Intuitive Surgical Inc. (ISRG) intrinsic value & 10-year financials
Intuitive Surgical Inc. (ISRG) has a Graham intrinsic value of $261.41 per share. At $426.70 on Oct 17, 2026, the stock trades 63% above that value. Over the last 10 fiscal years revenue grew 15.7% a year to $10.1B, with an average return on invested capital of 15.3%.
- Graham intrinsic value
- $261.41
- Share price (Oct 17, 2026)
- $426.70
- Price vs Graham value
- 63% above
- Market cap
- $154.8B
- Revenue (FY2025)
- $10.1B
- Revenue growth (10-yr CAGR)
- 15.7%
- ROIC (10-yr avg)
- 15.3%
- Free cash flow (FY2025)
- $2.5B
ISRG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $10.1B | $2.9B | $7.87 | $2.5B | 29.3% | 17.6% |
| FY2024 | $8.4B | $2.3B | $6.42 | $1.3B | 28.1% | 16.3% |
| FY2023 | $7.1B | $1.8B | $5.03 | $749.6M | 24.8% | 16.3% |
| FY2022 | $6.2B | $1.3B | $3.65 | $958.4M | 25.3% | 13.0% |
| FY2021 | $5.7B | $1.7B | $4.66 | $1.7B | 31.9% | 17.6% |
| FY2020 | $4.4B | $1.1B | $2.94 | $1.1B | 24.1% | 12.1% |
| FY2019 | $4.5B | $1.4B | $3.85 | $1.2B | 30.7% | 17.6% |
| FY2018 | $3.7B | $1.1B | $3.16 | $982.2M | 32.2% | 18.5% |
| FY2017 | $3.1B | $660.0M | $1.89 | $953.2M | 33.6% | 12.1% |
| FY2016 | $2.7B | $735.9M | $2.08 | $989.0M | 34.9% | 12.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Intuitive Surgical is a consistent compounder, expanding top-line revenue at 15.7% annually over the past decade.
Intuitive Surgical has earned high returns on invested capital, averaging 15.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Intuitive Surgical has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Intuitive Surgical is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $261.41 per share.