Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Intuitive Surgical Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets showed notable fluctuation over the observed periods. There was an initial increase from around 12% in early 2020 to a peak exceeding 24% in mid to late 2023. Following this peak, a gradual decline occurred, reaching approximately 14.5% by early 2025. This pattern suggests periods of liquidity buildup followed by gradual utilization or reallocation of cash assets.
- Short-term investments
- Short-term investments as a percentage of total assets initially rose sharply from about 20.5% in early 2020 to over 31% by late 2020. Subsequently, the ratio trended downward, falling to nearly 10-11% towards early 2025. This decline potentially indicates a strategic shift from short-term investments toward other asset classes or cash.
- Accounts receivable, net
- Accounts receivable showed a relatively stable share of total assets, mostly fluctuating between 5% and 7.5%. Minor increases were observed towards the end of 2022 and into 2024, peaking slightly above 7%. This stability implies consistent credit management and sales on credit relative to asset size.
- Inventory
- Inventory demonstrated a general increasing trend throughout the periods. Starting near 6.3% in early 2020, it decreased slightly in 2021 but then steadily climbed, reaching over 9% by early 2025. The growth in inventory relative to total assets may reflect increased production, stockpiling strategies, or changes in sales demand anticipation.
- Prepaids and other current assets
- This category fluctuated in a narrow band around 2% to 3% of total assets, with no clear long-term trend. The relative stability suggests consistent management of prepaid expenses and similar current assets.
- Current assets
- The percentage of current assets to total assets displayed fluctuations, notably peaking near 60% in late 2023 and early 2025, with troughs around 38% in mid-2024. This volatility corresponds with the movements in cash, short-term investments, and inventory, reflecting changes in asset liquidity and working capital structure.
- Property, plant, and equipment, net
- There was a steady increase in the relative value of net property, plant, and equipment over time, rising from about 14% in early 2020 to over 26% by early 2025. This suggests ongoing investment in fixed assets, possibly supporting capacity expansion or technology upgrades.
- Long-term investments
- The allocation to long-term investments showed significant variability. After a low around 15% in mid-2020, it increased sharply to over 32% by late 2021, then decreased gradually to below 10% in late 2023. A subsequent increase occurred, rising to nearly 24% by early 2025. These fluctuations may reflect changing investment strategies or market conditions influencing the composition of longer-term assets.
- Deferred tax assets
- Deferred tax assets as a proportion of total assets generally increased over the timeline, shifting from roughly 3.7% in early 2020 to around 5% by early 2025. This consistent growth may indicate increasing tax-related temporary differences or changes in tax planning strategies.
- Intangible and other assets, net
- The relative share of intangible and other assets remained relatively stable, fluctuating modestly between approximately 4% and 5.5%. A slight downward trend was noted from late 2022 through 2025, suggesting limited changes in intangible asset holdings or amortization effects.
- Goodwill
- Goodwill as a percent of total assets gradually declined throughout the periods, from about 3.4% in early 2020 to under 2% by early 2025. This reduction may be due to amortization, impairment, or relative growth in other asset categories outpacing goodwill.
- Long-term assets
- The proportion of long-term assets relative to total assets experienced significant variation, initially dropping from approximately 53% in early 2020 to under 40% by late 2023. After this low, it increased again to around 56% by early 2025. This pattern aligns inversely with fluctuations in current assets, indicating shifts between shorter- and longer-term asset holdings throughout the periods.
- Overall Asset Structure
- The overall asset composition exhibited dynamic shifts between current and long-term assets, with current assets typically dominating early periods and later periods showing an increased emphasis on long-term assets such as property, plant, and equipment. The data reflects strategic adjustments in asset management, possibly aimed at balancing liquidity, operational capacity, and investment profiles in response to market conditions and corporate priorities.