ISRG Intuitive Surgical, Inc. - Common Stock
NASDAQ · Health Care · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 21, 2026ISRG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
ISRG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.
| Ex-date | Split | Type |
|---|---|---|
| Oct. 5, 2021 | 3-for-1 | Forward |
| Oct. 6, 2017 | 3-for-1 | Forward |
| July 1, 2003 | 1-for-2 | Reverse |
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.
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 ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ISRG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 45.05Y avg ≈74.0 | ≈74.0 | 31.0 | Overvalued | |
| P/S (TTM) | 12.65Y avg ≈19.3 | ≈19.3 | 5.0 | Overvalued | |
| P/B (MRQ) | 7.65Y avg ≈10.2 | ≈10.2 | 5.0 | Overvalued | |
| Price / FCF (TTM) | 43.05Y avg ≈110.6 | ≈110.6 | · | · | |
| Price / Cash Flow (TTM) | 37.45Y avg ≈66.6 | ≈66.6 | 26.4 | Overvalued | |
| Price / Tangible Book (MRQ) | 7.75Y avg ≈10.4 | ≈10.4 | · | · | |
| PEG Ratio | ≈2.1 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ISRG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 66.7%5Y avg ≈67.3% | ≈67.3% | 65.9% | In line | |
| Operating Margin (TTM) | 31.3%5Y avg ≈27.9% | ≈27.9% | 24.8% | Top tier | |
| EBITDA Margin | 29.3%5Y avg ≈27.9% | ≈27.9% | 29.5% | Top tier | |
| Pretax Margin (TTM) | 34.5%5Y avg ≈30.3% | ≈30.3% | 24.0% | Top tier | |
| Net Profit Margin (TTM) | 28.4%5Y avg ≈26.5% | ≈26.5% | 17.8% | Top tier | |
| ROA (TTM) | 15.3%5Y avg ≈12.9% | ≈12.9% | 7.9% | Top tier | |
| ROE (TTM) | 17.4%5Y avg ≈14.9% | ≈14.9% | 15.9% | In line | |
| ROIC | 14.4%5Y avg ≈13.0% | ≈13.0% | 11.5% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ISRG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 5.05Y avg ≈4.6 | ≈4.6 | 1.6 | Strong liquidity | |
| Quick Ratio (MRQ) | 3.65Y avg ≈3.7 | ≈3.7 | 0.9 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ISRG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 20.5%5Y avg ≈18.4% | ≈18.4% | · | · | |
| Revenue CAGR 3Y | 17.4%5Y avg ≈16.2% | ≈16.2% | · | · | |
| Revenue CAGR 5Y | 18.2% | · | · | · | |
| EPS YoY | 22.6%5Y avg ≈25.0% | ≈25.0% | · | · | |
| Net Income YoY | 23.0%5Y avg ≈25.3% | ≈25.3% | · | · | |
| EPS CAGR 3Y | 29.2%5Y avg ≈20.0% | ≈20.0% | · | · | |
| EPS CAGR 5Y | 21.8% | · | · | · | |
| Net Income CAGR 3Y | 29.3%5Y avg ≈19.8% | ≈19.8% | · | · | |
| Net Income CAGR 5Y | 21.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ISRG | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.5 | ≈0.5 | 0.5 | Weak | |
| Inventory Turnover | 2.15Y avg ≈2.4 | ≈2.4 | 2.4 | Weak | |
| Receivables Turnover | 7.35Y avg ≈7.3 | ≈7.3 | 6.8 | Top tier | |
| Revenue / Employee | ≈$591.3K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 16, 2026 | $2.80 | $2.55 | 9.8% |
| March 31, 2026 | $2.50 | $2.14 | 16.8% | |
| Dec. 31, 2025 | $2.53 | $2.30 | 9.9% | |
| Sept. 30, 2025 | $2.40 | $2.02 | 18.7% | |
| June 30, 2025 | $2.19 | $1.96 | 11.6% | |
| March 31, 2025 | $1.81 | $1.76 | 3.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $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 | $3.42B | $2.72B | $2.39B | $2.03B | $1.75B | $1.50B | $1.37B | $1.12B | $936M | $814M | $806M | $718M | |
| Gross Profit | $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 | $1.31B | $1.15B | $999M | $879M | $671M | $595M | $557M | $418M | $329M | $240M | $197M | $178M | |
| SG&A Expense | $2.38B | $2.14B | $1.96B | $1.74B | $1.47B | $1.22B | $1.18B | $987M | $810M | $704M | $640M | $691M | |
| Operating Expenses | $3.70B | $3.29B | $2.96B | $2.62B | $2.14B | $1.81B | $1.74B | $1.40B | $1.14B | $943M | $838M | $869M | |
| Operating Income | $2.95B | $2.35B | $1.77B | $1.58B | $1.82B | $1.05B | $1.37B | $1.20B | $1.06B | $950M | $740M | $545M | |
| Other Non-op | $366M | $325M | $192M | $30M | $69M | $157M | $128M | $80M | $42M | $36M | $18M | $4M | |
| Pretax Income | $3.31B | $2.67B | $1.96B | $1.61B | $1.89B | $1.21B | $1.50B | $1.28B | $1.10B | $985M | $758M | $549M | |
| Income Tax | $435M | $336M | $142M | $262M | $162M | $140M | $120M | $154M | $434M | $247M | $170M | $130M | |
| Net Income | $2.86B | $2.32B | $1.80B | $1.32B | $1.70B | $1.06B | $1.38B | $1.13B | $671M | $738M | $589M | $419M | |
| EPS (Basic) | $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) | $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) | 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) | 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 | $2.95B | $2.35B | $1.77B | $1.58B | $1.82B | $1.05B | $1.37B | $1.20B | $1.05B | $945M | $740M | $545M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.37B | $2.03B | $2.75B | $1.58B | $1.29B | $1.62B | $1.17B | $858M | $648M | $1.04B | $715M | $600M | |
| Short-term Investments | $2.57B | $1.99B | $2.47B | $2.54B | $2.91B | $3.49B | $2.05B | $2.21B | $1.31B | $1.52B | $845M | $632M | |
