Intuitive Surgical Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Intuitive Surgical, Inc.	1,798,000)	1,322,300)	1,704,600)	1,060,600)	1,379,300)
Net income attributable to noncontrolling interest in joint venture	19,300)	22,100)	23,500)	6,200)	2,500)
Net noncash charges	774,100)	765,500)	729,400)	691,200)	537,900)
Changes in operating assets and liabilities, net of effects of acquisitions	(777,600)	(619,100)	(368,100)	(273,200)	(321,500)
Net cash provided by operating activities	1,813,800)	1,490,800)	2,089,400)	1,484,800)	1,598,200)
Interest paid, net of tax¹	—)	—)	—)	—)	—)
Purchase of property, plant, and equipment	(1,064,200)	(532,400)	(339,500)	(341,500)	(425,600)
Free cash flow to the firm (FCFF)	749,600)	958,400)	1,749,900)	1,143,300)	1,172,600)

Based on: 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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Intuitive Surgical Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Intuitive Surgical Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

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

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	7.23%	16.33%	8.58%	11.62%	8.01%
Interest Paid, Net of Tax
Interest paid, before tax	—)	—)	—)	—)	—)
Less: Interest paid, tax²	—)	—)	—)	—)	—)
Interest paid, net of tax	—)	—)	—)	—)	—)

Based on: 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).

¹ See details »

² 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 7.23% = 0

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	187,851,649)
Free cash flow to the firm (FCFF)	749,600)
Valuation Ratio
EV/FCFF	250.60
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	37.08
Cigna Group	9.72
CVS Health Corp.	9.98
Elevance Health Inc.	10.71
Humana Inc.	7.51
Medtronic PLC	21.45
UnitedHealth Group Inc.	20.91
EV/FCFF, Sector
Health Care Equipment & Services	19.53
EV/FCFF, Industry
Health Care	23.99

Based on: 10-K (reporting date: 2023-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	128,123,188)	81,892,877)	98,018,095)	87,689,991)	64,002,675)
Free cash flow to the firm (FCFF)²	749,600)	958,400)	1,749,900)	1,143,300)	1,172,600)
Valuation Ratio
EV/FCFF³	170.92	85.45	56.01	76.70	54.58
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	36.51	23.24	23.47	36.94	33.05
Cigna Group	10.44	13.38	14.17	9.16	10.24
CVS Health Corp.	11.96	10.00	10.30	9.42	12.30
Elevance Health Inc.	14.19	13.32	12.74	6.04	12.73
Humana Inc.	9.95	14.88	42.03	7.92	8.46
Medtronic PLC	26.54	20.32	33.84	21.43	22.07
UnitedHealth Group Inc.	17.59	19.30	22.21	15.82	17.51
EV/FCFF, Sector
Health Care Equipment & Services	18.44	17.28	19.60	14.85	16.66
EV/FCFF, Industry
Health Care	24.38	17.63	16.41	17.93	18.26

Based on: 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).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 128,123,188 ÷ 749,600 = 170.92

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Intuitive Surgical Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical