Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value to EBITDA (EV/EBITDA)

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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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income attributable to Intuitive Surgical, Inc. 1,798,000 1,322,300 1,704,600 1,060,600 1,379,300
Add: Net income attributable to noncontrolling interest 19,300 22,100 23,500 6,200 2,500
Add: Income tax expense 141,600 262,400 162,200 140,200 120,400
Earnings before tax (EBT) 1,958,900 1,606,800 1,890,300 1,207,000 1,502,200
Add: Interest expense
Earnings before interest and tax (EBIT) 1,958,900 1,606,800 1,890,300 1,207,000 1,502,200
Add: Depreciation and loss on disposal of property, plant, and equipment, net 401,600 338,000 282,800 226,400 160,000
Add: Amortization of intangible assets 20,200 27,800 27,400 49,800 43,000
Earnings before interest, tax, depreciation and amortization (EBITDA) 2,380,700 1,972,600 2,200,500 1,483,200 1,705,200

Based on: 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).

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. EBITDA decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Enterprise Value to EBITDA Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 135,832,080
Earnings before interest, tax, depreciation and amortization (EBITDA) 2,380,700
Valuation Ratio
EV/EBITDA 57.06
Benchmarks
EV/EBITDA, Competitors1
Abbott Laboratories 19.40
Cigna Group 12.91
CVS Health Corp. 8.26
Danaher Corp. 26.22
Elevance Health Inc. 10.47
Humana Inc. 6.96
Medtronic PLC 15.18
UnitedHealth Group Inc. 13.47
EV/EBITDA, Sector
Health Care Equipment & Services 14.52
EV/EBITDA, Industry
Health Care 19.08

Based on: 10-K (reporting date: 2023-12-31).

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
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1 128,123,188 81,892,877 98,018,095 87,689,991 64,002,675
Earnings before interest, tax, depreciation and amortization (EBITDA)2 2,380,700 1,972,600 2,200,500 1,483,200 1,705,200
Valuation Ratio
EV/EBITDA3 53.82 41.52 44.54 59.12 37.53
Benchmarks
EV/EBITDA, Competitors4
Abbott Laboratories 19.49 15.85 17.42 25.99 21.70
Cigna Group 12.11 8.88 9.06 6.31 8.42
CVS Health Corp. 8.03 12.42 10.41 8.56 9.43
Danaher Corp. 26.41 18.42 21.05 26.68 25.23
Elevance Health Inc. 10.24 10.26 10.05 7.57 9.05
Humana Inc. 7.33 11.59 11.22 6.91 9.30
Medtronic PLC 15.28 14.99 24.41 17.92 16.01
UnitedHealth Group Inc. 13.60 15.11 17.39 13.39 13.82
EV/EBITDA, Sector
Health Care Equipment & Services 14.40 14.33 15.77 13.69 13.61
EV/EBITDA, Industry
Health Care 18.75 13.67 13.83 16.25 14.26

Based on: 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).

1 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 128,123,188 ÷ 2,380,700 = 53.82

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. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.