Intuitive Surgical (ISRG) analysis

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Health is the maker's debt, not of an operating room that is never changed. Quality separates the system margin from the instrument's. Growth follows systems placed and instruments, and they need not rise together. P/E is read against a year of many new systems, not against that peak. Shareholder return, if any, comes out of that cash. Do not read it as recurring revenue already measured.

The P/E of a year of many systems is not the earnings if the hospital operates less. EV/EBITDA is read without treating the instrument as if the system could not be delayed. Do not use Stryker's multiple, which sells the implant, as if the operating room and the implant were the same book. A dash if ISRG is missing.

Limits of this report

Not advice on Intuitive Surgical. Vaultflake does not count systems and does not describe the procedure. Read the filings. The table is a snapshot, not a target price.

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