Financials Intuitive Surgical, Inc.

Equities

ISRG

US46120E6023

Advanced Medical Equipment & Technology

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-15 pm EST			5-day change	1st Jan Change
559.52 ^USD	+3.17%		-1.30%	+7.20%

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

Projected Income Statement: Intuitive Surgical, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,358	5,710	6,222	7,124	8,352	9,925	11,419	12,977
Change	-	31.01%	8.97%	14.49%	17.24%	18.84%	15.05%	13.64%
EBITDA ¹	1,732	2,625	2,487	2,799	3,512	4,252	4,768	5,525
Change	-	51.62%	-5.28%	12.54%	25.49%	21.07%	12.14%	15.86%
EBIT ¹	1,515	2,315	2,149	2,397	3,067	3,662	4,169	4,875
Change	-	52.85%	-7.18%	11.55%	27.94%	19.41%	13.84%	16.94%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,207	1,890	1,607	1,959	2,674	3,155	3,945	4,537
Change	-	56.61%	-15%	21.91%	36.49%	18.01%	25.04%	14.99%
Net income ¹	1,061	1,705	1,322	1,798	2,323	2,729	3,199	3,697
Change	-	60.72%	-22.43%	35.98%	29.18%	17.49%	17.23%	15.56%
Announcement Date	1/21/21	1/20/22	1/24/23	1/23/24	1/23/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,329	1,292	1,464	1,403	1,551	1,488	1,522	1,557	1,655	1,696	1,756	1,744	1,928	1,891	2,010	2,038	2,414	2,253	2,440	2,505	2,724	2,613	2,785	2,854	3,099	2,980	3,156	3,228
Change	-	-2.78%	13.3%	-4.15%	10.5%	-4.06%	2.31%	2.32%	6.27%	2.49%	3.52%	-0.69%	10.59%	-1.96%	6.31%	1.4%	18.42%	-6.63%	8.28%	2.67%	8.73%	-4.08%	6.59%	2.47%	8.6%	-3.85%	5.91%	2.27%
EBITDA ¹	602.4	592.1	705.5	652	668.8	611	611	636.5	628.4	627.4	709.9	732.3	739.1	734.2	860.9	867.6	1,049	905	1,099	1,133	1,124	1,047	1,197	1,224	1,306	1,203	1,286	1,299
Change	-	-1.71%	19.15%	-7.58%	2.58%	-8.64%	0%	4.17%	-1.27%	-0.16%	13.15%	3.16%	0.93%	-0.66%	17.26%	0.78%	20.94%	-13.75%	21.4%	3.09%	-0.73%	-6.86%	14.33%	2.21%	6.71%	-7.83%	6.82%	1.02%
EBIT ¹	534.6	527.3	629.9	570	587.9	533.2	531.2	554.6	529.8	534.7	617.6	623.7	621	630	754.1	754.9	927.7	767.5	946.6	975.9	970.6	900.7	1,046	1,075	1,140	1,090	1,185	1,216
Change	-	-1.37%	19.46%	-9.51%	3.14%	-9.3%	-0.38%	4.41%	-4.47%	0.92%	15.5%	0.99%	-0.43%	1.45%	19.7%	0.11%	22.89%	-17.27%	23.34%	3.1%	-0.54%	-7.2%	16.13%	2.79%	6.06%	-4.43%	8.74%	2.65%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	436.5	448.8	526.2	461.1	454.2	402.4	406.9	402.8	394.7	421.8	499.2	522	515.9	538.5	654.5	671	809.8	668.5	832.1	855.2	915.5	877.8	970.1	992.4	1,109	970.5	1,056	1,098
Change	-	2.82%	17.25%	-12.37%	-1.5%	-11.4%	1.12%	-1.01%	-2.01%	6.87%	18.35%	4.57%	-1.17%	4.38%	21.54%	2.52%	20.69%	-17.45%	24.47%	2.78%	7.05%	-4.12%	10.51%	2.31%	11.79%	-12.53%	8.85%	3.9%
