Stock Analysis on Net
Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Intuitive Surgical Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 1.03 1.22 1.13 0.89 0.73
Accrued compensation and employee benefits 2.86 2.83 3.10 2.58 2.10
Deferred revenue 2.50 2.89 3.06 2.78 3.14
Income and other taxes payable 0.82 0.72 0.74 0.40 0.42
Accrued construction-related capital expenditures 0.31 0.93 0.39 0.17 0.00
Other accrued liabilities 1.79 2.16 2.54 1.65 2.25
Other accrued liabilities 2.92% 3.80% 3.67% 2.22% 2.67%
Current liabilities 9.31% 10.74% 10.96% 8.48% 8.64%
Income taxes, long-term 1.28 1.51 2.22 2.34 2.74
Deferred revenue, long-term 0.29 0.30 0.32 0.27 0.29
Other long-term liabilities 0.93 0.69 0.85 0.74 0.96
Other long-term liabilities 2.50% 2.50% 3.39% 3.35% 3.98%
Long-term liabilities 2.50% 2.50% 3.39% 3.35% 3.98%
Total liabilities 11.81% 13.24% 14.35% 11.83% 12.62%
Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 51.65 55.54 59.38 52.85 57.71
Retained earnings 36.30 30.72 26.98 35.12 29.20
Accumulated other comprehensive income (loss) -0.27 -0.08 -1.25 -0.18 0.22
Total Intuitive Surgical, Inc. stockholders’ equity 87.68% 86.18% 85.11% 87.80% 87.13%
Noncontrolling interest in joint venture 0.51 0.58 0.54 0.37 0.25
Total stockholders’ equity 88.19% 86.76% 85.65% 88.17% 87.38%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Current liabilities
The percentage of current liabilities relative to total liabilities and stockholders’ equity showed an increasing trend from 8.64% in 2020 to a peak of 10.96% in 2022, followed by a slight decline to 9.31% by 2024. This indicates a moderate increase in short-term obligations over the period, with some reduction in the most recent year.
Accounts payable
Accounts payable rose steadily from 0.73% in 2020 to 1.22% in 2023, before decreasing to 1.03% in 2024. This rise suggests a growing use of trade credit funding over the early years with a slight moderation in the latest period.
Accrued compensation and employee benefits
This liability category grew from 2.10% in 2020 to a high of 3.10% in 2022, subsequently declining slightly and stabilizing around 2.86% in 2024. The trend reflects increasing employee-related obligations with minor fluctuations towards the end.
Deferred revenue (current and long-term)
Current deferred revenue decreased overall from 3.14% in 2020 to 2.50% in 2024, with intermittent fluctuations. Long-term deferred revenue remained relatively stable, fluctuating narrowly around 0.29-0.32% throughout the years. These patterns suggest a slight decline in revenue received in advance for the short term, while long-term deferrals remained consistent.
Income and other taxes payable
This item increased from 0.42% in 2020 to 0.82% in 2024, approximately doubling over the period. It indicates rising short-term tax liabilities relative to the company's capital structure.
Accrued construction-related capital expenditures
Introduced in 2021 at 0.17%, this liability grew to 0.93% in 2023 before dropping to 0.31% in 2024. This volatility suggests fluctuating commitments related to capital construction projects, peaking in 2023.
Other accrued liabilities
Two separate rows depict this item with varying data. One set shows a decline from 2.25% in 2020 to 1.79% in 2024, while the other increases from 2.67% in 2020 to 3.80% in 2023 and declines to 2.92% in 2024. Overall, this reflects a mixed pattern with initial growth followed by moderation in recent years.
Long-term liabilities
Long-term liabilities decreased from 3.98% in 2020 to 2.50% by 2023 and remained steady in 2024. This decline suggests a reduction in long-term obligations over the period.
Income taxes, long-term
Long-term income tax liabilities fell from 2.74% in 2020 to 1.28% in 2024, illustrating a consistent downward trend in deferred or payable taxes over the long term.
Total liabilities
Total liabilities as a percentage of total liabilities and stockholders’ equity rose initially from 12.62% in 2020 to 14.35% in 2022 but then steadily declined to 11.81% in 2024. This indicates a reduction of the overall leverage after peaking in 2022.
Stockholders' equity
Total stockholders’ equity exhibited minor fluctuations between 85.65% and 88.19% over the years, with a general increase from 87.38% in 2020 to 88.19% in 2024. The equity base remained the dominant component of the capital structure.
Additional paid-in capital
This component showed volatility, declining from 57.71% in 2020 to 52.85% in 2021, peaking again at 59.38% in 2022, and then decreasing steadily to 51.65% by 2024. The trend indicates fluctuations in paid-in capital contributions.
Retained earnings
Retained earnings decreased noticeably from 35.12% in 2021 to 26.98% in 2022 but rebounded to 36.30% by 2024. This U-shaped pattern highlights a significant drop followed by recovery, possibly reflecting variable profitability or dividend policies.
Accumulated other comprehensive income (loss)
This item deteriorated from a positive 0.22% in 2020 to a negative range, reaching -1.25% in 2022 before slightly improving yet remaining negative around -0.27% in 2024. This decline suggests rising accumulated losses or adverse valuation adjustments.
Noncontrolling interest in joint venture
Noncontrolling interests increased gradually from 0.25% in 2020 to 0.58% in 2023, with a slight dip to 0.51% in 2024, indicating minor growth in minority interests over the period.
Summary
The overall capital structure remained heavily weighted toward equity, maintaining roughly 87-88% throughout the five years. Total liabilities fluctuated, peaking in 2022 before declining, with notable reduction in both long-term liabilities and long-term income tax liabilities. Current liabilities showed moderate growth and some decline toward the end. Retained earnings and additional paid-in capital experienced variability, with retained earnings showing a dip and recovery, and comprehensive losses accumulating negatively. The data indicates relatively stable equity dominance with moderate adjustments in liability components and some volatility in shareholders’ equity constituents.