Intrinsic value of Intuitive Surgical - ISRG

Previous Close

$357.46

  Intrinsic Value

$588.60

stock screener

  Rating & Target

str. buy

+65%

  Value-price divergence*

-57%

Previous close

$357.46

 
Intrinsic value

$588.60

 
Up/down potential

+65%

 
Rating

str. buy

 
Value-price divergence*

-57%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ISRG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 13.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.42
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  2,704
  3,050
  3,417
  3,803
  4,210
  4,636
  5,081
  5,546
  6,030
  6,534
  7,058
  7,603
  8,169
  8,758
  9,369
  10,005
  10,666
  11,353
  12,069
  12,813
  13,589
  14,397
  15,240
  16,119
  17,036
  17,994
  18,995
  20,040
  21,133
  22,276
  23,472
Variable operating expenses, $m
 
  1,092
  1,221
  1,357
  1,500
  1,650
  1,806
  1,970
  2,140
  2,317
  2,501
  2,673
  2,872
  3,079
  3,294
  3,517
  3,750
  3,991
  4,243
  4,505
  4,777
  5,062
  5,358
  5,667
  5,989
  6,326
  6,678
  7,045
  7,430
  7,831
  8,252
Fixed operating expenses, $m
 
  827
  848
  869
  891
  913
  936
  959
  983
  1,008
  1,033
  1,059
  1,085
  1,112
  1,140
  1,169
  1,198
  1,228
  1,259
  1,290
  1,322
  1,355
  1,389
  1,424
  1,460
  1,496
  1,534
  1,572
  1,611
  1,651
  1,693
Total operating expenses, $m
  1,759
  1,919
  2,069
  2,226
  2,391
  2,563
  2,742
  2,929
  3,123
  3,325
  3,534
  3,732
  3,957
  4,191
  4,434
  4,686
  4,948
  5,219
  5,502
  5,795
  6,099
  6,417
  6,747
  7,091
  7,449
  7,822
  8,212
  8,617
  9,041
  9,482
  9,945
Operating income, $m
  945
  1,131
  1,348
  1,577
  1,819
  2,073
  2,339
  2,617
  2,907
  3,209
  3,524
  3,871
  4,212
  4,566
  4,935
  5,319
  5,718
  6,134
  6,567
  7,018
  7,489
  7,980
  8,493
  9,028
  9,587
  10,172
  10,783
  11,423
  12,092
  12,793
  13,527
EBITDA, $m
  1,037
  1,224
  1,450
  1,689
  1,940
  2,204
  2,481
  2,770
  3,072
  3,386
  3,713
  4,054
  4,408
  4,776
  5,160
  5,559
  5,974
  6,406
  6,857
  7,326
  7,815
  8,326
  8,859
  9,415
  9,996
  10,604
  11,239
  11,904
  12,599
  13,328
  14,090
Interest expense (income), $m
  0
  0
  3
  6
  10
  14
  18
  22
  26
  30
  35
  40
  45
  50
  55
  61
  67
  73
  79
  86
  93
  100
  107
  115
  123
  131
  140
  149
  159
  169
  179
Earnings before tax, $m
  981
  1,131
  1,344
  1,571
  1,809
  2,059
  2,321
  2,595
  2,881
  3,179
  3,489
  3,831
  4,167
  4,516
  4,880
  5,258
  5,651
  6,061
  6,488
  6,933
  7,397
  7,881
  8,386
  8,913
  9,465
  10,041
  10,643
  11,274
  11,934
  12,624
  13,348
Tax expense, $m
  245
  305
  363
  424
  488
  556
  627
  701
  778
  858
  942
  1,034
  1,125
  1,219
  1,318
  1,420
  1,526
  1,636
  1,752
  1,872
  1,997
  2,128
  2,264
  2,407
  2,555
  2,711
  2,874
  3,044
  3,222
  3,409
  3,604
Net income, $m
  736
  825
  981
  1,147
  1,321
  1,503
  1,694
  1,894
  2,103
  2,320
  2,547
  2,797
  3,042
  3,297
  3,562
  3,838
  4,125
  4,425
  4,736
  5,061
  5,400
  5,753
  6,122
  6,507
  6,909
  7,330
  7,770
  8,230
  8,711
  9,216
  9,744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,555
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,487
  4,433
  4,966
  5,528
  6,119
  6,738
  7,385
  8,061
  8,765
  9,497
  10,259
  11,051
  11,874
  12,729
  13,618
  14,542
  15,503
  16,502
  17,541
  18,624
  19,751
  20,926
  22,151
  23,429
  24,762
  26,154
  27,609
  29,128
  30,717
  32,378
  34,116
Adjusted assets (=assets-cash), $m
  3,932
  4,433
  4,966
  5,528
  6,119
  6,738
  7,385
  8,061
  8,765
  9,497
  10,259
  11,051
  11,874
  12,729
  13,618
  14,542
  15,503
  16,502
  17,541
  18,624
  19,751
  20,926
  22,151
  23,429
  24,762
  26,154
  27,609
  29,128
  30,717
  32,378
  34,116
Revenue / Adjusted assets
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
Average production assets, $m
  486
  549
  615
  685
  758
  834
  915
  998
  1,085
  1,176
  1,270
  1,369
  1,470
  1,576
  1,686
  1,801
  1,920
  2,044
  2,172
  2,306
  2,446
  2,591
  2,743
  2,901
  3,067
  3,239
  3,419
  3,607
  3,804
  4,010
  4,225
Working capital, $m
  2,653
  110
  123
  137
  152
  167
  183
  200
  217
  235
  254
  274
  294
  315
  337
  360
  384
  409
  434
  461
