What is Intuitive Surgical Inc worth?
With the base-case assumptions below, a discounted cash flow model on Intuitive Surgical Inc's reported free cash flow gives $235.10 per share. The share price was $450.04 on November 10, 2026, 91% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $146.07 | -68% |
| Base | 15.0% | 9.0% | $235.10 | -48% |
| Bull | 20.0% | 8.0% | $400.87 | -11% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $302.50 | $323.52 | $349.21 | $381.32 | $422.60 |
| 8.0% | $251.87 | $265.49 | $281.60 | $300.93 | $324.56 |
| 9.0% | $215.02 | $224.34 | $235.10 | $247.64 | $262.47 |
| 10.0% | $187.09 | $193.72 | $201.23 | $209.81 | $219.71 |
| 11.0% | $165.23 | $170.09 | $175.52 | $181.63 | $188.55 |
Where the presets come from
Base: years 1 to 5 grow at Intuitive Surgical Inc's revenue growth rate over the last 5 fiscal years (18.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions