Cash flow Intuitive Surgical, Inc.

Equities

ISRG

US46120E6023

Advanced Medical Equipment & Technology

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-12 pm EST			5-day change	1st Jan Change
542.32 ^USD	-0.92%		-5.74%	+3.90%

Dec. 12	Wells Fargo Adjusts Price Target on Intuitive Surgical to $654 From $600, Maintains Overweight Rating	MT
Dec. 11	Citigroup Downgrades Intuitive Surgical to Neutral From Buy, Adjusts Price Target to $635 From $650	MT

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Published financial data: INTUITIVE SURGICAL, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	4.36B	5.71B	6.22B	7.12B	8.35B
Total Revenues	4.36B	5.71B	6.22B	7.12B	8.35B
Cost of Goods Sold, Total	1.5B	1.75B	2.03B	2.39B	2.72B
Gross Profit	2.86B	3.96B	4.2B	4.73B	5.63B
Selling General & Admin Expenses, Total	1.22B	1.47B	1.71B	1.96B	2.12B
R&D Expenses	595M	671M	879M	999M	1.15B
Other Operating Expenses, Total	1.81B	2.14B	2.59B	2.96B	3.26B
Operating Income	1.05B	1.82B	1.61B	1.77B	2.37B
Interest And Investment Income	91.6M	80.8M	106M	203M	337M
Net Interest Expenses	91.6M	80.8M	106M	203M	337M
Currency Exchange Gains (Loss)	-1.4M	-900K	-27.3M	-3.7M	-2.7M
EBT, Excl. Unusual Items	1.14B	1.9B	1.68B	1.97B	2.7B
Gain (Loss) On Sale Of Investments	67M	-10.6M	-49M	-7.3M	-9.3M
Legal Settlements	1.2M	-	-28.1M	-	-21.2M
EBT, Incl. Unusual Items	1.21B	1.89B	1.61B	1.96B	2.67B
Income Tax Expense	140M	162M	262M	142M	336M
Earnings From Continuing Operations	1.07B	1.73B	1.34B	1.82B	2.34B
Net Income to Company	1.07B	1.73B	1.34B	1.82B	2.34B
Minority Interest	-6.2M	-23.5M	-22.1M	-19.3M	-14.9M
Net Income - (IS)	1.06B	1.7B	1.32B	1.8B	2.32B
Net Income to Common Incl Extra Items	1.06B	1.7B	1.32B	1.8B	2.32B
Net Income to Common Excl. Extra Items	1.06B	1.7B	1.32B	1.8B	2.32B
Per Share Items
Net EPS - Basic	3.02	4.79	3.72	5.12	6.54
Basic EPS - Continuing Operations	3.02	4.79	3.72	5.12	6.54
Basic Weighted Average Shares Outstanding	351M	356M	356M	351M	355M
Net EPS - Diluted	2.94	4.66	3.65	5.03	6.42
Diluted EPS - Continuing Operations	2.94	4.66	3.65	5.03	6.42
Diluted Weighted Average Shares Outstanding	361M	366M	362M	357M	362M
Normalized Basic EPS	2.01	3.27	2.9	3.44	4.72
Normalized Diluted EPS	1.95	3.18	2.85	3.38	4.63
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	1.32B	2.13B	1.96B	2.17B	2.83B
EBITA	1.1B	1.85B	1.63B	1.79B	2.39B
EBIT	1.05B	1.82B	1.61B	1.77B	2.37B
EBITDAR	1.34B	2.15B	1.98B	2.2B	2.86B
Total Revenues (As Reported)	4.36B	5.71B	6.22B	7.12B	8.35B
Effective Tax Rate - (Ratio)	11.62	8.58	16.33	7.23	12.58
Current Domestic Taxes	55.7M	176M	400M	348M	370M
Current Foreign Taxes	26.9M	50.1M	48.1M	74.4M	102M
Total Current Taxes	82.6M	226M	448M	422M	472M
Deferred Domestic Taxes	25.4M	-20.9M	-205M	-148M	-182M
Deferred Foreign Taxes	32.2M	-43.1M	19.9M	-133M	46.3M
Total Deferred Taxes	57.6M	-64M	-185M	-281M	-135M
Normalized Net Income	706M	1.16B	1.03B	1.21B	1.68B
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	595M	671M	879M	999M	1.15B
