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ISRGIntuitive Surgical

Health care · Medical Devices · Nasdaq

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ISRG and 9 peers, year by year

The 9 Health care companies closest to ISRG in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ISRG Intuitive Surgical	FY2025	$10.1B	+20.5%	66.0%	29.3%	28.4%	24.7%	16.0%	-
BAX Baxter International	FY2025	$11.2B	+5.7%	30.1%	−2.7%	−8.5%	3.0%	−15.6%	1.54
DGX Quest Diagnostics	FY2025	$11.0B	+11.8%	-	14.1%	9.0%	12.3%	13.8%	0.79
BIIB Biogen	FY2025	$9.9B	+2.2%	-	-	13.1%	20.7%	7.1%	0.34
VRTX Vertex Pharmaceuticals	FY2025	$12.0B	+8.9%	-	34.8%	32.9%	26.6%	21.2%	0.00
ZTS Zoetis	FY2025	$9.5B	+2.3%	-	-	28.2%	24.1%	78.3%	2.65
HSIC Henry Schein	FY2025	$13.2B	+4.0%	31.1%	5.0%	3.0%	4.3%	12.3%	0.96
DVA DaVita	FY2025	$13.6B	+6.5%	-	15.0%	5.5%	9.6%	n/m	n/m
ZBH Zimmer Biomet	FY2025	$8.2B	+7.2%	-	13.3%	8.6%	17.9%	5.6%	0.59
LH Labcorp	FY2025	$14.0B	+7.2%	28.8%	9.9%	6.3%	8.6%	10.2%	0.65

