Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Intuitive Surgical Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
The liquidity profile from March 2022 through June 2026 is characterized by an exceptionally strong solvency position, with all primary liquidity metrics remaining significantly above baseline industry requirements. A recurring cyclical pattern is evident, where liquidity ratios typically contract during the fourth quarter of each year before recovering in the first half of the subsequent year.
- Current Ratio
- The current ratio maintained a high range between 4.07 and 5.55. A peak was observed in March 2024 at 5.55, followed by a multi-quarter decline to a period low of 4.07 in December 2024. This metric indicates a substantial cushion of current assets relative to current liabilities, though the observed volatility suggests periodic shifts in working capital management or year-end liability settlements.
- Quick Ratio
- The quick ratio fluctuated between a high of 4.49 in June 2022 and a low of 3.00 in December 2024. The close tracking of the quick ratio to the current ratio suggests that inventory levels do not constitute a disproportionate share of current assets, thereby maintaining high immediate liquidity. The most pronounced decline occurred between June 2024 and December 2024, mirroring the trend seen in the broader current ratio.
- Cash Ratio
- The cash ratio remained robust, peaking at 3.86 in September 2023 and reaching a minimum of 2.30 in December 2024. The consistently high values across all quarters indicate a conservative financial strategy with a heavy reliance on cash and cash equivalents to cover short-term obligations. Even at its lowest point, the ratio suggests that current liabilities could be covered more than twice over by cash alone.
Overall, the analysis reveals a high degree of financial resilience. The consistent correlation between the three ratios suggests that liquidity fluctuations are driven by changes in total cash positions rather than shifts in inventory or receivables. The repeated dips in December across all metrics point to a systemic seasonal trend in the company's short-term financial cycle.
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Current Ratio
Intuitive Surgical Inc., current ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Current assets | 9,542,700) | 8,809,500) | 9,779,500) | 8,525,300) | 8,745,900) | 7,657,800) | 7,111,000) | 7,215,600) | 7,654,300) | 7,632,700) | 7,888,000) | 8,902,900) | 8,031,800) | 6,877,000) | 6,253,000) | 6,293,100) | 6,292,500) | 5,803,200) | ||||||
| Current liabilities | 1,922,900) | 1,911,000) | 2,006,200) | 1,803,200) | 1,692,600) | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 4.96 | 4.61 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 1.38 | 1.39 | 1.58 | 1.70 | 1.82 | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | ||||||
| Elevance Health Inc. | 1.52 | 1.48 | 1.54 | 1.56 | 1.44 | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | ||||||
| Medtronic PLC | 2.42 | 2.01 | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | ||||||
| UnitedHealth Group Inc. | — | 0.80 | 0.79 | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,542,700 ÷ 1,922,900 = 4.96
2 Click competitor name to see calculations.
The liquidity position of the entity remains exceptionally strong throughout the observed period, characterized by a current ratio that consistently exceeds 4.0. This indicates a substantial capacity to cover short-term obligations using current assets, reflecting a conservative approach to liquidity management.
- Current Assets Trend
- Current assets exhibited a general upward trajectory, increasing from 5.8 billion USD in March 2022 to 9.5 billion USD by June 2026. Notable periods of growth occurred between March 2023 and September 2023, and again between March 2025 and December 2025. Periodic contractions were observed in late 2023 and throughout 2024, suggesting cyclical fluctuations in working capital or strategic asset reallocation.
- Current Liabilities Trend
- Current liabilities demonstrated a steady and consistent increase over the analyzed timeframe, rising from 1.1 billion USD in March 2022 to 1.9 billion USD in June 2026. This gradual growth in short-term obligations has been outpaced by the growth in current assets, although the rate of liability increase occasionally pressured the liquidity ratio.
- Current Ratio Analysis
- The current ratio fluctuated within a high range, peaking at 5.55 in March 2024 and reaching a minimum of 4.07 in December 2023. A downward trend in the ratio was observable between September 2022 and December 2022, and again during the latter half of 2024. Despite these fluctuations, the ratio remained well above the industry standard of 1.0 to 2.0, signifying an oversized liquidity buffer that minimizes solvency risk.
Overall, the data reveals a robust financial posture where current assets significantly outweigh current liabilities. The stability of the current ratio above 4.0 suggests that the entity maintains an ample margin of safety to meet its immediate financial commitments regardless of short-term volatility in asset levels.
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Quick Ratio
Intuitive Surgical Inc., quick ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Cash and cash equivalents | 2,760,400) | 2,006,500) | 3,368,000) | 2,806,600) | 3,403,100) | 2,573,800) | 2,027,400) | 2,413,300) | 3,036,700) | 2,839,500) | 2,750,100) | 3,602,000) | 3,435,400) | 2,143,000) | 1,581,200) | 1,538,000) | 1,536,100) | 1,103,100) | ||||||
| Short-term investments | 2,455,800) | 2,510,800) | 2,566,900) | 2,102,200) | 1,923,400) | 1,937,500) | 1,985,900) | 1,818,400) | 1,720,500) | 1,960,600) | 2,473,100) | 2,873,700) | 2,363,800) | 2,549,200) | 2,536,700) | 2,775,900) | 2,901,300) | 2,882,500) | ||||||
| Accounts receivable, net | 1,673,200) | 1,595,600) | 1,527,300) | 1,259,700) | 1,269,200) | 1,221,500) | 1,225,400) | 1,153,000) | 1,109,100) | 1,127,900) | 1,130,200) | 962,700) | 904,200) | 925,300) | 942,100) | 849,600) | 838,500) | 906,100) | ||||||
| Total quick assets | 6,889,400) | 6,112,900) | 7,462,200) | 6,168,500) | 6,595,700) | 5,732,800) | 5,238,700) | 5,384,700) | 5,866,300) | 5,928,000) | 6,353,400) | 7,438,400) | 6,703,400) | 5,617,500) | 5,060,000) | 5,163,500) | 5,275,900) | 4,891,700) | ||||||
| Current liabilities | 1,922,900) | 1,911,000) | 2,006,200) | 1,803,200) | 1,692,600) | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 3.58 | 3.20 | 3.72 | 3.42 | 3.90 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 0.80 | 0.84 | 1.02 | 1.09 | 1.14 | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | ||||||
| Elevance Health Inc. | 1.38 | 1.32 | 1.41 | 1.43 | 1.32 | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | ||||||
| Medtronic PLC | 1.48 | 1.25 | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | ||||||
| UnitedHealth Group Inc. | — | 0.72 | 0.70 | 0.74 | 0.76 | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 6,889,400 ÷ 1,922,900 = 3.58
2 Click competitor name to see calculations.
The liquidity position of the entity remained exceptionally strong between March 31, 2022, and June 30, 2026, characterized by a quick ratio that consistently exceeded 3.0. Although a general downward trend in the ratio is observable over the long term, the organization maintained a substantial buffer of liquid assets relative to its short-term obligations throughout the period.
- Quick Ratio Volatility and Trends
- The quick ratio peaked at 4.49 in June 2022 and reached its lowest point of 3.00 in December 2023. A cyclical pattern is evident, with ratios frequently spiking above 4.0 in early 2023 and early 2024, followed by corrections. From 2024 through mid-2026, the ratio stabilized within a lower range of 3.20 to 3.90, suggesting a shift toward a more moderate, though still highly conservative, liquidity posture.
- Total Quick Assets Analysis
- Liquid assets exhibited significant fluctuations, growing from 4,891,700 thousand US$ in March 2022 to a peak of 7,438,400 thousand US$ in September 2023. Following this peak, assets saw a period of contraction and volatility, dipping to 5,238,700 thousand US$ by December 2024 before recovering to 6,889,400 thousand US$ by June 2026. This variability indicates active cash management or periodic large-scale capital allocations.
- Current Liabilities Trajectory
- Unlike the volatile nature of quick assets, current liabilities demonstrated a steady and consistent upward trajectory. Obligations increased from 1,112,200 thousand US$ in March 2022 to 1,922,900 thousand US$ by June 2026. This nearly 73% increase in short-term liabilities served as the primary driver for the gradual compression of the quick ratio over the analyzed timeframe.
