Return on Equity (ROE)
since 2005
Calculation
Intuitive Surgical Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Intuitive Surgical, Inc.1 | ÷ | Total Intuitive Surgical, Inc. stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 16.02% | = | 100 | × | 2,856,000) | ÷ | 17,824,000) |
| Dec 31, 2024 | 14.13% | = | 100 | × | 2,322,600) | ÷ | 16,433,700) |
| Dec 31, 2023 | 13.51% | = | 100 | × | 1,798,000) | ÷ | 13,307,600) |
| Dec 31, 2022 | 11.98% | = | 100 | × | 1,322,300) | ÷ | 11,041,900) |
| Dec 31, 2021 | 14.32% | = | 100 | × | 1,704,600) | ÷ | 11,901,100) |
| Dec 31, 2020 | 10.90% | = | 100 | × | 1,060,600) | ÷ | 9,731,500) |
| Dec 31, 2019 | 16.69% | = | 100 | × | 1,379,300) | ÷ | 8,263,800) |
| Dec 31, 2018 | 16.89% | = | 100 | × | 1,127,900) | ÷ | 6,678,800) |
| Dec 31, 2017 | 13.97% | = | 100 | × | 660,000) | ÷ | 4,725,200) |
| Dec 31, 2016 | 12.74% | = | 100 | × | 735,900) | ÷ | 5,777,800) |
| Dec 31, 2015 | 13.63% | = | 100 | × | 588,800) | ÷ | 4,319,500) |
| Dec 31, 2014 | 12.39% | = | 100 | × | 418,800) | ÷ | 3,379,400) |
| Dec 31, 2013 | 19.16% | = | 100 | × | 671,000) | ÷ | 3,501,400) |
| Dec 31, 2012 | 18.34% | = | 100 | × | 656,600) | ÷ | 3,580,100) |
| Dec 31, 2011 | 18.71% | = | 100 | × | 495,100) | ÷ | 2,645,600) |
| Dec 31, 2010 | 18.74% | = | 100 | × | 381,800) | ÷ | 2,037,400) |
| Dec 31, 2009 | 15.13% | = | 100 | × | 232,606) | ÷ | 1,537,283) |
| Dec 31, 2008 | 16.13% | = | 100 | × | 204,315) | ÷ | 1,266,766) |
| Dec 31, 2007 | 16.26% | = | 100 | × | 144,537) | ÷ | 888,674) |
| Dec 31, 2006 | 12.22% | = | 100 | × | 72,044) | ÷ | 589,705) |
| Dec 31, 2005 | 21.27% | = | 100 | × | 94,134) | ÷ | 442,591) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The return on equity (ROE) for the period between 2005 and 2025 demonstrates considerable fluctuation, though generally remains within a range of 12% to 21%. Initial years show volatility, followed by a period of relative stability, and then a resurgence in later years.
- Initial Period (2005-2009)
- ROE began at 21.27% in 2005, then decreased significantly to 12.22% in 2006. A recovery was observed in 2007, reaching 16.26%, followed by a slight decrease in 2008 (16.13%) and a further decrease in 2009 (15.13%). This initial period indicates a degree of instability in profitability relative to shareholder equity.
- Stabilization and Growth (2010-2014)
- From 2010 to 2014, ROE exhibited a more stable pattern. It increased to 18.74% in 2010, remained relatively consistent at 18.71% and 18.34% in 2011 and 2012 respectively, peaked at 19.16% in 2013, and then declined to 12.39% in 2014. This period suggests a maturing of the business and a more predictable return for shareholders, though the 2014 decline warrants attention.
- Mid-Period Fluctuations (2015-2019)
- The years 2015 through 2019 show continued fluctuation. ROE rose to 13.63% in 2015, 12.74% in 2016, 13.97% in 2017, 16.89% in 2018, and 16.69% in 2019. This suggests a period of moderate growth and increasing profitability, with 2018 and 2019 representing relatively strong performance.
- Recent Years (2020-2025)
- A notable decrease in ROE occurred in 2020, falling to 10.90%. A recovery followed in 2021 (14.32%), but it was followed by a decline to 11.98% in 2022. ROE then increased to 13.51% in 2023, 14.13% in 2024, and reached 16.02% in 2025. This recent period demonstrates a recovery from the 2020 dip, with a positive trend towards the end of the analyzed timeframe.
Overall, the ROE demonstrates a pattern of cyclicality. While the company consistently generates a return on equity, the magnitude of that return varies considerably year to year. The most recent trend indicates improving performance, but continued monitoring is recommended to assess the sustainability of this improvement.
