Becton, Dickinson and Company (BDX)
Extended size range · 0.35x market cap
Medical Instruments & Supplies
YouTube · Q3 FY2026 · 2026-08-08
ISRG · NasdaqGS
Intuitive Surgical
Medical Instruments & Supplies · United States
USD 436.871.1% daily changeQuote 2026-11-02 · USD
- Market cap (USD)
- US$154.34B
- Trailing P/E
- 52.26x
- Forward P/E
- 35.04x
- Quarterly revenue growth
- 21.7%
- Trailing net margin
- 25.5%
- Indicated dividend yield
- —
Snapshot 2026-11-03 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-21 (provider estimate; issuer confirmation unavailable here).
Company background
Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung. The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights. It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.
Company websiteQ3 2026
Go beyond the headline.
ISRG Stock: Strong Procedures, a $450M Charge — What Does the Price Assume? Q3 2026
Published 2026-10-20
Q3 2026 REPORT HIGHLIGHTS
What’s changed for ISRG
Intuitive Surgical grows revenue and raises its margin outlook, but settlement uncertainty, tariff refunds and owner cash economics keep our call at HOLD.
Demand remains strong.
Revenue rises 21.70% and da Vinci procedures grow approximately 14%; combined instruments and service contribute 74.77% of revenue.
The charge is real and conditional.
The $450M antitrust settlement still needs preliminary and final court approval; the packet reserves the gross cash payment.
Refunds lift both earnings measures.
Adjusted EPS of $3.00 includes $0.06 from earlier tariffs; our analytical ex-refund EPS is $2.94.
Guidance improves unevenly.
Gross-margin midpoint rises 0.5 percentage point, while the procedure-growth midpoint remains 14.5% and opex growth stays 11%–13%.
Valuation keeps the call at HOLD.
Three routes cluster near $390 versus a dated $407.90 trade; $300/$390/$500 scenarios produce $395 weighted value.
Comparable businesses
ISRG peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | ISRGIntuitive Surgical, Inc.Snapshot 2026-11-03Financial period: 2026-09-30 | BDXBecton, Dickinson and CompanySnapshot 2026-11-03Financial period: 2026-06-30 | MDLNMedline Inc.Snapshot 2026-11-03Financial period: 2026-06-27 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$154.34B | US$54.10B | US$45.25B |
| Forward P/EProvider forward earnings estimate | 35.04x | 14.93x | 21.43x |
| EV / EBITDAEnterprise value / trailing EBITDA | 33.00x | 11.47x | 18.65x |
| Revenue growthLatest quarter vs prior-year quarter | 21.7% | 5.4% | 11.6% |
| Operating marginLatest reported quarter | 33.3% | 15.7% | 0.8% |
| Free cash flow yieldTrailing cash flow / market cap | 2.2% | 8.3% | 1.9% |
| Net debt / EBITDANet debt / trailing EBITDA | -0.90x | 2.63x | 3.95x |
| Debt / equityTotal debt / positive book equity | — | 0.69x | 0.66x |
| Trailing P/ETrailing twelve-month earnings | 52.26x | 45.97x | 84.08x |
| Price / bookPrice / positive book equity per share | 9.47x | 2.22x | 2.55x |
| EV / salesEnterprise value / trailing revenue | 12.74x | 3.12x | 1.57x |
| Earnings growthLatest quarter vs prior-year quarter | -23.6% | -31.4% | 262.0% |
| Gross marginTrailing twelve months | 66.6% | 46.9% | 25.1% |
| Net marginTrailing twelve months | 25.5% | 4.2% | 2.3% |
| Return on equityProvider trailing return; positive equity only | 17.9% | 6.6% | 4.9% |
| Free cash flow marginTrailing free cash flow / revenue | 29.7% | 19.9% | 2.8% |
| Dividend yieldIndicated annual dividend / price | — | 2.1% | — |
| Earnings payoutProvider trailing dividend payout | 0.0% | 72.5% | 0.0% |
| Current ratioCurrent assets / current liabilities | 3.33x | 0.86x | 4.33x |
| BetaProvider historical market sensitivity | 1.44 | 0.28 | — |
YouTube · Q3 FY2026 · 2026-08-08
YouTube · Q2 2026 · 2026-08-05
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-03. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for ISRG
Q3 20262026-10-20
FREE RESEARCH PACKET · Q3 2026
ISRG: Strong Procedures, a $450M Charge, and the Price of Growth
Intuitive Surgical grows revenue and raises its margin outlook, but settlement uncertainty, tariff refunds and owner cash economics keep our call at HOLD.
Research published October 20, 2026 · Download original report
Read Research PacketISRG Stock: Strong Procedures, a $450M Charge — What Does the Price Assume? Q3 2026
Presentation · 2026-10-20 · YouTube
Q2 20262026-07-17
Q1 20262026-04-23
ISRG Q1 2026 earnings analysis
Presentation · 2026-04-23 · YouTube
ISRG Stock: EPS Beats by 18% — Q1 2026 Earnings Analysis
Presentation · 2026-04-23 · YouTube
ISRG Stock: EPS Beats by 18% — Q1 2026 Earnings Analysis
Presentation · 2026-04-22 · YouTube
Q4 20252026-04-13
Charged Alpha | Intuitive Surgical (ISRG) | Q4 2025 Earnings Deep Dive — Ep. 93
Presentation · 2026-04-13 · YouTube