Intuitive Surgical, Inc. (ISRG)
NEUTRALファンダメンタル
70
株価
$371.64
時価総額
$133.84B
パート1 · 企業の価値
概要
Intuitive Surgical makes the da Vinci surgical robots that let surgeons perform minimally invasive operations through small incisions, controlling robotic arms from a console instead of holding instruments directly. It also makes the Ion system, a robotic catheter platform for lung biopsies. The company doesn't just sell machines: it trains the surgeons who use them, sells the specialized instruments those machines consume procedure after procedure, and services the installed fleet, so a single hospital sale turns into a recurring relationship.
収益の仕組み
The da Vinci systems themselves are the smallest of three revenue lines: a large upfront sale or lease, then a long tail of Instruments & Accessories revenue, since each robotic procedure consumes specialized, mostly single-use instruments billed per case. Services revenue — installation, maintenance contracts, training and digital tools — completes the picture. This is a classic razor-and-blade model: the system is placed once, sometimes below cost or leased, and the recurring instrument and service revenue that follows every procedure is where the durable profit sits.
セグメント別売上高
Specialized, largely single-use surgical instruments consumed on every robotic procedure — the recurring, high-margin heart of the business.
Upfront sale or lease of da Vinci and Ion robotic platforms to hospitals — the smallest and lowest-margin of the three lines.
Installation, maintenance contracts, training and digital tools sold alongside the installed base of robotic systems.
競争優位性（moat）
スイッチングコスト · 広いA hospital that buys a da Vinci system and trains its surgeons on it has made a large, hard-to-reverse commitment: the machine costs over a million dollars, surgeons need extensive hands-on training to be credentialed on it, and every procedure afterwards locks in Intuitive's proprietary instruments. Switching to a rival robot means retraining surgical teams and re-earning hospital credentialing committee approval, a multi-year process few hospitals undertake lightly.
需要を左右する要因
中程度の景気循環性Procedure volume grows with an aging population and the steady shift of surgeries from open to minimally invasive techniques, a fairly durable secular trend. But the Systems piece of revenue depends on hospitals approving large capital purchases, which they defer when budgets are tight, credit is expensive, or reimbursement uncertainty makes the return on a new robot harder to justify — so the hardware business is more cyclical than the underlying procedure volume.
主なリスク
- Systems sales depend on hospital capital budgets — A da Vinci system is a large capital purchase; hospitals facing cost pressure, high interest rates or uncertain reimbursement can delay or cancel these purchases even when procedure demand is strong.
- Product liability and litigation exposure — As a maker of robotic surgical devices used in complex operations, the company faces the risk of significant product liability claims and intellectual property litigation that could be costly regardless of outcome.
- Reliance on a few manufacturing sites and suppliers — Key instruments are manufactured in Mexico and endoscopes in Germany; a disruption at either site, or at a single-source supplier, could constrain output faster than alternate capacity can be brought online.
- Dependent on regulatory clearance to expand — New systems, instruments and expanded procedure indications require FDA and international regulatory clearance; delays or rejections slow the pace at which the installed base can be upgraded or used for new procedures.
強気材料
Buyers argue that the multi-year cost of training surgical teams and re-earning hospital approval to switch robotic platforms locks in Intuitive's installed base, and that recurring instrument and service revenue on every procedure compounds as more hospitals adopt robotic surgery and the range of eligible procedures keeps expanding.
弱気材料
Sellers worry that new system sales depend on hospitals approving large capital budgets that get deferred in a tighter credit or reimbursement environment, that emerging robotic-surgery competitors are beginning to target the same hospitals, and that a serious product liability or safety issue could damage trust built over two decades.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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貸借対照表と流動性
売上高
$11.03B
直近12か月（2026/6/30まで）
純利益
$3.14B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.49B
自己資本合計
$17.82B
負債合計
$2.52B
流動比率
4.96
利払い倍率
-
負債/EBITDA
0.00
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$340.43
現在株価
$371.64
安全マージン
-9.2%
適正価値レンジ
$221.28 - $459.58
推定方法
バリュエーション指標
P/E レシオ
42.89
ROE
16.0%
P/B レシオ
7.26
P/FCF
40.95
粗利益率
66.7%
ROIC
14.4%
収益性レーダー
Value Creation (Economic Moat)
ROIC
14.4%
WACC
12.7%
ROIC − WACC
+1.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（19）
- EPS shows upward trend
- Price CAGR 18.32%
- ROIC 14.4%
- Gross Margin 66.7%
- Debt/Equity ratio
- Operating Margin 31.3%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 17.8%
- Revenue Growth 5Y 18.2%
- Analyst Consensus 70% Buy
- Earnings Surprise avg 13.8%
- Earnings Quality (OCF/NI) 1.18
- Share Dilution 0.3%
- Piotroski F-Score 7/9
不合格（7）
- EPS CAGR 4.28%
- P/FCF 40.95
- P/B Ratio 7.26
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 2.07
- Net Margin Trend 28.4% vs 28.5%
データなし（2）
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. Gary S. Guthart Ph.D. | Executive Chair | 59 |
| Mr. David J. Rosa | CEO & Director | 57 |
| Mr. Jamie E. Samath | Executive VP, CFO & Enterprise Technology Leader | 54 |
| Mr. Henry L. Charlton | Senior VP of Global Business Operations | 55 |
| Mr. Gary H. Loeb J.D. | Executive VP and Chief Legal & Compliance Officer | 55 |
| Mr. Mark P. Brosius | Chief Manufacturing and Supply Chain Officer | 58 |
| Mr. Fredrik Widman | VP, Principal Accounting Officer & Corporate Controller | - |
| Mr. Milind Wagle | Chief Information Officer | - |
| Mr. Daniel P. Connally C.F.A. | VP & Head of Investor Relations | - |
| Dr. Christopher R. Carlson Ph.D. | Executive Vice President of Research, Corporate Development, Corporate Strategy & Intuitive Ventures | - |
監査リスク
1
取締役会リスク
6
報酬リスク
6
株主権利リスク
4
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for ISRG, sourced from Markets Gazette.