| Receivables | $1.53B | $1.23B | $1.13B | $942M | $783M | $646M | $645M | $682M | $508M | $430M | $394M | $315M | |
| Inventory | $1.84B | $1.49B | $1.22B | $893M | $587M | $602M | $596M | $409M | $241M | $182M | $168M | $182M | |
| Prepaid Expense | $477M | $385M | $314M | $300M | $271M | $268M | $200M | $179M | $99M | $83M | $74M | $83M | |
| Current Assets | $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) | $5.34B | $4.65B | $3.54B | $2.37B | $1.88B | $1.58B | $1.27B | $812M | $613M | $458M | $432M | $387M | |
| PP&E (Gross) | $7.62B | $6.53B | $5.10B | $3.61B | $2.85B | $2.33B | $1.84B | $1.25B | $960M | $780M | $699M | $610M | |
| Accum. Depreciation | $2.28B | $1.88B | $1.56B | $1.24B | $969M | $758M | $563M | $436M | $347M | $322M | $267M | $223M | |
| Goodwill | $370M | $348M | $349M | $348M | $344M | $337M | $307M | $241M | $201M | $201M | $201M | $198M | |
| Intangibles | $17M | $23M | $39M | $50M | $70M | $77M | $112M | $67M | $26M | $32M | $50M | $74M | |
| Total Assets | $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 | $255M | $193M | $189M | $147M | $121M | $82M | $124M | $101M | $82M | $68M | $53M | $62M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $170M | $151M | $96M | $127M | |
| Current Liabilities | $2.01B | $1.75B | $1.66B | $1.42B | $1.15B | $965M | $1.03B | $821M | $663M | $596M | $492M | $501M | |
| Capital Leases | $132M | $112M | $64M | $70M | $67M | $58M | $69M | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | $22M | $113M | $96M | $79M | |
| Total Liabilities | $2.52B | $2.21B | $2.04B | $1.86B | $1.60B | $1.41B | $1.45B | $1.16B | $996M | $709M | $588M | $580M | |
| Common Stock | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $100.0K | $100.0K | $100.0K | $0 | $0 | $0 | |
| Retained Earnings | $7.01B | $6.80B | $4.74B | $3.50B | $4.76B | $3.26B | $2.49B | $1.52B | $115M | $1.57B | $899M | $488M | |
| AOCI | $43M | $-51M | $-12M | $-162M | $-24M | $25M | $12M | $-13M | $-16M | $-9M | $-10M | $-5M | |
| Stockholders' Equity | $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 | $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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $788M | $677M | $593M | $513M | $449M | $395M | $336M | $261M | $209M | $178M | $168M | $169M | |
| Deferred Tax | $19M | $-135M | $-281M | $-185M | $-64M | $58M | $-6M | $34M | $60M | $21M | $5M | $-35M | |
| Amort. of Intangibles | $13M | $17M | $20M | $28M | $27M | $50M | $43M | $14M | $13M | $18M | $24M | $22M | |
| Operating Cash Flow | $3.03B | $2.42B | $1.81B | $1.49B | $2.09B | $1.48B | $1.60B | $1.17B | $1.14B | $1.09B | $806M | $665M | |
| CapEx | $540M | $1.11B | $1.06B | $532M | $340M | $342M | $426M | $187M | $191M | $54M | $81M | $106M | |
| Investing Cash Flow | $666M | $-3.27B | $-360M | $1.37B | $-2.46B | $-941M | $-1.15B | $-1.05B | $379M | $-1.28B | $-850M | $-154M | |
| Stock Repurchased | $2.30B | $0 | $416M | $2.61B | $0 | $134M | $270M | $0 | $2.27B | $42M | $184M | $1.00B | |
| Net Stock Activity | $-2.30B | $0 | $-416M | $-2.61B | $0 | $-134M | $-270M | $0 | $-2.27B | $-42M | $-184M | $-1.00B | |
| Financing Cash Flow | $-2.36B | $151M | $-288M | $-2.57B | $43M | $-86M | $-168M | $126M | $-1.91B | $514M | $159M | $-692M | |
| Net Change in Cash | $1.34B | $-708M | $1.17B | $295M | $-332M | $456M | $273M | $246M | $-388M | $322M | $114M | $-182M | |
| Taxes Paid | $538M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $2.49B | $1.30B | $750M | $958M | $1.74B | $1.14B | $1.17B | $982M | $953M | $989M | $691M | $560M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 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 | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $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 | $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 | $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 | $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) | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 20.5% | 17.2% | 14.5% | 9.0% | 31.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 17.4% | 13.5% | 17.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 18.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 22.6% | 27.6% | 37.8% | -21.7% | 58.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 29.2% | 11.3% | 19.6% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 21.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 23.0% | 29.2% | 36.0% | -22.4% | 60.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 29.3% | 10.9% | 19.2% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 21.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $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 | $2.86B | $2.32B | $1.80B | $1.32B | $1.70B | $1.06B | $1.38B | $1.13B | $671M | $738M | $589M | $419M | |
| Market Cap | $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 | 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 | 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 | 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 | 11.5 | 11.6 | 9.2 | 8.7 | 11.2 | 3.4 | · | · | · | · | · | · | |
