# Intuitive Surgical, Inc. (ISRG)

> Source: Nexqual · https://nexqual.com/ISRG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Intuitive Surgical, Inc. (ISRG), nexqual.com/ISRG" · informational, not investment advice.

**Price:** USD 443.85 (+3.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 443.85 · day 427.47–444.15 · 52w 328.57–603.88 · market cap null · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $11.6B, net income $2.96B (25.5% margin), free cash flow $3.60B (SEC filings).
- Valuation: P/E 53.0x (avg 73.5x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold ISRG (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $8.1M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.03 on a 1–5 scale) (34 analysts), mean target USD 480.13 (range 324–685).
- Total return with dividends: 1Y -19.5% vs S&P 500 +14.9%; 5Y +30.0% vs S&P 500 +80.3%.
- Next earnings: 2027-01-21, EPS estimate USD 2.95, revenue estimate $3.23B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.71B | $6.22B | $7.12B | $8.35B | $10.1B | $11.6B |
| Gross profit | $3.96B | $4.20B | $4.73B | $5.63B | $6.64B | — |
| Operating income | $1.82B | $1.58B | $1.77B | $2.35B | $2.95B | $3.28B |
| Net income | $1.70B | $1.32B | $1.80B | $2.32B | $2.86B | $2.96B |
| EPS (diluted) | $4.66 | $3.65 | $5.03 | $6.42 | $7.87 | — |
| Free cash flow | $1.75B | $958M | $750M | $1.30B | $2.49B | $3.60B |
| Gross margin | 69.3% | 67.4% | 66.4% | 67.5% | 66.0% | — |
| Operating margin | 31.9% | 25.3% | 24.8% | 28.1% | 29.3% | 28.4% |
| Net margin | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% | 25.5% |
| Revenue growth | +31.0% | +9.0% | +14.5% | +17.2% | +20.5% | — |
| Cash + short-term investments | $4.20B | $4.12B | $5.22B | $4.01B | $5.93B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 53.0x · P/S 13.5x · P/FCF 43.6x · P/B 9.8x · FCF yield 2.29% · Earnings yield 1.89% · Buyback yield (TTM) 2.95%
P/E at fiscal year-ends: Dec 2025 71.9x, Dec 2024 81.4x, Dec 2023 67.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ISRG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 1.53% | $178M | Reduced -26.2% |
| Mairs & Power | Mairs & Power Funds | 0.53% | $58.2M | Added +46.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
18 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Widman Fredrik | VP Corporate Controller | 1,089 | $408K | 51.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-10…2026-09-11 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 48 | $17K | 5.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-08…2026-09-09 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 69 | $25K | 7.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-20…2026-08-21 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 154 | $59K | 14.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-17…2026-08-19 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 231 | $91K | 18.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Guthart Gary S | Director | 10,000 | $4.0M | 0.8% | Yes | Routine (sold in Jul & Oct each year 2023–2025; this trade is outside those months) |
| 2026-08-10…2026-08-11 | Ladd Amy L | Director | 472 | $180K | 72.5% | Yes | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Loeb Gary | EVP & Chief Legal and Complian | 400 | $152K | 7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-30…2026-07-31 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 56 | $20K | 4.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-27…2026-07-29 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 84 | $30K | 6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-11…2026-06-12 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 48 | $20K | 3.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-08…2026-06-10 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 69 | $29K | 4.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-10 | Loeb Gary | EVP & Chief Legal and Complian | 400 | $170K | 6.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Jeddi Iman | SVP & GM da Vinci Platforms & | 5,625 | $2.4M | 14.5% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21…2026-05-22 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 36 | $16K | 2.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-18…2026-05-20 | Brosius Mark | EVP & Chief Mfg and Supply Cha | 54 | $23K | 3.3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Loeb Gary | EVP & Chief Legal and Complian | 400 | $179K | 6.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-04-28…2026-04-29 | Ladd Amy L | Director | 619 | $292K | 83.8% | Yes | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.03 on a 1–5 scale), 34 analysts; mean target USD 480.13 (low 324, high 685).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Leerink Partners | Target raised | Outperform | $473 → $503 |
| 2026-10-21 | JP Morgan | Target raised | Overweight | $450 → $475 |
| 2026-10-21 | Evercore ISI Group | Target lowered | In-Line | $400 → $385 |
| 2026-10-21 | Wells Fargo | Target lowered | Overweight | $487 → $486 |
| 2026-10-21 | TD Cowen | Reiterated | Buy | $485 |
| 2026-10-21 | Barclays | Target raised | Overweight | $485 → $500 |
| 2026-10-21 | RBC Capital | Target lowered | Outperform | $575 → $550 |
| 2026-10-21 | Mizuho | Target lowered | Neutral | $415 → $400 |
| 2026-10-21 | Baird | Target raised | Outperform | $513 → $550 |
| 2026-10-21 | BTIG | Reiterated | Buy | $454 |
| 2026-10-12 | BTIG | Target lowered | Buy | $469 → $454 |
| 2026-10-07 | Barclays | Initiated | Overweight | $485 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -19.5% | +30.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -19.6% | +5.4% |
| Volatility (annualized) | 34.5% | 33.5% |
| Max drawdown | -44.0% (Jan 2026→Jul 2026) | -49.8% (Nov 2021→Oct 2022) |

