ISRG Intuitive Surgical, Inc. - Common Stock

NASDAQ · Health Care · View on SEC EDGAR ↗
$397.51
Price · Aug 18, 2026
Fundamentals as of Jul 21, 2026
52W Range
$329–$604
25% of range
Analyst Rating
BUY
40 analysts
Price Target
$478
+20% upside
P/E (TTM)
50.4
ROE
16.7%
Net Profit Margin
28.4%

About Intuitive Surgical, Inc. - Common Stock Company overview from Wikipedia

Intuitive Surgical, Inc. is an American biotechnology company that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. The company is part of the Nasdaq-100, S&P 100 and S&P 500. As of 31 December 2021, Intuitive Surgical had an installed base of 6,730 da Vinci Surgical Systems, including 4,139 in the U.S., 1,199 in Europe, 1,050 in Asia, and 342 in the rest of the world.

Read more

Intuitive Surgical, Inc. is an American biotechnology company that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. The company is part of the Nasdaq-100, S&P 100 and S&P 500. As of 31 December 2021, Intuitive Surgical had an installed base of 6,730 da Vinci Surgical Systems, including 4,139 in the U.S., 1,199 in Europe, 1,050 in Asia, and 342 in the rest of the world.

Intuitive Surgical first appeared on the Fortune 500 in 2024 at number 497; in 2025 the company rose to number 459 overall and ranked 43rd within the healthcare sector.

History

The research that eventually led to the development of the da Vinci Surgical System was performed in the late 1980s by Ajit Shah and Gary Guthart at research institute SRI International. In 1990, SRI received funding from the National Institutes of Health. SRI developed a prototype robotic surgical system that caught the interest of the Defense Advanced Research Projects Agency (DARPA), which was interested in the system for its potential to allow surgeons to operate remotely on soldiers wounded on the battlefield.

In 1994, Dr. Frederic Moll became interested in the SRI System, as the device was known at the time. At the time, Moll was employed by Guidant. He tried to interest Guidant in backing it but to no avail. In 1995 Moll was introduced to John Freund who had recently left Acuson Corporation. Freund negotiated an option to acquire SRI's intellectual property and incorporated a new company that he named Intuitive Surgical Devices, Inc.

At that point Freund, Moll, and Robert Younge (also from Acuson) wrote the business plan for the company and raised its initial venture capital. Early investors included the Mayfield Fund, Sierra Ventures, and Morgan Stanley.

The company refined the SRI System into a prototype known originally as "Lenny" (after Leonardo da Vinci), which was ready for testing in 1997. As the company's prototypes became more advanced, they were named using da Vinci themes. One was named "Leonardo", and another was "Mona". The final version of the prototype was nicknamed the da Vinci Surgical System, and the name stuck when the system was eventually commercialized. After further testing, Intuitive Surgical began marketing this system in Europe in 1999, while awaiting FDA approval in the United States.

The company raised $46 million in an initial public offering in 2000. That same year, the FDA approved use of the da Vinci Surgical System for general laparoscopic surgery, which can be used to address gallbladder disease and gastroesophageal disease. In 2001, the FDA approved use of the system for prostate surgery. The FDA has subsequently approved the system for thoracoscopic surgery, cardiac procedures performed with adjunctive incisions, and gynecologic procedures.

Shortly before going public, Intuitive Surgical was sued for patent infringement by Computer Motion, Inc, its chief rival. Computer Motion had actually gotten into the robotic surgery field earlier than Intuitive Surgical, with its own system, the ZEUS Robotic Surgical System. Although the ZEUS system was approved in Europe, the U.S. Food and Drug Administration had not yet approved it for any procedure at the time that the FDA first approved the da Vinci system. The uncertainty created by the litigation between the companies was a drag on each company's growth. In 2003, Intuitive Surgical and Computer Motion agreed to merge, thus ending the litigation between them. The ZEUS system was ultimately phased out in favor of the da Vinci system. Computer Motion was led by Chairman Robert Duggan from 1990 until 2003, when the two companies merged.

Before the buyout of Computer Motion, the stock of Intuitive was selling at around $14 per share, adjusted for stock splits. After the merger, the stock price rose significantly (and by 2015 it was at about $500), primarily because of the growth in systems sold (60 in 2002 compared with 431 in 2014) and the number of surgical procedures performed (less than 1,000 in 2002 compared with 540,000 in 2014).

Finances

For the fiscal year 2017, Intuitive Surgical reported earnings of US$660 million, with an annual revenue of US$3.129 billion, an increase of 15.7% over the previous fiscal cycle. Intuitive Surgical's shares traded at over $307 per share, and its market capitalization was valued at over US$58 billion in November 2018.

da Vinci Surgical System

The da Vinci Surgical System is a robotic surgical system. The system is controlled by a surgeon from a console.

This minimally invasive surgical approach is commonly used for prostatectomies and increasingly for cardiac valve repair and gynaecologic surgical procedures.

A da Vinci Surgical System costs approximately $1.5 million. The da Vinci SI released in April 2009 cost about $1.75 million. In addition, there are maintenance contracts plus expenditures for instruments used during surgery. In 2008, The New York Times reported that most hospitals and clinics have a hard time recovering the cost of the robot.

Lawsuits

In June 2018, Intuitive Surgical settled class action suits of its shareholders for a payment of $43 million. Originally filed in 2013, shareholders alleged Intuitive Surgical failed to report injuries related to their da Vinci robot, thus violating federal security laws.

In 2021, Intuitive was sued for alleged abuse of its monopolist position. Specifically, replacement part manufacturer Rebotix Repair accused Intuitive of anticompetitive behavior in the robots' aftermarket business and overcharging of hospitals for replacement parts. The initiative was followed up by a wave of similar class-action lawsuits shortly afterwards, including those filed by Kaleida Health and Franciscan Health. In August of 2022, Rebotix v. Intuitive settled out of court shortly before trial was set to begin.