| P / Cash Flow | 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 | 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 | 1.4% | 1.2% | 1.5% | 1.4% | 1.3% | 1.1% | 1.9% | 5.9% | 4.7% | 8.9% | 8.5% | 18.9% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.89B | $2.77B | $2.87B | $2.51B | $2.44B | $2.25B | $2.41B | $2.04B | $2.01B | $1.89B | $1.93B | $1.74B | $1.76B | $1.70B | $1.66B | $1.56B | |
| Cost of Revenue | $932M | $940M | $962M | $843M | $822M | $796M | $771M | $664M | $637M | $645M | $651M | $576M | $584M | $583M | $544M | $505M | |
| Gross Profit | $1.96B | $1.83B | $1.90B | $1.66B | $1.62B | $1.46B | $1.64B | $1.37B | $1.37B | $1.25B | $1.28B | $1.17B | $1.17B | $1.11B | $1.11B | $1.05B | |
| R&D Expense | $371M | $362M | $353M | $329M | $313M | $316M | $295M | $286M | $280M | $284M | $260M | $249M | $244M | $245M | $244M | $217M | |
| SG&A Expense | $618M | $613M | $687M | $573M | $561M | $563M | $613M | $511M | $525M | $492M | $567M | $452M | $464M | $480M | $494M | $436M | |
| Operating Expenses | $988M | $975M | $1.04B | $903M | $874M | $880M | $907M | $797M | $805M | $776M | $827M | $701M | $709M | $725M | $738M | $653M | |
| Operating Income | $972M | $855M | $864M | $760M | $743M | $578M | $735M | $577M | $567M | $469M | $450M | $466M | $463M | $388M | $372M | $399M | |
| Other Non-op | $83M | $85M | $91M | $96M | $89M | $90M | $75M | $94M | $87M | $69M | $66M | $56M | $36M | $34M | $22M | $4M | |
| Pretax Income | $1.05B | $940M | $956M | $855M | $832M | $668M | $810M | $671M | $654M | $538M | $516M | $522M | $499M | $422M | $395M | $403M | |
| Income Tax | $231M | $114M | $156M | $146M | $168M | $-35M | $122M | $100M | $123M | $-9M | $-95M | $102M | $73M | $61M | $58M | $78M | |
| Net Income | $818M | $822M | $795M | $704M | $658M | $698M | $686M | $565M | $527M | $545M | $606M | $416M | $421M | $355M | $325M | $324M | |
| EPS (Basic) | $2.31 | $2.31 | $2.23 | $1.98 | $1.84 | $1.95 | $1.93 | $1.59 | $1.48 | $1.54 | $1.73 | $1.18 | $1.20 | $1.01 | $0.93 | $0.91 | |
| EPS (Diluted) | $2.29 | $2.28 | $2.19 | $1.95 | $1.81 | $1.92 | $1.89 | $1.56 | $1.46 | $1.51 | $1.69 | $1.16 | $1.18 | $1.00 | $0.90 | $0.90 | |
| Shares (Basic) | 354,100,000 | 354,900,000 | · | 356,600,000 | 358,500,000 | 357,500,000 | · | 355,800,000 | 355,000,000 | 353,500,000 | · | 351,700,000 | 350,900,000 | 350,200,000 | · | 355,300,000 | |
| Shares (Diluted) | 357,300,000 | 359,800,000 | · | 361,800,000 | 364,100,000 | 364,600,000 | · | 362,700,000 | 361,000,000 | 360,500,000 | · | 358,200,000 | 357,300,000 | 356,000,000 | · | 360,500,000 | |
| EBITDA | $972M | $855M | · | $760M | $743M | $578M | · | $577M | $567M | $469M | · | $466M | $463M | $388M | · | $399M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.76B | $2.01B | $3.37B | $2.81B | $3.40B | $2.57B | $2.03B | $2.41B | $3.04B | $2.84B | · | $3.60B | $3.44B | $2.14B | · | $1.54B | |
| Short-term Investments | $2.46B | $2.51B | $2.57B | $2.10B | $1.92B | $1.94B | $1.99B | $1.82B | $1.72B | $1.96B | · | $2.87B | $2.36B | $2.55B | · | $2.78B | |
| Receivables | $1.67B | $1.60B | $1.53B | $1.26B | $1.27B | $1.22B | $1.23B | $1.15B | $1.11B | $1.13B | · | $963M | $904M | $925M | · | $850M | |
| Inventory | $2.03B | $1.95B | $1.84B | $1.78B | $1.67B | $1.55B | $1.49B | $1.48B | $1.38B | $1.30B | · | $1.15B | $1.01B | $947M | · | $837M | |
| Prepaid Expense | $625M | $752M | $477M | $575M | $483M | $371M | $385M | $349M | $404M | $405M | · | $317M | $323M | $313M | · | $292M | |
| Current Assets | $9.54B | $8.81B | $9.78B | $8.53B | $8.75B | $7.66B | $7.11B | $7.22B | $7.65B | $7.63B | · | $8.90B | $8.03B | $6.88B | · | $6.29B | |
| PP&E (Net) | $5.55B | $5.45B | $5.34B | $5.15B | $4.99B | $4.80B | $4.65B | $4.43B | $4.12B | $3.80B | · | $3.08B | $2.83B | $2.58B | · | $2.24B | |
| PP&E (Gross) | · | · | $7.62B | · | · | · | $6.53B | $6.24B | · | · | · | $4.55B | · | · | · | · | |
| Accum. Depreciation | · | · | $2.28B | · | · | · | $1.88B | $1.81B | · | · | · | $1.47B | · | · | · | · | |
| Goodwill | $581M | $613M | $370M | $348M | $349M | $348M | $348M | $348M | $348M | $348M | $349M | $348M | $349M | $349M | $348M | $348M | |
| Intangibles | $198M | $174M | $17M | $14M | $18M | $20M | $23M | $25M | $29M | $34M | · | $42M | $47M | $45M | · | $57M | |
| Total Assets | $20.88B | $20.11B | $20.46B | $19.35B | $20.16B | $19.22B | $18.74B | $17.74B | $16.65B | $15.83B | · | $14.71B | $13.90B | $13.05B | · | $13.26B | |
| Accounts Payable | $277M | $333M | $255M | $291M | $267M | $276M | $193M | $219M | $194M | $194M | · | $196M | $200M | $164M | · | $164M | |
| Current Liabilities | $1.92B | $1.91B | $2.01B | $1.80B | $1.69B | $1.54B | $1.75B | $1.68B | $1.49B | $1.38B | · | $1.68B | $1.54B | $1.31B | · | $1.23B | |
