Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Intuitive Surgical Inc., FCFF calculation

US$ in thousands

Microsoft Excel
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
Net income attributable to noncontrolling interest in joint venture 14,900 19,300 22,100 23,500 6,200
Net noncash charges 996,800 774,100 765,500 729,400 691,200
Changes in operating assets and liabilities, net of effects of acquisitions (919,300) (777,600) (619,100) (368,100) (273,200)
Net cash provided by operating activities 2,415,000 1,813,800 1,490,800 2,089,400 1,484,800
Interest paid, net of tax1
Purchase of property, plant, and equipment (1,111,200) (1,064,200) (532,400) (339,500) (341,500)
Free cash flow to the firm (FCFF) 1,303,800 749,600 958,400 1,749,900 1,143,300

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).

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 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Interest Paid, Net of Tax

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

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR1 12.58% 7.23% 16.33% 8.58% 11.62%
Interest Paid, Net of Tax
Interest paid, before tax
Less: Interest paid, tax2
Interest paid, net of tax

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 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 12.58% = 0


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 173,112,845
Free cash flow to the firm (FCFF) 1,303,800
Valuation Ratio
EV/FCFF 132.78
Benchmarks
EV/FCFF, Competitors1
Abbott Laboratories 34.39
Cigna Group 11.55
CVS Health Corp. 16.61
Elevance Health Inc. 17.32
Medtronic PLC 22.41
UnitedHealth Group Inc. 22.70
EV/FCFF, Sector
Health Care Equipment & Services 22.58
EV/FCFF, Industry
Health Care 22.82

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

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.


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel
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
Free cash flow to the firm (FCFF)2 1,303,800 749,600 958,400 1,749,900 1,143,300
Valuation Ratio
EV/FCFF3 153.43 170.92 85.45 56.01 76.70
Benchmarks
EV/FCFF, Competitors4
Abbott Laboratories 35.21 36.51 23.24 23.47 36.94
Cigna Group 10.77 10.44 13.38 14.17 9.16
CVS Health Corp. 15.91 11.96 10.00 10.30 9.42
Elevance Health Inc. 15.57 14.19 13.32 12.74 6.04
Medtronic PLC 20.58 26.54 20.32 33.84 21.43
UnitedHealth Group Inc. 20.57 17.59 19.30 22.21 15.82
EV/FCFF, Sector
Health Care Equipment & Services 21.76 18.86 17.40 19.23 15.32
EV/FCFF, Industry
Health Care 22.99 24.06 17.76 17.08 18.03

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/FCFF = EV ÷ FCFF
= 200,047,585 ÷ 1,303,800 = 153.43

4 Click competitor name to see calculations.

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 2022 to 2023 but then slightly decreased from 2023 to 2024.