Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value to EBITDA (EV/EBITDA)

Intermediate level

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Intuitive Surgical Inc., EBITDA calculation

US$ in thousands

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income attributable to Intuitive Surgical, Inc. 1,379,300  1,127,900  660,000  735,900  588,800 
Add: Net income attributable to noncontrolling interest 2,500  (2,900) —  —  — 
Add: Income tax expense 120,400  154,500  436,500  244,900  169,700 
Earnings before tax (EBT) 1,502,200  1,279,500  1,096,500  980,800  758,500 
Add: Interest expense —  —  —  —  — 
Earnings before interest and tax (EBIT) 1,502,200  1,279,500  1,096,500  980,800  758,500 
Add: Depreciation and loss on disposal of property, plant, and equipment, net 160,000  108,600  86,200  73,900  65,100 
Add: Amortization of intangible assets 43,000  14,200  12,900  18,200  24,400 
Earnings before interest, tax, depreciation and amortization (EBITDA) 1,705,200  1,402,300  1,195,600  1,072,900  848,000 

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Intuitive Surgical Inc.’s EBITDA increased from 2017 to 2018 and from 2018 to 2019.

Enterprise Value to EBITDA Ratio, Current

Intuitive Surgical Inc., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 71,923,964 
Earnings before interest, tax, depreciation and amortization (EBITDA) 1,705,200 
Valuation Ratio
EV/EBITDA 42.18
Benchmarks
EV/EBITDA, Competitors1
Becton, Dickinson & Co. 20.89
Boston Scientific Corp. 29.91
Danaher Corp. 32.46
Medtronic PLC 19.83
Stryker Corp. 22.85
Thermo Fisher Scientific Inc. 26.15
UnitedHealth Group Inc. 14.00
EV/EBITDA, Sector
Health Care Equipment & Services 20.18
EV/EBITDA, Industry
Health Care 16.74

Based on: 10-K (filing date: 2020-02-07).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Intuitive Surgical Inc., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1 64,003,835  56,757,880  44,864,984  24,789,057  18,600,880 
Earnings before interest, tax, depreciation and amortization (EBITDA)2 1,705,200  1,402,300  1,195,600  1,072,900  848,000 
Valuation Ratio
EV/EBITDA3 37.53 40.47 37.53 23.10 21.93
Benchmarks
EV/EBITDA, Competitors4
Becton, Dickinson & Co. 21.93 22.08 21.58 17.76 21.50
Boston Scientific Corp. 30.18 24.31 21.10 31.56 71.28
Danaher Corp. 25.23 18.47 17.93 17.88 15.88
Medtronic PLC 16.01 13.94 16.32 15.92 22.94
Stryker Corp. 24.38 21.99 20.29 18.37 15.99
Thermo Fisher Scientific Inc. 19.74 19.41 20.47 18.21 15.80
UnitedHealth Group Inc. 13.96 14.04 13.61 11.48 9.81
EV/EBITDA, Sector
Health Care Equipment & Services 18.64 17.44 17.25 15.64 15.88
EV/EBITDA, Industry
Health Care 15.96 15.45 15.03 13.74 13.03

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 See details »

2 See details »

3 2019 Calculation
EV/EBITDA = EV ÷ EBITDA
= 64,003,835 ÷ 1,705,200 = 37.53

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Intuitive Surgical Inc.’s EV/EBITDA ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.