Intuitive Surgical Inc., current enterprise value calculation

Current share price (P)	$538.82
No. shares of common stock outstanding	356,179,445
US$ in thousands
Common equity (market value)¹	191,916,609)
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)	89,700)
Total equity	192,006,309)
Add: Total debt (book value)	—)
Total equity and debt	192,006,309)
Less: Cash and cash equivalents	2,750,100)
Less: Short-term investments	2,473,100)
Enterprise value (EV)	186,783,109)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 538.82 × 356,179,445

Intuitive Surgical Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$378.22	$245.27	$285.60	$262.70	$193.14
No. shares of common stock outstanding¹	352,325,863	350,389,679	357,744,031	353,154,894	347,952,132
US$ in thousands
Common equity (market value)³	133,256,688)	85,940,077)	102,171,695)	92,773,791)	67,203,475)
Add: Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest in joint venture (book value)	89,700)	70,700)	50,400)	27,600)	20,900)
Total equity	133,346,388)	86,010,777)	102,222,095)	92,801,391)	67,224,375)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	133,346,388)	86,010,777)	102,222,095)	92,801,391)	67,224,375)
Less: Cash and cash equivalents	2,750,100)	1,581,200)	1,290,900)	1,622,600)	1,167,600)
Less: Short-term investments	2,473,100)	2,536,700)	2,913,100)	3,488,800)	2,054,100)
Enterprise value (EV)	128,123,188)	81,892,877)	98,018,095)	87,689,991)	64,002,675)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 378.22 × 352,325,863

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Intuitive Surgical Inc. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Intuitive Surgical Inc. (NASDAQ:ISRG)

Enterprise Value (EV)