olivLaw · US equity research
Intuitive Surgical, Inc. ISRG
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Intuitive Surgical is the leader in robotic-assisted minimally invasive surgery, with its da Vinci and Ion systems. In the third quarter of 2026 revenue rose 22% to 3.05 billion USD, and the da Vinci installed base reached 12,094 systems. The company remains dependent on procedure adoption and on how tariffs and competition, especially in China, evolve.
At the close of 03 Nov 2026, Intuitive Surgical, Inc. (ISRG) stock was 440.75 USD (+0.89% on the day), with market capitalisation 152.8 bn USD, P/E 53.3 on diluted EPS of 8.27 USD over the last 12 months, beta 1.14, 52-week range 332.02–592.85 USD. Latest reported quarter (Q3 2026): revenue of 3.0 bn USD (+21.7% YoY), net income of 522.8 m USD (−25.8% YoY), diluted EPS 1.49 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.6
- strong (55–70)
- Bollinger (20, 2)
- 410.89 – 456.50
- in the upper half of the band · %B 0.65 · band width 10.5%
- SMA 50 / 200
- 404.05 / 432.07
- mixed trend
- MACD (12, 26, 9)
- 10.50 / 11.97
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.5% | −2.0% | +14.4 pp | — |
| 3 months | +19.7% | −2.2% | +21.8 pp | — |
| 6 months | −2.4% | +4.3% | −6.6 pp | — |
| Year to date | −22.2% | +10.6% | −32.7 pp | — |
| 1 year | −19.0% | +10.5% | −29.5 pp | −0.5% |
| 3 years | +58.2% | +73.7% | −15.4 pp | −4.2% |
| 5 years | +21.3% | +61.7% | −40.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.3 bn | 2.4 bn | 2.5 bn | 2.9 bn | 2.8 bn | 2.9 bn | 3.0 bn |
| Cost of revenue | 771.3 m | 795.7 m | 822.1 m | 842.7 m | 961.9 m | 940.3 m | 931.9 m | 964.4 m |
| Gross profit | 1.6 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.9 bn | 1.8 bn | 2.0 bn | 2.1 bn |
| Research & development | 294.7 m | 316.2 m | 313.3 m | 329.4 m | 352.9 m | 361.9 m | 370.6 m | 408.3 m |
| SG&A | 612.6 m | 563.4 m | 561.2 m | 573.3 m | 687.1 m | 613.3 m | 617.9 m | 633.4 m |
| Operating income | 734.9 m | 578.1 m | 743.4 m | 759.7 m | 864.3 m | 855.3 m | 971.9 m | 592.6 m |
| Pre-tax income | 809.8 m | 668.5 m | 832.1 m | 855.2 m | 955.6 m | 940.4 m | 1.1 bn | 668.4 m |
| Income tax | 121.8 m | -35.2 m | 167.9 m | 146.0 m | 156.1 m | 114.4 m | 231.4 m | 144.0 m |
| Net income | 685.7 m | 698.4 m | 658.4 m | 704.4 m | 794.8 m | 821.5 m | 818.1 m | 522.8 m |
| Diluted EPS | 1.88 ≈ | 1.92 | 1.81 | 1.95 | 2.21 ≈ | 2.28 | 2.29 | 1.49 |
| Operating cash flow | 822.6 m | 581.6 m | 715.4 m ≈ | 841.0 m ≈ | 892.5 m | 911.9 m | 1.1 bn ≈ | 1.2 bn ≈ |
| Capex | 312.0 m | 116.6 m | 155.3 m ≈ | 105.4 m ≈ | 162.5 m | 103.3 m | 112.6 m ≈ | 113.1 m ≈ |
| Dividends paid | — | — | — | 0 ≈ | — | — | — | — |
| Share repurchases | 0 | 0 | 181.0 m ≈ | 1.9 bn ≈ | 201.0 m | 1.1 bn | 320.3 m ≈ | 3.0 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 64 percentile of its own 44-quarter history (min 3.9, median 35.4, max 85.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 4.5 bn | 4.4 bn | 5.7 bn | 6.2 bn | 7.1 bn | 8.4 bn | 10.1 bn |
| Revenue YoY | +18.7% | +20.3% | −2.7% | +31.0% | +9.0% | +14.5% | +17.2% | +20.5% |
| Net income | 1.1 bn | 1.4 bn | 1.1 bn | 1.7 bn | 1.3 bn | 1.8 bn | 2.3 bn | 2.9 bn |
| Net income YoY | +68.1% | +22.3% | −23.1% | +60.7% | −22.4% | +36.0% | +29.2% | +23.0% |
| Diluted EPS | 9.49 | 3.85 | 2.94 | 4.66 | 3.65 | 5.03 | 6.42 | 7.87 |
