Intuitive Surgical Inc. (NASDAQ:ISRG)

Total Asset Turnover

The reported total asset turnover exhibits an upward trend from 0.39 in 2020 to a peak of 0.48 in 2022, followed by a slight decrease to 0.46 in 2023 and 0.45 in 2024. The adjusted total asset turnover follows a similar pattern, increasing steadily from 0.40 in 2020 to 0.51 in 2022, then declining moderately to 0.49 in 2023 and 0.47 in 2024. This suggests that asset utilization efficiency improved significantly through 2022 but faced a mild reduction afterward.

Current Ratio

Both reported and adjusted current ratios demonstrate a downward trend over the period. The reported current ratio decreased substantially from 6.86 in 2020 to 4.07 in 2024. Similarly, the adjusted current ratio declined from 10.8 in 2020 to 5.59 in 2024. Despite the decrease, the ratios remain above typical liquidity thresholds, indicating the company maintains a strong liquidity position albeit with diminishing buffer levels.

Debt to Equity and Debt to Capital

Although reported figures for debt to equity and debt to capital are not available, the adjusted ratios remain constant at a low level of 0.01 throughout the five-year span. This constancy at minimal values suggests the company operates with very low leverage, maintaining a conservative capital structure during the entire period.

Financial Leverage

Reported financial leverage is relatively stable, fluctuating narrowly between 1.14 and 1.17, with adjusted financial leverage showing a slight downward trend from 1.10 to 1.11 over the years. The minimal variation indicates limited changes in the degree of financial leverage, maintaining prudent use of debt relative to equity.

Net Profit Margin

The reported net profit margin increased from 24.33% in 2020 to a high of 29.85% in 2021, then declined sharply to 21.25% in 2022 before recovering to 27.81% in 2024. Adjusted margins follow a similar trajectory, with a pronounced dip in 2022 to 16.71% from 28.7% in 2021, followed by a rebound. This pattern indicates variability in profitability, with 2022 being a notably weaker year.

Return on Equity (ROE)

The reported ROE rose from 10.9% in 2020 to a peak of 14.32% in 2021, declined slightly in 2022 to 11.98%, and then recovered to 14.13% by 2024. The adjusted ROE mirrors these movements but shows a more pronounced dip in 2022 to 9.57%. Overall, ROE exhibits resilience with interim volatility, reflecting fluctuations in overall profitability and capital efficiency.

Return on Assets (ROA)

The reported ROA demonstrates an upward trend, increasing from 9.5% in 2020 to 12.39% in 2024, despite a small dip in 2022. Adjusted ROA paths similarly, with a notable decline to 8.46% in 2022 but recovery to 12.39% by 2024. The increase over time suggests improving effectiveness in asset utilization to generate net income, although 2022 represents a period of relative underperformance.

Revenue Growth

There is a consistent upward trend in revenue over the five-year period. Revenue increased from approximately 4.36 billion USD in 2020 to 8.35 billion USD in 2024, showing robust growth each year and nearly doubling over the period. This indicates strong sales performance and expanded business operations.

Total Assets

Total assets also demonstrate a steady increase, rising from around 11.17 billion USD in 2020 to 18.74 billion USD in 2024. However, there is a slight dip noted in 2022 before assets resume their upward trajectory. The asset base expansion suggests ongoing investments in resources, capacity, or acquisitions to support business growth.

Reported Total Asset Turnover

The reported total asset turnover ratio improved from 0.39 in 2020 to a peak of 0.48 in 2022, implying enhanced efficiency in using assets to generate revenue. From 2023 onward, the ratio slightly declined to 0.45 by 2024, suggesting a modest reduction in operational efficiency or asset utilization during those years.

Adjusted Revenue and Adjusted Total Assets

The adjusted revenue figures mirror the trends seen in reported revenue, increasing steadily from approximately 4.38 billion USD in 2020 to 8.38 billion USD in 2024, slightly higher than the reported revenue values. Adjusted total assets also rise consistently from 10.82 billion USD to 17.73 billion USD, remaining below reported total assets, indicating adjustments that reduce the asset base for analytical accuracy.

