Liquidity ratios measure the company ability to meet its short-term obligations.
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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
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Liquidity Ratios (Summary)
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Current ratio | ||||||
Quick ratio | ||||||
Cash ratio |
Based on: 10-K (reporting date: 2024-12-31), 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).
- Current Ratio
- The current ratio demonstrates a declining trend from 6.86 in 2020 to 4.07 in 2024. While it experienced a slight increase between 2022 and 2023, the overall pattern indicates a gradual reduction in the company's short-term liquidity relative to its current liabilities over the five-year period.
- Quick Ratio
- The quick ratio also shows a downward trajectory, falling from 5.96 in 2020 to 3.00 in 2024. Similar to the current ratio, there was a minor rise observed from 2022 to 2023. Despite this small uptick, the consistent decrease suggests a diminishing ability to cover immediate liabilities with the most liquid assets over time.
- Cash Ratio
- The cash ratio follows the same declining pattern, starting at 5.30 in 2020 and reducing to 2.30 by 2024. Although there was a slight recovery in 2023, the overall decrease indicates a reduced buffer of cash and cash equivalents set against current liabilities.
- Summary
- Collectively, all three liquidity ratios decreased notably across the period, signaling a reduction in the company's liquidity position. The decreases could imply a strategic decision to utilize cash or other current assets more intensively, or potentially reflect changes in working capital management. Despite these declines, the ratios remain above typical benchmark levels, suggesting that the company maintains a strong liquidity profile even as it reduces some of its liquidity buffers.
Current Ratio
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Current assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Current ratio1 | ||||||
Benchmarks | ||||||
Current Ratio, Competitors2 | ||||||
Abbott Laboratories | ||||||
CVS Health Corp. | ||||||
Elevance Health Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
Current Ratio, Sector | ||||||
Health Care Equipment & Services | ||||||
Current Ratio, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets showed a fluctuating trend over the analyzed periods. Starting at 6,625,900 thousand US dollars in 2020, current assets declined to 5,844,900 thousand in 2021. They then increased to 6,253,000 thousand in 2022 and further rose significantly to 7,888,000 thousand by the end of 2023. In 2024, current assets decreased again to 7,111,000 thousand. Overall, the asset base experienced a decline in the early years, but rebounded substantially in 2023 before a slight decrease in 2024.
- Current Liabilities
- Current liabilities exhibited a consistent upward trend across the five years. Starting from 965,200 thousand US dollars in 2020, current liabilities increased steadily year-over-year to reach 1,745,300 thousand by the end of 2024. This indicates growing short-term obligations over the period under review.
- Current Ratio
- The current ratio, calculated as current assets divided by current liabilities, displayed a declining pattern over time. From a high of 6.86 in 2020, the ratio decreased sharply to 5.08 in 2021 and continued its decline to 4.40 in 2022. Although it improved slightly to 4.76 in 2023, it dropped again to 4.07 in 2024. This indicates a gradual reduction in short-term liquidity, suggesting that while the company’s assets remain significantly higher than its liabilities, its buffer to cover short-term obligations has weakened over the observed period.
- Overall Analysis
- The data reveal a mixed picture of liquidity management. Despite some recovery in current assets in 2023, the steady increase in current liabilities exerted downward pressure on the current ratio. This declining liquidity ratio trend could signal increased risk in meeting short-term obligations if the pattern continues. However, the current ratio remaining above 4.0 across the years still suggests a relatively strong liquidity position. Going forward, monitoring the pace of growth in current liabilities relative to current assets will be crucial for maintaining financial health.
Quick Ratio
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Cash and cash equivalents | ||||||
Short-term investments | ||||||
Accounts receivable, net of allowances | ||||||
Total quick assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Quick ratio1 | ||||||
Benchmarks | ||||||
Quick Ratio, Competitors2 | ||||||
Abbott Laboratories | ||||||
CVS Health Corp. | ||||||
Elevance Health Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
Quick Ratio, Sector | ||||||
Health Care Equipment & Services | ||||||
Quick Ratio, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets demonstrate some fluctuations over the examined periods. Initially, there is a decline from approximately $5.76 billion in 2020 to around $4.99 billion in 2021. This is followed by a marginal increase to about $5.06 billion in 2022, then a more significant rise to $6.35 billion in 2023. However, in 2024, total quick assets decline again to roughly $5.24 billion. Overall, the data reveals some volatility in highly liquid assets without showing a consistent upward or downward trend.
- Current Liabilities
- Current liabilities exhibit a clear upward trend across the entire timeframe. Starting from $965.2 million in 2020, current liabilities steadily increase year-over-year, reaching $1.15 billion in 2021, $1.42 billion in 2022, $1.66 billion in 2023, and $1.75 billion in 2024. This steady climb indicates growing short-term obligations, which merits attention regarding the company’s liquidity risks and working capital management.
- Quick Ratio
- The quick ratio, which assesses short-term liquidity by comparing quick assets to current liabilities, shows a declining trend over the period. The ratio decreases from a high of 5.96 in 2020 to 4.34 in 2021, followed by a sharper drop to 3.56 in 2022. There is a slight recovery to 3.83 in 2023, but then it drops further to 3.00 in 2024. Although the quick ratio remains above 1 throughout, indicating the company maintains sufficient liquid assets to meet short-term liabilities, the downward trend signals diminishing liquidity strength relative to obligations.
Cash Ratio
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Cash and cash equivalents | ||||||
Short-term investments | ||||||
Total cash assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Cash ratio1 | ||||||
Benchmarks | ||||||
Cash Ratio, Competitors2 | ||||||
Abbott Laboratories | ||||||
CVS Health Corp. | ||||||
Elevance Health Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
Cash Ratio, Sector | ||||||
Health Care Equipment & Services | ||||||
Cash Ratio, Industry | ||||||
Health Care |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibited a declining trend from 2020 through 2022, falling from approximately $5.11 billion to $4.12 billion. In 2023, there was a notable increase to around $5.22 billion, followed by a decline again in 2024 to approximately $4.01 billion. This pattern indicates fluctuations in liquidity resources over the five-year period, with the peak occurring in 2023.
- Current Liabilities
- Current liabilities showed a consistent upward trend across the entire period under review. Starting at roughly $965 million in 2020, current liabilities increased steadily each year, reaching about $1.75 billion by 2024. This continuous rise suggests growing short-term obligations.
- Cash Ratio
- The cash ratio, measuring cash assets relative to current liabilities, demonstrated a decreasing trend overall. Beginning at a high ratio of 5.3 in 2020, it declined sharply by 2022 to 2.9, then slightly increased in 2023 to 3.15 before falling again to 2.3 in 2024. Despite the temporary bounce in 2023, the ratio indicates decreasing liquidity coverage relative to current liabilities over time.