Sultzer v. Intuitive Surgical, Inc. involved a claim against Intuitive that a defect in its da Vinci surgical robot allowed electricity to arc through a patient's spine, resulting in her death. Intuitive was represented by Bradley Arant Boult Cummings. On July 12, 2024, the plaintiff agreed to drop the case.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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ISRG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$397.51
Market Cap
$140.88B
P/E (TTM)
50.4
EPS (TTM)
$7.87
Revenue (TTM)
$10.06B
Div Yield
—
ROE
16.7%
Debt/Equity
—
52W Range
$329 – $604

ISRG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $10.06B
10-point trend, +271.9%
2016-12-31 → 2025-12-31
EPS $7.87
10-point trend, +25.7%
2016-12-31 → 2025-12-31
Free Cash Flow $2.49B
10-point trend, +151.8%
2016-12-31 → 2025-12-31
Margins 28.4%
10-point trend, -5.6%
2016-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
ISRG
Peer Median
P/E (TTM)
5-point trend, -6.7%
50.4
30.3
P/S (TTM)
5-point trend, -11.2%
14.0
5.5
P/B
5-point trend, +4.5%
7.9
5.9
Price / FCF
5-point trend, +9.1%
56.6
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
ISRG
Peer Median
Gross Margin
5-point trend, -4.8%
66.0%
63.1%
Operating Margin
5-point trend, -8.2%
29.3%
—
Net Profit Margin
5-point trend, -4.9%
28.4%
17.3%
ROA
5-point trend, +5.7%
14.6%
8.2%
ROE
5-point trend, +5.8%
16.7%
16.0%
ROIC
5-point trend, +2.6%
14.4%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
ISRG
Peer Median
Current Ratio
5-point trend, -4.1%
4.9
1.8
Quick Ratio
5-point trend, -14.2%
3.7
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
ISRG
Peer Median
Revenue YoY
5-point trend, +76.3%
20.5%
—
Revenue CAGR 3Y
5-point trend, +76.3%
17.4%
—
Revenue CAGR 5Y
5-point trend, +76.3%
18.2%
—
EPS YoY
5-point trend, +68.9%
22.6%
—
Net Income YoY
5-point trend, +67.5%
23.0%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
ISRG
Peer Median
EPS (Diluted)
5-point trend, +68.9%
$7.87
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
ISRG
Peer Median

ISRG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 40 analysts
  • Strong Buy 12 30.0%
  • Buy 16 40.0%
  • Hold 11 27.5%
  • Sell 1 2.5%
  • Strong Sell 0 0.0%