Net Rental Expense, Total	21M	20.4M	25.7M	26.8M	33.9M
Stock-Based Comp., COGS (Total)	82.9M	91.1M	91.2M	112M	129M
Stock-Based Comp., R&D Exp. (Total)	114M	134M	164M	212M	255M
Stock-Based Comp., SG&A Exp. (Total)	202M	232M	261M	275M	304M
Total Stock-Based Compensation	399M	457M	516M	598M	688M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.62B	1.29B	1.58B	2.75B	2.03B
Short Term Investments	3.55B	2.94B	2.54B	2.47B	1.99B
Total Cash And Short Term Investments	5.17B	4.23B	4.12B	5.22B	4.01B
Accounts Receivable, Total	727M	893M	1.07B	1.27B	1.36B
Total Receivables	727M	893M	1.07B	1.27B	1.36B
Inventory	602M	587M	893M	1.22B	1.49B
Prepaid Expenses	126M	134M	164M	169M	254M
Other Current Assets, Total	-	-	-	8.1M	-
Total Current Assets	6.63B	5.84B	6.25B	7.89B	7.11B
Gross Property Plant And Equipment	2.4B	2.92B	3.69B	5.18B	6.66B
Accumulated Depreciation	-758M	-969M	-1.24B	-1.56B	-1.88B
Net Property Plant And Equipment	1.64B	1.95B	2.46B	3.62B	4.78B
Long-term Investments	1.79B	4.43B	2.68B	2.19B	4.9B
Goodwill	337M	344M	348M	349M	348M
Other Intangibles, Total	77.4M	70.5M	49.8M	39.1M	23M
Accounts Receivable Long-Term	190M	279M	301M	232M	246M
Deferred Tax Assets Long-Term	368M	441M	665M	910M	1.05B
Deferred Charges Long-Term	53.1M	71.8M	72.3M	89.3M	147M
Other Long-Term Assets, Total	89.5M	122M	146M	123M	137M
Total Assets	11.17B	13.56B	12.97B	15.44B	18.74B
Liabilities
Accounts Payable, Total	81.6M	121M	147M	189M	193M
Accrued Expenses, Total	439M	565M	675M	744M	838M
Current Portion of Leases	21.9M	20.4M	25.7M	25.3M	33.5M
Current Income Taxes Payable	47.2M	54.1M	96.1M	111M	154M
Unearned Revenue Current, Total	350M	377M	397M	446M	469M
Other Current Liabilities	25.5M	12M	81.1M	143M	57.2M
Total Current Liabilities	965M	1.15B	1.42B	1.66B	1.75B
Long-Term Leases	58M	66.6M	69.6M	64.5M	112M
Unearned Revenue Non Current	32.1M	36.8M	41M	45.6M	54.1M
Other Non Current Liabilities	354M	350M	329M	275M	302M
Total Liabilities	1.41B	1.6B	1.86B	2.04B	2.21B
Common Stock, Total	100K	400K	400K	400K	400K
Additional Paid In Capital	6.45B	7.16B	7.7B	8.58B	9.68B
Retained Earnings	3.26B	4.76B	3.5B	4.74B	6.8B
Comprehensive Income and Other	24.9M	-24.2M	-162M	-12.2M	-51.3M
Total Common Equity	9.73B	11.9B	11.04B	13.31B	16.43B
Minority Interest	27.6M	50.4M	70.7M	89.7M	95.9M
Total Equity	9.76B	11.95B	11.11B	13.4B	16.53B
Total Liabilities And Equity	11.17B	13.56B	12.97B	15.44B	18.74B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	353M	358M	350M	352M	357M
ECS Total Common Shares Outstanding	353M	358M	350M	352M	357M
Book Value / Share	27.56	33.27	31.55	37.77	46.08
Tangible Book Value	9.32B	11.49B	10.64B	12.92B	16.06B
Tangible Book Value Per Share	26.39	32.11	30.41	36.67	45.05
Total Debt	79.9M	87M	95.3M	89.8M	146M
Net Debt	-5.09B	-4.14B	-4.03B	-5.13B	-3.87B
Debt Equivalent Oper. Leases	168M	163M	206M	214M	271M
Minority Interest, Total (Incl. Fin. Div)	27.6M	50.4M	70.7M	89.7M	95.9M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	184M	215M	383M	455M	564M
Inventories - Work In Process, Total	75.6M	96.4M	160M	160M	206M
