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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- Income Statement
- Balance Sheet: Assets
- Cash Flow Statement
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- Analysis of Solvency Ratios
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- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Intuitive Surgical Inc., historical price multiples (quarterly data)
Based on: 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), 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
- The Price to Earnings ratio exhibits a fluctuating trend over the observed periods. Starting from a missing data point before March 31, 2020, it appears at 87.47 in the first available quarter (Mar 31, 2021). It then decreases steadily to a low near 52.74 by September 30, 2022. Subsequently, the ratio increases again, peaking at 82.75 by December 31, 2024, before slightly declining to 69 by June 30, 2025. The fluctuations suggest varying market expectations about earnings growth or changes in profitability.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio follows a pattern similar to the P/E ratio. Initially high at 88.37 in March 31, 2021, it declines gradually to a trough around 44.54 by September 30, 2022. Thereafter, it rises sharply, reaching a peak of approximately 89.92 by December 31, 2024, before falling slightly to 68.32 in the last period. This volatility indicates significant changes in operating profitability relative to market price over time.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows more modest changes relative to the P/E and P/OP ratios. It begins in the early period at 21.29 and climbs to a high of 23.19 by June 30, 2020, then declines to about 12.62 by December 31, 2022. After this low point, the ratio steadily increases again, peaking near 24.42 by December 31, 2024, before decreasing slightly to 19.68 by June 30, 2025. The pattern suggests shifts in market valuation relative to revenue, with periods of more conservative valuations followed by increased optimism.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio maintains relatively high values throughout the timeline, starting at 7.22 on March 31, 2020, and generally increasing with some fluctuations. It reaches around 10.4 by March 31, 2021, dips to a low of 6.29 by June 30, 2022, and then climbs sharply to a peak of approximately 12.41 by December 31, 2024. The ratio then slightly reduces to about 10.08 by June 30, 2025. These fluctuations indicate changing perceptions of the company's net asset value and investor confidence over time.
Price to Earnings (P/E)
Intuitive Surgical Inc., historical P/E calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
EPS
= (Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ 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)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced a substantial upward trend from March 2020 through June 2021, rising from $175.44 to a peak of $339.80 in September 2021. Following this, a notable decline occurred by December 2021, with the price falling to $285.60, continuing to decrease into mid-2022 to values around $211.85. From late 2022 onward, the share price resumed an upward trajectory, reaching a significant high of $571.88 by December 2024, before slightly moderating to approximately $501.95 by June 2025.
- Earnings Per Share (EPS) Dynamics
- EPS data becomes available from March 2021, starting at $3.00 and generally exhibiting a consistent increase throughout the periods covered. The EPS rose steadily each quarter, reaching $7.27 by March 2025. This represents more than a twofold increase in EPS over the four-year span, indicating improving profitability on a per-share basis.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio initially showed high values around 87.47 to 89.95 in early 2021, reflecting relatively high share prices in relation to earnings at that time. This ratio declined steadily towards 52.74 by September 2022, suggesting that share prices may have become more aligned with earnings or earnings growth gained momentum. However, from late 2022 through 2024, the P/E ratio exhibited more volatility, fluctuating between approximately 60 and 87, with periodic surges and retracements. The P/E ratio ends near 69.00 by mid-2025, somewhat lower than its early 2021 peaks but indicating the market still assigns a premium valuation to earnings.
- Relationship Between Share Price, EPS, and P/E
- The share price growth over the period aligns broadly with the steady increase in EPS, suggesting that improved earnings per share have supported higher market valuations. The fluctuating P/E ratio indicates changing investor sentiment or market conditions influencing the relative valuation beyond pure earnings growth. The decreases in share price and P/E ratio occurring in 2022 correspond with a stabilization or slight decrease in EPS growth rate, while subsequent strong EPS gains supported the share price recoveries and high valuations observed in 2023-2025.
Price to Operating Profit (P/OP)
Intuitive Surgical Inc., historical P/OP calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Operating profit per share
= (Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from March 31, 2020, through June 30, 2025. Initially, the price increased steadily from $175.44 to a peak of $339.80 by September 30, 2021. This was followed by a period of volatility and decline that lasted until June 30, 2022, when the price dipped to $211.85. Subsequently, a sustained recovery and strong growth phase occurred, culminating in a higher peak of $571.88 by December 31, 2024. Following this peak, a slight decrease was noted in the first half of 2025, with the price resting around $501.95 by June 30, 2025.
- Operating Profit Per Share (OPPS) Evolution
- Operating profit per share data became available starting March 31, 2020. The OPPS showed consistent growth over the observed quarters, beginning at $2.97 in the first quarter of 2020 and increasing steadily to $7.35 by June 30, 2025. Notably, the growth was not entirely linear but maintained a positive slope without significant reversals, indicating improvement in operational profitability per share over time.