Adjusted Total Asset Turnover

Adjusted total asset turnover follows a trend similar to the reported figures but with slightly higher values. It increases from 0.40 in 2020 to a peak of 0.51 in 2022, indicating the highest efficiency in asset use during that year. Subsequently, it decreases marginally to 0.47 by 2024, reflecting a slight decline in efficiency but remaining relatively strong compared to earlier years.

Overall Analysis

The company exhibits strong revenue growth supported by expanding asset investments. Asset turnover ratios indicate improving asset utilization through 2022, followed by a slight decrease in 2023 and 2024. The consistency between reported and adjusted figures suggests reliable financial data, with adjustments providing a refined view of asset efficiency. The slight downturn in asset turnover ratios towards the end of the period may merit further analysis to understand operational or market factors impacting efficiency.

The annual financial data reveals several notable trends in liquidity metrics over the five-year period from 2020 to 2024. These trends provide insight into the company's evolving capacity to meet its short-term obligations.

Current Assets

Current assets displayed a fluctuating pattern, starting at 6,625,900 thousand US dollars in 2020, followed by a decline to 5,844,900 in 2021. This was succeeded by an increase to 6,253,000 in 2022 and a significant rise to 7,888,000 in 2023, before a decrease to 7,111,000 in 2024. Overall, current assets showed recovery after the 2021 trough with a peak in 2023.

Current Liabilities

Current liabilities exhibited a steady upward trend over the period. The values rose from 965,200 thousand US dollars in 2020 to 1,749,300 in 2024. This consistent increase suggests growing short-term obligations year over year.

Reported Current Ratio

The reported current ratio, calculated as current assets divided by current liabilities, declined from 6.86 in 2020 to 5.08 in 2021, then continued to decrease to 4.40 in 2022. It slightly recovered to 4.76 in 2023 but fell again to 4.07 in 2024. Although the ratio remained above 4, indicating strong liquidity, the general downward trend points to diminishing short-term financial buffer.

Adjusted Current Assets

Adjusted current assets mirrored the pattern of reported current assets with some variations. Starting at 6,643,600 thousand US dollars in 2020, they decreased to 5,865,100 in 2021, then increased steadily to 7,915,100 in 2023 before retracting to 7,141,700 in 2024. This adjustment generally preserved the upward recovery trend observed in raw current assets.

Adjusted Current Liabilities

Adjusted current liabilities rose consistently from 614,900 thousand US dollars in 2020 to 1,276,500 in 2024. This increase, while following a trajectory similar to reported current liabilities, presents slightly reduced liability figures after adjustment.

Adjusted Current Ratio

The adjusted current ratio started at an exceptionally high 10.8 in 2020, indicating very strong liquidity. This ratio declined significantly thereafter, reaching 7.59 in 2021 and continuing downward to 6.12 in 2022. A modest rebound to 6.53 occurred in 2023 before declining again to 5.59 in 2024. Despite the decline, adjusted ratios maintain a robust level well above typical thresholds.

In summary, the company's liquidity, as gauged by both reported and adjusted current ratios, shows a declining trend over the five-year horizon, albeit from initially very high values. Current liabilities steadily increased, exerting downward pressure on these ratios, while current assets experienced volatility but trended upwards after 2021. The adjusted ratios, accounting for refinements in asset and liability figures, consistently display stronger liquidity positions compared to reported figures, suggesting conservative liability recognition or enhanced asset quality after adjustments. The persistent decline in liquidity ratios, though remaining within comfortable margins, may warrant ongoing monitoring to ensure short-term financial resilience.

Total Intuitive Surgical, Inc. Stockholders’ Equity

There is a general upward trend in stockholders' equity from 2020 to 2024. The equity increased from approximately 9.73 billion USD in 2020 to about 16.43 billion USD in 2024. While there was a slight decline between 2021 and 2022, the overall trend across the five years is positive, reflecting growth in the company’s equity base.

