Stock Analysis on Net
Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Intuitive Surgical Inc., FCFE 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
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
Purchase of property, plant, and equipment (1,064,200) (532,400) (339,500) (341,500) (425,600)
Free cash flow to equity (FCFE) 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
FCFE Free cash flow to equity is the cash flow available to Intuitive Surgical Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Intuitive Surgical Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Intuitive Surgical Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 354,705,822
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 749,600
FCFE per share 2.11
Current share price (P) 373.12
Valuation Ratio
P/FCFE 176.56
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 71.76
Cigna Group 10.40
CVS Health Corp. 4.62
Elevance Health Inc. 16.97
Humana Inc. 10.26
Medtronic PLC 26.43
Shockwave Medical Inc. 15.88
UnitedHealth Group Inc. 15.20
P/FCFE, Sector
Health Care Equipment & Services 16.05
P/FCFE, Industry
Health Care 16.27

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

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Intuitive Surgical Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 352,325,863 350,389,679 357,744,031 353,154,894 347,952,132
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 749,600 958,400 1,749,900 1,143,300 1,172,600
FCFE per share3 2.13 2.74 4.89 3.24 3.37
Share price1, 4 378.22 245.27 285.60 262.70 193.14
Valuation Ratio
P/FCFE5 177.77 89.67 58.39 81.15 57.31
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 76.56 26.11 24.52 38.42 53.19
Cigna Group 9.86 18.23 10.98 16.30 20.76
CVS Health Corp. 5.22 12.36 21.23 11.93 18.52
Elevance Health Inc. 16.04 14.26 11.07 7.75 13.72
Humana Inc. 12.01 30.99 11.49 8.47 11.73
Medtronic PLC 29.20 19.71 38.91 23.06 26.62
Shockwave Medical Inc. 12.55 70.16 2,410.63 — —
UnitedHealth Group Inc. 15.33 12.57 20.11 13.93 13.90
P/FCFE, Sector
Health Care Equipment & Services 16.45 16.54 20.24 16.77 19.50
P/FCFE, Industry
Health Care 16.86 18.40 17.97 17.17 13.58

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 749,600,000 ÷ 352,325,863 = 2.13

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 378.22 ÷ 2.13 = 177.77

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Intuitive Surgical Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.