12-Month Price Target

30 analysts · 2026-08-17
Median target $484.00 +21.8%
Mean target $478.01 +20.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.25%
Period EPS Actual EPS Est Surprise
June 30, 2026 $2.80 $2.55 0.25%
March 31, 2026 $2.50 $2.14 0.36%
Dec. 31, 2025 $2.53 $2.30 0.23%
Sept. 30, 2025 $2.40 $2.02 0.38%
June 30, 2025 $2.19 $1.96 0.23%
March 31, 2025 $1.81 $1.76 0.05%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ISRG $201.11B 72.0 20.5% 28.4% 16.7% 66.0%
ABT $250.18B 33.7 5.7% 14.7% 13.1% —
SYK $134.44B 41.8 11.2% 12.9% 15.1% 64.0%
BSX — 49.1 19.9% 14.4% 12.6% 69.0%
EW $49.50B 46.6 11.6% 17.7% 10.6% 78.0%
BDX — 25.3 8.2% 7.7% 6.5% —
IDXX $53.93B 51.7 10.4% 24.6% 69.2% 61.8%
DXCM $25.54B 31.8 15.6% 17.9% 31.4% 60.1%
GEHC — 18.0 4.8% 10.1% 22.1% 40.0%
RMD $28.11B 18.7 9.8% 26.9% 23.6% 61.1%
ZBH $28.66B 25.3 7.2% 8.6% 5.6% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16
Annual Income Statement data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +372.1% $10.06B $8.35B $7.12B $6.22B $5.71B $4.36B $4.48B $3.72B $3.14B $2.71B $2.38B $2.13B
Cost of Revenue 12-point trend, +376.7% $3.42B $2.72B $2.39B $2.03B $1.75B $1.50B $1.37B $1.12B $936M $814M $806M $718M
Gross Profit 12-point trend, +369.8% $6.64B $5.63B $4.73B $4.20B $3.96B $2.86B $3.11B $2.60B $2.20B $1.89B $1.58B $1.41B
R&D Expense 12-point trend, +637.0% $1.31B $1.15B $999M $879M $671M $595M $557M $418M $329M $240M $197M $178M
SG&A Expense 12-point trend, +245.2% $2.38B $2.14B $1.96B $1.74B $1.47B $1.22B $1.18B $987M $810M $704M $640M $691M
Operating Expenses 12-point trend, +325.4% $3.70B $3.29B $2.96B $2.62B $2.14B $1.81B $1.74B $1.40B $1.14B $943M $838M $869M
Operating Income 12-point trend, +440.7% $2.95B $2.35B $1.77B $1.58B $1.82B $1.05B $1.37B $1.20B $1.06B $950M $740M $545M
Other Non-op 12-point trend, +8611.9% $366M $325M $192M $30M $69M $157M $128M $80M $42M $36M $18M $4M
Pretax Income 12-point trend, +503.2% $3.31B $2.67B $1.96B $1.61B $1.89B $1.21B $1.50B $1.28B $1.10B $985M $758M $549M
Income Tax 12-point trend, +233.9% $435M $336M $142M $262M $162M $140M $120M $154M $434M $247M $170M $130M
Net Income 12-point trend, +581.9% $2.86B $2.32B $1.80B $1.32B $1.70B $1.06B $1.38B $1.13B $671M $738M $589M $419M
EPS (Basic) 12-point trend, -29.5% $8.00 $6.54 $5.12 $3.72 $4.79 $3.02 $3.98 $9.92 $6.01 $6.43 $5.29 $11.35
EPS (Diluted) 12-point trend, -29.2% $7.87 $6.42 $5.03 $3.65 $4.66 $2.94 $3.85 $9.49 $5.77 $6.26 $5.18 $11.11
Shares (Basic) 12-point trend, +867.2% 356,900,000 355,200,000 351,200,000 355,700,000 356,100,000 351,100,000 346,200,000 113,700,000 111,700,000 114,900,000 111,300,000 36,900,000
Shares (Diluted) 12-point trend, +862.1% 362,700,000 362,000,000 357,400,000 362,000,000 365,800,000 361,000,000 358,400,000 118,800,000 116,300,000 117,900,000 113,700,000 37,700,000
EBITDA 12-point trend, +440.7% $2.95B $2.35B $1.77B $1.58B $1.82B $1.05B $1.37B $1.20B $1.05B $945M $740M $545M
Balance Sheet 24
Annual Balance Sheet data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +461.1% $3.37B $2.03B $2.75B $1.58B $1.29B $1.62B $1.17B $858M $648M $1.04B $715M $600M
Short-term Investments 12-point trend, +306.0% $2.57B $1.99B $2.47B $2.54B $2.91B $3.49B $2.05B $2.21B $1.31B $1.52B $845M $632M
Receivables 12-point trend, +384.7% $1.53B $1.23B $1.13B $942M $783M $646M $645M $682M $508M $430M $394M $315M
Inventory 12-point trend, +912.7% $1.84B $1.49B $1.22B $893M $587M $602M $596M $409M $241M $182M $168M $182M
Prepaid Expense 12-point trend, +477.8% $477M $385M $314M $300M $271M $268M $200M $179M $99M $83M $74M $83M
Current Assets 12-point trend, +439.7% $9.78B $7.11B $7.89B $6.25B $5.84B $6.63B $4.66B $4.33B $2.81B $3.25B $2.20B $1.81B
PP&E (Net) 12-point trend, +1279.0% $5.34B $4.65B $3.54B $2.37B $1.88B $1.58B $1.27B $812M $613M $458M $432M $387M
PP&E (Gross) 12-point trend, +1148.4% $7.62B $6.53B $5.10B $3.61B $2.85B $2.33B $1.84B $1.25B $960M $780M $699M $610M
Accum. Depreciation 12-point trend, +921.3% $2.28B $1.88B $1.56B $1.24B $969M $758M $563M $436M $347M $322M $267M $223M
Goodwill 12-point trend, +87.0% $370M $348M $349M $348M $344M $337M $307M $241M $201M $201M $201M $198M
Intangibles 12-point trend, -76.9% $17M $23M $39M $50M $70M $77M $112M $67M $26M $32M $50M $74M
Total Assets 12-point trend, +416.7% $20.46B $18.74B $15.44B $12.97B $13.55B $11.17B $9.73B $7.85B $5.78B $6.49B $4.91B $3.96B
Accounts Payable 12-point trend, +314.1% $255M $193M $189M $147M $121M $82M $124M $101M $82M $68M $53M $62M
Accrued Liabilities 4-point trend, +33.7% · · · · · · · · $170M $151M $96M $127M
Current Liabilities 12-point trend, +300.3% $2.01B $1.75B $1.66B $1.42B $1.15B $965M $1.03B $821M $663M $596M $492M $501M
Capital Leases 7-point trend, +92.0% $132M $112M $64M $70M $67M $58M $69M · · · · ·
Other Non-current Liabilities 4-point trend, -72.1% · · · · · · · · $22M $113M $96M $79M
Total Liabilities 12-point trend, +334.0% $2.52B $2.21B $2.04B $1.86B $1.60B $1.41B $1.45B $1.16B $996M $709M $588M $580M
Common Stock 12-point trend, +400000.00 $400.0K $400.0K $400.0K $400.0K $400.0K $400.0K $100.0K $100.0K $100.0K $0 $0 $0
Retained Earnings 12-point trend, +1337.7% $7.01B $6.80B $4.74B $3.50B $4.76B $3.26B $2.49B $1.52B $115M $1.57B $899M $488M
AOCI 12-point trend, +949.0% $43M $-51M $-12M $-162M $-24M $25M $12M $-13M $-16M $-9M $-10M $-5M
Stockholders' Equity 12-point trend, +427.4% $17.82B $16.43B $13.31B $11.04B $11.90B $9.73B $8.26B $6.68B $4.78B $5.78B $4.32B $3.38B
Liabilities + Equity 12-point trend, +416.7% $20.46B $18.74B $15.44B $12.97B $13.55B $11.17B $9.73B $7.85B $5.78B $6.49B $4.91B $3.96B
Shares Outstanding 12-point trend, +870.2% 355,100,000 356,600,000 352,300,000 350,000,000 357,700,000 353,100,000 347,900,000 343,400,000 112,300,000 38,800,000 37,400,000 36,600,000
