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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Historical Valuation Ratios (Summary)
Intuitive Surgical Inc., historical price multiples (quarterly data)
Based on: 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 ratios exhibit a consistent cyclical pattern characterized by a sustained expansion of multiples from early 2022 through the end of 2024, followed by a notable period of contraction extending into the first quarter of 2026. All tracked metrics reached their peak valuations within the second half of 2024, suggesting a period of heightened market optimism or aggressive pricing that subsequently corrected.
- Price to Earnings (P/E) Ratio
- The P/E ratio increased from 55.10 in March 2022 to a peak of 87.82 in December 2024. A subsequent downward trend is observed throughout 2025, with the ratio retreating to 57.49 by March 2026. This movement indicates a significant premium was applied to earnings mid-cycle, which has since normalized toward baseline levels.
- Price to Operating Profit (P/OP) Ratio
- Mirroring the P/E trend, the P/OP ratio rose from 49.98 in March 2022 to a high of 89.92 in September 2024. The ratio then declined steadily, reaching 53.15 by March 2026. The close correlation between the P/E and P/OP trajectories suggests that the valuation fluctuations were driven primarily by changes in share price rather than fundamental shifts in operating margin structures.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated substantial growth, rising from 15.34 in March 2022 to a peak of 24.42 in December 2024. Following this peak, the ratio contracted to 16.19 by March 2026. This expansion and subsequent contraction reflect a period where the market was willing to pay a significantly higher premium per dollar of revenue before returning to a more conservative valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio increased from 7.48 in March 2022 to a maximum of 12.41 in December 2024. While it experienced a decline in 2025, it remained relatively elevated compared to 2022 levels, ending at 9.80 in March 2026. This indicates that while the valuation premium has decreased from its peak, the market continues to value the company's assets at a higher multiple than it did at the start of the analyzed period.
Overall, the data reveals a synchronized movement across all four valuation metrics. The peak in late 2024 serves as a pivot point, after which a systemic decompression of multiples occurred. By the end of the period, the valuation ratios have largely converged toward the levels observed in early 2022, suggesting a return to a historical valuation mean.
Price to Earnings (P/E)
Intuitive Surgical Inc., historical P/E calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (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
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a period of significant valuation expansion followed by a corrective phase, occurring against a backdrop of consistent fundamental earnings growth.
- Earnings Per Share Growth
- A sustained upward trajectory in earnings per share is observed from March 31, 2023, through March 31, 2026. After reaching a low of 3.74 USD in March 2023, earnings climbed consistently in every subsequent quarter, eventually reaching 8.41 USD. This represents a strong and steady improvement in fundamental profitability over the analyzed period.
- Share Price Movements
- The share price exhibited significant growth and volatility, rising from a low of 211.85 USD in June 2022 to a peak of 571.88 USD in December 2024. Following this peak, the price experienced a moderate correction and stabilization, fluctuating between 478.88 USD and 527.03 USD throughout 2025 and into early 2026.
- Price-to-Earnings Ratio Trends
- The P/E ratio underwent three distinct phases. Initial stability was observed throughout 2022, with ratios ranging between 52.74 and 64.99. A phase of aggressive valuation expansion occurred between March 2023 and December 2024, where the ratio peaked at 87.82, indicating that the share price increased at a rate significantly faster than earnings growth. Finally, a period of valuation compression is evident from March 2025 to March 2026, as the ratio declined steadily from 70.63 to 57.49.
- Valuation Synthesis
- The convergence of increasing earnings and a decreasing P/E ratio in the final year indicates a normalization of the stock's valuation. While the market previously assigned a premium that peaked in late 2024, the subsequent decline in the P/E ratio, despite continuing EPS growth, suggests a transition toward a more conservative valuation multiple.
Price to Operating Profit (P/OP)
Intuitive Surgical Inc., historical P/OP calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the financial metrics from March 2022 through March 2026 reveals a period of significant valuation expansion followed by a correction, occurring alongside a consistent improvement in fundamental operating profitability.
- Share Price Performance
- The share price experienced a volatile but strong upward trend for the majority of the period. After an initial dip in mid-2022, the price climbed steadily from 211.85 US$ in June 2022 to a peak of 571.88 US$ in December 2024. A subsequent downward trend was observed starting in early 2025, with the price moderating to 483.62 US$ by March 2026.