Inventories - Finished Goods, Total	342M	276M	350M	606M	718M
Land - (BS)	278M	368M	389M	457M	476M
Buildings, Total	774M	812M	866M	1B	1.49B
Machinery, Total	541M	621M	701M	878M	1.07B
Full Time Employees	8.08K	9.79K	12.12K	13.68K	15.64K
Assets on Operating Lease - Gross	420M	616M	806M	1.15B	1.58B
Assets on Operating Lease - Accumulated Depreciation	-112M	-182M	-286M	-434M	-574M
Accumulated Allowance for Doubtful Accounts (Supple)	2.2M	7.1M	7.9M	10.1M	200K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.06B	1.7B	1.32B	1.8B	2.32B
Depreciation & Amortization - CF	221M	280M	326M	382M	439M
Amortization of Goodwill and Intangible Assets - (CF)	49.8M	27.4M	27.8M	20.2M	16.7M
Depreciation & Amortization, Total	270M	307M	354M	402M	456M
Amortization of Deferred Charges, Total - (CF)	17.1M	22M	26.6M	33M	37.7M
(Gain) Loss From Sale Of Asset	5.8M	2.8M	8.2M	19.6M	5.2M
(Gain) Loss on Sale of Investments - (CF)	-55.1M	10.6M	49M	7.3M	-43.3M
Stock-Based Compensation (CF)	395M	449M	513M	593M	677M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	63.8M	-39.1M	-163M	-262M	-120M
Change In Accounts Receivable	5.7M	-142M	-159M	-186M	-95.9M
Change In Inventories	-170M	-256M	-547M	-712M	-830M
Change In Accounts Payable	-32.3M	36M	21.3M	41.7M	-400K
Change in Unearned Revenues	15M	32.6M	21.5M	53.4M	31.2M
Change in Other Net Operating Assets	-91.5M	-38.4M	44M	26.1M	-24.2M
Cash from Operations	1.48B	2.09B	1.49B	1.81B	2.42B
Capital Expenditure	-342M	-354M	-532M	-1.06B	-1.11B
Cash Acquisitions	-37.7M	-8.7M	-12.8M	-8.9M	-1M
Investment in Marketable and Equity Securities, Total	-561M	-2.1B	1.92B	713M	-2.16B
Cash from Investing	-941M	-2.46B	1.37B	-360M	-3.27B
Issuance of Common Stock	309M	276M	234M	296M	429M
Repurchase of Common Stock	-310M	-212M	-2.8B	-581M	-270M
Other Financing Activities, Total	-85M	-21.9M	-4.5M	-2.9M	-8.5M
Cash from Financing	-85.7M	43M	-2.57B	-288M	151M
Foreign Exchange Rate Adjustments	-2.6M	-3.4M	5.4M	3.3M	-800K
Net Change in Cash	456M	-332M	295M	1.17B	-708M
Supplemental Items
Cash Income Tax Paid (Refund)	34.4M	180M	444M	448M	466M
Levered Free Cash Flow	900M	1.6B	1.12B	779M	1.2B
Unlevered Free Cash Flow	900M	1.6B	1.12B	779M	1.2B
Change In Net Working Capital	100M	-26.5M	250M	294M	354M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	6.27	9.21	7.56	7.77	8.67
Return on Total Capital	7.23	10.4	8.63	8.94	9.82
Return On Equity %	11.82	15.92	11.66	14.83	15.62
Return on Common Equity	11.79	15.76	11.53	14.77	15.62
Margin Analysis
Gross Profit Margin %	65.65	69.32	67.44	66.39	67.46
SG&A Margin	27.93	25.68	27.51	27.57	25.37
EBITDA Margin %	30.26	37.27	31.48	30.45	33.83
EBITA Margin %	25.2	32.37	26.24	25.08	28.58
EBIT Margin %	24.06	31.89	25.8	24.8	28.38
Income From Continuing Operations Margin %	24.48	30.26	21.61	25.51	27.99
Net Income Margin %	24.33	29.85	21.25	25.24	27.81
Net Avail. For Common Margin %	24.33	29.85	21.25	25.24	27.81
Normalized Net Income Margin	16.19	20.39	16.56	16.98	20.06
