Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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- Analysis of Solvency Ratios
- Dividend Discount Model (DDM)
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Liquidity Ratios (Summary)
Intuitive Surgical Inc., liquidity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Current Ratio
- The current ratio shows a generally declining trend over the period from March 31, 2020, to June 30, 2025. It started at 4.96 and increased initially to a peak of 7.04 by September 30, 2020. However, following this peak, there is a steady downward movement, with intermittent fluctuations. By December 31, 2022, the ratio had fallen to 4.4. Subsequent quarters show a moderate recovery, reaching 5.31 by September 30, 2023. Thereafter, a decline resumes, ultimately stabilizing slightly above 5.0 towards mid-2025. This pattern indicates that while short-term liquidity was initially very strong, it has moderated over time but remains substantially above 1, suggesting adequate working capital to cover current liabilities.
- Quick Ratio
- The quick ratio mirrors the trend observed in the current ratio with high initial values declining over time. Beginning at 4.0 in March 2020, it increased to a maximum of 5.96 by December 2020, then declined steadily thereafter. A notable decrease is observed from the end of 2022 onwards, falling as low as 3.0 by June 30, 2025. Although this downward trend indicates a reduction in the company’s immediate liquidity (excluding inventory), the values remain comfortably above the threshold of 1, signaling maintained financial stability in terms of liquid assets relative to current liabilities.
- Cash Ratio
- The cash ratio exhibits a similar pattern of decline, starting from 3.44 at the beginning of 2020, peaking at 5.3 in December 2020, and subsequently decreasing gradually. The ratio moves downwards to 2.9 by December 2022 and further declines to 2.3 by March 31, 2025, before a slight recovery to 3.15 shortly after. Although the cash ratio has decreased over time, values above 2 indicate a robust cash position relative to current liabilities. The trend suggests that while there is a diminishing buffer of cash and cash equivalents, the company continues to maintain a strong liquidity position in terms of actual cash availability.
Current Ratio
Intuitive Surgical Inc., current ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibit an overall upward trend from March 31, 2020, to June 30, 2025. Starting at approximately $4.7 billion in early 2020, the figure increased steadily, peaking near $8.9 billion by September 2023. After this peak, there is a moderate decline and stabilization around $7.1 to $7.8 billion until mid-2025, when a renewed rise brings the amount close to $8.7 billion. This pattern suggests robust liquidity growth through 2023, followed by some fluctuations but maintaining a generally strong asset base through 2025.
- Current Liabilities
- Current liabilities show a generally increasing pattern over the same period. Beginning at about $945.9 million in March 2020, liabilities ascend with some volatility, reaching a high of approximately $1.68 billion in December 2024 before slightly decreasing thereafter. The increases are more pronounced from 2021 onward, implying growing short-term obligations that may reflect increased operational activity or financing strategies.
- Current Ratio
- The current ratio remains consistently strong throughout the time frame, starting at 4.96 in early 2020 and reaching a peak of 7.04 by September 2020, indicating a substantial excess of current assets over current liabilities. After this peak, the ratio declines gradually to a low of around 4.07 by March 2025, suggesting a relative increase in liabilities compared to assets. However, it recovers slightly to 5.17 by June 2025. This ratio consistently exceeds 4, which signifies a solid liquidity position and an ability to meet short-term obligations comfortably across all reported periods, despite some moderation over time.
- Overall Insights
- The pattern of increasing current assets alongside rising current liabilities points to an expansion in both resources and obligations, consistent with growth or scaling activities. The declining trend in the current ratio after 2020 indicates that liabilities are growing at a faster pace than assets during certain intervals, though liquidity remains strong overall. The data portrays a financially healthy profile with a strong buffer to cover short-term liabilities, albeit with some cautious signs of decreasing asset coverage relative to liabilities in the latter periods.