## Peers (Medical Instruments & Supplies)
BDX (Becton, Dickinson and Company) USD 200.42 +3.13% · MDLN (Medline Inc.) USD 34.88 -1.22% · RMD (ResMed Inc.) USD 253.06 +2.79% · ALC (Alcon Inc.) USD 70.63 +4.75% · WST (West Pharmaceutical Services, I) USD 394.03 +0.14% · SOLV (Solventum Corporation) USD 87.45 +0.90%

## More
Full page: https://nexqual.com/ISRG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ISRG's own 10-K filed 2026-02-03 (https://www.sec.gov/Archives/edgar/data/1035267/000103526726000010/isrg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BAXTER INTERNATIONAL INC (BAX) | "In certain instances, we complement our research and development effort through collaborations with other companies, such as our Integrated Table Motion product offering developed with Hillrom (now a part of Baxter Inter…" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $2.57B | 84.2% | +21.7% |
| Instruments and accessories | $1.80B | 59.0% | +18.3% |
| Systems | $769.1M | 25.2% | +30.3% |
| Service | $482.2M | 15.8% | +21.8% |
| Service | $482.2M | 15.8% | +21.8% |
| Total revenue | $3.05B | 100% | — |
The lines above cover 200% of total revenue.

## Company outlook (8-K filed 2026-10-20)

- "The Company expects the following results for the full year of 2026: • Worldwide da Vinci procedure growth of approximately 14% to 15% in 2026."
- "The Company expects to be closer to the midpoint of this range. • Non-GAAP* gross profit margin to be within a range of 68.7% to 69.3% of revenue in 2026."
- "The range for expected non-GAAP* gross profit margin reflects the Company's estimates of the adverse impact from tariffs that are currently in effect as of the time of this press release and assumes such tariffs remain in place through the end of the year."
- "Should additional tariffs beyond our expectations be implemented, the additional impact on the Company's financial results in 2026, including the change in expected non-GAAP* gross profit margin, could be material."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.95 | $2.85 | +3.6% | $3.23B | 24 |
| Next quarter (ends 2027-03-31) | $2.85 | $2.78 | +2.4% | $3.12B | 21 |
| Current fiscal year (ends 2026-12-31) | $11.26 | $10.79 | +4.3% | $11.91B | 24 |
| Next fiscal year (ends 2027-12-31) | $12.42 | $12.02 | +3.3% | $13.32B | 27 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2027-01-21): ±16.5%; earnings reaction alone ±6.7%; last 8 reports averaged ±5.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 34.1% | ±4.2% |
| 2026-11-06 | 14 | 34.9% | ±5.7% |
| 2026-11-13 | 21 | 35.0% | ±7.0% |
| 2026-11-20 | 28 | 33.5% | ±7.6% |
| 2026-11-27 | 35 | 32.9% | ±8.3% |
| 2026-12-04 | 42 | 31.7% | ±8.8% |
| 2026-12-18 | 56 | 32.4% | ±10.3% |
| 2027-01-15 | 84 | 32.6% | ±12.7% |