| Capital Leases | · | · | $132M | · | · | · | $112M | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $2.58B | $2.51B | $2.52B | $2.31B | $2.21B | $2.01B | $2.21B | $2.07B | $1.85B | $1.78B | · | $2.09B | $1.94B | $1.76B | · | $1.69B | |
| Common Stock | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | · | $400.0K | $400.0K | $400.0K | · | $400.0K | |
| Retained Earnings | $6.84B | $6.40B | $7.01B | $6.42B | $7.61B | $7.14B | $6.80B | $6.13B | $5.58B | $5.07B | · | $4.21B | $3.81B | $3.40B | · | $4.02B | |
| AOCI | $6M | $16M | $43M | $26M | $3M | $-27M | $-51M | $13M | $-24M | $-9M | · | $-56M | $-80M | $-108M | · | $-188M | |
| Stockholders' Equity | $18.17B | $17.47B | $17.82B | $16.93B | $17.85B | $17.11B | $16.43B | $15.58B | $14.71B | $13.96B | · | $12.54B | $11.88B | $11.22B | · | $11.52B | |
| Liabilities + Equity | $20.88B | $20.11B | $20.46B | $19.35B | $20.16B | $19.22B | $18.74B | $17.74B | $16.65B | $15.83B | · | $14.71B | $13.90B | $13.05B | · | $13.26B | |
| Shares Outstanding | 353,900,000 | 354,400,000 | 355,100,000 | 354,900,000 | 358,400,000 | 358,400,000 | 356,600,000 | 356,200,000 | 355,300,000 | 354,700,000 | 352,300,000 | 352,000,000 | 351,300,000 | 350,400,000 | 350,000,000 | 353,300,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $210M | $210M | $203M | $204M | $196M | $185M | $177M | $173M | $174M | $153M | $150M | $156M | $146M | $140M | $128M | $138M | |
| Amort. of Intangibles | $24M | $7M | $3M | $3M | $3M | $3M | $3M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $8M | $8M | |
| Operating Cash Flow | $1.06B | $912M | $892M | $841M | $715M | $582M | $823M | $706M | $620M | $265M | $228M | $548M | $666M | $371M | $438M | $383M | |
| CapEx | $113M | $103M | $162M | $105M | $155M | $117M | $312M | $248M | $309M | $242M | $436M | $256M | $178M | $194M | $139M | $168M | |
| Investing Cash Flow | $-27M | $-914M | $-209M | $401M | $261M | $214M | $-1.26B | $-1.41B | $-467M | $-128M | $-1.04B | $-447M | $558M | $573M | $575M | $544M | |
| Stock Repurchased | $320M | $1.12B | $201M | $1.91B | $181M | $0 | $0 | $0 | $0 | $0 | $66M | $0 | $0 | $350M | $1.00B | $1.00B | |
| Net Stock Activity | · | $-1.12B | · | · | · | · | · | · | · | $0 | · | · | · | $-350M | · | · | |
| Dividends Paid | · | · | · | $0 | · | · | · | $0 | · | · | · | $0 | · | · | · | · | |
| Financing Cash Flow | $-288M | $-1.35B | $-138M | $-1.84B | $-148M | $-236M | $49M | $98M | $50M | $-47M | $-32M | $62M | $63M | $-381M | $-964M | $-927M | |
| Net Change in Cash | $754M | $-1.36B | $558M | $-597M | $829M | $555M | $-384M | $-620M | $200M | $97M | $-853M | $165M | $1.29B | $565M | $47M | $3M | |
| Free Cash Flow | · | $809M | · | · | · | $465M | · | · | · | $24M | · | · | · | $177M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.8% | 66.1% | · | 66.4% | 66.3% | 64.7% | · | 67.4% | 68.3% | 65.9% | · | 66.9% | 66.7% | 65.6% | · | 67.5% | |
| Operating Margin | 33.6% | 30.9% | · | 30.3% | 30.5% | 25.7% | · | 28.3% | 28.2% | 24.8% | · | 26.7% | 26.4% | 22.9% | · | 25.6% | |
| Net Margin | 28.3% | 29.6% | · | 28.1% | 27.0% | 31.0% | · | 27.7% | 26.2% | 28.8% | · | 23.8% | 24.0% | 20.9% | · | 20.8% | |
| Pretax Margin | 36.5% | 33.9% | · | 34.1% | 34.1% | 29.7% | · | 32.9% | 32.6% | 28.5% | · | 29.9% | 28.4% | 24.9% | · | 25.9% | |
| EBITDA Margin | 33.6% | 30.9% | · | 30.3% | 30.5% | 25.7% | · | 28.3% | 28.2% | 24.8% | · | 26.7% | 26.4% | 22.9% | · | 25.6% | |
| ROA | 4.0% | 4.2% | · | 3.8% | 3.6% | 4.0% | · | 3.5% | 3.5% | 3.8% | · | 3.0% | 3.0% | 2.7% | · | 2.5% | |
| ROE | 4.5% | 4.8% | · | 4.3% | 4.0% | 4.5% | · | 4.0% | 4.0% | 4.3% | · | 3.5% | 3.5% | 3.0% | · | 2.8% | |
| ROIC | 4.2% | 4.3% | · | 3.7% | 3.3% | 3.6% | · | 3.1% | 3.1% | 3.4% | · | 3.0% | 3.3% | 3.0% | · | 2.8% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.0 | 4.6 | · | 4.7 | 5.2 | 5.0 | · | 4.3 | 5.1 | 5.6 | · | 5.3 | 5.2 | 5.3 | · | 5.1 | |
| Quick Ratio | 3.6 | 3.2 | · | 3.4 | 3.9 | 3.7 | · | 3.2 | 3.9 | 4.3 | · | 4.4 | 4.4 | 4.3 | · | 4.2 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.6 | · | 0.5 | 0.5 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | |
| Receivables Turnover | 2.0 | 2.0 | · | 2.1 | 2.1 | 1.9 | · | 1.9 | 2.0 | 1.8 | · | 1.9 | 2.0 | 1.9 | · | 2.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $51.34 | $49.31 | · | $47.70 | $49.79 | $47.73 | · | $43.75 | $41.40 | $39.36 | · | $35.62 | $33.81 | $32.01 | · | $32.59 | |
| Revenue / Share | $8.09 | $7.70 | · | $6.92 | $6.70 | $6.18 | · | $5.62 | $5.57 | $5.24 | · | $4.87 | $4.91 | $4.76 | · | $4.32 | |
| Cash Flow / Share | · | $2.53 | · | · | · | $1.60 | · | · | · | $0.74 | · | · | · | $1.04 | · | · | |
| Cash / Share | $7.80 | $5.66 | · | $7.91 | $9.50 | $7.18 | · | $6.78 | $8.55 | $8.01 | · | $10.23 | $9.78 | $6.12 | · | $4.35 | |
| EPS (TTM) | $8.33 | $8.23 | · | $7.57 | $7.18 | $6.83 | · | $6.22 | $5.82 | $5.54 | · | $4.24 | $3.98 | $3.65 | · | $3.78 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.03B | $10.58B | · | $9.61B | $9.14B | $8.71B | · | $7.87B | $7.57B | $7.32B | · | $6.85B | $6.66B | $6.43B | · | $6.12B | |
| Net Income TTM | $3.14B | $2.98B | · | $2.75B | $2.61B | $2.48B | · | $2.24B | $2.09B | $1.99B | · | $1.52B | $1.43B | $1.31B | · | $1.38B | |
| Market Cap | $140.74B | $163.37B | · | $158.72B | $194.76B | $177.50B | · | $174.99B | $158.06B | $141.56B | · | $102.89B | $120.12B | $89.52B | · | $66.22B | |
| P/E | 45.7 | 56.0 | · | 59.1 | 75.7 | 72.5 | · | 79.0 | 76.4 | 72.0 | · | 68.9 | 85.9 | 70.0 | · | 49.6 | |
| P/S | 12.8 | 15.4 | · | 16.5 | 21.3 | 20.4 | · | 22.2 | 20.9 | 19.3 | · | 15.0 | 18.0 | 13.9 | · | 10.8 | |
| P/B | 7.7 | 9.3 | · | 9.4 | 10.9 | 10.4 | · | 11.2 | 10.7 | 10.1 | · | 8.2 | 10.1 | 8.0 | · | 5.8 | |
| P / Tangible Book | 8.1 | 9.8 | · | 9.6 | 11.1 | 10.6 | · | 11.5 | 11.0 | 10.4 | · | 8.5 | 10.5 | 8.3 | · | 6.0 | |
| P / Cash Flow | · | 179.2 | · | · | · | 305.2 | · | · | · | 533.4 | · | · | · | 241.0 | · | · | |
| Earnings Yield | 2.2% | 1.8% | · | 1.7% | 1.3% | 1.4% | · | 1.3% | 1.3% | 1.4% | · | 1.5% | 1.2% | 1.4% | · | 2.0% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| 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 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 4.9 | 4.1 | 4.8 | 4.4 | 5.1 |
| Quick Ratio | 3.7 | 3.0 | 3.8 | 3.6 | 4.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $2.49B | $1.30B | $750M | $958M | $1.74B |
Institutional owners (13F) 2,455 filers · $139.7B total · As of Sept. 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 172 (-42 vs prior Q) | 196 (-35 vs prior Q) | 911 (-86 vs prior Q) | 893 (+60 vs prior Q) | +7.8M |
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 GROUP INC | $19,037,227,455 | 33,613,298 | 13.63% | Shares |
| BlackRock, Inc. | $11,940,201,916 | 30,024,648 | 8.55% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,198,775,450 | 23,131,099 | 6.59% | Shares |
| STATE STREET CORP | $6,387,949,747 | 16,063,040 | 4.57% | Shares |
| Invesco Ltd. | $4,709,948,094 | 11,843,563 | 3.37% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $3,380,563,364 | 8,534,767 | 2.42% | Shares |
| Capital World Investors | $3,079,329,501 | 7,742,681 | 2.20% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,880,501,227 | 7,243,264 | 2.06% | Shares |
| MORGAN STANLEY | $2,609,308,152 | 6,561,322 | 1.87% | Shares |
| NORGES BANK | $1,970,454,292 | 4,954,874 | 1.41% | Shares |
| JPMORGAN CHASE & CO | $1,717,673,063 | 4,231,033 | 1.23% | Shares |
| FMR LLC | $1,690,589,691 | 4,251,130 | 1.21% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,673,136,468 | 3,629,442 | 1.20% | Shares |
| Fisher Asset Management, LLC | $1,558,444,582 | 3,918,840 | 1.12% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,528,761,776 | 3,316,258 | 1.09% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,511,980,554 | 3,802,003 | 1.08% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,489,111,567 | 3,744,497 | 1.07% | Shares |
| JENNISON ASSOCIATES LLC | $1,459,171,817 | 3,669,211 | 1.04% | Shares |
| NORTHERN TRUST CORP | $1,397,048,249 | 3,512,996 | 1.00% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,353,606,951 | 3,403,759 | 0.97% | Shares |
| Bank of New York Mellon Corp | $1,335,752,583 | 3,358,863 | 0.96% | Shares |
| GOLDMAN SACHS GROUP INC | $1,150,041,824 | 2,891,877 | 0.82% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,114,525,243 | 2,802,568 | 0.80% | Shares |
| Nuveen, LLC | $1,072,397,277 | 2,696,634 | 0.77% | Shares |
| Amundi | $1,068,008,595 | 2,685,598 | 0.76% | Shares |
| BAILLIE GIFFORD & CO | $1,003,914,130 | 2,524,427 | 0.72% | Shares |
| Legal & General Group Plc | $985,651,869 | 2,478,505 | 0.71% | Shares |
| FRANKLIN RESOURCES INC | $893,810,054 | 2,247,561 | 0.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $809,203,241 | 2,034,810 | 0.58% | Shares |
| AMERICAN CENTURY COMPANIES INC | $801,166,368 | 2,014,594 | 0.57% | Shares |
| TWO SIGMA INVESTMENTS, LP | $787,059,623 | 1,979,128 | 0.56% | Shares |
| JANUS HENDERSON GROUP PLC | $757,489,182 | 1,643,060 | 0.54% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $714,193,512 | 1,795,900 | 0.51% | Call option |
| UBS Group AG | $707,291,776 | 1,778,545 | 0.51% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $679,810,497 | 1,709,441 | 0.49% | Shares |
| LOOMIS SAYLES & CO L P | $658,620,313 | 1,656,156 | 0.47% | Shares |
| ROYAL BANK OF CANADA | $622,202,000 | 1,564,576 | 0.45% | Shares |
| Capital Research Global Investors | $617,065,740 | 1,551,664 | 0.44% | Shares |
| TWO SIGMA ADVISERS, LP | $604,056,922 | 1,066,560 | 0.43% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $603,306,012 | 1,517,064 | 0.43% | Shares |
| DEUTSCHE BANK AG\ | $571,614,097 | 1,437,372 | 0.41% | Shares |
| Pictet Asset Management Holding SA | $547,639,823 | 1,376,925 | 0.39% | Shares |
| AMERIPRISE FINANCIAL INC | $527,960,472 | 1,327,623 | 0.38% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $527,641,824 | 1,326,800 | 0.38% | Put option |
