Common-Size Balance Sheet: Assets
Quarterly Data
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Intuitive Surgical Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Intuitive Surgical Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 composition of assets for the analyzed entity demonstrates notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A significant trend involves the fluctuation of current assets as a percentage of total assets, alongside evolving allocations within long-term assets.
- Current Assets
- Current assets initially represented approximately 52.57% of total assets in March 2021. This proportion generally decreased through December 2022, reaching a low of 37.94%. A subsequent increase is observed, peaking at 60.51% in September 2023, before declining to 47.80% by December 2025. This suggests a dynamic working capital management strategy or potentially seasonal influences on current asset levels.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents exhibited volatility. Starting at 12.15% in March 2021, it decreased to a low of 8.06% in March 2022, then increased substantially to 24.71% in June 2023. This figure then decreased to 16.46% by December 2025. These fluctuations may reflect changes in operating cash flow, investment activities, or financing decisions.
- Short-Term Investments
- Short-term investments showed a decreasing trend overall, moving from 27.34% of total assets in March 2021 to 12.55% in September 2023, and further decreasing to 10.82% in December 2024. The proportion stabilized around 10-12% in the latter part of the period. This suggests a potential shift in investment strategy, possibly favoring other asset classes or reducing overall liquidity buffers.
- Inventory
- Inventory as a percentage of total assets demonstrated a consistent upward trend throughout the analyzed period. Beginning at 5.00% in March 2021, it rose to 8.99% by December 2023 and 9.21% by September 2025. This increase could indicate growing sales volume, changes in inventory management practices, or potential build-up of inventory due to supply chain disruptions or anticipated demand.
- Long-Term Assets
- Long-term assets accounted for approximately 47.43% of total assets in March 2021, increasing to a peak of 59.33% in September 2024 before decreasing to 52.20% by December 2025. This indicates a growing reliance on long-term investments and fixed assets.
- Property, Plant, and Equipment
- The proportion of property, plant, and equipment net increased steadily from 13.80% in March 2021 to 26.11% in September 2025, suggesting significant investment in fixed assets. This could be indicative of expansion plans or modernization efforts.
- Long-Term Investments
- Long-term investments exhibited a decreasing trend, starting at 23.16% in March 2021 and declining to 15.15% in September 2025. This suggests a potential reallocation of capital away from long-term investment vehicles.
- Goodwill
- Goodwill consistently decreased as a percentage of total assets, from 2.99% in March 2021 to 1.81% in December 2025. This could be due to amortization, impairment charges, or a shift in acquisition strategy.
Overall, the asset composition reveals a dynamic financial profile. The entity appears to be strategically managing its current assets, investing in property, plant, and equipment, and adjusting its long-term investment portfolio. The increasing inventory levels warrant further investigation to determine the underlying drivers and potential implications for profitability and cash flow.