Common-Size Balance Sheet: Assets
Quarterly Data
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Intuitive Surgical Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Intuitive Surgical Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 asset composition demonstrates a strategic shift from a highly liquid position toward a greater concentration in fixed operational assets over the analyzed period. There is a visible trend of diversifying the asset base away from short-term financial instruments and toward long-term capital investments.
- Liquidity and Current Asset Trends
- A consistent reduction in short-term investments is observed, declining from 27.34% in March 2021 to 11.76% by June 2026. Cash and cash equivalents exhibited significant volatility, peaking at 24.71% in June 2023 before retreating to 13.22% by the end of the period. Overall current assets fluctuated, reaching a maximum of 60.51% in September 2023 and a minimum of 37.94% in December 2024, reflecting varying cycles of liquidity management.
- Fixed Asset Growth and Capital Expenditure
- There is a marked and sustained increase in Property, Plant, and Equipment (PP&E) as a percentage of total assets. This metric rose steadily from 13.80% in March 2021 to 26.59% in June 2026. This trend indicates a long-term commitment to expanding physical infrastructure and production capacity.
- Operational Working Capital
- Inventory levels showed a steady upward trajectory, nearly doubling from 5.00% in early 2021 to 9.72% by mid-2026, which may suggest an increase in product scaling or strategic stockpiling. Accounts receivable remained relatively stable, fluctuating within a narrow band between 5.37% and 8.01%, indicating consistent credit and collection performance relative to total asset growth.
- Long-term Strategic Assets
- Long-term investments experienced substantial volatility, initially peaking at 32.57% in December 2021 before dropping to a low of 7.10% in September 2023 and recovering to 16.33% by June 2026. Deferred tax assets and intangible assets remained relatively stable components of the balance sheet, while goodwill remained low, showing a slight uptick to 3.05% in March 2026.
In summary, the balance sheet reflects a transition from a liquidity-heavy posture to an operationally intensive one, characterized by a significant increase in fixed assets and inventory, offset by a reduction in short-term investment holdings.