| Diluted EPS YoY | +64.5% | −59.4% | −23.6% | +58.5% | −21.7% | +37.8% | +27.6% | +22.6% |
| net % | 30.3% | 30.8% | 24.3% | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% |
| Free cash flow | 982.2 m | 1.2 bn | 1.1 bn | 1.7 bn | 958.4 m | 749.6 m | 1.3 bn | 2.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.4 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 17.9 bn USD
- Total assets
- 20.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.87x
- ROE
- 16.6%
- ROA
- 14.6%
- FCF margin
- 24.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.4 bn | 5.7 bn | 6.2 bn | 7.1 bn | 8.4 bn | 10.1 bn | SEC (XBRL)· 03 Feb 2026verified |
| Cost of revenue | 1.5 bn | 1.8 bn | 2.0 bn | 2.4 bn | 2.7 bn | 3.4 bn | SEC (XBRL)· 03 Feb 2026verified |
| Gross profit | 2.9 bn | 4.0 bn | 4.2 bn | 4.7 bn | 5.6 bn | 6.6 bn | SEC (XBRL)· 03 Feb 2026verified |
| Research & development | 595.1 m | 671.0 m | 879.0 m | 998.8 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| SG&A | 1.2 bn | 1.5 bn | 1.7 bn | 2.0 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 03 Feb 2026verified |
| Operating income | 1.0 bn | 1.8 bn | 1.6 bn | 1.8 bn | 2.3 bn | 2.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Pre-tax income | 1.2 bn | 1.9 bn | 1.6 bn | 2.0 bn | 2.7 bn | 3.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Income tax | 140.2 m | 162.2 m | 262.4 m | 141.6 m | 336.3 m | 434.8 m | SEC (XBRL)· 03 Feb 2026verified |
| Net income | 1.1 bn | 1.7 bn | 1.3 bn | 1.8 bn | 2.3 bn | 2.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Diluted EPS | 2.94 | 4.66 | 3.65 | 5.03 | 6.42 | 7.87 | SEC (XBRL)· 03 Feb 2026verified |
| Weighted average diluted shares | 361.0 m | 365.8 m | 362.0 m | 357.4 m | 362.0 m | 362.7 m | SEC (XBRL)· 03 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 bn | 1.3 bn | 1.6 bn | 2.8 bn | 2.0 bn | 3.4 bn | SEC (XBRL)· 03 Feb 2026verified |
| Receivables | 645.5 m | 782.7 m | 942.1 m | 1.1 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Inventories | 601.5 m | 587.1 m | 893.2 m | 1.2 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Current assets | 6.6 bn | 5.8 bn | 6.3 bn | 7.9 bn | 7.1 bn | 9.8 bn | SEC (XBRL)· 03 Feb 2026verified |
| Property, plant & equipment, net | 1.6 bn | 1.9 bn | 2.4 bn | 3.5 bn | 4.6 bn | 5.3 bn | SEC (XBRL)· 03 Feb 2026verified |
| Goodwill | 336.7 m | 343.6 m | 348.5 m | 348.7 m | 347.5 m | 370.3 m | SEC (XBRL)· 03 Feb 2026verified |
| Intangibles (excl. goodwill) | 77.4 m | 70.5 m | 49.8 m | 39.1 m | 23.0 m | 17.1 m | SEC (XBRL)· 03 Feb 2026verified |
| Total assets | 11.2 bn | 13.6 bn | 13.0 bn | 15.4 bn | 18.7 bn | 20.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Accounts payable | 81.6 m | 121.2 m | 147.0 m | 188.7 m | 193.4 m | 255.1 m | SEC (XBRL)· 03 Feb 2026verified |
| Current liabilities | 965.2 m | 1.1 bn | 1.4 bn | 1.7 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Total liabilities | 1.4 bn | 1.6 bn | 1.9 bn | 2.0 bn | 2.2 bn | 2.5 bn | SEC (XBRL)· 03 Feb 2026verified |
| Equity | 9.8 bn | 12.0 bn | 11.1 bn | 13.4 bn | 16.5 bn | 17.9 bn | SEC (XBRL)· 03 Feb 2026verified |
| Shares outstanding at year end | 117.7 m | — | — | — | — | — | SEC (XBRL)· 19 Oct 2020verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 2.1 bn | 1.5 bn | 1.8 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 03 Feb 2026verified |
