# Intuitive Surgical, Inc. (ISRG)

> Makes robotic systems, surgical instruments, and support services for minimally invasive operations and robotic-assisted lung biopsies.

- Exchange: Nasdaq · Sector: Healthcare · Industry: Medical Instruments and Supplies
- Headquarters: Sunnyvale, California
- Founded: 1995
- SEC CIK: 0001035267 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001035267))
- Full page: https://inspectstocks.com/stocks/isrg
- Data as of: price 2026-09-28; newest filing used 2026-07-21; latest fiscal period ended 2026-06-30

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $11B | $6.7B |
| Revenue growing recently | passed | $11B | $10.1B |
| Free cash flow positive | passed | $3.2B |  |
| Free cash flow growing overall | passed | $3.2B | $1.2B |
| Free cash flow growing recently | passed | $3.2B | $2.5B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 28.4% |  |
| Healthy profit margin | passed | 28.4% |  |
| Strong operating margin | passed | 31.3% |  |
| Good return on equity | passed | 17.6% |  |
| Debt under control | passed | 0.01 |  |
| Turns sales into cash | passed | 29.2% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $11B |
| Net income, trailing twelve months | $3.1B |
| Free cash flow, trailing twelve months | $3.2B |
| Net margin | 28.4% |
| Operating margin | 31.3% |
| Return on equity | 17.6% |
| Debt to equity | 0.01 |
| Diluted EPS, trailing twelve months | $8.72 |
| Share price | $414.86 |
| Market value | $146.6B |
| Price / earnings | 47.6x |
| Price / sales | 13.3x |

## What the business does

Intuitive makes da Vinci robotic systems that surgeons control from a console to perform operations using instruments inserted through small openings in the body. Its Ion system uses a flexible robotic catheter to help doctors reach lung tissue and take biopsy samples. The company also sells replacement instruments, system service, training, and digital tools to hospitals and other healthcare facilities.

### How it makes money

- **Instruments and accessories** (59.9% (Q2 2026)) — Hospitals and other customers regularly replenish instruments and accessories used in procedures, including tools with a set number of uses.
- **Robotic systems** (23.7% (Q2 2026)) — Customers buy systems or use leasing and other usage-based arrangements; revenue also includes payments when leased systems are bought out.
- **Service** (16.3% (Q2 2026)) — Customers pay for service contracts and for work billed by time and materials, including installation, repair, maintenance, and technical support.

### Products

- **da Vinci surgical systems** — Robotic systems that let surgeons control cameras and surgical instruments from a console during minimally invasive operations. Models include da Vinci 5, Xi, X, and SP; SP is designed for procedures through a single opening.
- **Ion endoluminal system** — A flexible, robotic-assisted catheter system that doctors guide through the airways to take tissue samples from lung lesions.
- **Surgical instruments and accessories** — Tools such as graspers, scissors, camera equipment, sterile covers, and other items used with da Vinci and Ion systems.
- **SureForm staplers and da Vinci energy products** — Stapling tools and instruments that use electrical energy to cut tissue, stop bleeding, or seal blood vessels during surgery.
- **Training, service, and digital tools** — Surgeon and care-team training, system maintenance and technical support, and software for practice, procedure information, and hospital program analysis.

### Customers

- Hospitals and healthcare facilities buy or lease robotic systems, often after evaluating procedure needs, budgets, and system alternatives.
- Hospitals and other facilities regularly order replacement instruments and accessories as they perform procedures.
- Hospitals and healthcare systems buy service, maintenance, training, and program-support services, directly or through distributors in some markets.

### Competitors

- Johnson & Johnson (JNJ) — Robotic-assisted medical procedures and surgical instruments; listed company.
- Medtronic plc (MDT) — Robotic-assisted procedures and surgical instruments; listed company.
- SS Innovations International, Inc. (SSII) — Robotic-assisted surgical systems.
- Shanghai MicroPort MedBot (Group) Co., Ltd. (2252) — Robotic-assisted surgical systems, including in China.
- CMR Surgical Ltd. — Robotic-assisted surgical systems; private company.
- Noah Medical Corporation — Robotic-assisted diagnostic procedures, including lung procedures; private company.

### What it depends on

- System placements and procedure use depend on hospitals' budgets, patient demand, and whether procedures using the systems receive adequate coverage and reimbursement.
- Sales of instruments and accessories depend on procedures being performed on installed da Vinci and Ion systems.
- The company relies on some sole- or single-sourced suppliers and makes products across facilities in the United States, Mexico, Germany, Bulgaria, and China; trade restrictions or supply interruptions can affect costs or deliveries.
- Sales in China depend on product approvals, import permissions, government quotas, hospital tenders, and local pricing policies.

### What could go wrong

- Hospitals and clinicians may choose conventional surgery, other treatments, or competing robotic systems, limiting system placements and use of the company's products.
- In China, government quotas and hospital tenders, domestic competition, and policy-set limits on prices for robotic procedures can affect system sales and revenue from instruments and accessories.
- Sole- and single-sourced suppliers, cross-border manufacturing, and tariffs can raise product costs or interrupt the supply of systems, instruments, and accessories.

## More on this company

- [Overview](https://inspectstocks.com/stocks/isrg)
- [Financial statements](https://inspectstocks.com/stocks/isrg/financials)
- [Competitors](https://inspectstocks.com/stocks/isrg/peers)
- [Earnings](https://inspectstocks.com/stocks/isrg/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.