Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Intuitive Surgical Inc., liquidity ratios
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Current ratio | 4.76 | 4.40 | 5.08 | 6.86 | 4.53 | |
| Quick ratio | 3.83 | 3.56 | 4.34 | 5.96 | 3.75 | |
| Cash ratio | 3.15 | 2.90 | 3.66 | 5.30 | 3.13 |
Based on: 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), 10-K (reporting date: 2019-12-31).
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Intuitive Surgical Inc. current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Intuitive Surgical Inc. quick ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Intuitive Surgical Inc. cash ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Current Ratio
Intuitive Surgical Inc., current ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current assets | 7,888,000) | 6,253,000) | 5,844,900) | 6,625,900) | 4,662,600) | |
| Current liabilities | 1,658,700) | 1,422,100) | 1,149,800) | 965,200) | 1,030,200) | |
| Liquidity Ratio | ||||||
| Current ratio1 | 4.76 | 4.40 | 5.08 | 6.86 | 4.53 | |
| Benchmarks | ||||||
| Current Ratio, Competitors2 | ||||||
| Abbott Laboratories | 1.64 | 1.63 | 1.85 | 1.72 | 1.44 | |
| Cigna Group | 0.77 | 0.73 | 0.83 | 0.77 | 0.74 | |
| CVS Health Corp. | 0.86 | 0.94 | 0.88 | 0.91 | 0.94 | |
| Elevance Health Inc. | 1.44 | 1.40 | 1.47 | 1.55 | 1.65 | |
| Humana Inc. | 1.59 | 1.52 | 1.62 | 1.77 | 1.82 | |
| Medtronic PLC | 2.39 | 1.86 | 2.65 | 2.13 | 2.59 | |
| Shockwave Medical Inc. | 11.76 | 7.25 | 5.54 | 9.63 | 9.03 | |
| UnitedHealth Group Inc. | 0.79 | 0.77 | 0.79 | 0.74 | 0.69 | |
| Current Ratio, Sector | ||||||
| Health Care Equipment & Services | 1.05 | 1.05 | 1.09 | 1.08 | 1.07 | |
| Current Ratio, Industry | ||||||
| Health Care | 1.14 | 1.15 | 1.21 | 1.21 | 1.34 | |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,888,000 ÷ 1,658,700 = 4.76
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Intuitive Surgical Inc. current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Quick Ratio
Intuitive Surgical Inc., quick ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Cash and cash equivalents | 2,750,100) | 1,581,200) | 1,290,900) | 1,622,600) | 1,167,600) | |
| Short-term investments | 2,473,100) | 2,536,700) | 2,913,100) | 3,488,800) | 2,054,100) | |
| Accounts receivable, net of allowances | 1,130,200) | 942,100) | 782,700) | 645,500) | 645,200) | |
| Total quick assets | 6,353,400) | 5,060,000) | 4,986,700) | 5,756,900) | 3,866,900) | |
| Current liabilities | 1,658,700) | 1,422,100) | 1,149,800) | 965,200) | 1,030,200) | |
| Liquidity Ratio | ||||||
| Quick ratio1 | 3.83 | 3.56 | 4.34 | 5.96 | 3.75 | |
| Benchmarks | ||||||
| Quick Ratio, Competitors2 | ||||||
| Abbott Laboratories | 1.00 | 1.06 | 1.28 | 1.14 | 0.88 | |
| Cigna Group | 0.54 | 0.58 | 0.48 | 0.66 | 0.41 | |
| CVS Health Corp. | 0.59 | 0.62 | 0.55 | 0.53 | 0.52 | |
| Elevance Health Inc. | 1.30 | 1.27 | 1.33 | 1.42 | 1.52 | |
| Humana Inc. | 1.24 | 1.20 | 1.20 | 1.37 | 1.47 | |
| Medtronic PLC | 1.54 | 1.30 | 1.91 | 1.50 | 1.90 | |
| Shockwave Medical Inc. | 10.61 | 5.93 | 4.62 | 8.37 | 8.44 | |
| UnitedHealth Group Inc. | 0.73 | 0.70 | 0.72 | 0.68 | 0.63 | |
| Quick Ratio, Sector | ||||||
| Health Care Equipment & Services | 0.83 | 0.83 | 0.83 | 0.85 | 0.78 | |
| Quick Ratio, Industry | ||||||
| Health Care | 0.83 | 0.85 | 0.89 | 0.90 | 1.00 | |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 6,353,400 ÷ 1,658,700 = 3.83
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Intuitive Surgical Inc. quick ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Cash Ratio
Intuitive Surgical Inc., cash ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Cash and cash equivalents | 2,750,100) | 1,581,200) | 1,290,900) | 1,622,600) | 1,167,600) | |
| Short-term investments | 2,473,100) | 2,536,700) | 2,913,100) | 3,488,800) | 2,054,100) | |
| Total cash assets | 5,223,200) | 4,117,900) | 4,204,000) | 5,111,400) | 3,221,700) | |
| Current liabilities | 1,658,700) | 1,422,100) | 1,149,800) | 965,200) | 1,030,200) | |
| Liquidity Ratio | ||||||
| Cash ratio1 | 3.15 | 2.90 | 3.66 | 5.30 | 3.13 | |
| Benchmarks | ||||||
| Cash Ratio, Competitors2 | ||||||
| Abbott Laboratories | 0.53 | 0.66 | 0.78 | 0.60 | 0.38 | |
| Cigna Group | 0.18 | 0.17 | 0.14 | 0.32 | 0.14 | |
| CVS Health Corp. | 0.14 | 0.23 | 0.18 | 0.18 | 0.15 | |
| Elevance Health Inc. | 0.87 | 0.86 | 0.95 | 1.04 | 1.08 | |
| Humana Inc. | 1.13 | 1.10 | 1.08 | 1.29 | 1.37 | |
| Medtronic PLC | 0.88 | 0.85 | 1.27 | 1.06 | 1.16 | |
| Shockwave Medical Inc. | 9.51 | 4.80 | 3.89 | 7.91 | 8.14 | |
| UnitedHealth Group Inc. | 0.34 | 0.36 | 0.36 | 0.33 | 0.28 | |
| Cash Ratio, Sector | ||||||
| Health Care Equipment & Services | 0.43 | 0.46 | 0.46 | 0.50 | 0.42 | |
| Cash Ratio, Industry | ||||||
| Health Care | 0.43 | 0.48 | 0.51 | 0.53 | 0.64 | |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,223,200 ÷ 1,658,700 = 3.15
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Intuitive Surgical Inc. cash ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |