Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Intuitive Surgical Inc., current price multiples
| Intuitive Surgical Inc. | Abbott Laboratories | Elevance Health Inc. | Medtronic PLC | UnitedHealth Group Inc. | Health Care Equipment & Services | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | $488.15 | |||||||||
| No. shares of common stock outstanding | 355,130,237 | |||||||||
| Growth rate (g) | 14.05% | |||||||||
| Earnings per share (EPS) | $8.04 | |||||||||
| Next year expected EPS | $9.17 | |||||||||
| Operating profit per share | $8.29 | |||||||||
| Sales per share | $28.34 | |||||||||
| Book value per share (BVPS) | $50.19 | |||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | 60.70 | 14.38 | 12.60 | 28.30 | 17.40 | 20.71 | 41.87 | |||
| Price to next year expected earnings | 53.22 | 13.08 | 11.24 | 27.86 | 15.13 | 18.71 | 38.16 | |||
| Price-earnings-growth (PEG) | 4.32 | 1.45 | 1.04 | 18.08 | 1.16 | 1.94 | 4.31 | |||
| Price to operating profit (P/OP) | 58.85 | 28.24 | 10.35 | 22.15 | 7.76 | 15.29 | 29.62 | |||
| Price to sales (P/S) | 17.22 | 4.59 | 0.43 | 3.93 | 0.63 | 1.26 | 3.70 | |||
| Price to book value (P/BV) | 9.73 | 4.04 | 1.82 | 2.75 | 2.70 | 3.32 | 6.59 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Intuitive Surgical Inc., historical price multiples
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 valuation ratios demonstrate varied trends over the five-year period. Generally, ratios increased from 2021 to 2023, followed by a decline or stabilization in the most recent two years. This suggests a period of increasing investor optimism followed by a potential reassessment of the company’s value.
- Price to Earnings (P/E)
- The Price to Earnings ratio exhibited an increasing trend from 59.94 in 2021 to a peak of 87.82 in 2024. However, this was followed by a substantial decrease to 59.55 in 2025, returning the ratio to levels observed in the earlier period. This fluctuation indicates changing expectations regarding future earnings growth.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio increased from 56.11 in 2021 to 86.83 in 2024. A subsequent decline to 57.74 in 2025 mirrors the trend observed in the P/E ratio, suggesting a concurrent shift in investor sentiment regarding the company’s operational profitability.
- Price to Sales (P/S)
- The Price to Sales ratio showed a decrease from 17.89 in 2021 to 13.81 in 2022, then increased to 24.42 in 2024. The ratio then decreased to 16.90 in 2025. This pattern suggests that revenue growth, relative to the stock price, has been a dynamic factor in valuation. The increase to 2024 may indicate increased investor confidence in revenue generation, while the 2025 decrease suggests a moderation of this confidence.
- Price to Book Value (P/BV)
- The Price to Book Value ratio generally increased over the period, rising from 8.59 in 2021 to 12.41 in 2024. A decrease to 9.54 in 2025 indicates a potential shift in how investors value the company’s net assets. The overall upward trend suggests investors were willing to pay a higher premium for the company’s book value, though this premium diminished in the latest year.
In summary, the valuation multiples suggest a period of increasing valuation between 2021 and 2023, peaking in 2024, followed by a partial correction in 2025. This pattern could be attributed to evolving market conditions, company performance, or investor expectations.
Price to Earnings (P/E)
Intuitive Surgical Inc., historical P/E 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 | 355,130,237 | 356,656,964 | 352,325,863 | 350,389,679 | 357,744,031 | |
| Selected Financial Data (US$) | ||||||
| Net income attributable to Intuitive Surgical, Inc. (in thousands) | 2,856,000) | 2,322,600) | 1,798,000) | 1,322,300) | 1,704,600) | |
| Earnings per share (EPS)2 | 8.04 | 6.51 | 5.10 | 3.77 | 4.76 | |
| Share price1, 3 | 478.88 | 571.88 | 378.22 | 245.27 | 285.60 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 59.55 | 87.82 | 74.11 | 64.99 | 59.94 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Abbott Laboratories | — | 17.46 | 34.57 | 26.76 | 29.13 | |
| Elevance Health Inc. | — | 14.85 | 19.80 | 19.20 | 18.13 | |
| Medtronic PLC | 23.73 | 27.97 | 30.94 | 23.38 | 46.56 | |
| UnitedHealth Group Inc. | — | 29.75 | 20.53 | 22.46 | 26.03 | |
| P/E Ratio, Sector | ||||||
| Health Care Equipment & Services | — | 26.60 | 25.86 | 24.26 | 28.98 | |
| P/E Ratio, Industry | ||||||
| Health Care | — | 38.03 | 30.62 | 21.22 | 21.55 | |
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 2025 Calculation
EPS = Net income attributable to Intuitive Surgical, Inc. ÷ No. shares of common stock outstanding
= 2,856,000,000 ÷ 355,130,237 = 8.04
3 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 478.88 ÷ 8.04 = 59.55
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited a fluctuating pattern over the five-year period. Initially, the ratio increased from 2021 to 2024, followed by a decrease in 2025. This movement occurred in conjunction with changes in both share price and earnings per share.
