Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Intuitive Surgical Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The balance sheet structure exhibits a significant transition in asset allocation from March 2021 through March 2026, characterized by a shift from high liquidity toward increased operational capacity and fixed asset investment.
- Liquidity and Short-Term Asset Trends
- Current assets experienced notable volatility, peaking at 60.51% of total assets in September 2023 before declining to 43.80% by March 2026. This fluctuation is primarily driven by a sustained reduction in short-term investments, which fell from 27.34% in March 2021 to 12.48% in March 2026. Cash and cash equivalents showed high variance, with a significant spike to 24.71% in June 2023, followed by a correction toward a range of 10% to 16% in later periods.
- Inventory and Receivables Dynamics
- A consistent upward trend is observed in inventory levels, which nearly doubled as a percentage of total assets, rising from 5.00% in March 2021 to 9.67% by March 2026. Accounts receivable remained relatively stable, fluctuating within a narrow band between 5.37% and 7.93%, suggesting consistent credit management relative to the growth of the total asset base.
- Fixed Asset Expansion
- Property, plant, and equipment (PP&E) demonstrated a strong and steady increase, growing from 13.80% of total assets in March 2021 to 27.09% by March 2026. This suggests a strategic prioritization of capital expenditure and the expansion of physical infrastructure or manufacturing capabilities over the five-year period.
- Long-Term Investment Volatility
- Long-term investments showed a cyclical pattern, reaching a peak of 32.57% in December 2021 before declining to a low of 7.10% in September 2023. A subsequent recovery followed, with the ratio ending at 17.21% in March 2026, indicating active reallocation of long-term capital.
Overall, the financial trajectory indicates a migration from a highly liquid, investment-heavy asset base toward an operationally intensive structure. The simultaneous increase in PP&E and inventory suggests a scaling of production capacity and operational footprint, while the reduction in short-term investments indicates these funds were likely deployed to finance this expansion.