Revenuepeer median $11.2B

Sales growthpeer median +6.5%

Gross marginpeer median 30.1%

ISRG 66.0%
HSIC 31.1%
BAX 30.1%
LH 28.8%
DGX -
BIIB -
VRTX -
ZTS -
DVA -
ZBH -

Operating marginpeer median 13.3%

Net marginpeer median 8.6%

FCF marginpeer median 12.3%

Return on equitypeer median 11.2%

Debt / equitypeer median 0.72

ZTS 2.65
BAX 1.54
HSIC 0.96
DGX 0.79
LH 0.65
ZBH 0.59
BIIB 0.34
VRTX 0.00
ISRG -
DVA n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	$2.7B	$3.1B	$3.7B	$4.5B	$4.4B	$5.7B	$6.2B	$7.1B	$8.4B	$10.1B
BAX Dec	$10.2B	$10.6B	$11.1B	$11.4B	$11.7B	$12.1B	$10.1B	$10.4B	$10.6B	$11.2B
DGX Dec	$7.2B	$7.4B	$7.5B	$7.7B	$9.4B	$10.8B	$9.9B	$9.3B	$9.9B	$11.0B
BIIB Dec	$11.4B	$12.3B	$13.5B	$14.4B	$13.4B	$11.0B	$10.2B	$9.8B	$9.7B	$9.9B
VRTX Dec	$1.7B	$2.5B	$3.0B	$4.2B	$6.2B	$7.6B	$8.9B	$9.9B	$11.0B	$12.0B
ZTS Dec	$4.9B	$5.3B	$5.8B	$6.3B	$6.7B	$7.8B	$8.1B	$8.5B	$9.3B	$9.5B
HSIC Dec	$11.6B	$12.5B	$13.2B	$10.0B	$10.1B	$12.4B	$12.6B	$12.3B	$12.7B	$13.2B
DVA Dec	$10.7B	$10.9B	$11.4B	$11.4B	$11.6B	$11.6B	$11.6B	$12.1B	$12.8B	$13.6B
ZBH Dec	$7.7B	$7.8B	$7.9B	$8.0B	$6.1B	$6.8B	$6.9B	$7.4B	$7.7B	$8.2B
LH Dec	$9.6B	$10.3B	$11.3B	$11.6B	$14.0B	$11.9B	-	$12.2B	$13.0B	$14.0B
Peer median	$9.6B	$10.3B	$11.1B	$10.0B	$10.1B	$11.0B	$10.0B	$9.9B	$10.6B	$11.2B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	+13.4%	+16.0%	+18.7%	+20.3%	−2.7%	+31.0%	+9.0%	+14.5%	+17.2%	+20.5%
BAX Dec	+2.0%	+3.9%	+4.9%	+2.4%	+2.7%	+9.5%	+19.4%	+3.0%	+2.7%	+5.7%
DGX Dec	+0.3%	+2.6%	+1.7%	+2.6%	+22.1%	+14.3%	−8.4%	−6.4%	+6.7%	+11.8%
BIIB Dec	+6.4%	+7.2%	+9.6%	+6.9%	−6.5%	−18.3%	−7.4%	−3.3%	−1.6%	+2.2%
VRTX Dec	+64.9%	+46.2%	+22.5%	+36.6%	+49.1%	+22.1%	+17.9%	+10.5%	+11.7%	+8.9%
ZTS Dec	+2.6%	+8.6%	+9.8%	+7.5%	+6.6%	+16.5%	+3.9%	+5.7%	+8.3%	+2.3%
HSIC Dec	+8.9%	+7.7%	+6.0%	+6.0%	+1.3%	+22.6%	+2.0%	−2.4%	+2.7%	+4.0%
DVA Dec	+7.3%	+1.6%	+4.9%	−0.1%	+1.4%	+0.6%	−0.1%	+4.6%	+5.6%	+6.5%
ZBH Dec	+27.9%	+1.8%	+1.7%	+0.6%	−12.0%	+11.4%	+1.6%	+6.5%	+3.8%	+7.2%
LH Dec	+11.1%	+7.9%	+9.9%	+2.0%	+21.0%	−9.7%	-	+2.5%	+7.0%	+7.2%
Peer median	+7.3%	+7.2%	+6.0%	+2.6%	+2.7%	+11.4%	+1.8%	+3.0%	+5.6%	+6.5%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	69.9%	70.2%	69.9%	69.4%	65.6%	69.3%	67.4%	66.4%	67.5%	66.0%
BAX Dec	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	35.3%	40.1%	37.5%	30.1%
DGX Dec	40.2%	36.2%	34.6%	34.8%	38.5%	-	-	-	-	-
BIIB Dec	87.1%	86.7%	86.5%	86.4%	86.6%	-	-	-	-	-
VRTX Dec	-	-	-	-	-	-	-	-	-	-
ZTS Dec	-	-	-	-	-	-	-	-	-	-
HSIC Dec	27.9%	22.0%	22.0%	31.0%	27.8%	29.6%	30.3%	31.3%	31.7%	31.1%
DVA Dec	-	-	-	-	-	-	-	-	-	-
ZBH Dec	-	-	-	-	-	-	-	-	-	-
LH Dec	29.9%	30.0%	28.0%	28.1%	35.4%	31.3%	-	27.7%	27.9%	28.8%
Peer median	40.2%	36.2%	34.6%	34.8%	38.5%	31.3%	-	31.3%	31.7%	30.1%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	25.3%	24.8%	28.1%	29.3%
BAX Dec	7.3%	12.2%	14.3%	15.6%	13.8%	11.1%	−28.3%	6.8%	0.1%	−2.7%
DGX Dec	17.7%	15.7%	14.6%	15.9%	20.9%	22.1%	14.4%	13.6%	13.6%	14.1%
BIIB Dec	45.0%	43.6%	43.8%	49.0%	33.8%	25.9%	-	-	-	-
VRTX Dec	0.6%	5.0%	20.8%	28.8%	46.0%	36.7%	48.2%	38.8%	−2.1%	34.8%
ZTS Dec	-	-	-	-	-	-	-	-	-	-
HSIC Dec	6.7%	5.4%	4.5%	7.2%	5.3%	6.9%	5.9%	5.0%	4.9%	5.0%
DVA Dec	19.0%	16.7%	13.4%	14.4%	14.7%	15.5%	11.5%	13.2%	16.3%	15.0%
ZBH Dec	10.7%	10.2%	0.4%	14.3%	1.4%	12.6%	10.0%	17.3%	16.7%	13.3%
LH Dec	13.3%	12.7%	11.7%	11.5%	17.5%	12.1%	-	6.0%	8.4%	9.9%
Peer median	12.0%	12.4%	13.8%	15.0%	16.1%	14.0%	10.8%	13.2%	8.4%	13.3%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	27.3%	21.4%	30.3%	30.8%	24.3%	29.9%	21.3%	25.2%	27.8%	28.4%
BAX Dec	48.9%	5.7%	13.9%	8.8%	9.4%	10.6%	−24.2%	25.6%	−6.1%	−8.5%
