Price to FCFE (P/FCFE)
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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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Free Cash Flow to Equity (FCFE)
Intuitive Surgical Inc., FCFE calculation
US$ in thousands
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).
The financial information reveals fluctuations in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. A notable decrease in both metrics is observed between 2021 and 2022, followed by varying degrees of recovery and growth through 2025.
- Net Cash from Operations
- Net cash provided by operating activities decreased significantly from US$2,089.4 million in 2021 to US$1,490.8 million in 2022. This represents a substantial reduction. Subsequently, the figure increased to US$1,813.8 million in 2023, continued to rise to US$2,415.0 million in 2024, and reached US$3,030.5 million in 2025, demonstrating a strong upward trend in recent years.
- Free Cash Flow to Equity (FCFE)
- FCFE mirrored the trend in operating cash flow, experiencing a considerable decline from US$1,749.9 million in 2021 to US$958.4 million in 2022. Further reduction occurred in 2023, with FCFE falling to US$749.6 million. A recovery began in 2024, with FCFE increasing to US$1,303.8 million. The most significant growth occurred between 2024 and 2025, with FCFE reaching US$2,490.7 million. This indicates a substantial improvement in cash flow available to equity holders.
The correlation between net cash from operations and FCFE is apparent. The decrease in operating cash flow in 2022 directly impacted FCFE, and the subsequent increases in operating cash flow are reflected in the rising FCFE values. The recovery and growth observed in the later years suggest improving financial performance and potentially increased efficiency in capital allocation.
- Overall Trend
- The period began with strong cash generation, experienced a downturn, and concluded with a period of robust recovery and growth. The FCFE figures demonstrate a return to levels comparable to, and exceeding, those observed in 2021, suggesting a strengthening financial position.
Price to FCFE Ratio, Current
Intuitive Surgical Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| Elevance Health Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| P/FCFE, Sector | |
| Health Care Equipment & Services | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Intuitive Surgical Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/FCFE, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited significant fluctuations over the observed period. Initial values were relatively high, followed by a peak and subsequent decline, suggesting changing investor sentiment and/or shifts in the company’s financial performance as perceived by the market.
- Share Price
- The share price decreased from US$285.60 in 2021 to US$245.27 in 2022, representing a decline. A substantial increase was then observed, reaching US$378.22 in 2023 and peaking at US$571.88 in 2024. The share price concluded the period with a decrease to US$478.88 in 2025.
- FCFE per Share
- FCFE per share decreased from US$4.89 in 2021 to US$2.74 in 2022, and continued to decline to US$2.13 in 2023. A recovery was noted in 2024, with FCFE per share rising to US$3.66, and further increasing to US$7.01 in 2025. This indicates improving cash flow generation for equity holders towards the end of the period.
- P/FCFE Ratio
- The P/FCFE ratio began at 58.39 in 2021 and increased substantially to 89.67 in 2022, coinciding with the decrease in FCFE per share and a slight decrease in share price. The ratio peaked at 177.77 in 2023, driven by a larger decrease in FCFE per share. A decrease to 156.44 was observed in 2024, as share price increased and FCFE per share also improved. The ratio concluded the period at 68.28 in 2025, reflecting the continued increase in FCFE per share and a decrease in share price. The overall trend suggests that the market valuation relative to FCFE became more volatile, initially increasing significantly before moderating as FCFE improved.
The interplay between share price and FCFE per share significantly influenced the P/FCFE ratio. The initial increase in the ratio, despite a share price decline, suggests that investors were willing to pay a higher premium for each dollar of FCFE due to perceived risks or changing market conditions. The subsequent decline in the ratio in 2025, alongside a higher FCFE per share, indicates a potential shift in market perception, with investors potentially becoming less willing to pay a premium for the company’s cash flow.