Comparison to Competitors
Intuitive Surgical Inc., ROE, long-term trends, comparison to competitors
| Intuitive Surgical Inc. | Abbott Laboratories | Elevance Health Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 16.02% | — | — | 9.71% | — |
| Dec 31, 2024 | 14.13% | 28.12% | 14.47% | 7.32% | 15.55% |
| Dec 31, 2023 | 13.51% | 14.83% | 15.23% | 7.30% | 25.22% |
| Dec 31, 2022 | 11.98% | 18.90% | 16.59% | 9.59% | 25.87% |
| Dec 31, 2021 | 14.32% | 19.75% | 16.93% | 7.01% | 24.09% |
| Dec 31, 2020 | 10.90% | 13.71% | 13.77% | 9.44% | 23.52% |
| Dec 31, 2019 | 16.69% | 11.86% | 15.15% | 9.25% | 24.02% |
| Dec 31, 2018 | 16.89% | 7.76% | 13.14% | 6.12% | 23.19% |
| Dec 31, 2017 | 13.97% | 1.54% | 14.50% | 8.01% | 22.10% |
| Dec 31, 2016 | 12.74% | 6.82% | 9.84% | 6.80% | 18.33% |
| Dec 31, 2015 | 13.63% | 20.85% | 11.11% | 5.03% | 17.18% |
| Dec 31, 2014 | 12.39% | 10.61% | 10.60% | 15.76% | 17.31% |
| Dec 31, 2013 | 19.16% | 10.23% | 10.05% | 18.57% | 17.50% |
| Dec 31, 2012 | 18.34% | 22.32% | 11.16% | 21.14% | 17.72% |
| Dec 31, 2011 | 18.71% | 19.35% | 11.36% | 19.39% | 18.17% |
| Dec 31, 2010 | 18.74% | 20.66% | 12.12% | 21.18% | 17.94% |
| Dec 31, 2009 | 15.13% | 25.14% | 19.09% | 16.88% | 16.19% |
| Dec 31, 2008 | 16.13% | 27.92% | 11.62% | 19.34% | 14.33% |
| Dec 31, 2007 | 16.26% | 20.28% | 14.55% | 25.53% | 23.20% |
| Dec 31, 2006 | 12.22% | 12.22% | 12.59% | 27.14% | 19.99% |
| Dec 31, 2005 | 21.27% | 23.39% | 9.86% | 17.26% | 18.61% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Intuitive Surgical Inc., ROE, long-term trends, comparison to sector (health care equipment & services)
| Intuitive Surgical Inc. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2025 | 16.02% | — |
| Dec 31, 2024 | 14.13% | 16.02% |
| Dec 31, 2023 | 13.51% | 17.13% |
| Dec 31, 2022 | 11.98% | 18.40% |
| Dec 31, 2021 | 14.32% | 17.28% |
| Dec 31, 2020 | 10.90% | 15.80% |
| Dec 31, 2019 | 16.69% | 15.85% |
| Dec 31, 2018 | 16.89% | 13.28% |
| Dec 31, 2017 | 13.97% | 12.21% |
| Dec 31, 2016 | 12.74% | 10.70% |
| Dec 31, 2015 | 13.63% | 11.84% |
| Dec 31, 2014 | 12.39% | 13.81% |
| Dec 31, 2013 | 19.16% | 14.22% |
| Dec 31, 2012 | 18.34% | 17.99% |
| Dec 31, 2011 | 18.71% | 17.02% |
| Dec 31, 2010 | 18.74% | 17.62% |
| Dec 31, 2009 | 15.13% | 19.50% |
| Dec 31, 2008 | 16.13% | 17.63% |
| Dec 31, 2007 | 16.26% | 20.02% |
| Dec 31, 2006 | 12.22% | 16.70% |
| Dec 31, 2005 | 21.27% | 16.22% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Intuitive Surgical Inc., ROE, long-term trends, comparison to industry (health care)
| Intuitive Surgical Inc. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 16.02% | — |
| Dec 31, 2024 | 14.13% | 15.74% |
| Dec 31, 2023 | 13.51% | 19.40% |
| Dec 31, 2022 | 11.98% | 24.82% |
| Dec 31, 2021 | 14.32% | 25.44% |
| Dec 31, 2020 | 10.90% | 16.70% |
| Dec 31, 2019 | 16.69% | 23.30% |
| Dec 31, 2018 | 16.89% | 21.27% |
| Dec 31, 2017 | 13.97% | 13.77% |
| Dec 31, 2016 | 12.74% | 18.53% |
| Dec 31, 2015 | 13.63% | 18.52% |
| Dec 31, 2014 | 12.39% | 19.17% |
| Dec 31, 2013 | 19.16% | 18.81% |
| Dec 31, 2012 | 18.34% | 18.20% |
| Dec 31, 2011 | 18.71% | 15.90% |
| Dec 31, 2010 | 18.74% | 14.85% |
| Dec 31, 2009 | 15.13% | 20.14% |
| Dec 31, 2008 | 16.13% | 20.29% |
| Dec 31, 2007 | 16.26% | 17.87% |
| Dec 31, 2006 | 12.22% | 20.49% |
| Dec 31, 2005 | 21.27% | 18.28% |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).