Intuitive Surgical, Inc. (ISRG)
Intuitive Surgical makes the da Vinci robotic surgical systems used in minimally invasive procedures worldwide. A razor-and-blade model of systems, instruments, and services drives recurring revenue.
ISRG vs STE: how the two businesses compare
- Bigger business: ISRG, with $10.1B of yearly revenue, about 1.7× STE's $5.9B.
- More profitable: ISRG keeps 28 cents of each sales dollar as profit, against 13 cents at STE.
- More cash from each sale: ISRG turns 30 cents of each sales dollar into operating cash flow, against 23 cents at STE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Intuitive Surgical (ISRG) is the larger business by reported revenue: $10.1B in its fiscal year ended Dec 2025, about 1.7× STE's $5.9B (fiscal year ended Mar 2026). ISRG's net margin was 28.4% and STE's 13.2%. Both file with the SEC under the same industry code, SIC 3842 (Orthopedic, Prosthetic & Surgical Appliances & Supplies).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Orthopedic, Prosthetic & Surgical Appliances & Supplies
- Same classification
- Different
- ISRG December 31 · STE March 31
- May 29, 2026
ISRG vs STE: quick comparison
| Company fact | ISRG | STE |
|---|---|---|
| Company | Intuitive Surgical, Inc. | STERIS plc |
| Exchange | NASDAQ | NYSE |
| Headquarters | Sunnyvale, California | — |
| Founded | 1995 | — |
| SEC industry | Orthopedic, Prosthetic & Surgical Appliances & Supplies | Orthopedic, Prosthetic & Surgical Appliances & Supplies |
| Fiscal year-end | December 31 | March 31 |
| Latest annual filing | 10-K · 2026-02-03 | 10-K · 2026-05-29 |
ISRG vs STE: audited financials
- Scale: ISRG's $10.1B of revenue is about 1.7× STE's $5.9B.
- Net margin: ISRG kept 28.4% of revenue as net income versus 13.2% at STE.
- Cash conversion: operating cash flow equalled ISRG 30.1% of revenue, or 1.06× net income; STE 22.6% of revenue, or 1.71× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 3 months apart (2025-12-31 for ISRG, 2026-03-31 for STE), so each figure reflects somewhat different demand and cost conditions.
| Metric | ISRG | STE |
|---|---|---|
| Revenue | $10.1B2025-01-01 to 2025-12-31 · SEC filing | $5.9B2025-04-01 to 2026-03-31 · SEC filing |
| Net income | $2.9B2025-01-01 to 2025-12-31 · SEC filing | $782M2025-04-01 to 2026-03-31 · SEC filing |
| Operating cash flow | $3.0B2025-01-01 to 2025-12-31 · SEC filing | $1.3B2025-04-01 to 2026-03-31 · SEC filing |
| Diluted EPS | $7.872025-01-01 to 2025-12-31 · SEC filing | $7.932025-04-01 to 2026-03-31 · SEC filing |
| Net margin | 28.4%2025-01-01 to 2025-12-31 · SEC filing | 13.2%2025-04-01 to 2026-03-31 · SEC filing |
ISRG: FY ending 2025-12-31 · STE: FY ending 2026-03-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ISRG and STE overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3842, Orthopedic, Prosthetic & Surgical Appliances & Supplies.
Differences
- Offset fiscal calendars: ISRG's year ends December 31 and STE's March 31, about 3 months apart.
- Scale: ISRG reported about 1.7× the annual revenue of STE.
- Profitability: net margin of 28.4% for ISRG versus 13.2% for STE.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
STERIS plc (STE)
STERIS provides sterilization and infection-prevention products and services for hospitals and manufacturers.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ISRG
We have not yet published a company-specific driver list for ISRG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-03.
What moves STE
We have not yet published a company-specific driver list for STE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-05-29.
The investment question
You now know ISRG reports about 1.7× STE's revenue, and ISRG keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the orthopedic, prosthetic & surgical appliances & supplies cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. ISRG's fiscal year ends December 31, while STE's ends March 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 21 matched transaction rows for ISRG and 19 matched transaction rows for STE. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ISRG primary filings
STE primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving ISRG or STE
ISRG vs STE FAQs
Are ISRG and STE direct competitors?
Intuitive Surgical and STERIS share the SEC industry classification “Orthopedic, Prosthetic & Surgical Appliances & Supplies.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is ISRG or STE the bigger company by revenue?
Intuitive Surgical (ISRG) is the larger business by reported revenue: $10.1B in its fiscal year ended Dec 2025, about 1.7× STE's $5.9B (fiscal year ended Mar 2026). ISRG's net margin was 28.4% and STE's 13.2%. Both file with the SEC under the same industry code, SIC 3842 (Orthopedic, Prosthetic & Surgical Appliances & Supplies). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ISRG or STE?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ISRG vs STE comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Intuitive Surgical, Inc. and STERIS plc tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ISRG vs STE compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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