Stock Analysis on Net
Stock Analysis on Net
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Intuitive Surgical Inc. (NASDAQ:ISRG)

Adjusted Financial Ratios

Advanced level

Adjusted Financial Ratios (Summary)

Intuitive Surgical Inc., adjusted financial ratios

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Activity Ratio
Total Asset Turnover
Reported 0.46 0.47 0.54 0.42 0.49
Adjusted 0.48 0.50 0.55 0.43 0.50
Liquidity Ratio
Current Ratio
Reported 4.53 5.28 3.99 5.45 4.46
Adjusted 6.75 8.25 6.71 9.14 8.25
Solvency Ratios
Debt to Equity
Reported 0.00 0.00 0.00 0.00 0.00
Adjusted 0.01 0.01 0.01 0.01 0.01
Debt to Capital
Reported 0.00 0.00 0.00 0.00 0.00
Adjusted 0.01 0.01 0.01 0.01 0.01
Financial Leverage
Reported 1.18 1.17 1.22 1.12 1.14
Adjusted 1.13 1.14 1.16 1.09 1.09
Profitability Ratios
Net Profit Margin
Reported 30.80% 30.29% 21.09% 27.21% 24.69%
Adjusted 31.82% 32.42% 24.04% 28.33% 25.08%
Return on Equity (ROE)
Reported 16.69% 16.89% 13.97% 12.74% 13.63%
Adjusted 17.45% 18.59% 15.47% 13.12% 13.70%
Return on Assets (ROA)
Reported 14.17% 14.37% 11.46% 11.34% 12.00%
Adjusted 15.42% 16.30% 13.34% 12.09% 12.58%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Intuitive Surgical Inc.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Intuitive Surgical Inc.’s adjusted current ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Intuitive Surgical Inc.’s adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Intuitive Surgical Inc.’s adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Intuitive Surgical Inc.’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Intuitive Surgical Inc.’s adjusted net profit margin ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Intuitive Surgical Inc.’s adjusted ROE improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Intuitive Surgical Inc.’s adjusted ROA improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.

Intuitive Surgical Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Revenue 4,478,500  3,724,200  3,128,900  2,704,400  2,384,400 
Total assets 9,733,200  7,846,700  5,758,000  6,486,900  4,907,300 
Activity Ratio
Total asset turnover1 0.46 0.47 0.54 0.42 0.49
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenue2 4,516,400  3,782,900  3,172,800  2,719,400  2,393,400 
Adjusted total assets3 9,315,900  7,521,700  5,716,900  6,374,600  4,772,800 
Activity Ratio
Adjusted total asset turnover4 0.48 0.50 0.55 0.43 0.50

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
Total asset turnover = Revenue ÷ Total assets
= 4,478,500 ÷ 9,733,200 = 0.46

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 4,516,400 ÷ 9,315,900 = 0.48

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Intuitive Surgical Inc.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Current assets 4,662,600  4,333,200  2,810,900  3,250,400  2,195,500 
Current liabilities 1,030,200  820,600  704,100  596,500  491,900 
Liquidity Ratio
Current ratio1 4.53 5.28 3.99 5.45 4.46
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 4,670,900  4,341,400  2,815,500  3,252,300  2,197,600 
Adjusted current liabilities3 692,400  526,300  419,600  355,900  266,300 
Liquidity Ratio
Adjusted current ratio4 6.75 8.25 6.71 9.14 8.25

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,662,600 ÷ 1,030,200 = 4.53

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2019 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 4,670,900 ÷ 692,400 = 6.75

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Intuitive Surgical Inc.’s adjusted current ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt —  —  —  —  — 
Total Intuitive Surgical, Inc. stockholders’ equity 8,263,800  6,678,800  4,725,200  5,777,800  4,319,500 
Solvency Ratio
Debt to equity1 0.00 0.00 0.00 0.00 0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 76,400  95,400  41,600  36,700  31,200 
Adjusted total stockholders’ equity3 8,232,600  6,597,800  4,928,600  5,870,200  4,380,300 
Solvency Ratio
Adjusted debt to equity4 0.01 0.01 0.01 0.01 0.01

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
Debt to equity = Total debt ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 0 ÷ 8,263,800 = 0.00

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2019 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= 76,400 ÷ 8,232,600 = 0.01