| Capex | 341.5 m | 339.5 m | 532.4 m | 1.1 bn | 1.1 bn | 539.8 m | SEC (XBRL)· 03 Feb 2026verified |
| Free cash flow | 1.1 bn ≈ | 1.7 bn ≈ | 958.4 m ≈ | 749.6 m ≈ | 1.3 bn ≈ | 2.5 bn ≈ | SEC (XBRL)· 03 Feb 2026derived |
| Investing cash flow | -940.6 m | -2.5 bn | 1.4 bn | -360.1 m | -3.3 bn | 665.8 m | SEC (XBRL)· 03 Feb 2026verified |
| Financing cash flow | -85.7 m | 43.0 m | -2.6 bn | -287.6 m | 150.9 m | -2.4 bn | SEC (XBRL)· 03 Feb 2026verified |
| Share repurchases | 134.3 m | 0 | 2.6 bn | 416.3 m | 0 | 2.3 bn | SEC (XBRL)· 03 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 152.8 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 193.42 – 329.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E193.42 – 329.34 (Mid 234.26)8 companies used · median multiple 28.3x · quartiles 23.4x – 39.8xALGN, APT, CDRE, EW, MSA, SNN, STE, ZBH
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 25.5% | 100 (vs peers) | 11% |
| FCF conversion · Quality | 121.7% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 17.4% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 29.2% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 53.3x | 22 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.4% | 29 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns· partial43/100 · 1/2 factors with a value
- Valuation25/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Intuitive Surgical, Inc. (ISRG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 10.1 bn USD in 2025; YoY growth 20.5%; net margin 25.5%; ROE 18.0%.
The estimated value range is 193.42–329.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 234.26 USD, the price of 440.75 USD leaves a potential of -46.9% (value / price − 1) and a margin of safety of -88.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.5%
- FCF conversion: 121.7%
- Revenue CAGR 3Y: 17.4%
- EPS CAGR 3Y: 29.2%
- Current ratio: 3.3x
What contradicts it
- P/E (TTM): 53.3x
- FCF yield: 2.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 152.8 bn | 53.3 | 18.0% | 25.5% | +20.5% | −19% / +58% |
| EWEdwards Lifesciences Corporation | 54.9 bn | 54.8 | 9.5% | 15.4% | +11.5% | +10% / +41% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 22.6 bn | 28.0 | 11.4% | 13.3% | +8.7% | −13% / +15% |
| ZBHZimmer Biomet Holdings, Inc. | 18.5 bn | 23.6 | 6.4% | 9.5% | +7.2% | −0% / −17% |
| ALGNAlign Technology, Inc. | 11.7 bn | 28.7 | 10.2% | 10.0% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for ISRG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 297.25 Total return -33% · Per year -33% | 523.12 Total return 19% · Per year 19% | 784.68 Total return 78% · Per year 78% |
| 3 years | 352.59 Total return -20% · Per year -7% | 691.83 Total return 57% · Per year 16% | 1,129.95 Total return 156% · Per year 37% |
| 5 years | 418.23 Total return -5% · Per year -1% | 914.95 Total return 108% · Per year 16% | 1,627.12 Total return 269% · Per year 30% |
- Exit P/E± 172.96
- Net margin± 121.07
- Annual revenue growth± 90.30
- Annual dilution± 10.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Intuitive Surgical is the leader in robotic-assisted minimally invasive surgery, with its da Vinci and Ion systems. In the third quarter of 2026 revenue rose 22% to 3.05 billion USD 3, and the da Vinci installed base reached 12,094 systems 3. The company remains dependent on procedure adoption and on how tariffs and competition, especially in China, evolve.