- Price to Operating Profit (P/OP) Ratio Analysis
- The Price to Operating Profit ratio reveals a varying relationship between share price and operational profitability. Starting at 88.37 in March 31, 2020, the ratio decreased significantly to a low of 44.54 by September 30, 2022, indicating that the increase in operating profit per share outpaced share price growth during this time. However, from late 2022 through early 2025, the ratio rose again, reaching levels close to the initial high, with a peak around 89.92 in December 31, 2024, before declining moderately to 68.32 by June 30, 2025. This pattern suggests periods of differing market valuation multiples, reflecting shifts in investor sentiment, perceived growth prospects, or market conditions.
- Overall Insights
- The data presents a company with improving operational profitability alongside a generally increasing share price, albeit with fluctuations. The operating profit per share's steady growth suggests enhanced operational efficiency or profitability. The P/OP ratio fluctuations imply changing market valuations, with investor optimism peaking in late 2024 before moderating. The share price's volatility, particularly the dip in mid-2022, may reflect external market factors or company-specific challenges during that period, followed by robust recovery aligned with stronger operational performance.
Price to Sales (P/S)
Intuitive Surgical Inc., historical P/S calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 2025 Calculation
Sales per share
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a general upward trajectory over the analyzed periods, starting from $175.44 at March 31, 2020, and reaching a peak of $571.88 by December 31, 2024. Notable fluctuations were observed, including a dip between December 31, 2021 ($285.60) and June 30, 2022 ($211.85), followed by substantial recovery and growth afterward. The price slightly declined from $571.88 in December 2024 to $487.93 in March 2025 but showed a minor rebound to $501.95 by June 30, 2025.
- Sales per Share Analysis
- Sales per share data is available starting from March 31, 2020, at $12.34, with a consistent, gradual increase throughout the periods reviewed. By June 30, 2025, sales per share reached $25.51, indicating steady revenue expansion on a per-share basis. The progression shows a continuous growth trend without any notable declines, reflecting sustained improvement in the company's sales performance over time.
- Price-to-Sales (P/S) Ratio Insights
- The P/S ratio varied considerably during the period under consideration. Initial values from March 31, 2020, to December 31, 2020 show relatively high ratios around the 21-23 range, suggesting a high market valuation relative to sales. The ratio then decreased sharply to a low of 12.62 by December 31, 2022, which may indicate either an increase in sales or a correction in share price relative to sales. Subsequently, the ratio fluctuated upward, reaching above 24.42 at December 31, 2024, implying renewed market optimism or share price acceleration beyond sales growth. The final data point, June 30, 2025, shows a decline to 19.68, indicating a moderation in valuation relative to sales.
- Overall Financial Implications
- The company's share price growth outpaced sales per share increases at times, leading to significant variations in the P/S ratio. This suggests periods where market sentiment or expectations potentially influenced valuations independently of sales performance. The steady rise in sales per share indicates consistent operational growth, while the volatility in P/S ratio highlights varying investor perceptions and valuation adjustments throughout the quarters.
Price to Book Value (P/BV)
Intuitive Surgical Inc., historical P/BV calculation (quarterly data)
| 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 | 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: 2025-06-30), 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), 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 Q2 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits a largely upward trajectory from March 2020 through June 2025, increasing from $175.44 to $501.95. There are periods of volatility with notable declines, such as the decrease from $339.80 in September 2021 to $211.85 in June 2022. However, this is followed by a strong recovery, peaking at $571.88 in December 2024 before a slight decline by mid-2025. Overall, the long-term trend demonstrates substantial appreciation in share price over the observed period.
- Book Value Per Share (BVPS) Movement
- BVPS shows a consistent and steady increase over time, rising from $24.32 in March 2020 to $49.78 in June 2025. Unlike the share price, the growth in BVPS is gradual and relatively stable, indicating an accumulation of shareholder equity per share without significant fluctuations. This steady increase supports the notion of sustained value growth at the book level.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio fluctuates significantly over the quarters, reflecting changes in market valuation relative to book value. Starting at 7.22 in March 2020, the ratio peaks above 10 multiple times, notably reaching highs of around 12.41 in March 2025. Conversely, there are dips below 7 during mid-2022 and again in late 2023. The variability indicates periods when the market's valuation of the company diverges from the underlying book value, influenced largely by share price volatility. The elevated P/BV ratios in recent years suggest heightened investor expectations or premium market sentiment compared to earlier periods.
- Summary of Interrelations and Investor Sentiment
- The share price and BVPS trends collectively indicate a company with solid fundamental growth as reflected by steady book value increases, paired with a market that reacts more dynamically to external and possibly speculative factors. The P/BV ratio's fluctuations point to changing investor sentiment, where periods of premium valuation correspond with share price spikes. The data suggests an overall positive market perception tempered by intervals of correction and consolidation.