| VICTORY CAPITAL MANAGEMENT INC | $517,355,105 | 1,300,881 | 0.37% | Shares |
| SANDS CAPITAL MANAGEMENT, LLC | $498,063,976 | 1,252,424 | 0.36% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $488,349,371 | 1,227,993 | 0.35% | Shares |
| Clearbridge Investments, LLC | $483,448,851 | 1,215,674 | 0.35% | Shares |
| BARCLAYS PLC | $482,817,322 | 1,214,085 | 0.35% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $449,034,649 | 1,129,058 | 0.32% | Shares |
Company insiders 48 insiders · 20 officers · 18 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 | 1 | $-13,414,975 |
| 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 |
| Fredrik Widman | VP Corporate Controller | Sept. 15, 2026 M | 1,026 | 0 | 7 | $-1,792,360 |
| Mark Brosius | EVP & Chief Mfg and Supply Cha | Sept. 11, 2026 S | 764 | 0 | 33 | $-5,918,298 |
| Gary Loeb | EVP & Chief Legal and Complian | Aug. 10, 2026 S | 5,320 | 0 | 3 | $-500,036 |
| Iman Jeddi | SVP & GM da Vinci Platforms & | June 1, 2026 M | 6,463 | 0 | 1 | $-2,365,594 |
| Myriam Curet | EVP & Chief Medical Officer | March 10, 2026 M | 0 | 0 | 16 | $-8,440,242 |
| Henry L Charlton | EVP & Chief Commercial and Mkt | Feb. 28, 2026 M | 11,610 | 0 | 5 | $-7,963,980 |
| Brian Edward Miller | EVP & Chief Digital Officer | Nov. 10, 2025 M | 5,758 | 0 | 2 | $-2,012,500 |
| Robert Desantis | EVP & Chief Strategy & Corp Op | April 25, 2025 M | 5,224 | 0 | 0 | $0 |
| Marshall Mohr | Executive VP Global Business S | Aug. 31, 2024 F | 1,650 | 0 | 0 | $0 |
| Michele Dimartino | Officer Title: SVP and Chief Human Resources Officer | Feb. 28, 2023 A | 2,112 | 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 |
| Amy L Ladd | Director | Aug. 11, 2026 S | 179 | 0 | 4 | $-471,789 |
| Monica P Reed | Director | April 30, 2026 A | 2,876 | 0 | 0 | $0 |
| Sreelakshmi Kolli | Director | April 30, 2026 A | 1,510 | 0 | 0 | $0 |
| Keith R Leonard | Director | April 30, 2026 A | 901 | 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 |
| 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 |
| Gary S Guthart | · | Aug. 11, 2026 S | 1,245,679 | 0 | 8 | $-48,794,707 |
| 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 137 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 | 13.29% | 1,171,267 SH | Sept. 11, 2026 | Daily |
| MEDI · Harbor ETF Trust | 2.83% | 3,300 NS | July 31, 2026 | N-PORT |
| QNXT · iShares Trust | 2.44% | 1,852 SH | Sept. 11, 2026 | Daily |
| POWA · Invesco Exchange-Traded Self-Indexe… | 2.19% | 8,827 SH | Oct. 1, 2026 | Daily |
| IGPT · Invesco Exchange-Traded Fund Trust | 2.12% | 75,164 SH | Oct. 1, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 2.08% | 1,067,681 SH | Aug. 19, 2026 | Daily |
| IYH · iShares Trust | 2.05% | 206,344 SH | Sept. 11, 2026 | Daily |
| FGSI · First Trust Exchange-Traded Fund IV | 2.00% | 117 NS | July 31, 2026 | N-PORT |
| JDOC · J.P. Morgan Exchange-Traded Fund Tr… | 1.93% | 496 NS | July 31, 2026 | N-PORT |
| RSPH · Invesco Exchange-Traded Fund Trust | 1.88% | 40,413 SH | Oct. 1, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 1.82% | 168,952 NS | July 31, 2026 | N-PORT |
| CAML · Professionally Managed Portfolios | 1.63% | 16,992 NS | July 31, 2026 | N-PORT |
| IXJ · iShares Trust | 1.62% | 186,313 SH | Sept. 11, 2026 | Daily |
| ROBO · EXCHANGE TRADED CONCEPTS TRUST | 1.55% | 87,192 NS | July 31, 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 1.50% | 2,934 NS | July 31, 2026 | N-PORT |
| CURE · Direxion Shares ETF Trust | 1.43% | 6,969 NS | July 31, 2026 | N-PORT |
| SPHQ · Invesco Exchange-Traded Fund Trust | 1.43% | 654,297 SH | Oct. 1, 2026 | Daily |
| TECB · iShares Trust | 1.31% | 17,946 SH | Sept. 11, 2026 | Daily |
| ARKQ · ARK ETF Trust | 1.29% | 68,016 NS | July 31, 2026 | N-PORT |
| XT · iShares Trust | 1.22% | 131,150 SH | Sept. 11, 2026 | Daily |
| EQWL · Invesco Exchange-Traded Fund Trust | 1.17% | 79,735 SH | Oct. 1, 2026 | Daily |
| TEC · Harbor ETF Trust | 1.13% | 204 NS | July 31, 2026 | N-PORT |
| AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 1.03% | 3,282 NS | July 31, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 0.95% | 545 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 0.88% | 1,046 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.86% | 60,667 NS | July 31, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 0.85% | 32,011 NS | July 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 0.84% | 554 NS | July 31, 2026 | N-PORT |
| JHAI · Janus Detroit Street Trust | 0.82% | 539 NS | July 31, 2026 | N-PORT |
| NUGO · Nushares ETF Trust | 0.76% | 52,249 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.73% | 85,177 SH | Oct. 1, 2026 | Daily |
| ESUM · Strategy Shares | 0.68% | 3,516 NS | July 31, 2026 | N-PORT |
| MGK · VANGUARD WORLD FUND | 0.63% | 525,413 SH | Aug. 19, 2026 | Daily |
| BIGY · Tidal Trust II | 0.63% | 967 NS | July 31, 2026 | N-PORT |
