Intuitive Surgical, Inc. vs ResMed Inc., two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin gap is not where the multiple gap says it should be: ResMed out-earns Intuitive Surgical at the operating line, 34.9% against 30.9%, yet trades at 19.3 times earnings against Intuitive's 49.2, a thirty-turn inversion. Intuitive's premium buys the razor-and-blades robotics franchise, an installed base of surgical systems annuitizing instruments and service at a 66.1% gross margin, debt-free with a 4.6 current ratio; ResMed's discount carries the market's standing GLP-1 anxiety about sleep-apnea volumes. ResMed returns triple the cash, 6% against 2%, plus a dividend. Two dominant device franchises, one priced for its future, the other despite it.
Comparison updated 2026-07-10.
| Metric | ISRG | RMD |
|---|---|---|
| Price | $404.75 | $200.28 |
| Market cap | $145.6B | $29.2B |
| Sector | Medical Devices | Medical Devices |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +4.3% |
| P/E | 49.2 | 19.3 |
| P/B | 8.28 | 4.50 |
| P/S | 13.76 | 5.27 |
| EV/EBITDA | 44.6 | 13.3 |
| Revenue growth | +21.5% | +10.3% |
| Gross margin | 66.1% | 62.3% |
| Operating margin | 30.9% | 34.9% |
| Net margin | 28.1% | 27.4% |
| Return on equity | 16.9% | 23.4% |
| Return on assets | 14.8% | 17.3% |
| Return on invested capital | 16.1% | 21.0% |
| FCF yield | 1.9% | 6.0% |
| Dividend yield | — | 1.1% |
| Debt / equity | 0.00 | 0.10 |
| Current ratio | 4.61 | 3.01 |
| Altman Z (solvency) | 7.52 | 8.30 |
| Piotroski F (quality) | 5 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.