- Operating Profit per Share Trends
- Operating profit per share displayed a highly consistent growth pattern after March 2023. From a low of 4.44 US$, the metric increased in every subsequent quarter, reaching 9.10 US$ by March 2026. This steady ascent indicates a robust improvement in operational efficiency and earnings power per share over the analyzed timeframe.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio underwent a dramatic expansion and subsequent contraction. The ratio rose from 49.98 in March 2022 to a peak of 89.92 in September 2024, signaling that the market price was increasing at a rate significantly faster than the growth in operating profits. Following this peak, a contraction phase occurred; the ratio declined steadily to 53.15 by March 2026. This normalization is attributed to the divergence between a declining share price and continued growth in operating profit per share, effectively bringing the valuation multiple back toward its early 2022 levels.
Price to Sales (P/S)
Intuitive Surgical Inc., historical P/S calculation (quarterly data)
| 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$) | |||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intuitive Surgical Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through March 2026 reveals a period of significant valuation expansion followed by a corrective phase, occurring against a backdrop of consistent operational growth.
- Sales per Share Growth
- A consistent and uninterrupted upward trend is observed in sales per share. Starting at 16.45 US$ in March 2022, this metric grew every consecutive quarter, reaching 29.88 US$ by March 2026. This steady progression indicates a stable increase in revenue generation relative to the share count over the analyzed period.
- Share Price Volatility
- The share price exhibited substantial volatility compared to the linear growth of sales. After an initial dip in mid-2022, the price entered a strong bullish phase, peaking at 571.88 US$ in December 2024. Following this peak, a downward adjustment occurred throughout 2025, eventually stabilizing around 483.62 US$ by March 2026.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio fluctuated significantly, reflecting shifts in market sentiment and valuation premiums. The ratio reached a low of 12.62 in September 2022 before climbing to a peak of 24.42 in December 2024. This expansion suggests that the share price grew at a rate far exceeding the growth of sales during this window, indicating an increase in the valuation multiple applied to the company's revenue.
- Valuation Normalization
- Starting in early 2025, a contraction in the P/S ratio is evident. Despite the continued growth in sales per share, the decline in share price led the P/S ratio to decrease from 20.07 in March 2025 to 16.19 by March 2026. This trend suggests a normalization of the valuation multiple, bringing the ratio closer to the levels observed in early 2022.
Price to Book Value (P/BV)
Intuitive Surgical Inc., historical P/BV calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the valuation metrics from March 2022 through March 2026 reveals a period of significant expansion in the Price to Book Value (P/BV) ratio, followed by a phase of stabilization. The valuation trend is characterized by a notable divergence between the growth of the market share price and the growth of the book value per share (BVPS).
- Book Value Per Share (BVPS) Trend
- The book value per share exhibited a gradual and consistent upward trajectory for the majority of the period. After a slight decline in 2022, reaching a low of 33.67 in June and 31.51 in December, the BVPS entered a steady growth phase. This growth continued through 2023 and 2024, peaking at 50.19 in June 2025. The stability of the BVPS indicates a consistent accumulation of net assets on a per-share basis.
- Share Price Volatility
- The share price demonstrated higher volatility compared to the book value. A trough was observed in mid-2022 with a price of 211.85, followed by a strong bullish trend that peaked at 571.88 in December 2024. Following this peak, the price experienced a correction and stabilized within the 478.88 to 501.95 range throughout 2025 and early 2026.
- Price to Book Value (P/BV) Ratio Dynamics
- The P/BV ratio fluctuated significantly, reflecting shifts in market sentiment and valuation premiums. The ratio reached its lowest point of 6.29 in June 2022. A period of aggressive valuation expansion occurred between March 2023 and December 2024, during which the ratio climbed from 9.29 to a peak of 12.41. This peak indicates that the market was pricing the stock at more than twelve times its accounting value, suggesting high growth expectations.
- Valuation Normalization
- Beginning in March 2025, a trend of valuation normalization is evident. Despite the BVPS remaining relatively high, the P/BV ratio contracted from its 12.41 peak to a range between 9.54 and 10.22. By March 2026, the ratio stood at 9.80, suggesting a realignment of the share price relative to the company's underlying book value.
Overall, the data indicates that while the company successfully grew its intrinsic book value over the four-year period, the market valuation experienced a cycle of expansion and subsequent correction, ultimately settling at a premium higher than the 2022 levels but lower than the 2024 peak.