# Intuitive Surgical (ISRG) Forecast Calculator

Interactive five-year financial forecast and DCF for Intuitive Surgical. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/intuitive-surgical/forecast
- Industry: Healthcare
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 4478500000 | 1172600000 | 1531500000 | 1379300000 |
| 2022 | 4358400000 | 1143300000 | 1270800000 | 1060600000 |
| 2023 | 5710100000 | 1749900000 | 2101000000 | 1704600000 |
| 2024 | 6222200000 | 958400000 | 1903100000 | 1322300000 |
| 2025 | 7124100000 | 749600000 | 2148800000 | 1798000000 |

## Frequently asked questions

### What does Intuitive Surgical (ISRG) do?

Intuitive Surgical (ISRG) is the global market leader in robotic-assisted, minimally invasive surgery, primarily through its da Vinci and Ion surgical systems. The company designs, manufactures, and markets these systems, along with the proprietary instruments, accessories, and services required for their operation.

### How does Intuitive Surgical generate revenue?

Intuitive Surgical operates on a "razor and razor-blade" business model, where it places capital equipment (the systems) and generates highly recurring, high-margin revenue from instruments, accessories, and service contracts. Recurring revenue accounts for over 80% of its total revenue.

### What are Intuitive Surgical's capital expenditure plans?

Intuitive Surgical's capital expenditure (Capex) is typically 8% to 12% of revenue, currently elevated due to significant manufacturing footprint expansion. Approximately 70% of this capex is growth-oriented, focused on building new manufacturing hubs and expanding global direct operations.

### What is the purpose of the Intuitive Surgical financial model?

The financial model projects Intuitive Surgical's future cash flows and earnings to determine its intrinsic equity valuation. This helps analysts decide whether the stock is a buy, hold, or sell, based on factors like the adoption curve of the new da Vinci 5 system and global procedure growth.

### Can I download a financial model for Intuitive Surgical (ISRG)?

Yes, a downloadable Excel financial model for Intuitive Surgical (ISRG) is available. This model provides a forecast horizon from FY2026 through FY2030 for the company's financial performance.

### What is Intuitive Surgical's competitive advantage in the market?

Intuitive Surgical holds a dominant market leader position in soft-tissue robotic surgery, supported by a massive installed base of over 11,100 da Vinci systems globally. Its deep competitive moat is driven by extensive surgeon training, hospital capital lock-in, and a wealth of clinical data.