- Liquidity Implications
- The persistent gap between total quick assets and current liabilities confirms a low risk of insolvency in the short term. Even at the lowest recorded quick ratio of 3.00, the entity possessed three times the necessary liquid assets to cover all immediate liabilities without relying on the sale of inventory, indicating an extremely robust financial cushion.
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Cash Ratio
Intuitive Surgical Inc., cash ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Cash and cash equivalents | 2,760,400) | 2,006,500) | 3,368,000) | 2,806,600) | 3,403,100) | 2,573,800) | 2,027,400) | 2,413,300) | 3,036,700) | 2,839,500) | 2,750,100) | 3,602,000) | 3,435,400) | 2,143,000) | 1,581,200) | 1,538,000) | 1,536,100) | 1,103,100) | ||||||
| Short-term investments | 2,455,800) | 2,510,800) | 2,566,900) | 2,102,200) | 1,923,400) | 1,937,500) | 1,985,900) | 1,818,400) | 1,720,500) | 1,960,600) | 2,473,100) | 2,873,700) | 2,363,800) | 2,549,200) | 2,536,700) | 2,775,900) | 2,901,300) | 2,882,500) | ||||||
| Total cash assets | 5,216,200) | 4,517,300) | 5,934,900) | 4,908,800) | 5,326,500) | 4,511,300) | 4,013,300) | 4,231,700) | 4,757,200) | 4,800,100) | 5,223,200) | 6,475,700) | 5,799,200) | 4,692,200) | 4,117,900) | 4,313,900) | 4,437,400) | 3,985,600) | ||||||
| Current liabilities | 1,922,900) | 1,911,000) | 2,006,200) | 1,803,200) | 1,692,600) | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 2.71 | 2.36 | 2.96 | 2.72 | 3.15 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 0.31 | 0.40 | 0.54 | 0.53 | 0.54 | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | ||||||
| Elevance Health Inc. | 0.85 | 0.82 | 0.88 | 0.89 | 0.79 | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | ||||||
| Medtronic PLC | 0.84 | 0.70 | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | ||||||
| UnitedHealth Group Inc. | — | 0.27 | 0.24 | 0.26 | 0.29 | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,216,200 ÷ 1,922,900 = 2.71
2 Click competitor name to see calculations.
The analysis of the liquidity position reveals a consistently strong cash-to-liability profile, although the cash ratio exhibits a general downward trajectory over the observed period. Throughout the timeframe from March 2022 to June 2026, the company maintained a cash ratio well above 1.0, indicating a robust ability to meet short-term obligations using only its most liquid assets.
- Cash Asset Dynamics
- Total cash assets experienced significant volatility, peaking at 6.475 billion US dollars in September 2023. Following this peak, a contraction occurred throughout 2024, reaching a low of approximately 4.013 billion US dollars by December 31, 2024. A subsequent recovery was observed in 2025, with assets rising again to 5.934 billion US dollars by December 31, 2025, before fluctuating in the first half of 2026.
- Current Liability Trends
- Current liabilities demonstrated a steady and consistent upward trend. Starting at 1.112 billion US dollars in March 2022, liabilities climbed to 1.922 billion US dollars by June 30, 2026. This sustained increase in short-term obligations has acted as a primary driver in the moderation of the cash ratio over time.
- Cash Ratio Performance and Volatility
- The cash ratio reached its zenith of 3.86 in September 2023, coinciding with the peak in total cash assets. A notable decline followed, with the ratio hitting a period low of 2.30 in December 2024. While a temporary rebound to 3.15 occurred in June 2025, the ratio trended downward again toward 2.71 by June 2026. This suggests that while the company remains highly liquid, the growth in current liabilities has outpaced the accumulation of cash in several intervals.
- Overall Liquidity Interpretation
- Despite the decline from the 2023 peaks, the liquidity position remains exceptionally conservative. The persistence of a cash ratio above 2.0 across the entire reporting period indicates a significant buffer against financial distress and a high degree of flexibility for operational funding or strategic investments without the need for external financing.
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