Quick Ratio
Intuitive Surgical Inc., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||||||||
| Accounts receivable, net | |||||||||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total quick assets
- The total quick assets show an overall upward trajectory from March 31, 2020, through June 30, 2023, with some fluctuations thereafter. Starting at 3,781,000 thousand US dollars in March 2020, the balances increased steadily, peaking at 7,438,400 thousand by September 30, 2023. After reaching this peak, a decline is observed, falling to 5,238,700 thousand by March 31, 2025, followed by a moderate recovery to 6,595,700 thousand by June 30, 2025. This suggests a period of asset growth through mid-2023, followed by a phase of reduction and partial recuperation in quick assets towards mid-2025.
- Current liabilities
- Current liabilities have displayed an increasing trend over the same period, moving from 945,900 thousand US dollars in March 2020 to a peak of 1,678,300 thousand by December 2024. This increase is fairly consistent, but with notable rises during the periods ending December 2021 and beyond. There is variability with some slight decreases during early 2024, but the overall pattern indicates growing short-term obligations, which could imply increased operational scale or higher short-term financing.
- Quick ratio
- The quick ratio demonstrates a strong liquidity position initially, with values above 4.0 for most of 2020 and early 2021, reaching a high of 5.96 at the end of 2020. Thereafter, it trends downward, showing a gradual decline from 5.76 in the first quarter of 2021 to a low of 3.0 in March 2025. There is a slight rebound after the low point, increasing to 3.9 by June 2025. This indicates a decreasing liquidity cushion relative to current liabilities over time, suggesting that while quick assets increased until mid-2023, current liabilities have grown proportionally more in later periods, reducing the quick ratio and pointing to increasingly tighter liquidity conditions.
- Overall analysis
- The data reflects a period of substantial accumulation of quick assets through mid-2023. However, rising current liabilities have moderated the company's liquidity position, as evidenced by the declining quick ratio. The peak in quick assets and subsequent declines coincide with the rise in current liabilities, suggesting potential strategic shifts in working capital management or operational financing. Despite weakening liquidity ratios, the quick ratio remains above 3.0, implying the company generally maintains a comfortable short-term liquidity position throughout the period analyzed.
Cash Ratio
Intuitive Surgical Inc., cash ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 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 | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibited a generally fluctuating trend over the observed periods. Starting at approximately $3.25 billion in March 2020, there was a significant increase to about $4.49 billion by June 2020 and a continued rise to a peak near $5.11 billion in December 2020. Subsequently, a gradual decline followed into early 2022, with cash assets decreasing to roughly $3.99 billion by March 2022. The latter periods show variability, with a notable recovery to about $6.48 billion by September 2023, before declining again to approximately $4.01 billion in March 2025. Overall, cash assets peaked in late 2020 and mid-2023 with distinct oscillations in between.
- Current Liabilities
- Current liabilities have increased steadily across the periods. Beginning at approximately $946 million in March 2020, the liabilities rose to around $1.15 billion by December 2021. This rising trend continued into 2023, peaking at about $1.68 billion in December 2023. A slight decrease occurred afterward but returned to highs near $1.69 billion by June 2025. This pattern suggests growing short-term obligations, with a fairly consistent upward trajectory over the intervals observed.
- Cash Ratio
- The cash ratio exhibited an initial strong position, increasing from 3.44 in March 2020 to a peak of 5.3 in December 2020, indicating a very solid liquidity position at that time. Following this apex, the ratio trended downward, reaching lows near 2.3 in June 2025. Despite intermittent fluctuations, the general pattern reflects a diminishing cash coverage of current liabilities over the years. The decline in the cash ratio suggests that while cash assets varied, current liabilities have increased at a pace that outstrips increases in cash holdings, thereby reducing the relative liquidity buffer.
- Overall Insights
- The data shows a company maintaining substantial liquidity through ample cash reserves, especially evident in 2020 and mid-2023. However, the growing current liabilities indicate rising short-term obligations that gradually erode liquidity strength as reflected by the falling cash ratio. The peaks in cash assets do not fully offset rising liabilities, suggesting a potential need for careful management of working capital or alternative financing. This trend warrants attention, as sustained increases in current liabilities coupled with a decreasing cash ratio may impact the company’s ability to cover short-term debts purely with cash.