SWOT
Strengths
- The company has a large installed base and an integrated ecosystem of systems, instruments, learning and services that is hard to replicate quickly 13.
- Recurring instrument and accessory revenue is tied to procedure volume, giving a stable base of income 3.
- The company has substantial financial resources and an active share repurchase programme, which gives it flexibility 3.
Weaknesses
- A significant share of products is manufactured outside the United States, exposing the company to tariffs and logistics risk 1.
- Exposure to China adds uncertainty, as system placements were lower than the company anticipated 1.
- A one-time legal charge from antitrust litigation weighed on quarterly profit 3.
Opportunities
- Expansion of the da Vinci 5 and single-port platform could open new markets and surgical indications 1.
- Taking over distribution in some European markets with a direct sales model could give the company more control over revenue 3.
- Growth of the Ion system in lung diagnostics could extend the company beyond surgery 3.
Risks
- Commercial competitionhigh
Competitors may offer cheaper or more effective products, which could reduce the company's revenue 1.
- Tariffs and international tradehigh
Tariffs and trade measures can raise product costs and affect gross margin, and their final effect is hard to anticipate 13.
- China marketmedium
The government campaign and local competition could delay or reduce system placements in China 1.
- Antitrust litigationmedium
The antitrust settlement still requires court approval, and objections from class members could change its financial effect 3.
- Supply chainlow
Reliance on sole or single-source suppliers and delays in semiconductor components could affect production 2.
Investment thesis
What would need to be true (bull case)
- If da Vinci and Ion procedure growth stays near the pace seen in 2026, recurring revenue could keep rising 3.
- A large installed base and growth of the da Vinci 5 system could support instrument sales over the long term 13.
- If gross margin stays within the guided range, the company could maintain profitability despite tariffs 3.
What would break the thesis
- If tariffs rise or competition in China intensifies, gross margin could fall below the company's estimates 13.
- Weight-loss drugs and other alternative treatments could reduce procedure volumes in some segments 1.
- Litigation and legal costs could weigh on quarterly profit, especially if the settlement is not approved as agreed 3.
What to watch
- Development of da Vinci procedures against the 2026 growth rangeQ4 2026
- Preliminary and final court approval of the antitrust settlement2027
- Development of system placements in China after the government campaign2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Intuitive Surgical, Inc. frames its mission around the idea that minimally invasive care is life-enhancing care 1. It offers an ecosystem of robotic-assisted systems, instruments and accessories, customer learning and support services, all connected by a digital portfolio 1. The da Vinci systems cover a wide range of surgical procedures, while the Ion system extends the offering into diagnostics through minimally invasive lung biopsies 1.
Revenue from outside the United States was about 32% of the total in 2025 1. The company manufactures a significant majority of its instruments and accessories in Mexico, while most endoscopes are made in Germany, which exposes it to international supply chain risk 1. Its learning arm includes training pathways, simulation and telepresence for care teams 1.
Market context
The robotic surgery market competes with open surgery, laparoscopy, and drug or radiation treatments 1. The company reports da Vinci procedure growth of about 14% in the third quarter of 2026 and guides to 14% to 15% for 2026 3. Market development may be shaped by weight-loss drugs, which have reduced the number of bariatric procedures 1.
