Price to Earnings (P/E)
since 2005
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Intuitive Surgical Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Calculation
Intuitive Surgical Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Intuitive Surgical, Inc.1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2026 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2025 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 2, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 2, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 1, 2011 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 15, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
The price-to-earnings (P/E) ratio for the observed period exhibits considerable fluctuation, generally increasing over the long term but with notable periods of contraction. Initial values are relatively high, followed by a significant decrease during the 2008-2009 timeframe, and then a period of moderate volatility before a substantial increase in recent years.
- Early Period (2006-2009)
- The P/E ratio began at 36.68 and increased to a peak of 79.87 in 2008. This was followed by a dramatic decline to 21.99 in 2009, likely reflecting market conditions during the global financial crisis and potentially a decrease in investor confidence. This period demonstrates a high degree of sensitivity to external economic factors.
- Moderate Volatility (2010-2017)
- From 2010 through 2017, the P/E ratio experienced moderate fluctuations, ranging from a low of 33.85 to a high of 78.33. While volatility existed, the ratio generally trended upwards during this period, suggesting increasing investor confidence and potentially expectations of future earnings growth. The ratio reached 70.95 in 2017, indicating a premium valuation.
- Recent Increases (2018-2025)
- The P/E ratio continued to fluctuate, reaching 53.03 in 2018, 48.72 in 2019, and then a significant increase to 87.47 in 2021. This increase is notable and suggests a substantial re-evaluation of the company by investors. The ratio then decreased to 59.94 in 2022, increased to 74.11 in 2023, and finally reached 87.82 in 2025. This recent trend indicates a consistently high valuation, potentially driven by strong earnings growth and positive market sentiment.
- Overall Trend
- Despite the interim volatility, a general upward trend in the P/E ratio is observable over the entire period. The ratio has more than doubled from its initial value in 2006 to its most recent value in 2025. This suggests that investors have consistently been willing to pay a higher price for each dollar of earnings over time, reflecting increasing confidence in the company’s future prospects.
The observed fluctuations in the P/E ratio are likely influenced by a combination of factors, including overall market conditions, company-specific performance, and investor sentiment. The significant increase in recent years warrants further investigation to determine the underlying drivers of this valuation premium.
Comparison to Competitors
Intuitive Surgical Inc., P/E, long-term trends, comparison to competitors
| Intuitive Surgical Inc. | Abbott Laboratories | Elevance Health Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Feb 3, 2026 | |||||
| Jan 31, 2025 | |||||
| Jan 31, 2024 | |||||
| Feb 10, 2023 | |||||
| Feb 3, 2022 | |||||
| Feb 10, 2021 | |||||
| Feb 7, 2020 | |||||
| Feb 4, 2019 | |||||
| Feb 2, 2018 | |||||
| Feb 6, 2017 | |||||
| Feb 2, 2016 | |||||
| Feb 6, 2015 | |||||
| Feb 3, 2014 | |||||
| Feb 4, 2013 | |||||
| Feb 6, 2012 | |||||
| Feb 1, 2011 | |||||
| Jan 29, 2010 | |||||
| Feb 6, 2009 | |||||
| Feb 14, 2008 | |||||
| Feb 15, 2007 | |||||
| Mar 15, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Intuitive Surgical Inc., P/E, long-term trends, comparison to sector (health care equipment & services)
| Intuitive Surgical Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 3, 2026 | ||
| Jan 31, 2025 | ||
| Jan 31, 2024 | ||
| Feb 10, 2023 | ||
| Feb 3, 2022 | ||
| Feb 10, 2021 | ||
| Feb 7, 2020 | ||
| Feb 4, 2019 | ||
| Feb 2, 2018 | ||
| Feb 6, 2017 | ||
| Feb 2, 2016 | ||
| Feb 6, 2015 | ||
| Feb 3, 2014 | ||
| Feb 4, 2013 | ||
| Feb 6, 2012 | ||
| Feb 1, 2011 | ||
| Jan 29, 2010 | ||
| Feb 6, 2009 | ||
| Feb 14, 2008 | ||
| Feb 15, 2007 | ||
| Mar 15, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Intuitive Surgical Inc., P/E, long-term trends, comparison to industry (health care)
| Intuitive Surgical Inc. | Health Care | |
|---|---|---|
| Feb 3, 2026 | ||
| Jan 31, 2025 | ||
| Jan 31, 2024 | ||
| Feb 10, 2023 | ||
| Feb 3, 2022 | ||
| Feb 10, 2021 | ||
| Feb 7, 2020 | ||
| Feb 4, 2019 | ||
| Feb 2, 2018 | ||
| Feb 6, 2017 | ||
| Feb 2, 2016 | ||
| Feb 6, 2015 | ||
| Feb 3, 2014 | ||
| Feb 4, 2013 | ||
| Feb 6, 2012 | ||
| Feb 1, 2011 | ||
| Jan 29, 2010 | ||
| Feb 6, 2009 | ||
| Feb 14, 2008 | ||
| Feb 15, 2007 | ||
| Mar 15, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).