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Intuitive Surgical Inc.’s adjusted debt-to-equity ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt —  —  —  —  — 
Total capital 8,263,800  6,678,800  4,725,200  5,777,800  4,319,500 
Solvency Ratio
Debt to capital1 0.00 0.00 0.00 0.00 0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 76,400  95,400  41,600  36,700  31,200 
Adjusted total capital3 8,309,000  6,693,200  4,970,200  5,906,900  4,411,500 
Solvency Ratio
Adjusted debt to capital4 0.01 0.01 0.01 0.01 0.01

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 8,263,800 = 0.00

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2019 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 76,400 ÷ 8,309,000 = 0.01

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Intuitive Surgical Inc.’s adjusted debt-to-capital ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Total assets 9,733,200  7,846,700  5,758,000  6,486,900  4,907,300 
Total Intuitive Surgical, Inc. stockholders’ equity 8,263,800  6,678,800  4,725,200  5,777,800  4,319,500 
Solvency Ratio
Financial leverage1 1.18 1.17 1.22 1.12 1.14
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 9,315,900  7,521,700  5,716,900  6,374,600  4,772,800 
Adjusted total stockholders’ equity3 8,232,600  6,597,800  4,928,600  5,870,200  4,380,300 
Solvency Ratio
Adjusted financial leverage4 1.13 1.14 1.16 1.09 1.09

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
Financial leverage = Total assets ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 9,733,200 ÷ 8,263,800 = 1.18

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2019 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= 9,315,900 ÷ 8,232,600 = 1.13

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Intuitive Surgical Inc.’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Intuitive Surgical, Inc. 1,379,300  1,127,900  660,000  735,900  588,800 
Revenue 4,478,500  3,724,200  3,128,900  2,704,400  2,384,400 
Profitability Ratio
Net profit margin1 30.80% 30.29% 21.09% 27.21% 24.69%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,436,900  1,226,400  762,700  770,400  600,200 
Adjusted revenue3 4,516,400  3,782,900  3,172,800  2,719,400  2,393,400 
Profitability Ratio
Adjusted net profit margin4 31.82% 32.42% 24.04% 28.33% 25.08%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
Net profit margin = 100 × Net income attributable to Intuitive Surgical, Inc. ÷ Revenue
= 100 × 1,379,300 ÷ 4,478,500 = 30.80%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2019 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 1,436,900 ÷ 4,516,400 = 31.82%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Intuitive Surgical Inc.’s adjusted net profit margin ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Intuitive Surgical, Inc. 1,379,300  1,127,900  660,000  735,900  588,800 
Total Intuitive Surgical, Inc. stockholders’ equity 8,263,800  6,678,800  4,725,200  5,777,800  4,319,500 
Profitability Ratio
ROE1 16.69% 16.89% 13.97% 12.74% 13.63%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,436,900  1,226,400  762,700  770,400  600,200 
Adjusted total stockholders’ equity3 8,232,600  6,597,800  4,928,600  5,870,200  4,380,300 
Profitability Ratio
Adjusted ROE4 17.45% 18.59% 15.47% 13.12% 13.70%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
ROE = 100 × Net income attributable to Intuitive Surgical, Inc. ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 100 × 1,379,300 ÷ 8,263,800 = 16.69%

2 Adjusted net income. See details »

3 Adjusted total stockholders’ equity. See details »

4 2019 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total stockholders’ equity
= 100 × 1,436,900 ÷ 8,232,600 = 17.45%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Intuitive Surgical Inc.’s adjusted ROE improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Intuitive Surgical, Inc. 1,379,300  1,127,900  660,000  735,900  588,800 
Total assets 9,733,200  7,846,700  5,758,000  6,486,900  4,907,300 
Profitability Ratio
ROA1 14.17% 14.37% 11.46% 11.34% 12.00%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 1,436,900  1,226,400  762,700  770,400  600,200 
Adjusted total assets3 9,315,900  7,521,700  5,716,900  6,374,600  4,772,800 
Profitability Ratio
Adjusted ROA4 15.42% 16.30% 13.34% 12.09% 12.58%

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02).

1 2019 Calculation
ROA = 100 × Net income attributable to Intuitive Surgical, Inc. ÷ Total assets
= 100 × 1,379,300 ÷ 9,733,200 = 14.17%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2019 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,436,900 ÷ 9,315,900 = 15.42%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Intuitive Surgical Inc.’s adjusted ROA improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.