Adjusted Total Debt

Adjusted total debt shows a moderate increase over the period analyzed. Starting at 79.9 million USD in 2020, it rose gradually to 146 million USD by 2024. The rise is relatively modest compared to the equity increase, indicating controlled debt levels.

Adjusted Total Stockholders’ Equity

This metric follows a similar pattern to the unadjusted equity, increasing from approximately 9.80 billion USD in 2020 to around 16.04 billion USD in 2024. The consistent growth indicates a stable equity position when adjustments are considered.

Adjusted Debt to Equity Ratio

The ratio remains consistently very low at 0.01 across all periods from 2020 to 2024. This suggests the company maintains an extremely conservative capital structure with minimal reliance on debt relative to equity, emphasizing financial stability and low leverage.

Data Gaps and Missing Information

Reported total debt and reported debt to equity ratio data are missing throughout all the years, limiting the ability to compare reported and adjusted figures directly. However, the available adjusted metrics clearly depict low leverage and stable equity growth.

Overall Financial Position Insights

The company demonstrates a solid equity growth trajectory with very low and manageable debt levels, as evidenced by the adjusted figures. The stable and low debt-to-equity ratio reflects a conservative financial policy, suggesting a strong balance sheet with limited financial risk from borrowings.

The analysis of the annual financial data reveals several key trends related to the company’s capital structure and debt levels over the observed periods.

Total Capital

Total capital exhibits a generally increasing trend, rising from approximately $9.73 billion in 2020 to around $16.43 billion in 2024. There is a noticeable dip in 2022, where total capital declines to about $11.04 billion from $11.90 billion in 2021, before recovering and continuing its upward trajectory through 2023 and 2024.

Adjusted Total Debt

Adjusted total debt shows a gradual increase over the years, starting at $79.9 million in 2020 and reaching $146 million by 2024. This indicates a modest but steady growth in the debt level, with minor fluctuations such as a peak in 2022 at $93.8 million followed by a slightly lower figure in 2023, before a significant increase in 2024.

Adjusted Total Capital

Adjusted total capital closely follows the trend of total capital, growing from $9.88 billion in 2020 to $16.18 billion in 2024. Similar to total capital, there is a dip in 2022 but overall upward momentum is maintained across the periods.

Adjusted Debt to Capital Ratio

This ratio remains consistently low and stable at approximately 0.01 throughout the observed periods. Despite the increase in absolute adjusted debt, the proportion of debt relative to adjusted capital has not significantly changed, indicating a conservative use of debt in the company’s capital structure.

In summary, the data reflects a company with a steadily growing capital base, maintaining a very low leverage profile. The stable adjusted debt to capital ratio underscores a cautious approach towards borrowing, even as absolute debt levels have increased moderately. The temporary decline in capital around 2022 could warrant further investigation, though the overall long-term trend is positive.

The financial data over the five-year period reveals several noteworthy trends in the company's assets, equity, and leverage ratios.

Total Assets

The total assets grew from $11,168,900 thousand in 2020 to $18,743,200 thousand by 2024, indicating a substantial increase in asset base. There is consistent growth each year, although a minor dip is observed in 2022 before assets rose again in subsequent years. This suggests ongoing expansion or reinvestment activities.

Total Stockholders’ Equity

Stockholders’ equity also displayed a steady upward trend, rising from $9,731,500 thousand in 2020 to $16,433,700 thousand in 2024. Despite a slight decrease in 2022, equity recovered and continued to grow thereafter, reflecting retained earnings or additional capital infusion and reinforcing the company's financial stability.

Reported Financial Leverage

This ratio remained relatively stable between 1.14 and 1.17 across the years. The leverage ratio shows only minor fluctuations, indicating the company's consistent use of debt relative to equity in financing its assets. The slight increase in 2022 corresponds with the dip in equity and total assets during the same period.