Cash Flow 12
Annual Cash Flow data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Stock-based Comp 12-point trend, +366.7% $788M $677M $593M $513M $449M $395M $336M $261M $209M $178M $168M $169M
Deferred Tax 12-point trend, +154.9% $19M $-135M $-281M $-185M $-64M $58M $-6M $34M $60M $21M $5M $-35M
Amort. of Intangibles 12-point trend, -41.1% $13M $17M $20M $28M $27M $50M $43M $14M $13M $18M $24M $22M
Operating Cash Flow 12-point trend, +355.6% $3.03B $2.42B $1.81B $1.49B $2.09B $1.48B $1.60B $1.17B $1.14B $1.09B $806M $665M
CapEx 12-point trend, +411.2% $540M $1.11B $1.06B $532M $340M $342M $426M $187M $191M $54M $81M $106M
Investing Cash Flow 12-point trend, +532.6% $666M $-3.27B $-360M $1.37B $-2.46B $-941M $-1.15B $-1.05B $379M $-1.28B $-850M $-154M
Stock Repurchased 12-point trend, +129.5% $2.30B $0 $416M $2.61B $0 $134M $270M $0 $2.27B $42M $184M $1.00B
Net Stock Activity 12-point trend, -129.5% $-2.30B $0 $-416M $-2.61B $0 $-134M $-270M $0 $-2.27B $-42M $-184M $-1.00B
Financing Cash Flow 12-point trend, -241.4% $-2.36B $151M $-288M $-2.57B $43M $-86M $-168M $126M $-1.91B $514M $159M $-692M
Net Change in Cash 12-point trend, +839.8% $1.34B $-708M $1.17B $295M $-332M $456M $273M $246M $-388M $322M $114M $-182M
Taxes Paid $538M · · · · · · · · · · ·
Free Cash Flow 12-point trend, +345.2% $2.49B $1.30B $750M $958M $1.74B $1.14B $1.17B $982M $953M $989M $691M $560M
Profitability 8
Annual Profitability data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, -0.5% 66.0% 67.5% 66.4% 67.4% 69.3% 65.6% 69.5% 69.9% 70.1% 69.9% 66.2% 66.3%
Operating Margin 12-point trend, +14.5% 29.3% 28.1% 24.8% 25.4% 31.9% 24.1% 30.7% 32.2% 33.7% 34.9% 31.0% 25.6%
Net Margin 12-point trend, +44.4% 28.4% 27.8% 25.2% 21.2% 29.8% 24.3% 30.8% 30.3% 21.1% 27.2% 24.7% 19.7%
Pretax Margin 12-point trend, +27.8% 32.9% 32.0% 27.5% 25.8% 33.1% 27.7% 33.5% 34.4% 35.0% 36.3% 31.8% 25.8%
EBITDA Margin 12-point trend, +14.5% 29.3% 28.1% 24.8% 25.4% 31.9% 24.1% 30.7% 32.2% 33.7% 34.9% 31.0% 25.6%
ROA 12-point trend, +37.6% 14.6% 13.6% 12.7% 10.0% 13.8% 10.2% 15.7% 16.6% 10.8% 12.9% 13.3% 10.6%
ROE 12-point trend, +37.0% 16.7% 15.6% 14.8% 11.5% 15.8% 11.8% 18.5% 19.7% 12.6% 14.6% 15.3% 12.2%
ROIC 12-point trend, +16.7% 14.4% 12.5% 12.3% 11.9% 14.0% 9.5% 15.3% 15.8% 13.4% 12.3% 13.3% 12.3%
Liquidity & Solvency 2
Annual Liquidity & Solvency data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +32.3% 4.9 4.1 4.8 4.4 5.1 6.9 4.5 5.3 4.0 5.4 4.5 3.7
Quick Ratio 12-point trend, +20.5% 3.7 3.0 3.8 3.6 4.3 6.0 3.8 4.6 3.5 5.0 4.0 3.1
Efficiency 3
Annual Efficiency data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -4.7% 0.5 0.5 0.5 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5
Inventory Turnover 12-point trend, -48.2% 2.1 2.0 2.3 2.7 2.9 2.5 2.7 3.4 4.4 4.7 4.6 4.0
Receivables Turnover 12-point trend, +5.7% 7.3 7.1 6.9 7.2 8.0 6.8 6.7 6.3 6.6 6.6 6.7 6.9
Per Share 5
Annual Per Share data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -45.6% $50.19 $46.08 $37.77 $31.55 $33.27 $82.68 $71.24 $58.33 $42.08 $148.91 $115.49 $92.33
Revenue / Share 12-point trend, -50.9% $27.75 $23.07 $19.93 $17.19 $15.61 $36.23 $37.48 $31.35 $26.90 $68.81 $62.91 $56.54
Cash Flow / Share 12-point trend, -52.6% $8.36 $6.67 $5.08 $4.12 $5.71 $12.34 $13.37 $9.85 $9.84 $26.54 $20.37 $17.64
Cash / Share 12-point trend, -42.2% $9.48 $5.69 $7.81 $4.52 $3.61 $13.79 $10.07 $7.49 $5.77 $26.72 $19.11 $16.40
EPS (TTM) 12-point trend, -29.2% $7.87 $6.42 $5.03 $3.65 $4.66 $2.94 $3.85 $9.49 $5.77 $6.26 $5.18 $11.11
Growth Rates 9
Annual Growth Rates data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -33.9% 20.5% 17.2% 14.5% 9.0% 31.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -2.3% 17.4% 13.5% 17.8% · · · · · · · · ·
Revenue CAGR 5Y 18.2% · · · · · · · · · · ·
EPS YoY 5-point trend, -61.4% 22.6% 27.6% 37.8% -21.7% 58.5% · · · · · · ·
EPS CAGR 3Y 3-point trend, +48.9% 29.2% 11.3% 19.6% · · · · · · · · ·
EPS CAGR 5Y 21.8% · · · · · · · · · · ·
Net Income YoY 5-point trend, -62.2% 23.0% 29.2% 36.0% -22.4% 60.7% · · · · · · ·
Net Income CAGR 3Y 3-point trend, +52.1% 29.3% 10.9% 19.2% · · · · · · · · ·
Net Income CAGR 5Y 21.9% · · · · · · · · · · ·
Valuation (TTM) 10
Annual Valuation (TTM) data for ISRG
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +372.1% $10.06B $8.35B $7.12B $6.22B $5.71B $4.36B $4.48B $3.72B $3.14B $2.71B $2.38B $2.13B
Net Income TTM 12-point trend, +581.9% $2.86B $2.32B $1.80B $1.32B $1.70B $1.06B $1.38B $1.13B $671M $738M $589M $419M
Market Cap 12-point trend, +9249.7% $201.11B $186.13B $118.85B $92.87B $128.52B $32.10B $22.86B $18.28B $13.66B $2.73B $2.27B $2.15B
P/E 12-point trend, +1260.4% 72.0 81.3 67.1 72.7 77.1 92.8 51.2 16.8 21.1 11.3 11.7 5.3
P/S 12-point trend, +1880.2% 20.0 22.3 16.7 14.9 22.5 7.4 5.1 4.9 4.4 1.0 1.0 1.0
P/B 12-point trend, +1672.7% 11.3 11.3 8.9 8.4 10.8 3.3 2.8 2.7 2.9 0.5 0.5 0.6
P / Tangible Book 6-point trend, +234.8% 11.5 11.6 9.2 8.7 11.2 3.4 · · · · · ·
P / Cash Flow 12-point trend, +1952.0% 66.4 77.1 65.5 62.3 61.5 21.6 14.3 15.6 11.9 2.6 2.9 3.2
P / FCF 12-point trend, +2000.3% 80.7 142.8 158.6 96.9 74.0 28.1 19.5 18.6 14.3 2.8 3.3 3.8
Earnings Yield 12-point trend, -92.6% 1.4% 1.2% 1.5% 1.4% 1.3% 1.1% 1.9% 5.9% 4.7% 8.9% 8.5% 18.9%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $10.06B$8.35B$7.12B$6.22B$5.71B
Gross Margin % 66.0%67.5%66.4%67.4%69.3%
Operating Margin % 29.3%28.1%24.8%25.4%31.9%
Net Income $2.86B$2.32B$1.80B$1.32B$1.70B
Diluted EPS $7.87$6.42$5.03$3.65$4.66
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 4.94.14.84.45.1
Quick Ratio 3.73.03.83.64.3
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $2.49B$1.30B$750M$958M$1.74B

