Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Historical Valuation Ratios (Summary)
Intuitive Surgical Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio Trend
- The price to earnings ratio exhibits variability across the observed periods. From March 2021 to December 2021, the ratio decreases gradually from 87.47 to 71.86, indicating a reduction in market valuation relative to earnings. This downward trend continues until June 2022, reaching a low of 52.74. However, from that point, the ratio rebounds, peaking at 82.75 by September 2024 before slightly declining to 70.63 by March 2025. Overall, the P/E ratio shows fluctuations, with periods of valuation contraction followed by recovery phases.
- Price to Operating Profit (P/OP) Ratio Trend
- The price to operating profit ratio follows a somewhat parallel trend to the P/E ratio. Initially, it decreases from 88.37 in March 2021 to a low of 44.54 by September 2022, suggesting improved operating profitability relative to stock price or a market adjustment. Then, the ratio increases gradually, reaching a peak of 89.92 in December 2024 before slightly decreasing to 71.16 in March 2025. This pattern implies fluctuating investor sentiment about operating performance over the term.
- Price to Sales (P/S) Ratio Trend
- The price to sales ratio demonstrates a general decline from March 2021 (21.29) to December 2022 (12.62), reflecting potentially rising sales or a relative decline in market valuation to sales. Subsequently, from early 2023, the ratio ascends again, achieving a high of 24.42 in September 2024, before declining to 20.07 by March 2025. This trend indicates oscillations in valuation relative to revenue, with periods of higher sales valuation followed by moderation.
- Price to Book Value (P/BV) Ratio Trend
- The price to book value ratio starts at 7.22 in March 2020 and shows an upward trajectory, peaking near 10.64 in September 2021. It then declines to 6.29 by June 2022, indicating a reduction in market valuation relative to book value during this period. From June 2022 onward, the ratio rises again, reaching a high of 12.41 in September 2024 before easing to 10.22 by March 2025. This pattern reveals cyclic changes in market perception of the company’s net asset value.
- Overall Insights
- Across the ratios, a cyclical pattern is evident with valuation metrics declining during mid-periods (notably in 2022) before recovering through late 2023 to 2024. This may reflect changes in market conditions, company performance, or investor expectations. The ratios indicate periods of both market optimism and adjustments, with fluctuations in earnings, operating profit, sales, and book value valuations relative to stock price over these quarters. The recent slight declines towards the end of the data may suggest a return to more conservative valuation levels or emerging caution among investors.
Price to Earnings (P/E)
Intuitive Surgical Inc., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income attributable to Intuitive Surgical, Inc.Q1 2025
+ Net income attributable to Intuitive Surgical, Inc.Q4 2024
+ Net income attributable to Intuitive Surgical, Inc.Q3 2024
+ Net income attributable to Intuitive Surgical, Inc.Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a general upward trajectory from March 2020 through December 2021, rising from 175.44 USD to a peak of 339.80 USD in September 2021, followed by a decline to 285.60 USD at the end of 2021. In 2022, the share price decreased further reaching a low of 211.85 USD in June 2022 before gradually recovering toward the end of 2022 and into early 2023. A significant upward trend was observed starting in December 2023 through the first quarter of 2025, where the share price increased sharply from 378.22 USD to a peak of 571.88 USD in December 2024 before falling slightly to 487.93 USD in March 2025.
- Earnings per Share (EPS) Pattern
- Earnings per share data begins from the first quarter of 2021, showing a consistent upward trend from 3 USD to 6.91 USD by March 2025. The EPS growth appears steady and incremental each quarter, indicating ongoing improvements in profitability over the analyzed period. There was a mild slowdown in EPS growth around late 2022 and early 2023, but the overall trend remained positive with EPS rising from 3.77 USD in March 2022 to 6.91 USD in March 2025.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio, available from the first quarter of 2021, started at a high valuation of 87.47, then generally decreased, reaching a low of approximately 52.74 in September 2022, which may suggest improving earnings relative to the stock price during this timeframe. After this, the P/E ratio increased again, fluctuating between 61.96 and 87.82 from early 2023 through the first quarter of 2025, indicating elevated investor expectations or stock price adjustments. The P/E ratio shows some volatility but remains relatively high, consistent with the share price strengthening and positive EPS growth.
- Overall Insights
- The data reveals a period of strong stock price appreciation, particularly in the later periods, coupled with consistent earnings growth. While the P/E ratio exhibits fluctuations, it maintains a generally high level, reflective of a growth-oriented valuation. The EPS growth supports the increase in share price, suggesting fundamental improvements in profitability driving market valuation. Some volatility in share price and valuation multiples during 2022 suggests external or company-specific factors affecting sentiment, though the overall trajectory is positive through early 2025.
Price to Operating Profit (P/OP)
Intuitive Surgical Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income from operations (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024
+ Income from operationsQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price shows notable volatility over the reviewed quarters. Initially, there was a steady increase from $175.44 at the end of Q1 2020 to a peak around $339.80 in Q3 2021. This peak was followed by a decline, reaching a low of approximately $211.85 by Q2 2022. Following this dip, the share price recovered robustly, climbing to a new high near $571.88 in Q4 2024 before experiencing a drop to approximately $487.93 by Q1 2025.