Adjusted Total Assets

The adjusted total assets follow a trend similar to total assets, growing from $10,818,900 thousand in 2020 to $17,728,800 thousand in 2024. The temporary decrease in 2022 is also mirrored here, confirming consistency in adjustment methodology and underlying asset base growth.

Adjusted Total Stockholders’ Equity

Adjusted equity mirrors the trend in reported equity, increasing overall from $9,795,100 thousand in 2020 to $16,038,100 thousand in 2024, but similarly experiencing a dip in 2022. This consistent pattern suggests reliability in adjustments and equity growth.

Adjusted Financial Leverage

The adjusted financial leverage ratio remained fairly constant, ranging from 1.10 to 1.13. The steady leverage ratio over time indicates controlled risk levels and balanced capital structure management under adjusted parameters.

Overall, the company demonstrates growth in assets and equity over the analyzed period with stable leverage. The temporary decline evident in 2022 across several measures may indicate a period of recalibration or external challenges but was followed by recovery and continued expansion. Financial leverage ratios remain within a narrow band, suggesting prudent debt management relative to equity.

The financial data demonstrates notable growth in both revenue and net income over the five-year period. Revenue increased steadily from approximately 4.36 billion US dollars in 2020 to over 8.35 billion US dollars in 2024, nearly doubling during this span. This consistent upward trend highlights sustained business expansion and increased sales.

Net income attributable to the company followed an overall positive trajectory, rising from about 1.06 billion US dollars in 2020 to approximately 2.32 billion US dollars by 2024. Despite this growth, net income showed some volatility, particularly in 2022 where it declined to around 1.32 billion US dollars from 1.70 billion in 2021, before rebounding strongly in subsequent years. This fluctuation suggests transient challenges impacting profitability during that year.

The reported net profit margin experienced variability, peaking at 29.85% in 2021 before falling to 21.25% in 2022. It then recovered to 27.81% by 2024. This pattern mirrors the fluctuation in net income, indicating that profitability relative to revenue was less stable in the mid-period but improved notably towards the end of the timeline.

Adjusted figures, which provide a non-GAAP perspective, show a similar but slightly different profile. Adjusted revenue closely tracks reported revenue with minor differences, increasing from 4.38 billion US dollars in 2020 to 8.38 billion in 2024. Adjusted net income follows a comparable trend to reported net income but with a more pronounced dip in 2022 to approximately 1.04 billion US dollars, followed by a recovery to about 2.20 billion in 2024.

The adjusted net profit margin also displays significant variability, declining sharply from 28.7% in 2021 to 16.71% in 2022 before returning to a healthier 26.2% in 2024. The deeper dip in the adjusted margin compared to the reported margin in 2022 may reflect one-time items or adjustments impacting net income beyond normal operating expenses.

Overall, the data indicates strong revenue growth accompanied by robust increases in net income. The mid-period profitability dip in 2022 is a noteworthy deviation from the general positive trend but is followed by a solid recovery. Both reported and adjusted profitability measures illustrate resilience and an improving financial performance heading into 2024.

Revenue Trend

Steady and significant growth, nearly doubling over five years.

Net Income Trend

Overall growth with a notable dip in 2022 followed by recovery.

Reported Net Profit Margin

Fluctuates with a peak in 2021, a trough in 2022, and improvement by 2024.

Adjusted Net Income and Margin

Mirrors reported values with a deeper margin dip in 2022 but a strong rebound by 2024.

Insights

Consistent revenue expansion supports profitability; transient challenges in 2022 caused margin contraction which was effectively addressed in subsequent years.

Net Income

Net income attributable to the company demonstrated a general upward trend over the five-year period. It rose from $1,060,600 thousand in 2020 to $2,322,600 thousand in 2024, with a noticeable dip in 2022 to $1,322,300 thousand before recovering in subsequent years.