ISRG AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see the strongest bull case for ISRG as its razor-and-blade model fueling endless profits from a growing installed base of da Vinci systems worldwide. The 28.58% net margin means Intuitive converts nearly a third of sales straight to bottom-line profit, far above peers, thanks to recurring instrument revenue. Debt-to-equity sits at 0.0, giving the company a rock-solid balance sheet to fund R&D without leverage risk. EPS TTM has climbed to 7.56, up from 7.17 last quarter, signaling procedure volume acceleration into 2026.

↓ Bearish

The bear case breaks if robotic surgery hype fades amid competition or reimbursement cuts, exposing that sky-high valuation. P/E TTM at 73x towers over peers like SYK's 40x, meaning the market prices in perfection with no room for growth slowdowns. Recent price action shows a sharp drop to $512 close after touching $545, with volume spiking to 8.6 million shares, hinting at profit-taking. ETF outflows including ISRG signal institutional caution.

Claude NEUTRAL 0.68
↑ Bullish

Intuitive Surgical owns the surgical robotics market with near-monopoly economics and a moat that's only widening. The company is printing cash with zero debt, a 66% gross margin, and a 29% net margin that most medical device peers can't touch. Yes, the stock trades at 73 times trailing earnings — well above peers like Stryker at 40x or Abbott at 26x — but that multiple reflects a business that converts 16% of shareholder equity into profit year after year while growing installed base faster than competitors can react. The installed base compounds, procedure volume follows, and pricing power stays intact.

