Common-Size Balance Sheet: Assets
Quarterly Data
Intuitive Surgical Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 of the balance sheet exhibits a strategic transition from high liquidity toward increased operational investment and infrastructure expansion over the analyzed period. While current assets initially represented a majority of the total asset base, there is a discernible shift toward long-term assets, particularly in fixed capital investments.
- Liquidity and Cash Management
- A significant contraction in short-term investments is observed, declining from 27.34% of total assets in March 2021 to 5.50% by September 2026. Cash and cash equivalents have shown higher volatility, peaking at 24.71% in June 2023 before stabilizing in the 13% to 16% range toward the end of the period. This suggests a deliberate reallocation of liquid reserves into other asset categories.
- Fixed Asset Expansion
- Property, plant, and equipment (PPE) demonstrate a consistent and strong upward trend, increasing from 13.80% in March 2021 to 29.34% by September 2026. This more than twofold increase in the weight of PPE indicates a substantial commitment to expanding physical infrastructure and productive capacity.
- Operational Working Capital
- Inventory levels have steadily climbed from 5.00% in March 2021 to 11.00% by September 2026, reflecting an increase in the proportion of assets tied up in product stocks. Similarly, net accounts receivable have risen from 5.67% to 8.90% over the same period, suggesting an expansion in sales volume or a shift in credit terms.
- Long-term Investment Trends
- Long-term investments experienced a period of volatility, reaching a peak of 32.57% in December 2021 before trending generally downward to 14.25% by September 2026. This reduction mirrors the trend seen in short-term investments, reinforcing the observation that capital is being pivoted away from financial instruments and toward internal operational growth.
- Other Asset Components
- Intangible assets and goodwill remained relatively stable for much of the period, though a slight increase in intangible and other assets to 6.25% is noted in the final quarter. Deferred tax assets showed a general decrease from a peak of 5.90% in December 2023 to 3.72% by September 2026.
In summary, the balance sheet reflects a maturation process characterized by a reduction in financial liquidity and an increase in operational intensity. The growth in PPE and inventory, coupled with the reduction in both short-term and long-term investments, indicates a shift toward a more capital-intensive operational model.
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