Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Intuitive Surgical Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Intuitive Surgical Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 capital structure is characterized by an overwhelming reliance on equity financing, with total stockholders' equity consistently maintaining a dominant position, typically ranging between 85% and 89% of total liabilities and stockholders' equity. Total liabilities remain relatively low and stable, fluctuating within a narrow band between 10.47% and 14.35% throughout the analyzed period.
- Liability Composition and Trends
- Current liabilities constitute the vast majority of the total liability profile. A cyclical pattern is evident in accrued compensation and employee benefits, which consistently peaks during the fourth quarter of each year, reaching highs of 3.10% in December 2022 and 3.17% in December 2025. Accounts payable exhibit a gradual upward trend, increasing from 0.89% in March 2021 to 1.66% by March 2026. Deferred revenue remains remarkably stable, generally oscillating between 2.40% and 3.20%, indicating a consistent stream of prepaid obligations.
- Long-Term Obligations
- Long-term liabilities represent a minimal portion of the overall balance sheet. These obligations have generally trended downward from a peak of 3.86% in March 2021 to approximately 2.50% in late 2025, before a slight uptick to 3.00% in March 2026. The low proportion of long-term debt relative to total assets underscores a conservative leverage strategy.
- Equity Structure and Components
- Additional paid-in capital is the largest single component of the balance sheet, generally fluctuating between 50% and 60%. Retained earnings demonstrate more volatility, with a noticeable decline from 35.52% in March 2022 to a low of 26.03% in March 2023, followed by a recovery to 37.72% by June 2025. Accumulated other comprehensive income remains a negligible factor, hovering near zero with minor fluctuations between -1.41% and 0.21%.
The overall financial trajectory indicates a highly solvent position with minimal debt risk. The stability of the equity-to-liability ratio suggests a robust financial cushion, while the seasonal nature of accrued liabilities suggests predictable operational cycles regarding personnel costs. The shift in the composition of equity, specifically the fluctuations in retained earnings relative to paid-in capital, reflects the company's ongoing internal capital allocation and earnings retention patterns.