Total Stockholders’ Equity

The total stockholders’ equity increased steadily from $9,731,500 thousand in 2020 to $16,433,700 thousand in 2024. The data indicates consistent growth in equity, reflecting an expanding capital base over time.

Reported Return on Equity (ROE)

The reported ROE showed some fluctuation but remained relatively stable within a range of approximately 11% to 14.3%. After rising from 10.9% in 2020 to 14.32% in 2021, it dipped to 11.98% in 2022, and subsequently increased again, reaching 14.13% by 2024.

Adjusted Net Income

Adjusted net income values trend similarly to reported net income but exhibit slightly different magnitudes. It started at $1,164,400 thousand in 2020, peaked at $1,647,800 thousand in 2021, dropped to $1,043,700 thousand in 2022, and then experienced recovery to reach $2,196,500 thousand in 2024.

Adjusted Total Stockholders’ Equity

Adjusted total stockholders’ equity mirrors the pattern of the reported stockholders’ equity, growing from $9,795,100 thousand in 2020 to $16,038,100 thousand in 2024. This suggests that adjustments made do not significantly alter the equity growth trend.

Adjusted Return on Equity (ROE)

Adjusted ROE fluctuated similarly to the reported ROE with values ranging from 9.57% to 13.8%. The lowest was observed in 2022 at 9.57%, coinciding with the dip in net income, followed by a recovery to 13.7% in 2024. The adjusted ROE generally remains slightly lower than the reported ROE.

Overall Insights

The data reveals a pattern of strong financial performance characterized by increasing equity and generally improving returns. The dip in 2022 across most metrics indicates a temporary setback, after which the company appears to have regained momentum. The consistency between reported and adjusted figures suggests that adjustments do not fundamentally change the company's financial health portrayal. The sustained rise in equity, combined with improving ROE, points to effective utilization of shareholders' capital over the analyzed period.

The financial data over the five-year period reveals a generally positive trajectory in key profitability and asset metrics, with some fluctuations observed in certain years.

Net Income Attributable to Intuitive Surgical, Inc.

The net income increased from $1,060,600 thousand in 2020 to $2,322,600 thousand in 2024, showing a robust overall growth. The figure rose markedly in 2021 to $1,704,600 thousand, followed by a decline in 2022 to $1,322,300 thousand. The subsequent years saw recovery and growth, with net income reaching its highest reported value in 2024.

Total Assets

Total assets followed an upward trend, increasing from $11,168,900 thousand in 2020 to $18,743,200 thousand in 2024. There was a slight decrease in 2022 compared to 2021 but assets resumed growth thereafter, achieving substantial growth by the end of 2024.

Reported Return on Assets (ROA)

Reported ROA demonstrated overall improvement, climbing from 9.5% in 2020 to 12.39% in 2024. A peak of 12.58% was observed in 2021, followed by a decline in 2022 to 10.19%, and then a gradual recovery over the next two years.

Adjusted Net Income

Adjusted net income also showed growth, rising from $1,164,400 thousand in 2020 to $2,196,500 thousand in 2024. Unlike the reported net income, the adjusted figure decreased more notably in 2022, dropping to $1,043,700 thousand before recovering strongly in the subsequent years.

Adjusted Total Assets

Adjusted total assets increased consistently overall, from $10,818,900 thousand in 2020 to $17,728,800 thousand in 2024. A decrease was evident in 2022 compared to 2021, but growth resumed thereafter.

Adjusted Return on Assets (ROA)

Adjusted ROA reflected a similar pattern to reported ROA, rising from 10.76% in 2020 to 12.39% in 2024. Notably, adjusted ROA dropped more significantly in 2022 to 8.46%, indicating a year of reduced asset efficiency after which it improved considerably.

Overall, the data suggests steady asset growth and improving profitability over the longer term, despite a discernible dip in performance and efficiency metrics during 2022. The recovery in 2023 and 2024 points to effective management responses or favorable market conditions restoring and enhancing financial results.