| GRZZ · Tidal Trust II | 0.61% | 575 NS | July 31, 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 0.60% | 1,624,143 SH | Oct. 1, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 0.60% | 7,379,113 SH | Oct. 1, 2026 | Daily |
| CATH · Global X Funds | 0.59% | 21,903 NS | July 31, 2026 | N-PORT |
| QRMI · Global X Funds | 0.59% | 238 NS | July 31, 2026 | N-PORT |
| QYLD · Global X Funds | 0.58% | 133,690 NS | July 31, 2026 | N-PORT |
| PALC · Pacer Funds Trust | 0.58% | 3,451 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 0.58% | 2,594 NS | July 31, 2026 | N-PORT |
| PTNQ · Pacer Funds Trust | 0.57% | 19,367 NS | July 31, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 0.57% | 821 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 0.57% | 122 NS | July 31, 2026 | N-PORT |
| QCLR · Global X Funds | 0.56% | 52 NS | July 31, 2026 | N-PORT |
| QSIX · Pacer Funds Trust | 0.53% | 273 NS | July 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 0.52% | 24,394 SH | Oct. 1, 2026 | Daily |
| IWY · iShares Trust | 0.45% | 193,645 SH | Sept. 11, 2026 | Daily |
| ESG · FlexShares Trust | 0.44% | 1,650 NS | July 31, 2026 | N-PORT |
| RGEF · Tidal Trust III | 0.44% | 10,035 NS | July 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.42% | 558,534 SH | Aug. 19, 2026 | Daily |
| OEI · Listed Funds Trust | 0.41% | 537 NS | July 31, 2026 | N-PORT |
| VUG · VANGUARD INDEX FUNDS | 0.40% | 3,844,783 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.40% | 263,157 SH | Aug. 19, 2026 | Daily |
| ILCG · iShares Trust | 0.40% | 34,375 SH | Sept. 11, 2026 | Daily |
| COWG · Pacer Funds Trust | 0.39% | 24,349 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.39% | 1,324,854 SH | Sept. 11, 2026 | Daily |
| CHRI · Global X Funds | 0.38% | 86 NS | July 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.37% | 3,398 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.36% | 755,404 SH | Sept. 11, 2026 | Daily |
| ESLV · Strategy Shares | 0.35% | 142 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.35% | 1,507 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.34% | 311,804 SH | Sept. 11, 2026 | Daily |
| ESGG · FlexShares Trust | 0.33% | 1,045 NS | July 31, 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 0.33% | 4,509 NS | July 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.32% | 2,890 SH | Sept. 11, 2026 | Daily |
| WRND · New York Life Investments ETF Trust | 0.31% | 92 NS | July 31, 2026 | N-PORT |
| MPLY · Strategy Shares | 0.31% | 139 NS | July 31, 2026 | N-PORT |
| EGLE · Global X Funds | 0.29% | 18 NS | July 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.29% | 9 NS | July 31, 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 0.27% | 70,835 SH | Aug. 19, 2026 | Daily |
| OEF · iShares Trust | 0.27% | 149,899 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.27% | 10,921 SH | Oct. 1, 2026 | Daily |
| LGDX · Tidal Trust III | 0.27% | 1,070 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.24% | 79,703 SH | Aug. 19, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.24% | 554,290 SH | Oct. 1, 2026 | Daily |
| TOPC · iShares Trust | 0.24% | 215 SH | Sept. 11, 2026 | Daily |
| IWL · iShares Trust | 0.23% | 13,711 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.22% | 2,100 SH | Oct. 1, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.22% | 9,198,405 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.22% | 413,621 SH | Aug. 19, 2026 | Daily |
| XVV · iShares Trust | 0.22% | 4,082 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.22% | 61,145 SH | Oct. 1, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.20% | 58,287 SH | Aug. 19, 2026 | Daily |
| XTR · Global X Funds | 0.20% | 27 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.20% | 18,003 NS | July 31, 2026 | N-PORT |
| ACIO · ETF Series Solutions | 0.20% | 13,064 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.20% | 277 NS | July 31, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.20% | 1,624 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.20% | 18,029 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.19% | 4,463,932 SH | Sept. 11, 2026 | Daily |
| BKLC · BNY Mellon ETF Trust | 0.19% | 30,025 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 48,668 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.19% | 349 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.19% | 5,968 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.19% | 6,850 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.19% | 11,245,401 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.19% | 29,685 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.19% | 1,423 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.19% | 19 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.19% | 110,611 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.18% | 9,810 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.18% | 278 SH | Oct. 1, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.18% | 30 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.18% | 15,215 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.18% | 244,032 SH | Sept. 11, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 0.18% | 207,610 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.18% | 14,078 SH | Sept. 11, 2026 | Daily |
