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

Intuitive Surgical Inc. (NASDAQ:ISRG)

Price to FCFE (P/FCFE)

Intermediate level

Free Cash Flow to Equity (FCFE)

Intuitive Surgical Inc., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net income attributable to Intuitive Surgical, Inc. 1,060,600  1,379,300  1,127,900  660,000  735,900 
Net (income) loss attributable to noncontrolling interest in joint venture 6,200  2,500  (2,900) —  — 
Net noncash charges 691,200  537,900  428,300  392,300  310,000 
Changes in operating assets and liabilities, net of effects of acquisition (273,200) (321,500) (383,700) 91,600  (3,000)
Net cash provided by operating activities 1,484,800  1,598,200  1,169,600  1,143,900  1,042,900 
Purchase of property, plant, and equipment and intellectual property (341,500) (425,600) (187,400) (190,700) (53,900)
Free cash flow to equity (FCFE) 1,143,300  1,172,600  982,200  953,200  989,000 

Based on: 10-K (filing date: 2021-02-10), 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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Intuitive Surgical Inc.’s 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.’s FCFE increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 118,412,888
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 1,143,300 
FCFE per share 9.66
Current share price (P) 864.27
Valuation Ratio
P/FCFE 89.51
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 34.42
Becton, Dickinson & Co. 72.82
Boston Scientific Corp. 420.49
Bristol-Myers Squibb Co. 8.73
CVS Health Corp. 14.51
Danaher Corp. 50.34
Edwards Lifesciences Corp. 96.19
Medtronic PLC 30.55
Stryker Corp. 25.50
UnitedHealth Group Inc. 16.53
P/FCFE, Sector
Health Care Equipment & Services 22.74
P/FCFE, Industry
Health Care 21.03

Based on: 10-K (filing date: 2021-02-10).

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

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 117,718,298 115,984,044 114,488,602 112,298,504 116,360,937
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 1,143,300  1,172,600  982,200  953,200  989,000 
FCFE per share3 9.71 10.11 8.58 8.49 8.50
Share price1, 4 788.09 579.43 522.43 416.96 234.99
Valuation Ratio
P/FCFE5 81.14 57.31 60.90 49.12 27.65
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 38.42 53.19 — 70.38 5.13
Becton, Dickinson & Co. 68.08 208.37 21.22 5.61 58.26
Boston Scientific Corp. 378.73 13.34 39.10 29.99 76.73
Bristol-Myers Squibb Co. 7.80 5.80 18.62 20.01 52.51
CVS Health Corp. 11.93 18.52 1.66 12.89 10.97
Danaher Corp. 44.62 6.88 26.93 300.48 11.10
Edwards Lifesciences Corp. 84.71 54.11 149.06 28.07 26.89
Medtronic PLC 23.06 26.62 — 15.45 —
Stryker Corp. 24.42 28.84 14.99 44.01 10.86
UnitedHealth Group Inc. 13.93 13.90 14.22 24.48 16.79
P/FCFE, Sector
Health Care Equipment & Services 20.35 14.82 14.05 21.21 16.61
P/FCFE, Industry
Health Care 19.44 14.67 17.14 16.78 13.42

Based on: 10-K (filing date: 2021-02-10), 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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2020 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,143,300,000 ÷ 117,718,298 = 9.71

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

5 2020 Calculation
P/FCFE = Share price ÷ FCFE per share
= 788.09 ÷ 9.71 = 81.14

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.’s P/FCFE ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.