Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Intuitive Surgical Inc., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income attributable to Intuitive Surgical, Inc.	2,322,600)	1,798,000)	1,322,300)	1,704,600)	1,060,600)
Add: Net income attributable to noncontrolling interest	14,900)	19,300)	22,100)	23,500)	6,200)
Add: Income tax expense	336,300)	141,600)	262,400)	162,200)	140,200)
Earnings before tax (EBT)	2,673,800)	1,958,900)	1,606,800)	1,890,300)	1,207,000)
Add: Interest expense	—)	—)	—)	—)	—)
Earnings before interest and tax (EBIT)	2,673,800)	1,958,900)	1,606,800)	1,890,300)	1,207,000)
Add: Depreciation and loss on disposal of property, plant, and equipment, net	445,300)	401,600)	338,000)	282,800)	226,400)
Add: Amortization of intangible assets	16,700)	20,200)	27,800)	27,400)	49,800)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,135,800)	2,380,700)	1,972,600)	2,200,500)	1,483,200)

Based on: 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).

Download chart

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Intuitive Surgical Inc. EBITDA increased from 2022 to 2023 and from 2023 to 2024.

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	212,420,017)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,135,800)
Valuation Ratio
EV/EBITDA	67.74
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	22.63
Cigna Group	10.61
CVS Health Corp.	7.27
Elevance Health Inc.	7.57
Medtronic PLC	15.85
UnitedHealth Group Inc.	13.69
EV/EBITDA, Sector
Health Care Equipment & Services	14.43
EV/EBITDA, Industry
Health Care	19.49

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

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

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

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	200,047,585)	128,123,188)	81,892,877)	98,018,095)	87,689,991)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,135,800)	2,380,700)	1,972,600)	2,200,500)	1,483,200)
Valuation Ratio
EV/EBITDA³	63.79	53.82	41.52	44.54	59.12
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	—	19.49	15.85	17.42	25.99
Cigna Group	—	12.11	8.88	9.06	6.31
CVS Health Corp.	—	8.03	12.42	10.41	8.56
Elevance Health Inc.	—	10.24	10.26	10.05	7.57
Medtronic PLC	14.63	15.28	14.99	24.41	17.92
UnitedHealth Group Inc.	—	13.60	15.11	17.39	13.39
EV/EBITDA, Sector
Health Care Equipment & Services	—	13.82	13.98	15.40	13.12
EV/EBITDA, Industry
Health Care	—	18.98	13.71	13.87	16.50

Based on: 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 200,047,585 ÷ 3,135,800 = 63.79

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Intuitive Surgical Inc. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical