Intuitive Surgical Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income attributable to Intuitive Surgical, Inc.	2,856,000)	2,322,600)	1,798,000)	1,322,300)	1,704,600)
Net income attributable to noncontrolling interest in joint venture	20,600)	14,900)	19,300)	22,100)	23,500)
Net noncash charges	1,426,200)	996,800)	774,100)	765,500)	729,400)
Changes in operating assets and liabilities, net of effects of acquisitions	(1,272,300)	(919,300)	(777,600)	(619,100)	(368,100)
Net cash provided by operating activities	3,030,500)	2,415,000)	1,813,800)	1,490,800)	2,089,400)
Interest paid, net of tax¹	—)	—)	—)	—)	—)
Purchase of property, plant, and equipment	(539,800)	(1,111,200)	(1,064,200)	(532,400)	(339,500)
Free cash flow to the firm (FCFF)	2,490,700)	1,303,800)	749,600)	958,400)	1,749,900)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ See details »

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Intuitive Surgical Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Effective Income Tax Rate (EITR)
EITR¹	13.10%	12.58%	7.23%	16.33%	8.58%
Interest Paid, Net of Tax
Interest paid, before tax	—)	—)	—)	—)	—)
Less: Interest paid, tax²	—)	—)	—)	—)	—)
Interest paid, net of tax	—)	—)	—)	—)	—)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ See details »

² 2025 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 13.10% = 0

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Intuitive Surgical Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	163,338,437)
Free cash flow to the firm (FCFF)	2,490,700)
Valuation Ratio
EV/FCFF	65.58
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	28.72
Elevance Health Inc.	12.85
Medtronic PLC	26.07
UnitedHealth Group Inc.	12.66
EV/FCFF, Sector
Health Care Equipment & Services	19.90
EV/FCFF, Industry
Health Care	25.70

Based on: 10-K (reporting date: 2025-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Intuitive Surgical Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	164,247,568)	200,047,585)	128,123,188)	81,892,877)	98,018,095)
Free cash flow to the firm (FCFF)²	2,490,700)	1,303,800)	749,600)	958,400)	1,749,900)
Valuation Ratio
EV/FCFF³	65.94	153.43	170.92	85.45	56.01
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	—	35.21	36.51	23.24	23.47
Elevance Health Inc.	—	15.57	14.19	13.32	12.74
Medtronic PLC	22.40	20.58	26.54	20.32	33.84
UnitedHealth Group Inc.	—	20.57	17.59	19.30	22.21
EV/FCFF, Sector
Health Care Equipment & Services	—	25.57	22.68	20.44	23.51
EV/FCFF, Industry
Health Care	—	24.03	25.94	18.56	17.80