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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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Historical Valuation Ratios (Summary)
Intuitive Surgical Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The valuation multiples exhibit a distinct cyclical pattern characterized by a period of steady expansion followed by a sharp contraction. From early 2022 through the end of 2024, there was a general upward trajectory across all analyzed metrics, reaching a peak in late 2024 before entering a phase of significant compression through mid-2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios demonstrate a high degree of correlation, reflecting similar trends in earnings and operating profit valuations. The P/E ratio increased from 55.10 in March 2022 to a peak of 87.82 in December 2024. Similarly, the P/OP ratio rose from 49.98 to a peak of 89.92 in September 2024. By June 2026, both metrics experienced a substantial decline, with the P/E falling to 39.40 and the P/OP falling to 35.83, representing the lowest levels in the analyzed period.
- Price to Sales (P/S)
- The P/S ratio showed a consistent upward trend from 15.34 in March 2022, escalating to a high of 24.42 by December 2024. This suggests an increasing market premium on revenue during this interval. This trend reversed sharply starting in 2025, with the ratio descending to 11.21 by June 2026, indicating a significant contraction in the revenue multiple.
- Price to Book Value (P/BV)
- The P/BV ratio mirrors the broader valuation trend, rising from 7.48 in March 2022 to a peak of 12.41 in December 2024. Although the ratio remained relatively resilient through the first half of 2025, it dropped precipitously to 6.81 by June 2026, signaling a reduced premium attributed to the company's book value.
Overall, the data indicates a period of valuation inflation that culminated in late 2024, followed by a corrective phase where all multiples retreated to levels below those recorded at the start of the observation period in March 2022.
Price to Earnings (P/E)
Intuitive Surgical Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income attributable to Intuitive Surgical, Inc.Q2 2026
+ Net income attributable to Intuitive Surgical, Inc.Q1 2026
+ Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 is characterized by a consistent expansion in fundamental earnings juxtaposed with significant volatility in market valuation multiples. While profitability showed a steady upward trend, the stock price experienced distinct cycles of expansion and contraction, leading to substantial fluctuations in the price-to-earnings (P/E) ratio.
- Earnings per Share (EPS) Performance
- A strong and consistent growth pattern in earnings is observed starting in March 2023. After a period of slight decline in 2022, where EPS moved from 4.58 USD to 3.77 USD, the metric entered a period of uninterrupted quarterly growth. By June 2026, EPS reached 8.88 USD, representing a substantial increase in net profitability per share over the analyzed period.
-
- Share Price Volatility
- The share price exhibited three distinct phases. An initial period of instability occurred in 2022, followed by a sustained bullish trend that peaked in December 2024 at 571.88 USD. This was followed by a corrective phase throughout 2025 and a sharp decline in the first half of 2026, ending at 350.06 USD.
-
- P/E Ratio and Valuation Dynamics
- Valuation multiples underwent a cycle of significant expansion followed by aggressive compression. The P/E ratio climbed from a low of 52.74 in June 2022 to a peak of 87.82 in December 2024, indicating a period where share price growth far outpaced earnings growth. However, a reversal occurred in 2025, with the ratio trending downward. This compression culminated in June 2026, when the P/E ratio dropped to 39.40, the lowest level in the provided series, despite the continued rise in EPS.
The divergence between the steady growth of earnings and the declining share price in the final stages of the period suggests a significant market re-rating. The transition from a peak P/E of 87.82 to 39.40 reflects a shift from a high-growth premium valuation to a more conservative pricing model.
Price to Operating Profit (P/OP)
Intuitive Surgical Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the equity, as measured by the Price to Operating Profit (P/OP) ratio, exhibits a cyclical pattern characterized by a period of significant expansion followed by a sharp contraction.
- Operating Profit Trajectory
- Operating profit per share demonstrates a consistent and sustained growth trend throughout the analyzed period. Starting at 5.05 US$ in March 2022, the figure rises steadily to reach 9.77 US$ by June 2026. This upward trajectory indicates a continuous improvement in operational performance that remains decoupled from the volatility observed in the share price.
