuitive Surgical's competitors?
Intuitive's 10-K for FY2025 names Medtronic, Johnson & Johnson, CMR Surgical, Karl Storz, Distalmotion and Medicaroid among companies that have introduced robotic surgery products or announced plans to. It also lists several Chinese makers, including Shanghai Microport Medbot and Shenzhen Edge Medical, and expects competition within China to increase. Beyond rival robots, it competes with open surgery, standard laparoscopy, drugs and radiation. Weight-loss drugs, for example, have reduced the number of bariatric surgeries.
Is Intuitive Surgical's revenue still growing?
Yes, based on filings through September 30, 2026. Revenue rose 20.5% in FY2025 to about $10.1 billion and grew about 18.2% a year over the five years from FY2020. In the quarter ended September 30, 2026, revenue was about $3.05 billion, up 21.7% from a year earlier. Profit did not keep pace that quarter: net income fell 25.8% to about $523 million. For FY2025, net income was about $2.86 billion, or 28.4% of revenue.
How has Intuitive Surgical stock performed?
Strongly over 10 years, but it lost ground over the past year. As of October 27, 2026, the share price had risen about 505% over 10 years, or 19.7% a year. Over five years, the gain was 5% a year. The shares were down 19.1% over one year and 21.3% year to date, and the worst drop from a high within that year was 44%. They traded at about 56.7 times FY2025 earnings per share of $7.87, a measure called the price-to-earnings (P/E) ratio.