  489
  518
  549
  580
  613
  648
  684
  721
  761
  802
  845
Total debt, $m
  0
  89
  185
  286
  392
  504
  620
  742
  869
  1,000
  1,138
  1,280
  1,428
  1,582
  1,742
  1,909
  2,081
  2,261
  2,448
  2,643
  2,846
  3,058
  3,278
  3,508
  3,748
  3,999
  4,261
  4,534
  4,820
  5,119
  5,432
Total liabilities, $m
  709
  798
  894
  995
  1,101
  1,213
  1,329
  1,451
  1,578
  1,709
  1,847
  1,989
  2,137
  2,291
  2,451
  2,618
  2,790
  2,970
  3,157
  3,352
  3,555
  3,767
  3,987
  4,217
  4,457
  4,708
  4,970
  5,243
  5,529
  5,828
  6,141
Total equity, $m
  5,778
  3,635
  4,072
  4,533
  5,018
  5,525
  6,056
  6,610
  7,187
  7,788
  8,412
  9,062
  9,737
  10,438
  11,167
  11,924
  12,712
  13,531
  14,384
  15,272
  16,196
  17,159
  18,164
  19,212
  20,305
  21,447
  22,639
  23,885
  25,188
  26,550
  27,975
Total liabilities and equity, $m
  6,487
  4,433
  4,966
  5,528
  6,119
  6,738
  7,385
  8,061
  8,765
  9,497
  10,259
  11,051
  11,874
  12,729
  13,618
  14,542
  15,502
  16,501
  17,541
  18,624
  19,751
  20,926
  22,151
  23,429
  24,762
  26,155
  27,609
  29,128
  30,717
  32,378
  34,116
Debt-to-equity ratio
  0.000
  0.020
  0.050
  0.060
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
Adjusted equity ratio
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  736
  825
  981
  1,147
  1,321
  1,503
  1,694
  1,894
  2,103
  2,320
  2,547
  2,797
  3,042
  3,297
  3,562
  3,838
  4,125
  4,425
  4,736
  5,061
  5,400
  5,753
  6,122
  6,507
  6,909
  7,330
  7,770
  8,230
  8,711
  9,216
  9,744
Depreciation, amort., depletion, $m
  92
  93
  102
  111
  121
  131
  142
  153
  165
  177
  189
  182
  196
  210
  225
  240
  256
  272
  290
  308
  326
  346
  366
  387
  409
  432
  456
  481
  507
  535
  563
Funds from operations, $m
  1,040
  919
  1,084
  1,258
  1,442
  1,635
  1,837
  2,048
  2,268
  2,497
  2,736
  2,979
  3,238
  3,507
  3,787
  4,078
  4,381
  4,697
  5,026
  5,368
  5,726
  6,098
  6,487
  6,894
  7,318
  7,762
  8,225
  8,711
  9,219
  9,750
  10,307
Change in working capital, $m
  -3
  12
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
Cash from operations, $m
  1,043
  906
  1,070
  1,244
  1,427
  1,619
  1,820
  2,031
  2,250
  2,479
  2,717
  2,960
  3,218
  3,486
  3,765
  4,055
  4,358
  4,672
  5,000
  5,342
  5,698
  6,069
  6,457
  6,862
  7,285
  7,727
  8,189
  8,673
  9,179
  9,709
  10,264
Maintenance CAPEX, $m
  0
  -65
  -73
  -82
  -91
  -101
  -111
  -122
  -133
  -145
  -157
  -169
  -182
  -196
  -210
  -225
  -240
  -256
  -272
  -290
  -308
  -326
  -346
  -366
  -387
  -409
  -432
  -456
  -481
  -507
  -535
New CAPEX, $m
  -54
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -145
  -152
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
Cash from investing activities, $m
  -1,279
  -128
  -139
  -152
  -164
  -178
  -191
  -206
  -220
  -236
  -251
  -267
  -284
  -302
  -320
  -339
  -359
  -380
  -401
  -424
  -448
  -471
  -498
  -524
  -552
  -581
  -612
  -644
  -678
  -713
  -750
Free cash flow, $m
  -236
  778
  931
  1,092
  1,263
  1,441
  1,629
  1,825
  2,030
  2,244
  2,466
  2,692
  2,933
  3,184
  3,445
  3,716
  3,998
  4,293
  4,599
  4,918
  5,251
  5,598
  5,960
  6,338
  6,733
  7,146
  7,578
  8,029
  8,502
  8,996
  9,514
Issuance/(repayment) of debt, $m
  0
  89
  96
  101
  106
  111
  117
  122
  127
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  299
  313
Issuance/(repurchase) of shares, $m
  538
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  559
  89
  96
  101
  106
  111
  117
  122
  127
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  299
  313
Total cash flow (excl. dividends), $m
  322
  867
  1,027
  1,194
  1,369
  1,553
  1,746
  1,947
  2,157
  2,376
  2,603
  2,835
  3,081
  3,338
  3,605
  3,882
  4,171
  4,472
  4,786
  5,113
  5,454
  5,809
  6,180
  6,568
  6,973
  7,396
  7,839
  8,303
  8,788
  9,295
  9,827
Retained Cash Flow (-), $m
  -1,458
  -412
  -437
  -461
  -484
  -508
  -531
  -554
  -577
  -601
  -625
  -649
  -675
  -701
  -729
  -758
  -788
  -819
  -853
  -888
  -924
  -963
  -1,004
  -1,048
  -1,093
  -1,142
  -1,192
  -1,246
  -1,303
  -1,362
  -1,425
Prev. year cash balance distribution, $m
 
