Intuitive Surgical Inc. (NASDAQ:ISRG)

Over the observed periods, total liabilities as a percentage of total liabilities and stockholders’ equity showed a general decreasing trend from early 2020 through mid-2025, falling from about 13.76% to approximately 11.94%. This decline indicates a reduction in the company’s reliance on liabilities relative to equity over time.

Within the liabilities, current liabilities fluctuated, initially dipping in early 2021 before rising sharply by the end of 2022 to reach a peak of around 11.39%, and then generally stabilizing near the 9% to 10% range in 2024 and 2025. This pattern suggests variable short-term obligations possibly tied to operational needs or seasonal cycles.

Accounts payable remained relatively stable overall but showed some volatility, with a slight upward movement starting in 2023 and reaching 1.50% by late 2025, which could signify increasing vendor-related liabilities or payment terms adjustments.

Accrued compensation and employee benefits displayed notable fluctuations, with an increasing pattern emerging from 2020 into 2023 where it peaked near 2.86%, followed by a decline and subsequent modest increases toward mid-2025. These movements may reflect changes in workforce compensation structures or bonus accruals.

Deferred revenue decreased moderately from above 3.4% in early 2020 to a low near 2.4% in late 2024, indicating a possible shift in revenue recognition timing or customer prepayments.

Other accrued liabilities had some variability, rising significantly in 2022 and early 2023, peaking around 4.83%, before declining toward mid-2025. This could point to episodic accruals related to provisions or other operational charges.

Long-term and other long-term liabilities showed a consistent decline over the full period, from approximately 4.19% down to about 2.62%, reflecting either repayment or reclassification to current liabilities or equity.

The total stockholders’ equity portion remained dominant throughout the timeframe, consistently representing around 86% to 89% of the capital structure. It showed slight cyclic variations but maintained a strong and stable position relative to total capitalization.

Additional paid-in capital experienced a gradual decline from nearly 60% early on to just above 50% by mid-2025, suggesting either a reduction in capital contributions or stock buybacks affecting paid-in amounts.

Retained earnings rose steadily from about 26% to over 37% by mid-2025, indicating accumulation of net profits over the periods and strengthening the equity base.

Accumulated other comprehensive income/loss fluctuated near zero initially but experienced some negative values between 2021 and 2023, followed by a return to slight positive territory by 2025. This reflects variations in unrealized gains and losses affecting comprehensive income.

Common stock remained constant at zero percent, consistent with a par value structure and no share changes affecting this category.

Noncontrolling interests in joint ventures showed a slow but steady increase over time, reaching approximately 0.58% by late 2025, indicating growing minority ownership stakes in partnerships.

The company’s financial structure is characterized by a high proportion of equity to total capitalization, with stockholders’ equity consistently representing approximately 85% to 89% of the combined liabilities and equity, underscoring a conservative leverage approach.

Liabilities have generally decreased in relative importance, particularly long-term obligations, which may imply prudent debt management or stronger internal funding from retained earnings.

Fluctuations in current liabilities and accrued items likely reflect operational adjustments and cyclical expense recognition rather than fundamental changes in financial policy.

The overall stability in financial ratios points to a balanced capital structure with moderate shifts reflecting normal business cycles and possibly strategic financial management aimed at maintaining low leverage and sustained equity growth.