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Intuitive Surgical, Inc. (ISRG) 财务分析 | 估值·财报 | 100Baggers.club

Intuitive Surgical, Inc.

ISRG

Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offers the da Vinci Surgical System to enable complex surgery using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic procedures enabling minimally invasive biopsies in the lung. It also provides a suite of stapling, energy, and core instrumentation for its surgical systems; progressive learning pathways to support the use of its technology; a complement of services to its customers, including support, installation, repair, and maintenance; and integrated digital capabilities providing unified and connected offerings, streamlining performance for hospitals with program-enhancing insights. The company was incorporated in 1995 and is headquartered in Sunnyvale, California.

深度研究阅读完整报告

Intuitive Surgical(ISRG)股票深度分析 — 护城河未断，但股价已经预支未来现金流

ISRG 仍是高质量手术机器人复利资产，但当前不是无条件核心买入。本文拆解 da Vinci 装机后持续收入系统、竞争路径、2026E FCF/每股跳升和仓位纪律。

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

66.06%

毛利润 = $1.83B

营业收入 = $2.77B

Operating Profit Margini营业利润率

30.87%

营业利润 = $0.86B

营业收入 = $2.77B

EBITDA MarginiEBITDA利润率

30.87%

EBITDA = $0.86B

营业收入 = $2.77B

EBIT MarginiEBIT利润率

30.87%

EBIT = $0.94B

营业收入 = $2.77B

Net Profit Margini净利率

29.65%

净利润 = $0.82B

营业收入 = $2.77B

Pretax Profit Margini税前利润率

33.94%

税前利润 = $0.94B

营业收入 = $2.77B

E

运营效率指标

Interest Coveragei利息保障倍数

N/A (无利息支出)

EBIT (TTM) = $3.31B

利息费用 (TTM) = $0

N/A

N/A

N/A

N/A

N/A

SG&A / Revenuei销管费率

22.13%

销售及管理费用 = $0.61B

营业收入 = $2.77B

R&D / Revenuei研发占比

13.06%

研发费用 = $0.36B

营业收入 = $2.77B

R

回报率指标 (TTM)

ROAi总资产回报率

15.15%

净利润 = $2.98B

平均总资产 = $19.67B

ROEi净资产收益率

17.17%

净利润 = $2.98B

平均股东权益 = $17.35B

ROICi投入资本回报率

31.28%

NOPAT (TTM) = $2.70B

平均投入资本 = $8.62B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

22.96%

当期营收 = $2.77B

去年同期营收 = $2.25B

+19.2%

+21.4%

+22.9%

+18.8%

+23.0%

Operating Cash Flow/Sharei每股经营现金流

$9.34

经营现金流 = $3.36B

流通股数 = 0.36B

$7.49

$7.76

$8.18

$8.41

$9.34

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+23.0%	$2.77B	↑
毛利	+25.6%	$1.83B, 66.06%	↑
营业利润	+48.0%	$0.86B, 30.87%	↑
EBITDA	+19.0%	$0.86B, 30.87%	↑
税前利润	+40.7%	$0.94B, 33.94%	↑
净利润	+17.6%	$0.82B, 29.65%	↑
稀释每股收益	+18.7%	2.28	↑

L

流动性指标

Current Ratioi流动比率

6.03

健康

流动资产 = $11.52B

流动负债 = $1.91B

Quick Ratioi速动比率

5.01

健康

速动资产 = $9.57B

流动负债 = $1.91B

Cash Ratioi现金比率

2.38

健康

现金及等价物 = $4.55B

流动负债 = $1.91B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.00

健康

总债务 = N/A

总权益 = $17.47B

Liabilities to Assetsi资产负债率 (总负债)

12.5%

健康

总负债 = $2.51B

总资产 = $20.11B

Equity Multiplieri权益乘数

1.15

健康

总资产 = $20.11B

总权益 = $17.47B

E

效率指标

Asset Turnoveri总资产周转率

0.54

正常

营收 (TTM) = $10.58B

平均总资产 = $19.67B

Inventory Turnoveri存货周转率

1.88

关注

营业成本 (TTM) = $3.56B

平均存货 = $1.89B

Receivables Turnoveri应收账款周转率

6.34

正常

营收 (TTM) = $10.58B

平均应收账款 = $1.67B

S

偿债能力

Interest Coveragei利息保障倍数

N/A

正常

EBIT (TTM) = $3.31B

利息费用 (TTM) = $0.00B

Net Debt to EBITDAi净债务/EBITDA

-0.53

健康

净债务 = $-2.04B

EBITDA (TTM) = $3.85B

Debt Service Coveragei偿债覆盖率

N/A

正常

经营现金流 (TTM) = $3.36B

债务偿付 = $0.00B

V

价值指标

Goodwill %i商誉占比

3.0%

健康

商誉 = $0.61B

总资产 = $20.11B

Working Capital Ratioi营运资本比率

0.48

健康

营运资本 = $9.61B

总资产 = $20.11B

C

现金流指标

经营现金流 TTMi

$3.36B

自由现金流 TTMi

$2.83B

FCF = OCF - CapEx

经营现金流 (TTM) = $3.36B

资本支出 (TTM) = $-0.53B

自由现金流收益率i

1.77%

关注

FCF (TTM) = $2.83B

市值 = $160.16B

经营现金流/销售比i

31.76%

健康

经营现金流 (TTM) = $3.36B

营业收入 (TTM) = $10.58B

Q

质量与覆盖指标

收益质量i

1.13x

正常

经营现金流 (TTM) = $3.36B

净利润 (TTM) = $2.98B

现金流/债务比i

N/A

正常

经营现金流 (TTM) = $3.36B

总负债 = $0.00B

短期覆盖率i

1.76x

健康

经营现金流 (TTM) = $3.36B

流动负债 = $1.91B

资本支出覆盖率i

6.38x

健康

经营现金流 (TTM) = $3.36B

资本支出 (TTM) = $0.53B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

84.33%

健康

自由现金流 (TTM) = $2.83B

经营现金流 (TTM) = $3.36B

资本支出/营收比i

4.98%

健康

资本支出 (TTM) = $0.53B

营业收入 (TTM) = $10.58B

净债务/EBITDAi

-0.53

健康

净债务 = $-2.04B

EBITDA (TTM) = $3.85B

G

增长指标

经营现金流增长率i

56.79%

健康

当期OCF (TTM) = $0.91B

上期OCF = $0.58B

股东盈余i

$3.19B

健康

净利润 (TTM) = $2.98B

+ 折旧摊销 (TTM) = $0.74B

- 资本支出 (TTM) = $-0.53B