Intuitive Surgical Inc., current enterprise value calculation

Current share price (P)	$509.36
No. shares of common stock outstanding	358,418,255
US$ in thousands
Common equity (market value)¹	182,563,922)
Add: Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding (per books)	—)
Add: Noncontrolling interest in joint venture (per books)	95,900)
Total equity	182,659,822)
Add: Total debt (book value)	—)
Total equity and debt	182,659,822)
Less: Cash and cash equivalents	2,027,400)
Less: Short-term investments	1,985,900)
Enterprise value (EV)	178,646,522)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 509.36 × 358,418,255

Intuitive Surgical Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$571.88	$378.22	$245.27	$285.60	$262.70
No. shares of common stock outstanding¹	356,656,964	352,325,863	350,389,679	357,744,031	353,154,894
US$ in thousands
Common equity (market value)³	203,964,985)	133,256,688)	85,940,077)	102,171,695)	92,773,791)
Add: Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest in joint venture (book value)	95,900)	89,700)	70,700)	50,400)	27,600)
Total equity	204,060,885)	133,346,388)	86,010,777)	102,222,095)	92,801,391)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	204,060,885)	133,346,388)	86,010,777)	102,222,095)	92,801,391)
Less: Cash and cash equivalents	2,027,400)	2,750,100)	1,581,200)	1,290,900)	1,622,600)
Less: Short-term investments	1,985,900)	2,473,100)	2,536,700)	2,913,100)	3,488,800)
Enterprise value (EV)	200,047,585)	128,123,188)	81,892,877)	98,018,095)	87,689,991)

Based on: 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 571.88 × 356,656,964

The financial data reveals a dynamic trajectory in the equity and valuation metrics over the five-year period.

Common Equity (Market Value): There is an overall upward trend in common equity market value, increasing from approximately $92.8 billion in 2020 to about $204.0 billion in 2024. However, a notable dip occurs in 2022 where the value declines to around $85.9 billion from the previous year's $102.2 billion. A strong recovery follows, with values markedly rising in 2023 and continuing sharply into 2024.
Total Equity: The total equity closely mirrors the pattern observed in common equity with values moving from around $92.8 billion in 2020 upward to $204.1 billion by 2024. A similarly sharp decline appears in 2022, followed by substantial growth in the succeeding years, suggesting the equity base experienced a temporary contraction before expansion resumed.
Total Equity and Debt: Values for total equity and debt are identical to the total equity figures throughout the period, implying that no debt was recorded or the company is fully equity-financed during this timeframe.
Enterprise Value (EV): Enterprise value demonstrates a pattern akin to equity trends, starting at approximately $87.7 billion in 2020. The value declines notably to roughly $81.9 billion in 2022, indicating a period of decreased overall valuation. Post-2022, enterprise value rebounds sharply, reaching about $200.0 billion in 2024. The growth rate in EV between 2023 and 2024 is particularly pronounced.

In summary, the data reflects a significant dip across key valuation and equity measures in 2022 followed by a robust recovery and substantial growth in subsequent years, culminating in values in 2024 more than double those of 2020 for both equity and enterprise value. The parity between total equity and total equity plus debt suggests a capital structure predominantly or entirely financed through equity over the period analyzed.

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Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)