- P/E Ratio Trend
- The P/E ratio began at 59.94 in 2021 and increased to a peak of 87.82 in 2024. This indicates that investors were willing to pay a progressively higher price for each dollar of earnings during this period. However, in 2025, the P/E ratio decreased to 59.55, suggesting a potential shift in investor sentiment or a recalibration of valuation expectations.
- Share Price and EPS Relationship
- From 2021 to 2022, the share price decreased while earnings per share also declined, resulting in an increased P/E ratio. Between 2022 and 2024, both share price and earnings per share increased, but the share price grew at a faster rate, driving the P/E ratio higher. In 2025, the share price decreased, and earnings per share continued to increase, leading to a substantial reduction in the P/E ratio.
- Volatility
- The P/E ratio demonstrated considerable volatility throughout the observed period. The range between the highest and lowest values was significant, spanning from 59.55 to 87.82. This suggests that the market’s valuation of the company’s earnings was subject to change, potentially influenced by broader economic conditions, industry-specific factors, or company-specific developments.
The observed fluctuations in the P/E ratio warrant further investigation to understand the underlying drivers of these changes and their implications for the company’s valuation.
Price to Operating Profit (P/OP)
Intuitive Surgical Inc., historical P/OP 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 | 355,130,237 | 356,656,964 | 352,325,863 | 350,389,679 | 357,744,031 | |
| Selected Financial Data (US$) | ||||||
| Income from operations (in thousands) | 2,945,500) | 2,348,900) | 1,766,800) | 1,577,100) | 1,821,000) | |
| Operating profit per share2 | 8.29 | 6.59 | 5.01 | 4.50 | 5.09 | |
| Share price1, 3 | 478.88 | 571.88 | 378.22 | 245.27 | 285.60 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 57.74 | 86.83 | 75.42 | 54.49 | 56.11 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Abbott Laboratories | — | 34.28 | 30.54 | 22.18 | 24.45 | |
| Elevance Health Inc. | — | 12.19 | 15.57 | 15.05 | 15.70 | |
| Medtronic PLC | 18.58 | 19.98 | 21.20 | 20.48 | 37.44 | |
| UnitedHealth Group Inc. | — | 13.27 | 14.20 | 15.89 | 18.77 | |
| P/OP Ratio, Sector | ||||||
| Health Care Equipment & Services | — | 19.64 | 19.09 | 18.47 | 22.66 | |
| P/OP Ratio, Industry | ||||||
| Health Care | — | 26.90 | 27.48 | 16.58 | 18.20 | |
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 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 2,945,500,000 ÷ 355,130,237 = 8.29
3 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 478.88 ÷ 8.29 = 57.74
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio demonstrated relative stability, followed by a significant increase and subsequent decline.
- Overall Trend
- The P/OP ratio began at 56.11 in 2021 and remained relatively consistent at 54.49 in 2022. A substantial increase was then observed, reaching 75.42 in 2023 and peaking at 86.83 in 2024. The ratio concluded the period with a decrease to 57.74 in 2025, returning to a level comparable to the initial years.
- Share Price Influence
- The share price generally increased from 2021 to 2024, moving from US$285.60 to US$571.88. This upward movement in share price likely contributed to the increasing P/OP ratio observed during those years. The subsequent decrease in share price to US$478.88 in 2025 coincided with the decline in the P/OP ratio.
- Operating Profit per Share Influence
- Operating profit per share also demonstrated an increasing trend, rising from US$5.09 in 2021 to US$8.29 in 2025. However, the rate of increase in the share price outpaced the growth in operating profit per share between 2021 and 2024, resulting in a higher P/OP ratio. The decrease in the P/OP ratio in 2025 suggests that the decline in share price was not fully offset by the continued growth in operating profit per share.
The peak in the P/OP ratio in 2024 suggests a period of heightened investor optimism or potentially overvaluation relative to operating profitability. The subsequent decline in 2025 indicates a possible correction or a shift in market sentiment.
Price to Sales (P/S)
Intuitive Surgical Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 355,130,237 | 356,656,964 | 352,325,863 | 350,389,679 | 357,744,031 | |
| Selected Financial Data (US$) | ||||||
| Revenue (in thousands) | 10,064,700) | 8,352,100) | 7,124,100) | 6,222,200) | 5,710,100) | |
| Sales per share2 | 28.34 | 23.42 | 20.22 | 17.76 | 15.96 | |
| Share price1, 3 | 478.88 | 571.88 | 378.22 | 245.27 | 285.60 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 16.90 | 24.42 | 18.71 | 13.81 | 17.89 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Abbott Laboratories | — | 5.58 | 4.93 | 4.25 | 4.78 | |
| Elevance Health Inc. | — | 0.51 | 0.70 | 0.74 | 0.81 | |
| Medtronic PLC | 3.30 | 3.18 | 3.72 | 3.72 | 5.57 | |
| UnitedHealth Group Inc. | — | 1.08 | 1.25 | 1.40 | 1.58 | |
| P/S Ratio, Sector | ||||||
| Health Care Equipment & Services | — | 1.62 | 1.66 | 1.71 | 2.07 | |
| P/S Ratio, Industry | ||||||
| Health Care | — | 3.36 | 3.52 | 3.11 | 3.28 | |
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 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 10,064,700,000 ÷ 355,130,237 = 28.34