DGX Dec	8.9%	10.4%	9.8%	11.1%	15.2%	18.5%	9.6%	9.2%	8.8%	9.0%
BIIB Dec	32.3%	20.7%	32.9%	41.0%	29.8%	14.2%	29.9%	11.8%	16.9%	13.1%
VRTX Dec	−6.6%	10.6%	68.8%	28.3%	43.7%	30.9%	37.2%	36.7%	−4.9%	32.9%
ZTS Dec	16.8%	16.3%	24.5%	24.0%	24.5%	26.2%	26.2%	27.4%	26.9%	28.2%
HSIC Dec	4.4%	3.3%	4.1%	7.0%	4.0%	5.1%	4.3%	3.4%	3.1%	3.0%
DVA Dec	8.2%	6.1%	1.4%	7.1%	6.7%	8.4%	4.8%	5.7%	7.3%	5.5%
ZBH Dec	4.0%	23.2%	−4.8%	14.2%	−2.3%	5.9%	3.3%	13.8%	11.8%	8.6%
LH Dec	7.5%	11.9%	7.8%	7.1%	11.1%	10.8%	-	3.4%	5.7%	6.3%
Peer median	8.2%	10.6%	9.8%	11.1%	11.1%	10.8%	7.2%	11.8%	7.3%	8.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	$1.0B	$953.2M	$982.2M	$1.2B	$1.1B	$1.7B	$958.4M	$749.6M	$1.3B	$2.5B
BAX Dec	$935.0M	$1.1B	$1.4B	$1.4B	$1.2B	$1.5B	$834.0M	$1.3B	$573.0M	$332.0M
DGX Dec	$823.0M	$923.0M	$817.0M	$843.0M	$1.6B	$1.8B	$1.3B	$864.0M	$909.0M	$1.4B
BIIB Dec	$4.0B	$3.7B	$5.4B	$6.6B	$3.8B	$3.4B	$1.1B	$1.3B	$2.7B	$2.1B
VRTX Dec	$179.5M	$745.5M	$1.2B	$1.5B	$3.0B	$2.4B	$3.9B	$3.3B	−$790.3M	$3.2B
ZTS Dec	$497.0M	$1.1B	$1.5B	$1.3B	$1.7B	$1.7B	$1.3B	$1.6B	$2.3B	$2.3B
HSIC Dec	$572.4M	$483.1M	$613.4M	$577.9M	$550.0M	$631.0M	$506.0M	$353.0M	$700.0M	$573.0M
DVA Dec	$1.1B	$1.0B	$784.5M	$1.3B	$1.3B	$1.3B	$961.1M	$1.5B	$1.5B	$1.3B
ZBH Dec	$1.4B	$1.4B	$1.6B	$1.4B	$1.1B	$1.4B	$1.2B	$1.3B	$1.3B	$1.5B
LH Dec	$918.2M	$1.2B	$925.6M	$1.0B	$1.8B	$1.5B	-	$874.1M	$1.1B	$1.2B
Peer median	$918.2M	$1.1B	$1.2B	$1.3B	$1.6B	$1.5B	$1.2B	$1.3B	$1.1B	$1.4B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	38.2%	30.4%	26.4%	26.2%	26.2%	30.6%	15.4%	10.5%	15.6%	24.7%
BAX Dec	9.2%	10.4%	12.2%	12.4%	9.9%	12.6%	8.3%	12.5%	5.4%	3.0%
DGX Dec	11.4%	12.5%	10.8%	10.9%	16.8%	17.0%	13.3%	9.3%	9.2%	12.3%
BIIB Dec	34.7%	30.0%	40.3%	45.7%	28.3%	30.8%	11.2%	12.9%	28.1%	20.7%
VRTX Dec	10.5%	30.0%	38.5%	35.9%	48.2%	31.8%	44.0%	33.8%	−7.2%	26.6%
ZTS Dec	10.2%	21.1%	24.9%	21.3%	25.1%	22.3%	16.4%	19.0%	24.8%	24.1%
HSIC Dec	4.9%	3.9%	4.6%	5.8%	5.4%	5.1%	4.0%	2.9%	5.5%	4.3%
DVA Dec	10.7%	9.3%	6.9%	11.5%	11.3%	11.1%	8.3%	12.3%	11.4%	9.6%
ZBH Dec	18.9%	18.3%	20.0%	17.3%	17.8%	19.9%	16.8%	17.5%	16.9%	17.9%
LH Dec	9.6%	11.5%	8.2%	9.0%	12.5%	12.9%	-	7.2%	8.4%	8.6%
Peer median	10.5%	12.5%	12.2%	12.4%	16.8%	17.0%	12.3%	12.5%	9.2%	12.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	12.8%	14.0%	16.9%	16.7%	10.9%	14.3%	12.0%	13.5%	14.1%	16.0%
BAX Dec	59.9%	6.6%	19.7%	12.7%	12.7%	14.1%	−41.7%	31.6%	−9.3%	−15.6%
DGX Dec	13.9%	15.7%	14.1%	15.2%	21.2%	31.0%	16.1%	13.5%	12.9%	13.8%
BIIB Dec	30.5%	20.1%	34.0%	44.1%	37.4%	14.3%	22.7%	7.8%	9.8%	7.1%
VRTX Dec	−9.7%	13.0%	47.3%	19.3%	31.2%	23.2%	23.9%	20.6%	−3.3%	21.2%
ZTS Dec	55.2%	48.8%	65.4%	55.4%	43.5%	44.8%	48.0%	46.9%	52.1%	78.3%
HSIC Dec	18.1%	14.5%	18.1%	23.2%	12.1%	18.4%	15.6%	11.4%	11.5%	12.3%
DVA Dec	18.9%	14.1%	4.3%	38.0%	55.9%	129.5%	78.7%	65.5%	n/m	n/m
ZBH Dec	3.2%	15.5%	−3.4%	9.1%	−1.1%	3.2%	1.9%	8.2%	7.2%	5.6%
LH Dec	12.9%	18.0%	12.5%	10.8%	16.5%	12.7%	-	5.3%	9.3%	10.2%
Peer median	18.1%	15.5%	18.1%	19.3%	21.2%	18.4%	19.4%	13.5%	9.5%	11.2%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	-	-	-	-	-	-	-	-	-	-
BAX Dec	0.34	0.38	0.44	0.68	0.72	1.99	2.91	1.65	2.20	1.54
DGX Dec	0.81	0.77	0.75	0.85	0.59	0.62	0.68	0.75	0.92	0.79
BIIB Dec	0.54	0.47	0.46	0.33	0.69	0.58	0.47	0.46	0.27	0.34
VRTX Dec	-	-	-	-	-	-	-	-	-	0.00
ZTS Dec	3.00	2.80	2.95	2.38	1.91	1.45	1.79	1.31	1.38	2.65
HSIC Dec	0.28	0.33	0.66	0.25	0.21	0.25	0.33	0.64	0.75	0.96
DVA Dec	1.96	1.99	2.73	3.80	5.84	11.79	12.53	7.95	n/m	n/m
ZBH Dec	1.16	0.86	0.79	0.66	0.67	0.08	0.47	0.46	0.50	0.59
LH Dec	1.05	0.99	0.85	0.87	0.61	0.53	-	0.64	0.79	0.65
Peer median	0.93	0.82	0.77	0.76	0.68	0.60	0.68	0.70	0.79	0.72

