Intuitive Surgical Inc
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+ FollowMarket Cap$152.62B
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Earnings Call Q3 2026
October 20, 2026 - AI Summary
Q3 performance: strong growth + durable recurring model
- Revenue grew 22% to ~$3.0B; 84% recurring.
- Total procedures (da Vinci + Ion) up 15%, driven by da Vinci +14% and Ion +31%.
- Install base momentum: systems installed base +13%; utilization +2%.
- Capital deployment: 546 da Vinci systems placed (+28% YoY) and 56 Ion systems placed (+12% YoY).
- Good: broad-based adoption across multiport/single-port/Ion; da Vinci ecosystem integration increasing; strong margins.
Margin/EPS + notable GAAP items (incl. litigation settlement)
- Non-GAAP operating margin ~42% of revenue; Non-GAAP EPS +25% to $3.
- Gross margin improved (underlying improvement; includes $28M one-time tariff refund in Q3).
- GAAP net income: $523M ($1.49/share) vs $704M ($1.95/share) last year, driven largely by a $450M litigation settlement (subject to court approval; decision expected next year).
- Bad/Watch: GAAP profitability pressured by settlement and one-time items; cash down due to buybacks/capex.
Pricing actions = modest I&A headwind in exchange for access/volume
- Management quantified expected da Vinci I&A revenue per procedure reduction of ~3% to 5% (mix-constant) once fully implemented.
- Two components:
- Extended Use Program expansion + volume-based pricing (U.S., starting H1 2027): extend useful lives on subset of instruments + lower cost/procedure; 510(k) in process.
- China policy-driven price reduction (starting next month; impacts into Q4): charge-code policy changes.
- Opportunity: targeted at high-volume benign procedures (e.g., cholecystectomy, inguinal hernia) where cost barriers exist; company expects elasticity/volume response like the prior EUP program (2020).
- Risk: near-term revenue-per-procedure pressure; they expect to offset with cost reductions, but execution timing matters.
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$124.49
74.2% downside
Current Fair Value
74.2% downsideOvervalued by 74.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $152.62 Billion |
|---|---|
| Enterprise Value | $150.18 Billion |
| Earnings per Share | $8 |
| Beta | 1.46 |
| Outstanding Shares | 349,000,000 |
Return
| Return on Equity | 18.50% |
|---|---|
| Return on Assets | 15.28% |
| Return on Invested Capital | 20.54% |
Valuation & Multiples
| P/E Ratio | 51.61 |
|---|---|
| PEG | -200.2 |
| Price to Sales | 14.61 |
| Price to Book Ratio | 10.48 |
| Enterprise Value to Revenue | 12.97 |
| Enterprise Value to EBIT | 43.49 |
| Enterprise Value to Net Income | 50 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 20, 2026
EPS Estimate
$2.65
Consensus analyst estimateRevenue Estimate
$2.91 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$2.97
Consensus analyst estimateRevenue Estimate
$3.24 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 74.79, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 74.7857▲ 7388.38% |
|---|---|
| Total Calls | 1,400▼ 99.97% |
| Total Puts | 104,700▼ 97.57% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.87%▼ 82.24% |
|---|---|
| Total Invested | $7.01B▼ 94.30% |
| Investors Holding | 884▼ 1479.00% |
About Intuitive Surgical Inc
17,021 employees
CEO: Gary Guthart
Intuitive Surgical, Inc. is a prominent developer, manufacturer, and marketer of advanced medical products. The company's core mission is to empower healthcare professionals and providers worldwide to enhance both the caliber and availab...