Enterprise Value (EV)
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Intuitive Surgical Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Current Enterprise Value (EV)
Intuitive Surgical Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding (per books) | |
| Add: Noncontrolling interest in joint venture (per books) | |
| Total equity | |
| Add: Total debt (book value) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Intuitive Surgical Inc., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The enterprise value exhibited considerable fluctuation between 2021 and 2025. Initial observation reveals a decrease followed by substantial growth, culminating in a final period decline. A closer examination of the components contributing to enterprise value provides further insight.
- Overall Enterprise Value Trend
- Enterprise value decreased from US$98.02 billion in 2021 to US$81.90 billion in 2022, representing a decline of approximately 16.4%. A significant recovery and expansion followed, with enterprise value reaching US$200.05 billion in 2024. However, the most recent period, 2025, shows a decrease to US$164.25 billion, a reduction of approximately 17.9% from the prior year.
- Relationship between Market Capitalization and Enterprise Value
- Common equity (market value) and enterprise value moved in a similar pattern over the observed period. Both decreased in 2022, increased significantly through 2024, and then decreased in 2025. The difference between the two values remained relatively small throughout the period, suggesting that net debt did not significantly impact the enterprise value calculation.
- Total Equity and Debt
- The value of total equity and debt remained consistently equal to the total equity figure across all reported periods. This indicates that the company has no reported debt, or that debt is offset by other balance sheet items, resulting in a combined value equivalent to total equity. This simplification impacts the interpretation of enterprise value, as the debt component is effectively zero.
The fluctuations in enterprise value appear closely tied to changes in the market’s valuation of the company’s equity. The substantial increase in 2023 and 2024 suggests positive market sentiment and growth expectations during those periods. The subsequent decline in 2025 indicates a potential shift in investor perception or a reassessment of future prospects.
Given the consistent equality between total equity and total equity plus debt, the enterprise value closely mirrors the market capitalization. Therefore, analysis should focus on the factors driving changes in market capitalization to fully understand the observed trends in enterprise value.