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ISRG Dec	$2.09	$1.92	$3.16	$3.85	$2.94	$4.66	$3.65	$5.03	$6.42	$7.87
BAX Dec	$9.01	$1.08	$2.83	$1.93	$2.13	$2.53	−$4.83	$5.23	−$1.27	−$1.87
DGX Dec	$4.51	$5.50	$5.29	$6.28	$10.47	$15.55	$7.97	$7.49	$7.69	$8.75
BIIB Dec	$16.93	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18	$8.79
VRTX Dec	−$0.46	$1.04	$8.09	$4.51	$10.29	$9.01	$12.82	$13.89	−$2.08	$15.32
ZTS Dec	$1.65	$1.75	$2.93	$3.11	$3.42	$4.27	$4.49	$5.07	$5.47	$6.02
HSIC Dec	$3.10	$2.57	$3.49	$4.65	$2.82	$4.45	$3.91	$3.16	$3.05	$3.27
DVA Dec	$4.29	$3.47	$0.92	$5.27	$6.31	$8.90	$5.85	$7.42	$10.73	$9.84
ZBH Dec	$1.51	$8.90	−$1.86	$5.47	−$0.67	$1.91	$1.10	$4.88	$4.43	$3.55
LH Dec	$6.82	$11.81	$8.61	$8.35	$15.88	$13.97	-	$4.77	$8.84	$10.46
Peer median	$4.29	$3.47	$3.49	$5.27	$6.31	$8.90	$5.17	$5.23	$5.47	$8.75

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ISRG and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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