Levered Free Cash Flow Margin	20.64	27.97	17.97	10.94	14.33
Unlevered Free Cash Flow Margin	20.64	27.97	17.97	10.94	14.33
Asset Turnover
Asset Turnover	0.42	0.46	0.47	0.5	0.49
Fixed Assets Turnover	2.99	3.18	2.82	2.35	1.99
Receivables Turnover (Average Receivables)	6.07	7.05	6.33	6.09	6.37
Inventory Turnover (Average Inventory)	2.5	2.95	2.74	2.27	2.01
Short Term Liquidity
Current Ratio	6.86	5.08	4.4	4.76	4.07
Quick Ratio	6.11	4.46	3.65	3.91	3.08
Operating Cash Flow to Current Liabilities	1.54	1.82	1.05	1.09	1.38
Days Sales Outstanding (Average Receivables)	60.25	51.76	57.67	59.96	57.5
Days Outstanding Inventory (Average Inventory)	146.31	123.84	133.33	161.1	182.32
Average Days Payable Outstanding	24.97	21.3	20.99	22.51	23.43
Cash Conversion Cycle (Average Days)	181.59	154.3	170.02	198.56	216.39
Long Term Solvency
Total Debt/Equity	0.82	0.73	0.86	0.67	0.88
Total Debt / Total Capital	0.81	0.72	0.85	0.67	0.88
LT Debt/Equity	0.59	0.56	0.63	0.48	0.68
Long-Term Debt / Total Capital	0.59	0.55	0.62	0.48	0.67
Total Liabilities / Total Assets	12.62	11.83	14.35	13.24	11.81
Total Debt / EBITDA	0.06	0.04	0.05	0.04	0.05
Net Debt / EBITDA	-3.8	-1.93	-2.03	-2.34	-1.35
Total Debt / (EBITDA - Capex)	0.08	0.05	0.07	0.08	0.08
Net Debt / (EBITDA - Capex)	-5.1	-2.31	-2.77	-4.54	-2.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.68	31.01	8.97	14.49	17.24
Gross Profit, 1 Yr. Growth %	-8.01	38.35	6	12.71	19.13
EBITDA, 1 Yr. Growth %	-16.24	61.17	-7.96	10.72	30.28
EBITA, 1 Yr. Growth %	-22.54	68.1	-11.65	9.43	33.56
EBIT, 1 Yr. Growth %	-23.74	73.46	-11.85	10.07	34.15
Earnings From Cont. Operations, 1 Yr. Growth %	-22.8	61.99	-22.2	35.18	28.62
Net Income, 1 Yr. Growth %	-23.11	60.72	-22.43	35.98	29.18
Normalized Net Income, 1 Yr. Growth %	-24.37	63.16	-11.53	17.4	39.03
Diluted EPS Before Extra, 1 Yr. Growth %	-23.57	58.5	-21.67	37.81	27.63
Accounts Receivable, 1 Yr. Growth %	2.58	22.9	20.19	18.09	7.05
Inventory, 1 Yr. Growth %	1.01	-2.39	52.14	36.65	21.84
Net Property, Plant and Equip., 1 Yr. Growth %	28.93	18.86	25.92	47.24	32.24
Total Assets, 1 Yr. Growth %	14.75	21.36	-4.29	19.02	21.38
Tangible Book Value, 1 Yr. Growth %	18.78	23.29	-7.34	21.39	24.33
Common Equity, 1 Yr. Growth %	17.76	22.29	-7.22	20.52	23.49
Cash From Operations, 1 Yr. Growth %	-7.1	40.72	-28.65	21.67	33.15
Capital Expenditures, 1 Yr. Growth %	-19.76	3.51	56.82	99.89	4.42
Levered Free Cash Flow, 1 Yr. Growth %	-12.08	77.32	-30.62	-30.12	53.62
Unlevered Free Cash Flow, 1 Yr. Growth %	-12.08	77.32	-30.62	-30.12	53.62
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.18	12.92	19.48	11.7	15.86
Gross Profit, 2 Yr. CAGR %	4.82	12.82	21.1	9.31	15.88
EBITDA, 2 Yr. CAGR %	-1.69	16.27	21.8	0.95	20.1
EBITA, 2 Yr. CAGR %	-6.59	14.19	21.86	-1.67	20.9
EBIT, 2 Yr. CAGR %	-8.21	15.1	23.65	-1.5	21.51
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.62	11.83	12.26	2.55	31.86
Net Income, 2 Yr. CAGR %	-3.03	11.17	11.66	2.7	32.53
Normalized Net Income, 2 Yr. CAGR %	-7.91	11.74	20.15	1.91	28.61