The international market is important but exposed to trade policy and local rules, especially in China, where the anti-corruption campaign and local competition reduced the number of systems placed 1. If tariffs rise beyond current estimates, the effect on results could be significant 3.
Trends
- Growth in minimally invasive procedurestailwind
Growth in da Vinci and Ion procedures supports recurring instrument and accessory revenue, and the company expects da Vinci procedure growth of 14% to 15% in 2026 3.
- Tariffsheadwind
Tariffs have raised cost of revenues and are expected to keep weighing on costs in 2026, and gross margin could be pressured if new tariffs are introduced 13.
- Competition in Chinaheadwind
Domestic companies and the government anti-corruption campaign have complicated system placements in China, with uncertain long-term effects 1.
- Weight-loss drugsmixed
Weight-loss drugs have reduced bariatric procedure volumes, but their long-term effect is hard to predict 1.
Competitive position
Competition includes companies developing robotic surgical systems, such as Medtronic, Johnson & Johnson, CMR Surgical and several Chinese manufacturers 1. Competitors may offer cheaper or more effective products, which could pressure prices 1.
Third-party service providers and consultants may also compete on price and services 1. Intuitive responds with cost-effectiveness analyses for hospitals and learning programs, but the impact of this competition is hard to measure 1.
- Medtronic plcMDT
Listed company that has introduced or announced entry into robotic surgery, cited in the risk factors 1.
- Johnson & JohnsonJNJ
Large medical company named as a potential competitor in robotic systems 1.
- CMR Surgical Ltd.
British surgical robotics company named among competitors in the field 1.
- Shanghai Microport Medbot (Group) Co., Ltd.
Chinese robotic system maker that could increase competitive pressure in China 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Abbott Laboratories vs. Intuitive Surgical: Recent Quarterly Revenue Trends Reveal a Classic Investing TruthYahoo Finance — News · 21 Sept 2026 · EN
- Intuitive Surgical Sees Procedure Growth Despite U.S. Slowdown and China PressureYahoo Finance — News · 11 Sept 2026 · EN
- Intuitive Surgical (ISRG): Embracing AI Innovations in Robotic Surgery for Future GrowthYahoo Finance — News · 07 Sept 2026 · EN
- Intuitive Surgical's Growth Has Cooled From Its Post-Pandemic Highs. Is That a Buying Opportunity or a Warning?Yahoo Finance — News · 05 Sept 2026 · EN
- Intuitive Surgical Vs. Stryker: Wall Street Loves Both But One Has a Quiet Advantage That Will Make Investors MoneyYahoo Finance — News · 04 Sept 2026 · EN
- How Is Intuitive Surgical's Stock Performance Compared to Other Health Care Equipment Stocks?Yahoo Finance — News · 01 Sept 2026 · EN
- Abbott vs. Intuitive Surgical: Which MedTech Stock Offers Better Long-Term Upside?Yahoo Finance — News · 23 Aug 2026 · EN
- Danaher vs. Intuitive Surgical: Is Recovery or Innovation the Better Long-Term Bet?Yahoo Finance — News · 23 Aug 2026 · EN
- Thermo Fisher vs. Intuitive Surgical: Which Premium Healthcare Stock Deserves its Valuation?Yahoo Finance — News · 23 Aug 2026 · EN
- Intuitive Surgical Drops as ACA Changes, GLP-1s Weigh on GrowthBloomberg Markets · 16 Jul 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report21 Oct 2026
- Current report20 Oct 2026Results of operations · Financial statements and exhibits
- Current report27 Jul 2026Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report21 Jul 2026
- Current report16 Jul 2026Results of operations · Financial statements and exhibits
- Current report28 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report04 May 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure
- Quarterly report22 Apr 2026
- Current report21 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Intuitive Surgical, Inc. · 03 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Intuitive Surgical, Inc. · 21 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Intuitive Surgical, Inc. · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.