- Valuation Expansion Phase
- A period of substantial multiple expansion is observed between March 2023 and September 2024. The P/OP ratio increased from 66.95 to a peak of 89.92. During this interval, the share price ascended more rapidly than the growth in operating profit, suggesting a significant increase in the premium investors were willing to pay per unit of operating profit.
- Valuation Compression Phase
- Beginning in late 2024, a pronounced downward trend in the P/OP ratio occurs. The ratio declines from 86.83 in September 2024 to 35.83 by June 2026. This compression is driven by a decrease in the share price—falling from a peak of 571.88 US$ in December 2024 to 350.06 US$ in June 2026—while operating profit per share continued its steady climb.
The data reveals a strong divergence between fundamental operational growth and market valuation. While the company nearly doubled its operating profit per share over the period, the P/OP ratio fluctuated wildly, peaking in 2024 before correcting to a level significantly lower than that recorded at the start of the analysis in 2022.
Price to Sales (P/S)
Intuitive Surgical Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a divergence between operational performance and market valuation over the analyzed period. While revenue efficiency per share demonstrated consistent growth, the market valuation of those sales experienced significant volatility, peaking in late 2024 before undergoing a sharp correction by mid-2026.
- Sales per Share Performance
- A sustained and linear upward trend is observed in sales per share, rising from 16.45 US$ in March 2022 to 31.23 US$ by June 2026. This represents a steady increase in top-line productivity per share throughout the entire period, indicating strong and stable operational growth independent of market price fluctuations.
- Share Price Volatility
- The share price exhibited substantial variance, characterized by a gradual ascent from 252.34 US$ in early 2022 to a peak of 571.88 US$ in December 2024. Following this peak, a downward trend emerged, with the price retreating to 350.06 US$ by June 2026, erasing a significant portion of the gains achieved during the 2023-2024 period.
- Price to Sales (P/S) Ratio Dynamics
- The P/S ratio reflects the market's changing valuation of the company's revenue. The ratio remained relatively stable between 12.62 and 15.34 throughout 2022, followed by a period of valuation expansion in 2023 and 2024. The ratio reached its maximum at 24.42 in December 2024, suggesting a period of peak market optimism. Subsequently, a contraction occurred; by June 2026, the P/S ratio fell to 11.21, the lowest point in the series. This decline was driven by the reduction in share price despite the continued growth in sales per share, indicating a significant valuation correction.
In summary, the operational trajectory remained positive and consistent, but the valuation multiple experienced a cycle of expansion and contraction. The final period shows a market valuation that is more conservative relative to sales than it was at the start of the analyzed timeframe.
Price to Book Value (P/BV)
Intuitive Surgical Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock relative to its book value exhibits significant volatility throughout the analyzed period. While the underlying book value per share maintained a consistent growth trajectory, the market price fluctuated more aggressively, resulting in a substantial expansion and subsequent contraction of the Price to Book Value (P/BV) ratio.
- Share Price Movement
- The share price experienced a general upward trend from a low of 211.85 USD in June 2022 to a peak of 571.88 USD in December 2024. Following this peak, a downward correction occurred, with the price declining to 350.06 USD by June 2026.
- Book Value Per Share (BVPS) Progression
- A steady and linear increase in BVPS is observed, rising from 33.72 USD in March 2022 to 51.43 USD in June 2026. This indicates a consistent accumulation of net assets relative to the number of shares outstanding, regardless of market price volatility.
- P/BV Ratio Dynamics
- The P/BV ratio underwent a period of significant expansion, climbing from a low of 6.29 in June 2022 to a maximum of 12.41 in December 2024. This expansion indicates that the market applied an increasing premium to the company's accounting value during this window. However, a sharp contraction followed, with the ratio falling to 6.81 by June 2026, returning the valuation multiple to levels seen in early 2022 despite the significantly higher intrinsic book value.