↓ Bearish

This valuation leaves almost no room for disappointment, and robotics adoption curves flatten eventually. At 73x earnings, ISRG is pricing in flawless execution for years — any miss on procedure growth, margin compression from competition, or slower international expansion triggers a sharp multiple contraction. The current ratio dropped from 5.6 to 4.97 in one quarter, signaling cash burn or capital deployment that warrants watching. Peers like Stryker and Zimmer are investing heavily in competing platforms; if adoption slows or pricing pressure emerges, ISRG's premium multiple has nowhere to hide.

Gemini NEUTRAL 0.80
↑ Bullish

Intuitive Surgical dominates the robotic surgery market with an unassailable competitive moat that allows for massive, recurring profitability. The company maintains a gross margin of 66.38%. This indicates that for every dollar of revenue, they retain over sixty-six cents after direct production costs, reflecting immense pricing power in the medical device space. Furthermore, with a debt-to-equity ratio of zero, they operate with a pristine balance sheet. This means the company is entirely self-funded and faces no interest rate risk, providing the financial flexibility to aggressively reinvest in their next-generation surgical platforms while competitors struggle with leverage.

↓ Bearish

The valuation has simply become too detached from the underlying growth trajectory to justify a new position at these levels. Investors are currently paying a P/E ratio of 73.09. This implies the market expects near-perfect execution for years to come, leaving absolutely no room for even minor earnings misses or clinical setbacks. Additionally, the P/S ratio sits at 20.89. This high multiple means the stock is priced for hyper-growth that is increasingly difficult to sustain as they reach market saturation, making the current share price highly vulnerable to a multiple compression if growth rates normalize toward industry averages.

Chatgpt NEUTRAL 0.62
↑ Bullish

I think ISRG's edge lies in a durable robotic platform and a high-margin service ecosystem. ROE TTM: 16.06%. That level signals ISRG uses equity efficiently and can sustain earnings growth. Gross margin TTM: 66.38%. That margin suggests pricing power and strong fixed-cost absorption in their device ecosystem. Debt/Equity: 0.0. A debt-free balance sheet gives optionality to fund R&D, expansion, or buybacks.

↓ Bearish

I think ISRG is richly priced relative to growth risk, which could unwind. P/E TTM: 73.0905. That lofty multiple prices in aggressive growth unless the growth trajectory stays flawless. P/S TTM: 20.8877. A high sales multiple means the stock relies on top-line expansion for returns; any slowdown hits multiple. P/B (annual): 11.3128. A double-digit price-to-book suggests over-optimism about asset-like value; if profitability stalls, the stock could revert.

Round 2 — Responses & Rebuttals

Grok

Claude, your point about the current ratio dropping from 5.6 to 4.97 signaling cash burn overlooks the balance sheet strength. At 4.97, it still means short-term assets cover liabilities nearly five times over, giving ISRG ample liquidity to fund da Vinci expansions or R&D without strain. With debt-to-equity at zero, this dip likely reflects smart capital deployment, not distress.

Claude

I think Grok is reading the price action wrong. Yes, we saw a drop to $512 and volume spike to 8.6 million, but that happened in early July after the stock had already run from $508 to $544 in the prior three weeks. That's not profit-taking on a trend — that's normal weekly chop in a $200 billion stock. The real tell is EPS climbing to 7.56 from 7.17 quarter-over-quarter. That 5% beat matters because it shows procedure volume is actually accelerating, not stalling. ETF flows are noise compared to earnings momentum.

Gemini ⇄ Mind changed

Grok, your point about the institutional caution signaled by recent ETF outflows is a critical piece of the puzzle that I overlooked in my initial assessment. When you look at the volume spike to 8.6 million shares during the recent pullback, it suggests that the smart money is actively rebalancing away from this premium valuation. That volume represents a significant shift in ownership dynamics. If institutional support wanes, the stock's 73 times earnings multiple becomes extremely fragile, as there are fewer buyers left to justify such an aggressive price for a medical device company.

Chatgpt

Claude, your moat argument is compelling, but a 73x trailing P/E leaves ISRG vulnerable if growth or margins slow. That level implies the market expects years of flawless execution, so even a modest miss in procedure volumes or pricing power could trigger meaningful multiple compression. I value the debt-free stance and strong margins, but valuation discipline matters here — capital deployment flexibility won't save the stock if the growth path stalls.

Round 3 — Final Rebuttals

G
Grok

Claude, I push back on dismissing ETF flows as noise — they signal real institutional caution worth heeding. The March 25 news flagged notable outflows from ETFs including ISRG, right as volume spiked to 8.6 million shares on the drop to $512 close. That surge is well above the prior week's 5.4 million average, pointing to distribution by big holders, not random chop. At 73x earnings, this trim makes sense if procedure growth moderates, amplifying downside risk.

C
Claude

I want to push back on something nobody's challenged yet: Gemini, you said institutional support waning makes the 73x multiple fragile, but you're reading the ETF outflow as smart money rebalancing away. I'd flip that. A $200 billion surgical robotics monopoly with 66% gross margins and zero debt doesn't get sold by institutions because of valuation — it gets trimmed for portfolio rebalancing or sector rotation. The real risk isn't that institutions lose faith; it's that procedure growth actually does slow as the installed base matures. EPS climbed 5% quarter-over-quarter, but I need to see if that's from volume or just pricing. If international adoption is already plateauing and U.S. procedures are normalizing post-pandemic, then 73x earnings isn't fragile because of flows — it's fragile because the growth narrative itself is cracking. That's the bear case worth taking seriously.

G
Gemini

I want to challenge Claude’s dismissal of institutional flows. Claude, you called ETF outflows noise, but when you look at the recent 8.6 million share volume spike, you are ignoring the technical reality of how large-cap stocks rotate. Institutional investors are currently shifting capital toward value-oriented healthcare plays as the interest rate cycle stabilizes. This rotation out of high-multiple growth names is a real macro headwind for Intuitive. Even with a perfect balance sheet, the stock is trading at 73 times earnings, which is a valuation that requires constant, heavy institutional buying to maintain momentum.