| SPUU · Direxion Shares ETF Trust | 0.18% | 1,336 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.18% | 8,507 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.17% | 97,440 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.17% | 462,408 SH | Sept. 11, 2026 | Daily |
| WINN · Harbor ETF Trust | 0.16% | 5,237 NS | July 31, 2026 | N-PORT |
| PEVC · Pacer Funds Trust | 0.16% | 11 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.15% | 2,470 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.15% | 995 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.15% | 1,725 SH | Sept. 11, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.15% | 27,688 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.14% | 31,794 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.13% | 4,332 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.13% | 7,742 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.12% | 112,731 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.12% | 294,601 SH | Aug. 19, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.12% | 7,552 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.11% | 2,671 SH | Oct. 1, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.11% | 39,089 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.11% | 2,093 SH | Oct. 1, 2026 | Daily |
| ESGU · iShares Trust | 0.09% | 45,570 SH | Sept. 11, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.07% | 17,291 SH | Oct. 1, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.07% | 6,700 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.07% | 15,571 SH | Oct. 1, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.04% | 57,069 NS | July 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.02% | 141 NS | July 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.01% | 141 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 102 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | -1.41% | -612 NS | July 31, 2026 | N-PORT |
ISRG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
29 analysts · 2026-09-28Mean target $476.34 +21.5%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| 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% |
| RMD | $28.11B | 18.7 | 9.8% | 26.9% | 23.6% | 61.1% |
| GEHC | · | 18.0 | 4.8% | 10.1% | 22.1% | 40.0% |
| ZBH | $28.66B | 25.3 | 7.2% | 8.6% | 5.6% | · |
Latest News Recent headlines mentioning this company
ISRG AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Intuitive Surgical remains a high-quality monopoly, but its premium valuation leaves little room for error. Claude and Grok emphasize the company's durable moat and recurring revenue, while Gemini and ChatGPT warn that a 73x P/E ratio makes the stock vulnerable to any growth slowdown. The panel split on whether recent institutional outflows signal a structural rotation or mere noise. Ultimately, the group remains cautious, agreeing that the stock's future hinges on sustaining procedure volume.
Round 1 — Opening Takes
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.
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.
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.
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.
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.
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.
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.
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
Round 2 — Responses & Rebuttals
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.
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.
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.
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
Round 3 — Final Rebuttals
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.
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.
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.
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 |
|---|---|---|---|
| Grok | $525.00 | $545.00 | 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. |
| Claude | $520.00 | $545.00 | 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. |
| Gemini | $505.00 | $485.00 | 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. |
| Chatgpt | $525.00 | $550.00 | 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. |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
No open signal right now — no card is filled, and that's honest.
My Metrics Your personal watchlist — selected rows from Full Fundamentals
Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.