Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value to FCFF (EV/FCFF) 

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Intuitive Surgical Inc., FCFF calculation

US$ in thousands

Microsoft Excel
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
Net income attributable to noncontrolling interest in joint venture 19,300 22,100 23,500 6,200 2,500
Net noncash charges 774,100 765,500 729,400 691,200 537,900
Changes in operating assets and liabilities, net of effects of acquisitions (777,600) (619,100) (368,100) (273,200) (321,500)
Net cash provided by operating activities 1,813,800 1,490,800 2,089,400 1,484,800 1,598,200
Interest paid, net of tax1
Purchase of property, plant, and equipment (1,064,200) (532,400) (339,500) (341,500) (425,600)
Free cash flow to the firm (FCFF) 749,600 958,400 1,749,900 1,143,300 1,172,600

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
FCFF Free cash flow to the firm is the cash flow available to the Intuitive Surgical Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Intuitive Surgical Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Interest Paid, Net of Tax

Intuitive Surgical Inc., interest paid, net of tax calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 7.23% 16.33% 8.58% 11.62% 8.01%
Interest Paid, Net of Tax
Interest paid, before tax
Less: Interest paid, tax2
Interest paid, net of tax

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 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 7.23% = 0


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 188,485,638
Free cash flow to the firm (FCFF) 749,600
Valuation Ratio
EV/FCFF 251.45
Benchmarks
EV/FCFF, Competitors1
Abbott Laboratories 36.53
Cigna Group 9.01
CVS Health Corp. 9.46
Elevance Health Inc. 10.34
Humana Inc. 6.96
Medtronic PLC 21.18
UnitedHealth Group Inc. 18.72
EV/FCFF, Sector
Health Care Equipment & Services 18.38
EV/FCFF, Industry
Health Care 23.82

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

1 Click competitor name to see calculations.

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


Enterprise Value to FCFF Ratio, Historical

Intuitive Surgical Inc., historical EV/FCFF 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
Free cash flow to the firm (FCFF)2 749,600 958,400 1,749,900 1,143,300 1,172,600
Valuation Ratio
EV/FCFF3 170.92 85.45 56.01 76.70 54.58
Benchmarks
EV/FCFF, Competitors4
Abbott Laboratories 36.51 23.24 23.47 36.94 33.05
Cigna Group 10.44 13.38 14.17 9.16 10.24
CVS Health Corp. 11.96 10.00 10.30 9.42 12.30
Elevance Health Inc. 14.19 13.32 12.74 6.04 12.73
Humana Inc. 9.95 14.88 42.03 7.92 8.46
Medtronic PLC 26.54 20.32 33.84 21.43 22.07
UnitedHealth Group Inc. 17.59 19.30 22.21 15.82 17.51
EV/FCFF, Sector
Health Care Equipment & Services 18.44 17.28 19.60 14.85 16.66
EV/FCFF, Industry
Health Care 24.38 17.63 16.41 17.93 18.26

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/FCFF = EV ÷ FCFF
= 128,123,188 ÷ 749,600 = 170.92

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Intuitive Surgical Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.