C
Chatgpt

Claude, your moat claim is compelling, but the valuation is a major guardrail. The stock trades at a trailing P/E of 73x. That means the market is pricing in flawless execution for years, leaving little cushion for any step back in procedure growth or pricing power. Even with a dominant installed base, any hiccup could trigger meaningful multiple compression. If regulatory or reimbursement headwinds arise, the premium is particularly vulnerable.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $525.00 6M Target $545.00 Reasoning I think ISRG's da Vinci monopoly drives modest upside as procedure growth sustains premium pricing power amid watchful institutions. The key catalyst is the Q2 2026 earnings release in late July, where EPS beating 7.56 on 15%+ procedure volume accelerates the bull case. One big risk is a Stryker robotics platform gaining FDA clearance, eroding the moat narrative. My 6-month $545 target implies a 72x P/E on current EPS, meaning the market still bets on 16% ROE fueling expansion without leverage, but any slowdown caps it there.
C Claude 3M Target $520.00 6M Target $545.00 Reasoning My thesis: ISRG's moat is real, but the 73x P/E multiple is the constraint, not the installed base. The stock re-rates on proof that procedure volume growth is holding, not decelerating. Catalyst: 2026Q2 earnings in late July will show whether the 5% EPS beat from Q1 reflects durable volume acceleration or one-quarter noise. If procedure volumes stay above 8% year-over-year growth, the multiple holds and the stock drifts toward $545 by year-end. Risk: international adoption plateaus faster than expected, forcing management to guide down procedure growth, triggering 15–20% multiple compression to 60x earnings. At 73x, the market is pricing in flawless execution with zero margin for error. Current price $514.59 leaves room for modest upside if execution holds, but downside is asymmetric if growth cracks.
G Gemini 3M Target $505.00 6M Target $485.00 Reasoning My thesis is that the stock will face a period of multiple contraction as investors rotate out of high-premium growth stocks into more defensive healthcare names. The primary catalyst for a downside move will be the next earnings report, where any deceleration in procedure volume growth will force analysts to slash their lofty expectations. Conversely, the biggest risk to my bearish outlook is a major breakthrough in international market penetration that reignites top-line acceleration. Intuitive currently trades at a P/E of 73.09. This extreme multiple means the market is paying for years of flawless future performance, leaving the share price highly susceptible to even minor disappointments in quarterly execution.
C Chatgpt 3M Target $525.00 6M Target $550.00 Reasoning I think ISRG can drift higher in the near term, but the lofty valuation will cap upside. The key catalyst is the upcoming quarterly earnings print showing continued da Vinci procedure growth and stable margins. The risk is slower-than-expected adoption or reimbursement headwinds that could curb growth and invite multiple compression. The P/E 73 implies the market is pricing near-perfect execution; a miss would trigger meaningful multiple compression. That said, the balance sheet strength and high gross margins provide a buffer if the cycle turns.

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Institutional owners (13F) 2,485 filers · $78.1B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
179 (-27 vs prior Q) 190 (-43 vs prior Q) 892 (-104 vs prior Q) 856 (+46 vs prior Q) +43.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $9,198,775,450 23,131,099 11.78% Shares
STATE STREET CORP $6,387,949,747 16,063,040 8.18% Shares
Capital World Investors $3,079,329,501 7,742,681 3.94% Shares
GEODE CAPITAL MANAGEMENT, LLC $2,932,680,241 7,408,527 3.76% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,880,501,227 7,243,264 3.69% Shares
NORGES BANK $1,970,454,292 4,954,874 2.52% Shares
ALLIANCEBERNSTEIN L.P. $1,673,136,468 3,629,442 2.14% Shares
Fisher Asset Management, LLC $1,558,444,582 3,918,840 2.00% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $1,489,111,567 3,744,497 1.91% Shares
JENNISON ASSOCIATES LLC $1,429,944,326 3,595,716 1.83% Shares
WELLINGTON MANAGEMENT GROUP LLP $1,394,534,514 3,506,675 1.79% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $1,114,475,135 2,802,442 1.43% Shares
FMR LLC $1,068,147,605 2,685,947 1.37% Shares
VANGUARD FIDUCIARY TRUST CO $809,203,241 2,034,810 1.04% Shares
AMERICAN CENTURY COMPANIES INC $801,166,368 2,014,594 1.03% Shares
TWO SIGMA INVESTMENTS, LP $787,059,623 1,979,128 1.01% Shares
Sumitomo Mitsui Trust Group, Inc. $679,810,497 1,709,441 0.87% Shares
JANUS HENDERSON GROUP PLC $636,491,662 1,380,706 0.82% Shares
Capital Research Global Investors $617,065,740 1,551,664 0.79% Shares
TWO SIGMA ADVISERS, LP $604,056,922 1,066,560 0.77% Shares
CANADA PENSION PLAN INVESTMENT BOARD $603,306,012 1,517,064 0.77% Shares
LOOMIS SAYLES & CO L P $576,774,190 1,450,347 0.74% Shares
Pictet Asset Management Holding SA $547,639,823 1,376,925 0.70% Shares
VICTORY CAPITAL MANAGEMENT INC $517,355,105 1,300,881 0.66% Shares
SANDS CAPITAL MANAGEMENT, LLC $498,063,976 1,252,424 0.64% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $488,349,371 1,227,993 0.63% Shares
Clearbridge Investments, LLC $483,448,851 1,215,674 0.62% Shares
VANGUARD GROUP INC $436,827,238 771,289 0.56% Shares
Alyeska Investment Group, L.P. $423,874,784 1,065,869 0.54% Shares
EDGEWOOD MANAGEMENT LLC $414,759,958 1,042,949 0.53% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $409,380,143 1,029,421 0.52% Shares
UBS Group AG $408,208,578 1,026,475 0.52% Shares
Swiss National Bank $398,379,917 1,001,760 0.51% Shares
Assenagon Asset Management S.A. $397,616,769 999,841 0.51% Shares
Legal & General Group Plc $382,888,691 962,806 0.49% Shares
CITADEL ADVISORS LLC $369,086,808 928,100 0.47% Put option
JANE STREET GROUP, LLC $368,331,216 926,200 0.47% Call option
LAZARD ASSET MANAGEMENT LLC $368,177,712 925,814 0.47% Shares
GOLDMAN SACHS GROUP INC $364,487,811 916,535 0.47% Shares
BARCLAYS PLC $339,170,535 852,873 0.43% Shares
BlackRock, Inc. $337,627,139 848,992 0.43% Shares
AMERIPRISE FINANCIAL INC $332,413,155 835,854 0.43% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $325,811,136 706,764 0.42% Shares
Holocene Advisors, LP $310,773,001 781,465 0.40% Shares
GQG Partners LLC $310,368,786 780,428 0.40% Shares
CITADEL ADVISORS LLC $307,923,624 774,300 0.39% Call option
Vanguard Global Advisers, LLC $303,736,849 763,772 0.39% Shares
National Pension Service $298,186,032 749,814 0.38% Shares
Squarepoint Ops LLC $296,346,762 745,189 0.38% Shares
BANK OF AMERICA CORP /DE/ $289,285,555 727,433 0.37% Shares
JANE STREET GROUP, LLC $279,688,344 703,300 0.36% Put option
Bank Julius Baer & Co. Ltd, Zurich $275,667,871 691,419 0.35% Shares
VANGUARD ASSET MANAGEMENT, Ltd $273,372,390 687,418 0.35% Shares
RHUMBLINE ADVISERS $259,595,422 652,775 0.33% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $253,256,145 636,834 0.32% Shares
California Public Employees Retirement System $252,807,960 635,707 0.32% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $251,088,000 631,382 0.32% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $248,606,375 539,288 0.32% Shares
FIRST TRUST ADVISORS LP $240,039,097 603,599 0.31% Shares
DIMENSIONAL FUND ADVISORS LP $237,349,424 596,836 0.30% Shares
Employees Provident Fund Board $235,272,658 591,613 0.30% Shares
BNP PARIBAS FINANCIAL MARKETS $233,526,843 587,223 0.30% Shares
Fayez Sarofim & Co $232,568,340 584,813 0.30% Shares
PRINCIPAL FINANCIAL GROUP INC $230,358,130 579,255 0.30% Shares
D1 Capital Partners L.P. $228,347,856 574,200 0.29% Shares
ENVESTNET ASSET MANAGEMENT INC $219,761,404 552,616 0.28% Shares
RENAISSANCE TECHNOLOGIES LLC $200,601,722 504,430 0.26% Shares
Mirova US LLC $195,787,408 492,324 0.25% Shares
APG Asset Management N.V. $185,728,004 533,954 0.24% Shares
RAYMOND JAMES FINANCIAL INC $180,570,603 454,060 0.23% Shares
AGF MANAGEMENT LTD $179,710,001 451,896 0.23% Shares
LPL Financial LLC $178,594,630 449,091 0.23% Shares
POLEN CAPITAL MANAGEMENT LLC $178,138,555 447,944 0.23% Shares
Temasek Holdings (Private) Ltd $171,308,216 430,769 0.22% Shares
Candriam S.C.A. $170,615,785 429,441 0.22% Shares
Rathbones Group PLC $169,332,939 425,802 0.22% Shares
Liontrust Investment Partners LLP $166,682,580 294,305 0.21% Shares
MILLENNIUM MANAGEMENT LLC $164,375,858 413,337 0.21% Shares
Ensign Peak Advisors, Inc $162,991,932 409,857 0.21% Shares
GILDER GAGNON HOWE & CO LLC $161,564,789 406,268 0.21% Shares
CIBC Bancorp USA Inc. $161,532,626 406,121 0.21% Shares
Qube Research & Technologies Ltd $160,404,228 403,350 0.21% Shares
BLAIR WILLIAM & CO/IL $158,133,603 397,640 0.20% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $156,891,122 394,516 0.20% Shares
ProShare Advisors LLC $153,447,213 385,856 0.20% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $152,912,334 384,511 0.20% Shares
NEW YORK STATE COMMON RETIREMENT FUND $151,847,745 381,834 0.19% Shares
OXFORD FINANCIAL GROUP, LTD. LLC $141,527,154 355,882 0.18% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $138,914,514 349,306 0.18% Shares
AustralianSuper Pty Ltd $138,094,778 347,251 0.18% Shares
Corient Private Wealth LP $135,941,586 341,834 0.17% Shares
MENORA MIVTACHIM HOLDINGS LTD. $132,487,092 333,150 0.17% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $130,312,975 327,683 0.17% Shares
Hudson Bay Capital Management LP $130,041,360 327,000 0.17% Shares
Hyperion Asset Management Ltd $129,034,328 279,907 0.17% Shares
Alphinity Investment Management Pty Ltd $127,189,597 319,829 0.16% Shares
CITADEL ADVISORS LLC $125,683,583 316,042 0.16% Shares
Navera Investment Management Ltd. $124,781,644 313,818 0.16% Shares
AVIVA PLC $123,524,180 310,612 0.16% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $123,288,917 310,091 0.16% Shares