- Operating Profit per Share (OP) Development
- Operating profit per share demonstrated a generally upward trajectory, starting from $2.97 in Q1 2021 and rising steadily across subsequent periods. Minimal fluctuations were observed, with values progressing from about $3.33 in Q2 2021 to $6.86 in Q1 2025. This reflects consistent improvement in profitability on a per-share basis.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited pronounced fluctuations, indicative of changing market valuations relative to operational profitability. Starting high at around 88.37 in Q1 2021, the ratio trended downwards significantly through 2021 and most of 2022, reaching a low of approximately 44.54 in Q3 2022. Thereafter, it increased again with some volatility, peaking near 89.92 by Q4 2024 before declining to about 71.16 in Q1 2025. This cyclical movement suggests varying investor sentiment and potentially reflects market reassessments of growth prospects versus actual profitability.
- Correlations and Insights
- The inverse relationship between share price and the P/OP ratio during certain periods is notable. For example, while the share price surged towards the end of 2024, the P/OP also increased, indicating the price growth outpaced profit increases. Conversely, during certain earlier intervals, share price declines corresponded with lower P/OP ratios, signaling compressions in valuation multiples. The consistent rise in operating profit per share suggests steady operational improvements, while the volatility in market valuation multiples may be driven by broader market conditions or investor expectations changing over time.
Price to Sales (P/S)
Intuitive Surgical Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates strong volatility with an overall upward trajectory when observed from the beginning to the end of the period. Initial values in early 2020 start at approximately $175.44, escalating to peaks above $570 by late 2024 before slightly retreating to $487.93 at the start of 2025. Notably, there are periods of decline such as from late 2021 to mid-2022, with prices decreasing from $285.60 to $211.85, followed by a recovery phase reaching new highs in late 2024.
- Sales Per Share Development
- Sales per share exhibit a consistent, gradual increase throughout the periods presented. From a starting reference point around $12.34 in the first quarter of 2021, sales per share rise steadily to approximately $24.31 by the first quarter of 2025. This indicates sustained revenue growth relative to the number of shares outstanding, underscoring operational expansion or increased sales efficiency over time.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio shows marked variability over the quarters, suggesting fluctuations in market valuation relative to sales performance. Beginning near 21.29 in early 2021, the ratio climbs to above 23.19 mid-2021, then notably declines through 2022 to values as low as 12.62. This dip coincides with the share price reduction during the same period, despite sales per share increasing. Following this trough, the ratio recovers and exceeds previous levels, peaking at 24.42 late in 2024 before a decrease to 20.07 early 2025. The oscillations indicate changing investor sentiment and valuation metrics independent of steady sales improvement.
- Integrated Insights
- The data suggests that while the company demonstrates consistent growth in sales per share, the market valuation as reflected in share price and P/S ratio experiences greater fluctuations. Periods of share price weakness despite rising sales per share reflect possible external market pressures or shifts in investor perception. The eventual recovery and surpassing of previous high P/S ratios indicate renewed confidence or premium valuation placed on ongoing sales growth. Overall, the trends point to a fundamentally expanding sales base with market valuation responsive to broader factors beyond underlying sales.
Price to Book Value (P/BV)
Intuitive Surgical Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Intuitive Surgical, Inc. stockholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Intuitive Surgical, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from March 31, 2020, at $175.44 to a peak in December 31, 2023, reaching $378.22. Following this peak, there was a notable increase continuing into the first three quarters of 2024, reaching highs of $571.88 in December 31, 2024, before declining to $487.93 by March 31, 2025. The fluctuations indicate periods of volatility but with a generally strong growth trajectory over the five-year span.
- Book Value per Share (BVPS)
- The BVPS demonstrated consistent and steady growth throughout the timeline, increasing from $24.32 in March 31, 2020, to $47.73 by March 31, 2025. This represents nearly a doubling in book value over the period. The progression is smooth, with no significant declines or volatility, indicating stable growth in the company’s net asset value per share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio reflects variations in the market valuation relative to the book value. Initially high at 7.22 in March 2020, the ratio peaked around December 2020 and the first half of 2021, reaching above 10. The ratio declined to a low of approximately 6.29 in June 2022, suggesting the share price had decreased relative to book value during this period. Subsequently, the ratio increased sharply, peaking again at 12.41 in December 2024. By March 31, 2025, it dropped to 10.22. The oscillations in this ratio indicate changing market perceptions of the company's growth prospects or risk profile against its underlying net assets.
- Summary Insights
- The data indicates a firm with growing intrinsic value, as evidenced by the steadily rising BVPS. Market valuation, however, has been more volatile, with significant changes in share price and P/BV ratio reflecting varying investor sentiment or external factors influencing market pricing at different times. The sharp increases and mid-term declines in share price and P/BV suggest periods of revaluation possibly related to earnings, market conditions, or sector-specific developments. The consistent BVPS growth points to solid financial health beneath these market fluctuations.