Edwards Lifesciences vs Intuitive Surgical
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The short version
- Intuitive Surgical is the larger business, with $10.1B of revenue in fiscal 2025 against $6.1B for Edwards Lifesciences, about 1.7 times as much.
- Intuitive Surgical grew revenue faster (20.5%, against 11.6%).
- Intuitive Surgical kept more of each dollar of sales as operating profit (29.3% operating margin, against 20.8%).
- Intuitive Surgical turned more of its sales into free cash flow (24.8% FCF margin, against 22.0%).
- Intuitive Surgical earned a higher return on the capital invested in it (20.9%, against 15.7%).
- Investors pay more for each dollar of Intuitive Surgical’s earnings: a P/E of 54.8x against 51.2x for Edwards Lifesciences.
| Latest fiscal year | EW · FY25 | ISRG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $51.4B | $159.0B |
| Revenue | $6.1B | $10.1B |
| Free cash flow | $1.3B | $2.5B |
| Net income | $1.1B | $2.9B |
| Growth | ||
| Revenue growth | 11.6% | 20.5% |
| 5-year growth | 6.7% | 18.2% |
| Share count change | −2.3% | 0.2% |
| Profitability | ||
| Gross margin | 78.0% | 66.0% |
| Operating margin | 20.8% | 29.3% |
| Net margin | 17.7% | 28.4% |
| FCF margin | 22.0% | 24.8% |
| Return on capital | 15.7% | 20.9% |
| Return on equity | 10.6% | 16.7% |
| Balance sheet | ||
| Net debt | −$3.6B | −$5.9B |
| Net debt / EBITDA | −2.6x | −1.7x |
| Dividends and buybacks | $893M | $2.3B |
| Valuation & quality | ||
| P/E | 51.2x | 54.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
EW $3.0B
ISRG $2.7B
FY17
EW $3.4B
ISRG $3.1B
FY18
EW $3.7B
ISRG $3.7B
FY19
EW $4.3B
ISRG $4.5B
FY20
EW $4.4B
ISRG $4.4B
FY21
EW $5.2B
ISRG $5.7B
FY22
EW $4.5B
ISRG $6.2B
FY23
EW $5.0B
ISRG $7.1B
FY24
EW $5.4B
ISRG $8.4B
FY25
EW $6.1B
ISRG $10.1B
EW
ISRG
Operating margin
FY16
EW 25.4%
ISRG 35.1%
FY17
EW 31.7%
ISRG 33.9%
FY18
EW 20.1%
ISRG 32.2%
FY19
EW 26.4%
ISRG 30.7%
FY20
EW 20.5%
ISRG 24.1%
FY21
EW 32.3%
ISRG 31.9%
FY22
EW 33.6%
ISRG 25.4%
FY23
EW 26.1%
ISRG 24.8%
FY24
EW 25.4%
ISRG 28.1%
FY25
EW 20.8%
ISRG 29.3%
EW
ISRG
Free cash flow
FY16
EW $528M
ISRG $1.0B
FY17
EW $833M
ISRG $953M
FY18
EW $688M
ISRG $982M
FY19
EW $929M
ISRG $1.2B
FY20
EW $647M
ISRG $1.1B
FY21
EW $1.4B
ISRG $1.7B
FY22
EW $974M
ISRG $958M
FY23
EW $643M
ISRG $750M
FY24
EW $290M
ISRG $1.3B
FY25
EW $1.3B
ISRG $2.5B
EW
ISRG
Return on capital
FY16
EW 28.7%
ISRG 23.6%
FY17
EW 25.5%
ISRG 21.2%
FY18
EW 26.1%
ISRG 32.7%
FY19
EW 34.3%
ISRG 29.1%
FY20
EW 23.1%
ISRG 19.1%
FY21
EW 34.2%
ISRG 26.9%
FY22
EW 25.7%
ISRG 17.9%
FY23
EW 21.4%
ISRG 21.6%
FY24
EW 20.1%
ISRG 19.9%
FY25
EW 15.7%
ISRG 20.9%
EW
ISRG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.