Company insiders 47 insiders · 18 officers · 17 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
David J. Rosa Chief Executive Officer (CEO) July 10, 2026 M 246,856 0 0 $0
Susan K Barnes Former CFO Nov. 11, 2005 M 126,236 0 0 $0
Salvatore Brogna EVP & Chief Operating Officer Dec. 2, 2019 M 4,143 0 0 $0
Mark Brosius EVP & Chief Mfg and Supply Cha July 31, 2026 S 1,266 0 8 $-78,989
Iman Jeddi SVP & GM da Vinci Platforms & June 1, 2026 M 6,463 0 1 $-2,365,594
Myriam Curet EVP & Chief Medical Officer July 25, 2025 M 353 0 0 $0
Robert Desantis EVP & Chief Strategy & Corp Op April 25, 2025 M 5,224 0 0 $0
Brian Edward Miller EVP & Chief Digital Officer March 12, 2025 M 5,758 0 0 $0
Fredrik Widman VP Corporate Controller Feb. 28, 2025 M 473 0 0 $0
Henry L Charlton EVP & Chief Commercial and Mkt Feb. 28, 2025 M 7,787 0 0 $0
Marshall Mohr Executive VP Global Business S Aug. 31, 2024 F 1,650 0 0 $0
Reiter Kara Andersen Sr VP General Counsel & CCO Aug. 29, 2022 A 18,067 0 0 $0
Mark J Meltzer SVP General Counsel & CCO June 7, 2018 M 10,052 0 0 $0
Colin Morales GM & SVP Secondary Mkt Equip & Feb. 7, 2017 M 124 0 0 $0
Jerome J Mcnamara Sr Advisor - Commercial Ops July 27, 2015 M 3,213 0 0 $0
Richard Michael Epstein Sr. Vice President, Marketing Feb. 5, 2007 A — 0 0 $0
Eric Miller Sr. Vice President Aug. 4, 2006 M 0 0 0 $0
Benjamin B Gong Vice President, Finance Feb. 15, 2006 M 6,495 0 0 $0
Lewis Chew Director April 30, 2026 A 1,314 0 0 $0
Jami K Nachtsheim Director April 30, 2026 A 6,902 0 0 $0
Monica P Reed Director May 1, 2025 A 2,345 0 0 $0
Sreelakshmi Kolli Director May 1, 2025 A 979 0 0 $0
Keith R Leonard Director May 1, 2025 A 2,345 0 0 $0
Mark J Rubash Director April 25, 2025 M 16,790 0 0 $0
Alan J Levy Director April 25, 2024 M 25,888 0 0 $0
Don R Kania Director April 25, 2024 M 3,838 0 0 $0
Lonnie M Smith Director April 23, 2020 M 277,069 0 0 $0
Michael A Friedman Director April 23, 2019 M 4,751 0 0 $0
George Stalk JR Director April 20, 2017 M 1,141 0 0 $0
Eric H Halvorson Director April 25, 2016 M 2,485 0 0 $0
Floyd D Loop MD Director Oct. 30, 2014 M 4,979 0 0 $0
William J Mercer Director June 2, 2006 M 0 0 0 $0
William Clark Meyers Director May 21, 2004 A — 0 0 $0
Frederic H Moll Director Sept. 10, 2003 S 657,799 0 0 $0
Amy L Ladd — Aug. 11, 2026 S 179 0 4 $-485,491
Gary S Guthart — Aug. 11, 2026 S 1,245,679 0 9 $-62,667,013
Gary Loeb — Aug. 10, 2026 S 5,320 0 2 $-321,256
Amal M Johnson — April 30, 2026 M 13,545 0 0 $0
Craig H Barratt — April 30, 2026 A 27,948 0 2 $-1,636,786
Joseph C Beery — April 30, 2026 A 3,641 0 0 $0
Jamie Samath — Feb. 28, 2026 M 15,366 0 0 $0
Patricia L Wadors — Feb. 26, 2026 A 0 0 1 $-109,936
Augusto V. Castello — Feb. 15, 2013 A 0 0 0 $0
Robert W. Duggan — May 18, 2011 M 1,000 0 0 $0
Keith D Grossman — April 23, 2010 M 0 0 0 $0
Richard J Kramer — July 16, 2009 M 1,000 0 0 $0
John F Runkel JR — March 5, 2008 M 403 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 224 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IHI · iShares Trust 12.97% 1,160,938 SH Aug. 8, 2026 Daily
BOTZ · Global X Funds 6.14% 541,588 NS May 31, 2026 N-PORT
MEDI · Harbor ETF Trust 4.53% 2,727 NS April 30, 2026 N-PORT
GDOC · Goldman Sachs ETF Trust 3.90% 1,849 NS May 31, 2026 N-PORT
NITE · Capitol Series Trust 3.81% 2,543 NS April 30, 2026 N-PORT
HEAL · Global X Funds 3.77% 2,224 NS May 31, 2026 N-PORT
AGIQ · Tidal Trust I 3.53% 944 NS May 31, 2026 N-PORT
MBCC · Northern Lights Fund Trust IV 3.22% 13,986 NS May 31, 2026 N-PORT
SXQG · EXCHANGE TRADED CONCEPTS TRUST 3.20% 5,099 NS May 31, 2026 N-PORT
JDOC · J.P. Morgan Exchange-Traded Fund Tr… 2.96% 719 NS April 30, 2026 N-PORT
NBDS · Neuberger Berman ETF Trust 2.94% 2,498 NS May 31, 2026 N-PORT
FMED · Fidelity Covington Trust 2.92% 2,816 NS May 31, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 2.62% 163,426 NS April 30, 2026 N-PORT
QNXT · iShares Trust 2.46% 1,852 SH Aug. 8, 2026 Daily
CURE · Direxion Shares ETF Trust 2.34% 7,081 NS April 30, 2026 N-PORT
RXL · ProShares Trust 2.18% 3,704 NS May 31, 2026 N-PORT
IGPT · Invesco Exchange-Traded Fund Trust 2.17% 67,113 SH Aug. 8, 2026 Daily
IYH · iShares Trust 2.14% 211,081 SH Aug. 8, 2026 Daily
CAML · Professionally Managed Portfolios 2.11% 17,352 NS April 30, 2026 N-PORT
VHT · VANGUARD WORLD FUND 2.08% 1,067,681 SH Aug. 8, 2026 Daily
FGSI · First Trust Exchange-Traded Fund IV 1.99% 130 NS April 30, 2026 N-PORT
HTEC · EXCHANGE TRADED CONCEPTS TRUST 1.95% 2,267 NS April 30, 2026 N-PORT
TMFE · RBB Fund, Inc. 1.80% 3,600 NS May 31, 2026 N-PORT
IWLG · New York Life Investments Active ET… 1.69% 11,698 NS April 30, 2026 N-PORT
CGGR · Capital Group Growth ETF 1.68% 962,967 NS May 31, 2026 N-PORT
IXJ · iShares Trust 1.67% 186,057 SH Aug. 8, 2026 Daily
QGRO · AMERICAN CENTURY ETF TRUST 1.54% 80,033 NS May 31, 2026 N-PORT
ROBO · EXCHANGE TRADED CONCEPTS TRUST 1.51% 58,309 NS April 30, 2026 N-PORT
RILA · Spinnaker ETF Series 1.50% 1,375 NS April 30, 2026 N-PORT
ANEW · ProShares Trust 1.48% 269 NS May 31, 2026 N-PORT
GFGF · EA Series Trust 1.46% 1,277 NS May 29, 2026 N-PORT
IWFG · New York Life Investments Active ET… 1.44% 1,809 NS April 30, 2026 N-PORT
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 1.41% 3,282 NS April 30, 2026 N-PORT
RSPH · Invesco Exchange-Traded Fund Trust 1.39% 28,762 SH Aug. 8, 2026 Daily
TECB · iShares Trust 1.39% 17,946 SH Aug. 8, 2026 Daily
FDG · AMERICAN CENTURY ETF TRUST 1.39% 13,496 NS May 31, 2026 N-PORT
QQQG · Pacer Funds Trust 1.35% 333 NS April 30, 2026 N-PORT
PJFG · PGIM ETF Trust 1.35% 4,927 NS May 29, 2026 N-PORT
ARKQ · ARK ETF Trust 1.32% 60,953 NS April 30, 2026 N-PORT
SPHQ · Invesco Exchange-Traded Fund Trust 1.30% 677,555 SH Aug. 8, 2026 Daily
HRTS · Tema ETF Trust 1.30% 1,590 NS May 31, 2026 N-PORT
TEC · Harbor ETF Trust 1.29% 191 NS April 30, 2026 N-PORT
XT · iShares Trust 1.25% 131,014 SH Aug. 8, 2026 Daily
QLTY · GMO ETF Trust 1.24% 131,645 NS May 31, 2026 N-PORT
SNPG · DBX ETF Trust 1.21% 382 NS May 29, 2026 N-PORT
ESLG · Strategy Shares 1.16% 493 NS April 30, 2026 N-PORT
JHAI · Janus Detroit Street Trust 1.13% 508 NS April 30, 2026 N-PORT
NUGO · Nushares ETF Trust 1.11% 69,049 NS April 30, 2026 N-PORT
SNPV · DBX ETF Trust 1.03% 5,582 NS May 29, 2026 N-PORT
LRND · New York Life Investments ETF Trust 0.95% 5,977 NS April 30, 2026 N-PORT