  2,555
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  3,010
  590
  733
  885
  1,045
  1,215
  1,393
  1,580
  1,775
  1,979
  2,185
  2,406
  2,637
  2,876
  3,125
  3,384
  3,653
  3,933
  4,225
  4,529
  4,846
  5,176
  5,520
  5,880
  6,255
  6,647
  7,057
  7,485
  7,933
  8,402
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,886
  540
  638
  728
  810
  882
  941
  987
  1,020
  1,037
  1,038
  1,027
  1,002
  965
  917
  860
  795
  724
  651
  576
  501
  429
  362
  299
  243
  194
  151
  116
  87
  63
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Intuitive Surgical, Inc. (Intuitive) designs, manufactures and markets da Vinci Surgical Systems, and related instruments and accessories. The Company's da Vinci Surgical System consists of a surgeon's console, a patient-side cart and a vision system. The da Vinci Surgical System translates a surgeon's hand movements, which are performed on instrument controls at a console, into corresponding micro-movements of instruments positioned inside the patient through small incisions or ports. The da Vinci Surgical System provides its operating surgeons with control, range of motion, tissue manipulation capability and three-dimensional (3-D), high-definition (HD) vision. Intuitive has four generations of da Vinci Surgical System: the da Vinci Xi Surgical System, the da Vinci Si Surgical System, the da Vinci S Surgical System and the standard da Vinci Surgical System. The Company's instruments and accessories include EndoWrist Instruments and da Vinci Single-Site.

FINANCIAL RATIOS  of  Intuitive Surgical (ISRG)

Valuation Ratios
P/E Ratio 18.8
Price to Sales 5.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate 13.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -12.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 12.9%
Ret/ On Assets - 3 Yr. Avg. 12.3%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 14.6%
Return On Equity - 3 Yr. Avg. 14%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 67.5%
EBITDA Margin 39.7%
EBITDA Margin - 3 Yr. Avg. 34.8%
Operating Margin 34.9%
Oper. Margin - 3 Yr. Avg. 30.5%
Pre-Tax Margin 36.3%
Pre-Tax Margin - 3 Yr. Avg. 31.3%
Net Profit Margin 27.2%
Net Profit Margin - 3 Yr. Avg. 23.9%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 23.7%
Payout Ratio 0%

ISRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ISRG stock intrinsic value calculation we used $2704 million for the last fiscal year's total revenue generated by Intuitive Surgical. The default revenue input number comes from 2016 income statement of Intuitive Surgical. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ISRG stock valuation model: a) initial revenue growth rate of 12.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ISRG is calculated based on our internal credit rating of Intuitive Surgical, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Intuitive Surgical.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ISRG stock the variable cost ratio is equal to 35.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $807 million in the base year in the intrinsic value calculation for ISRG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Intuitive Surgical.

Corporate tax rate of 27% is the nominal tax rate for Intuitive Surgical. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ISRG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ISRG are equal to 18%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Intuitive Surgical operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ISRG is equal to 3.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5778 million for Intuitive Surgical - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 36.704 million for Intuitive Surgical is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Intuitive Surgical at the current share price and the inputted number of shares is $13.1 billion.

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COMPANY NEWS

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▶ Why a New Wave of Stock Splits Could Be on the Horizon   [Sep-10-17 08:31AM  Motley Fool]
▶ 3 Reasons Intuitive Surgical, Inc. Stock Could Rise   [Sep-02-17 10:32AM  Motley Fool]
▶ Intuitive Surgical Plans to Expand in Europe and Asia   [Sep-01-17 10:38AM  Market Realist]
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▶ Can Intuitive Surgical Hit $1,000?   [11:04AM  Barrons.com]
Financial statements of ISRG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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