- 7/16/2026NEGATIVEIntuitive Surgical Drops as ACA Changes, GLP-1s Weigh on Growth
Intuitive Surgical Inc. experienced a significant decline, dropping as much as 13% in after-hours trading. This downturn is attributed to a deceleration in the growth rate of its da Vinci surgical robot procedures, which has reached a four-year low. The company's unchanged guidance for future procedure growth further exacerbated investor concerns. Analysts suggest that potential changes related to the Affordable Care Act (ACA) and the increasing prevalence of GLP-1 drugs, which may reduce the need for certain surgical interventions, are also casting a shadow over the company's long-term growth prospects. Investors are closely monitoring these headwinds.
- 5/18/2026POSITIVEIntuitive Surgical: a comforting stock for troubled times
Intuitive Surgical, a dominant force in robotic surgery, presents a compelling investment case amidst market volatility. The company's established leadership in a growing sector, driven by an aging global population and increasing adoption of minimally invasive procedures, suggests sustained revenue and profit expansion. While specific financial figures are not detailed in this report, the company's strategic positioning and market dominance imply a robust outlook. Investors seeking stability and long-term growth may find ISRG an attractive option, as its essential healthcare services provide a degree of resilience against broader economic downturns.
- 5/11/2026POSITIVEHere's How Much $1000 Invested In Intuitive Surgical 20 Years Ago Would Be Worth Today
An investment of $1000 in Intuitive Surgical Inc. (ISRG) made 20 years ago would have grown to approximately $16,000 today, representing a staggering 1500% return. This growth trajectory highlights the company's sustained market leadership and innovation in robotic-assisted surgery. Investors who held ISRG would have benefited from the increasing adoption of minimally invasive procedures and the company's expanding product portfolio and global reach. The significant appreciation underscores the long-term value creation potential for shareholders in well-positioned medical technology firms.
- 4/22/2026POSITIVEWhat's Going On With Intuitive Surgical Stock Wednesday?
Intuitive Surgical Inc. saw its stock price surge following a strong first quarter for 2026. The company surpassed both earnings per share and revenue expectations, indicating robust operational performance. Furthermore, Intuitive Surgical has revised its procedure growth forecast upwards, signaling increased confidence in future demand for its robotic surgical systems. This positive outlook, coupled with better-than-expected financial results, suggests sustained momentum and potential for further stock appreciation, making it an attractive prospect for investors.
- 4/22/2026NEUTRALIntuitive Surgical, Faraday Future, Capital One, United Airlines And Opendoor Technologies: Why These 5 Stocks Are On Investors' Radars Today
Intuitive Surgical (ISRG) was among the stocks drawing significant investor attention on Tuesday, April 21, 2026. While the article does not provide specific reasons for ISRG's trending status, its inclusion suggests market participants are monitoring its performance. Investors should look for further news regarding the company's innovative robotic surgical systems and its competitive landscape to gauge potential future movements. The broader context of other trending stocks like Faraday Future (FFIE), Capital One (COF), United Airlines (UAL), and Opendoor Technologies (OPEN) indicates a day of heightened activity across diverse market sectors.
- 4/21/2026POSITIVEIntuitive Surgical Raises 2026 Outlook, Buoyed by US, Europe
Intuitive Surgical Inc. has boosted its fiscal 2026 forecast, signaling strong future growth. The company's first-quarter earnings surpassed analyst expectations, primarily driven by increased adoption and utilization of its flagship surgical robotic system across the United States and Europe. This positive outlook suggests robust demand for its innovative medical technology, potentially leading to increased revenue and market share. Investors may view this as a strong indicator of the company's continued success and its ability to expand its global footprint in the minimally invasive surgery market.
- 4/21/2026NEUTRALIntuitive Surgical Reports Q1 2026 Results: Full Earnings Call Transcript
Intuitive Surgical released its Q1 2026 earnings call transcript on April 21, 2026. While the transcript provides detailed insights into the company's performance, operational strategies, and future outlook, it does not contain specific financial figures or forward-looking guidance that would allow for an immediate assessment of its impact on the stock price. Investors will need to analyze the transcript for qualitative information regarding procedure growth, new product adoption, and market expansion to form an investment thesis. The lack of immediate quantitative data makes this a neutral signal pending further analysis.
- 3/13/2026NEGATIVEIntuitive Surgical Reveals Cyber Breach
Intuitive Surgical disclosed a cybersecurity breach on Friday, stemming from a phishing attack. This incident occurs amidst a broader trend of increased cyber threats in the medtech sector, with peer Stryker also reporting a significant attack. The breach raises concerns about data security and operational integrity for Intuitive Surgical, potentially impacting patient trust and regulatory compliance. Investors will be closely monitoring the company's response and the extent of any data compromise, as such events can lead to financial penalties and reputational damage.
- 3/12/2026NEUTRALIntuitive Surgical Stock: Buy, Sell, or Hold?
Intuitive Surgical has demonstrated remarkable business momentum, prompting a critical evaluation of its current valuation by investors. While recent performance has been strong, the key question for shareholders revolves around whether the stock's price adequately reflects its future growth prospects or if it has become overvalued. This analysis is crucial for determining the optimal investment strategy, whether to buy into continued growth, hold existing positions, or sell due to valuation concerns. The market is closely watching for indicators that could justify the current price or signal a potential correction.
via Markets Gazette