Question 1

What is Intuitive Surgical's EV/EBITDA ratio?

Accepted Answer

Intuitive Surgical (ISRG) EV/EBITDA ratio is 25.9× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Intuitive Surgical?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Intuitive Surgical specifically, the relevant sector benchmark is the current sector median of 14.2×.

Question 5

Is Intuitive Surgical's EV/EBITDA ratio high or low?

Accepted Answer

Intuitive Surgical's EV/EBITDA ratio of 25.9× is below its own 5-year average of 47.3× and above the sector median of 14.2×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Intuitive Surgical's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Intuitive Surgical (ISRG) EV/EBITDA ratio has ranged from a low of 10.6× in 2009 to a high of 162.0× in 2004. The 5-year average is 47.3× and the 5-year median is 48.5×.

Question 7

What was Intuitive Surgical's EV/EBITDA ratio in 2025?

Accepted Answer

Intuitive Surgical (ISRG) EV/EBITDA ratio at the end of 2025 was 49.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Intuitive Surgical's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$201B	$3.99B	49.0×	-9.1×	Dec 31, 2025
2024	$186B	$3.14B	58.1×	+10.4×	Dec 31, 2024
2023	$119B	$2.38B	47.7×	+2.6×	Dec 31, 2023
2022	$93.2B	$1.97B	45.1×	-12.2×	Dec 31, 2022
2021	$128B	$2.17B	57.3×	-11.3×	Dec 31, 2021
2020	$96.2B	$1.33B	68.7×	+27.3×	Dec 31, 2020
2019	$68.5B	$1.58B	41.4×	+2.0×	Dec 31, 2019
2018	$54.9B	$1.32B	39.3×	+7.3×	Dec 31, 2018
2017	$40.9B	$1.16B	32.1×	+13.1×	Dec 31, 2017
2016	$24.6B	$1.04B	19.0×	-1.5×	Dec 31, 2016
2015	$20.4B	$830M	20.5×	-8.2×	Dec 31, 2015
2014	$19.2B	$625M	28.8×	+14.1×	Dec 31, 2014
2013	$14.9B	$920M	14.7×	-4.9×	Dec 31, 2013
2012	$19.6B	$936M	19.5×	-3.6×	Dec 31, 2012
2011	$18.2B	$741M	23.1×	+7.7×	Dec 31, 2011
2010	$10.1B	$596M	15.4×	-11.5×	Dec 31, 2010
2009	$11.6B	$412M	26.9×	+13.5×	Dec 31, 2009
2008	$4.94B	$336M	13.4×	-41.1×	Dec 31, 2008
2007	$12.4B	$220M	54.4×	+31.2×	Dec 31, 2007
2006	$3.55B	$143M	23.2×	-30.7×	Dec 31, 2006
2005	$4.2B	$75.5M	53.9×	+10.3×	Dec 31, 2005
2004	$1.37B	$28.3M	43.6×	—	Dec 31, 2004
2003	$569M	-$1.25M	—	—	Dec 31, 2003
2002	$226M	-$15.7M	—	—	Dec 31, 2002


Gilead Sciences (GILD)	13.2×
Becton, Dickinson and (BDX)	12.9×
Regeneron Pharmaceuticals (REGN)	12.9×
Medtronic (MDT)	12.9×
STERIS (STE)	12.8×
Pfizer (PFE)	12.5×
Align Technology (ALGN)	12.4×
IQVIA (IQV)	12.2×
GE HealthCare (GEHC)	12.0×
Henry Schein (HSIC)	11.9×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
AptarGroup (ATR)	11.1×
Viatris (VTRS)	11.0×
Biogen (BIIB)	10.8×
HCA Healthcare (HCA)	10.0×
Elevance Health (ELV)	9.7×
AstraZeneca (AZN)	8.7×
DaVita (DVA)	8.5×
Incyte (INCY)	7.9×
Cigna (CI)	7.6×
Novo Nordisk (NVO)	6.3×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Intuitive Surgical (ISRG) 2004-2026

EV/EBITDA daily chart for Intuitive Surgical (ISRG)

Historical EV/EBITDA for Intuitive Surgical (ISRG) from 2002 to 2025

About EV/EBITDA at Intuitive Surgical (ISRG)

Intuitive Surgical EV/EBITDA by Year

Intuitive Surgical EV/EBITDA 2025: 49.0×

Intuitive Surgical EV/EBITDA 2024: 58.1×

Intuitive Surgical EV/EBITDA 2023: 47.7×

Intuitive Surgical EV/EBITDA 2022: 45.1×

Intuitive Surgical EV/EBITDA 2021: 57.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Intuitive Surgical (ISRG) Key Financials