Diluted EPS Before Extra, 2 Yr. CAGR %	-3.59	10.02	11.42	3.89	32.62
Accounts Receivable, 2 Yr. CAGR %	-0.47	12.28	21.54	19.14	12.43
Inventory, 2 Yr. CAGR %	21.27	-0.71	21.86	44.19	29.04
Net Property, Plant and Equip., 2 Yr. CAGR %	42.17	23.8	22.34	36.16	39.54
Total Assets, 2 Yr. CAGR %	19.31	18.01	7.78	6.73	20.19
Tangible Book Value, 2 Yr. CAGR %	20.93	21.01	6.88	6.05	22.85
Common Equity, 2 Yr. CAGR %	20.71	20.01	6.52	5.74	22
Cash From Operations, 2 Yr. CAGR %	12.67	14.34	0.2	-6.83	27.28
Capital Expenditures, 2 Yr. CAGR %	34.99	-8.86	24.86	77.05	44.47
Levered Free Cash Flow, 2 Yr. CAGR %	11.8	24.94	11.4	-30.46	3.61
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.8	24.94	11.4	-30.46	3.61
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.57	15.31	11.58	17.8	13.51
Gross Profit, 3 Yr. CAGR %	9.12	14.98	10.5	18.24	12.49
EBITDA, 3 Yr. CAGR %	4.44	15.97	7.56	17.99	9.91
EBITA, 3 Yr. CAGR %	0.7	13.66	4.83	17.57	8.89
EBIT, 3 Yr. CAGR %	-0.45	13.53	5.31	18.95	9.18
Earnings From Cont. Operations, 3 Yr. CAGR %	16.72	15.38	-0.91	19.43	10.59
Net Income, 3 Yr. CAGR %	16.49	14.76	-1.4	19.24	10.86
Normalized Net Income, 3 Yr. CAGR %	0.09	11.86	3.38	19.22	12.89
Diluted EPS Before Extra, 3 Yr. CAGR %	15.19	13.78	-1.76	19.6	11.27
Accounts Receivable, 3 Yr. CAGR %	9.74	6.78	14.86	20.38	14.96
Inventory, 3 Yr. CAGR %	35.61	12.81	14.47	26.6	36.32
Net Property, Plant and Equip., 3 Yr. CAGR %	38.85	33.93	24.5	30.13	34.84
Total Assets, 3 Yr. CAGR %	24.58	19.99	10.05	11.4	11.41
Tangible Book Value, 3 Yr. CAGR %	26.97	21.71	10.71	11.51	11.83
Common Equity, 3 Yr. CAGR %	26.75	21.24	10.14	11	11.36
Cash From Operations, 3 Yr. CAGR %	9.08	21.34	-2.29	6.9	4.95
Capital Expenditures, 3 Yr. CAGR %	21.44	23.56	7.75	46.06	48.47
Levered Free Cash Flow, 3 Yr. CAGR %	8.56	30.44	2.99	-4.72	-9.43
Unlevered Free Cash Flow, 3 Yr. CAGR %	8.56	30.44	2.99	-4.72	-9.43
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.98	16.1	14.67	13.85	13.27
Gross Profit, 5 Yr. CAGR %	12.64	15.9	13.76	12.68	12.62
EBITDA, 5 Yr. CAGR %	9.48	15.16	11.09	9.71	12.41
EBITA, 5 Yr. CAGR %	7.15	13.53	8.71	7.26	10.98
EBIT, 5 Yr. CAGR %	6.84	13.62	8.59	7.26	11.51
Earnings From Cont. Operations, 5 Yr. CAGR %	12.62	18.54	14.91	10.07	11.09
Net Income, 5 Yr. CAGR %	12.49	18.22	14.53	9.78	10.98
Normalized Net Income, 5 Yr. CAGR %	7.9	13.31	7.92	7.77	12.43
Diluted EPS Before Extra, 5 Yr. CAGR %	11.23	17.43	13.67	9.72	10.77
Accounts Receivable, 5 Yr. CAGR %	12.1	14.19	14.32	11.56	13.88
Inventory, 5 Yr. CAGR %	29.07	26.35	29.93	24.44	20.09
Net Property, Plant and Equip., 5 Yr. CAGR %	30.59	33.6	31.99	34.82	30.31
Total Assets, 5 Yr. CAGR %	17.88	15.88	17.56	14.5	14
Tangible Book Value, 5 Yr. CAGR %	18.02	15.68	18.52	15.19	15.41
Common Equity, 5 Yr. CAGR %	17.64	15.55	18.23	14.78	14.74
Cash From Operations, 5 Yr. CAGR %	12.99	13.96	5.44	9.17	8.61
Capital Expenditures, 5 Yr. CAGR %	33.35	45.67	22.79	41.53	21.16
Levered Free Cash Flow, 5 Yr. CAGR %	9.26	12.95	9.72	1.6	3.19
Unlevered Free Cash Flow, 5 Yr. CAGR %	9.26	12.95	9.72	1.6	3.19