(As of December 12, 2025 | Post Q4 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $196 billion (based on ~$575/share and 341 million shares outstanding)
Introduction
Intuitive Surgical, Inc. (NASDAQ: ISRG), founded in 1995 by Frederic H. Moll, John Freund, and Robert Younge in Sunnyvale, California, is the global pioneer in robotic-assisted minimally invasive surgery, developing the da Vinci Surgical System and Ion Endoluminal System for procedures in urology, gynecology, general surgery, and thoracic oncology. As a public company since 2000, it operates with a single-class share structure (one vote per share), ensuring equitable governance. Ownership is institutionally dominant (~84%), with insiders ~0.5% (executives/directors) and retail ~16%. No majority holder exists, reflecting broad healthcare/tech exposure. The table below details the top 10 shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes minor insider sales (~$1.34M in Nov 2025) and no active buybacks (focus on R&D/capex at ~$1.5B annually).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($196B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.48% | $18.6 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~32.32M shares. Passive with ~$9.3T AUM; added ~670K shares (+2.1%) in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on procedure growth (up 20% YoY). |
| 2 | BlackRock Inc. | 8.89% | $17.4 billion | Holds ~30.31M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.5% in Q3 2025; board observer on governance/ESG. Key in healthcare funds; ISRG ~0.3% of portfolio. |
| 3 | State Street Corporation | 4.38% | $8.6 billion | Owns ~14.94M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and IP ethics. ~4% of health holdings; supports $1B+ cash reserves. |
| 4 | Price T. Rowe Associates Inc. | 3.62% | $7.1 billion | ~12.35M shares in growth funds (e.g., Blue Chip); active with minor Q3 trim. Bullish on Ion system (up 114% YoY ARR); advisory on innovation. |
| 5 | Geode Capital Management, LLC | 2.33% | $4.6 billion | Fidelity affiliate with ~7.95M shares in index trackers; passive. Grew ~1.4% in Q3; tracks Nasdaq 100; minimal voting power. |
| 6 | Capital World Investors | 2.00% | $3.9 billion | ~6.82M shares in growth strategies; active manager. Added ~53% in Q3; focuses on da Vinci SP adoption. |
| 7 | JPMorgan Chase & Co. | 1.80% | $3.5 billion | ~6.14M shares in asset management; index/active blend. Up ~1% in 2025; provides banking for ISRG's $7.2B cash reserves. |
| 8 | Morgan Stanley | 1.50% | $2.9 billion | ~5.12M shares via wealth/ETFs; active in advisory. Stable QoQ; engages on shareholder proposals re: antitrust. |
| 9 | FMR LLC (Fidelity) | 1.68% | $3.3 billion | ~5.73M shares across funds (e.g., Contrafund); active with minor Q3 additions. Holds for international expansion (up 22% Q3). |
| 10 | Gary S. Guthart (CEO) | 0.02% | $39 million | ~68K shares; largest active insider. Recent stability; oversees strategy since 2010; aligns with $6.43 FY2025 EPS guidance. |
Total Top 10 = ~44.59% | Remaining: Other Institutions (~39%), Other Insiders (~0.48%, e.g., David J. Rosa President at ~0.01%), Retail (~16%) | Grand Total = 100%
Conclusion
As of December 2025, Intuitive Surgical's ownership is institutionally concentrated (~84% total) by passive leaders like Vanguard and BlackRock, providing stability for its $9.61B TTM revenue (up 22.9% YoY) and $2.40 Q3 EPS (up 30% YoY, beating estimates), driven by 20% procedure growth and da Vinci SP/Ion expansions. Insiders (~0.5% combined) like Guthart ensure execution on R&D (~$1.5B annually), while retail's ~16% stake reflects medtech enthusiasm. With $196B market cap (up 25% YoY) and no dividends (focus on reinvestment), expect minor share reductions from grants, institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2026 revenue ~$11B (up 15%). This structure supports robotic surgery dominance, though competition from Medtronic/Johnson & Johnson risks persist. For filings, visit SEC EDGAR or Intuitive Surgical's investor relations.