Net income ¹	365.2	426.3	517.2	380.5	380.6	365.6	307.8	324	324.9	355.3	420.8	415.7	606.2	544.9	526.9	565.1	685.7	698.4	658.4	704.4	706.7	692	765	792.8	864.1	820.4	886.9	907.2
Change	-	16.73%	21.32%	-26.43%	0.03%	-3.94%	-15.81%	5.26%	0.28%	9.36%	18.44%	-1.21%	45.83%	-10.11%	-3.3%	7.25%	21.34%	1.85%	-5.73%	6.99%	0.32%	-2.07%	10.54%	3.64%	9%	-5.06%	8.11%	2.28%
Announcement Date	1/21/21	4/20/21	7/20/21	10/19/21	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	7/18/24	10/17/24	1/23/25	4/22/25	7/22/25	10/21/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Intuitive Surgical, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,623	-1,291	-1,581	-2,750	-2,027	-5,011	-7,572	-10,727
Change	-	20.46%	-22.46%	-73.94%	26.29%	-147.16%	-51.11%	-41.67%
Announcement Date	1/21/21	1/20/22	1/24/23	1/23/24	1/23/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Intuitive Surgical, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	341.5	353.5	532.4	1,064	1,111	705.4	845.9	917.9
Change	-	3.51%	50.61%	99.89%	4.42%	-36.51%	19.91%	8.51%
Free Cash Flow (FCF) ¹	1,143	1,736	958.4	749.6	1,304	2,889	3,702	4,368
Change	-	51.83%	-44.79%	-21.79%	73.93%	121.56%	28.16%	17.99%
Announcement Date	1/21/21	1/20/22	1/24/23	1/23/24	1/23/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Intuitive Surgical, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	39.73%	45.98%	39.97%	39.28%	42.05%	42.84%	41.76%	42.57%
EBIT Margin (%)	34.75%	40.54%	34.53%	33.65%	36.72%	36.9%	36.51%	37.57%
EBT Margin (%)	27.69%	33.1%	25.82%	27.5%	32.01%	31.79%	34.55%	34.96%
Net margin (%)	24.33%	29.85%	21.25%	25.24%	27.81%	27.49%	28.02%	28.49%
FCF margin (%)	26.23%	30.4%	15.4%	10.52%	15.61%	29.1%	32.42%	33.66%
FCF / Net Income (%)	107.8%	101.84%	72.48%	41.69%	56.14%	105.86%	115.73%	118.16%
Profitability
ROA	11.7%	14.69%	13.23%	12.66%	13.59%	14.29%	14.73%	15.18%
ROE	13.59%	16.78%	14.7%	14.67%	17.75%	16.56%	16.05%	15.81%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.84%	6.19%	8.56%	14.94%	13.3%	7.11%	7.41%	7.07%
CAPEX / EBITDA (%)	19.72%	13.47%	21.41%	38.03%	31.64%	16.59%	17.74%	16.61%
CAPEX / FCF (%)	29.87%	20.36%	55.55%	141.97%	85.23%	24.42%	22.85%	21.01%
Items per share
Cash flow per share ¹	4.114	5.712	4.118	5.075	6.799	8.886	10.95	13.45
Change	-	38.84%	-27.9%	23.23%	33.97%	30.69%	23.19%	22.92%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	31.63	33.27	31.55	37.23	45.4	53.38	63.32	75.3
Change	-	5.18%	-5.17%	18.02%	21.92%	17.59%	18.62%	18.92%
EPS ¹	2.94	4.66	3.65	5.03	6.42	7.542	8.754	10.1
Change	-	58.5%	-21.67%	37.81%	27.63%	17.47%	16.07%	15.4%
Nbr of stocks (in thousands)	352,666	357,237	353,385	352,072	356,179	354,496	354,496	354,496
Announcement Date	1/21/21	1/20/22	1/24/23	1/23/24	1/23/25	-	-	-