3 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 478.88 ÷ 28.34 = 16.90
5 Click competitor name to see calculations.
The price to sales ratio exhibited fluctuations over the five-year period. Initial observations reveal a decrease followed by an increase and subsequent decline. Share price and sales per share both generally increased throughout the period, though not consistently, influencing the observed P/S ratio movements.
- Price to Sales Ratio (P/S)
- The P/S ratio began at 17.89 in 2021, decreased to 13.81 in 2022, and then increased to 18.71 in 2023. A significant rise was noted in 2024, reaching 24.42, before declining to 16.90 in 2025. This suggests increasing investor valuation of sales in 2024, followed by a moderation in 2025.
- Share Price Trend
- The share price decreased from US$285.60 in 2021 to US$245.27 in 2022. A substantial increase occurred in 2023, reaching US$378.22, followed by a further increase to US$571.88 in 2024. The share price then decreased to US$478.88 in 2025. This volatility likely contributed to the fluctuations in the P/S ratio.
- Sales per Share Trend
- Sales per share demonstrated a consistent upward trend throughout the period. It increased from US$15.96 in 2021 to US$17.76 in 2022, US$20.22 in 2023, US$23.42 in 2024, and finally to US$28.34 in 2025. This consistent growth in sales per share partially offset the share price volatility when calculating the P/S ratio.
The interplay between the increasing sales per share and the fluctuating share price resulted in the observed P/S ratio pattern. The peak in the P/S ratio in 2024 coincided with the largest increase in share price, while the subsequent decline in 2025 was influenced by both a decrease in share price and a continued, though less dramatic, increase in sales per share.
Price to Book Value (P/BV)
Intuitive Surgical Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 355,130,237 | 356,656,964 | 352,325,863 | 350,389,679 | 357,744,031 | |
| Selected Financial Data (US$) | ||||||
| Total Intuitive Surgical, Inc. stockholders’ equity (in thousands) | 17,824,000) | 16,433,700) | 13,307,600) | 11,041,900) | 11,901,100) | |
| Book value per share (BVPS)2 | 50.19 | 46.08 | 37.77 | 31.51 | 33.27 | |
| Share price1, 3 | 478.88 | 571.88 | 378.22 | 245.27 | 285.60 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 9.54 | 12.41 | 10.01 | 7.78 | 8.59 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Abbott Laboratories | — | 4.91 | 5.12 | 5.06 | 5.75 | |
| Elevance Health Inc. | — | 2.15 | 3.02 | 3.19 | 3.07 | |
| Medtronic PLC | 2.30 | 2.05 | 2.26 | 2.24 | 3.26 | |
| UnitedHealth Group Inc. | — | 4.63 | 5.18 | 5.81 | 6.27 | |
| P/BV Ratio, Sector | ||||||
| Health Care Equipment & Services | — | 4.26 | 4.43 | 4.46 | 5.01 | |
| P/BV Ratio, Industry | ||||||
| Health Care | — | 5.99 | 5.94 | 5.26 | 5.48 | |
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 2025 Calculation
BVPS = Total Intuitive Surgical, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= 17,824,000,000 ÷ 355,130,237 = 50.19
3 Closing price as at the filing date of Intuitive Surgical Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 478.88 ÷ 50.19 = 9.54
5 Click competitor name to see calculations.
The price to book value ratio exhibited a fluctuating pattern over the five-year period. Initial observations reveal a decrease followed by a substantial increase, culminating in a subsequent decline.
- Overall Trend
- The price to book value ratio began at 8.59 in 2021, decreased to 7.78 in 2022, and then increased significantly to 10.01 in 2023. This upward momentum continued into 2024, reaching a peak of 12.41. However, the ratio experienced a decline in 2025, settling at 9.54.
- Year-over-Year Changes
- From 2021 to 2022, the price to book value ratio decreased by approximately 9.4%. A substantial increase of 28.7% was observed from 2022 to 2023. The most significant year-over-year change occurred between 2023 and 2024, with an increase of 23.8%. Finally, a decrease of 23.0% was recorded from 2024 to 2025.
- Relationship to Share Price and Book Value
- The increases in the price to book value ratio generally coincided with increases in the share price, while the book value per share also showed an overall upward trend. The decline in the ratio in 2025 appears to be driven by a combination of a decrease in share price and a continued, albeit slower, increase in book value per share. The ratio’s sensitivity to share price fluctuations is apparent, particularly between 2024 and 2025.
The observed fluctuations suggest a dynamic valuation influenced by both market sentiment and underlying changes in the company’s net asset value as reflected in book value per share.