ISRGIntuitive Surgical
Is the business good?
A genuinely good business: earnings fully cash-backed (1.5×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
Margin-driven, fat margins on slower asset turns. ROE 17% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ISRG?
Intuitive Surgical earns 22% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 13 points above what the capital costs: growth creates value
- Operating margin
- 28%
Operating margin · Medical Instruments & Supplies median 6.9% · 12 months to Q3 2026
- Cash conversion
- 1.52×
Cash conversion · 1.20× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.8%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 24% |
| FY2021 | 32% |
| FY2022 | 25% |
| FY2023 | 25% |
| FY2024 | 28% |
| FY2025 | 29% |
Details›
- Gross margin12 months to Q3 2026
- 67%
- Operating margin12 months to Q3 2026
- 28%
- Net margin12 months to Q3 2026
- 26%
- Free cash flow margin
- 31%
- R&D as % of revenue
- 13%
- Revenue, trailing twelve months
- $11.6B
- Free cash flow, trailing twelve months
- $3.60B
- Net income, trailing twelve months
- $2.96B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 22%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ISRG and who it buys from, as the companies report it.
None disclosed.
- UFPTUFP Technologies, Inc.24%
ISRG is 24% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ISRG’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Medical Instruments & Supplies
The closest names by size in the same industry