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: 2026-09-30), 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).
An analysis of the liquidity position reveals a consistently strong capacity to meet short-term obligations, although a gradual decline in liquidity ratios is evident over the observed period. All three primary metrics demonstrate synchronized movement, characterized by periodic fluctuations and a pronounced downward trend starting in 2024.
- Current Ratio
- The current ratio began at 5.22 in March 2022 and remained elevated above 5.0 for much of the early period. A peak was reached in March 2024 at 5.55, followed by a steady decline to 3.33 by September 2026. This indicates a reduction in the margin of current assets relative to current liabilities, though the final value remains substantially above the standard benchmark of 1.0.
- Quick Ratio
- The quick ratio mirrors the trajectory of the current ratio, fluctuating between 4.49 and 3.00 during the first three years before trending downward from 4.31 in March 2024 to a low of 2.28 in September 2026. The close correlation between the current and quick ratios suggests that inventory does not comprise a disproportionate share of the company's current assets.
- Cash Ratio
- The cash ratio demonstrates the most significant proportional decline, moving from a peak of 3.86 in September 2023 to 1.60 by September 2026. While the company continues to maintain a high degree of immediate liquidity, the consistent decrease in this ratio suggests a shift in cash utilization or an increase in short-term liabilities.
A recurring seasonal pattern is observable, where liquidity ratios typically contract toward the end of the calendar year and recover in the first quarter of the following year. However, the magnitude of these recoveries has diminished over time, resulting in a lower overall liquidity baseline by the conclusion of the period.
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Current Ratio
Intuitive Surgical Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | 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 | 8,428,300) | 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 | 2,533,000) | 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 | 3.33 | 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. | 1.47 | 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 | 2.54 | 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. | 0.74 | 0.78 | 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: 2026-09-30), 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 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,428,300 ÷ 2,533,000 = 3.33
2 Click competitor name to see calculations.
The liquidity position remains strong throughout the analyzed period, with a current ratio consistently remaining well above the 1.0 threshold, indicating a substantial capacity to meet short-term obligations. While the ratio exhibits periodic volatility, it reflects a conservative approach to liquidity management.
- Asset and Liability Trends
- Current assets demonstrated a general upward trajectory, increasing from 5.8 billion in March 2022 to a peak of 9.78 billion in December 2025, before ending at 8.43 billion in September 2026. Concurrently, current liabilities exhibited a steady and more linear increase, rising from 1.11 billion in March 2022 to 2.53 billion by September 2026. This growth in liabilities suggests an expansion of short-term obligations or a shift in working capital requirements over time.
- Current Ratio Fluctuations
- The current ratio maintained a high baseline, peaking at 5.55 in March 2024. For the majority of the period between 2022 and early 2026, the ratio fluctuated between 4.07 and 5.36. These levels suggest an aggressive liquidity cushion, where current assets significantly outweigh current liabilities.
- Recent Liquidity Contraction
- A notable downward shift is observed in the final quarter of the analyzed period. The current ratio declined to 3.33 by September 30, 2026. This decrease is primarily driven by a sharp increase in current liabilities to 2.53 billion, combined with a decrease in current assets to 8.43 billion. Despite this contraction, the ratio remains healthy and suggests that liquidity continues to be sufficient for operational needs.
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Quick Ratio
Intuitive Surgical Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | 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 | 2,978,100) | 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 | 1,064,400) | 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 | 1,721,300) | 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 | 5,763,800) | 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 | 2,533,000) | 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 | 2.28 | 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. | 1.34 | 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 | 1.55 | 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. | 0.66 | 0.70 | 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: 2026-09-30), 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 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,763,800 ÷ 2,533,000 = 2.28
2 Click competitor name to see calculations.
The liquidity position over the analyzed period is characterized by a general downward trajectory in the quick ratio, despite maintaining a strong capacity to cover short-term obligations. The ratio transitioned from a high of 4.44 in September 2023 to a period low of 2.28 by September 2026, indicating a contraction in the margin of liquid safety, although the final value remains well above the conventional threshold of 1.0.
- Quick Ratio Volatility and Trend
- A cyclical pattern is observed between March 2022 and December 2023, with the ratio fluctuating between 3.56 and 4.49. However, starting in 2024, a more pronounced downward trend emerged. The ratio dropped significantly to 3.00 in December 2024 and reached its lowest point of 2.28 in September 2026. This suggests a systematic decrease in the proportion of liquid assets relative to current liabilities over the long term.
- Growth of Current Liabilities
- Current liabilities demonstrate a consistent and steady increase throughout the period. Obligations rose from 1.112 billion USD in March 2022 to 2.533 billion USD in September 2026. This represents a substantial increase in short-term debt or operational payables, which served as the primary driver for the declining quick ratio, particularly in the final quarter where liabilities jumped from 1.922 billion USD to 2.533 billion USD.
- Quick Asset Fluctuations
- Total quick assets exhibit significant volatility without a linear trend. Peaks were reached in September 2023 (7.438 billion USD) and December 2025 (7.462 billion USD). Despite these peaks, the assets ended the period at 5.763 billion USD in September 2026, a decrease from the previous peak and a contributing factor to the sharp decline in the quick ratio during the final reporting period.
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Cash Ratio
Intuitive Surgical Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | 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 | 2,978,100) | 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 | 1,064,400) | 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 | 4,042,500) | 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 | 2,533,000) | 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 | 1.60 | 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. | 0.81 | 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 | 0.88 | 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. | 0.25 | 0.28 | 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: 2026-09-30), 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 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 4,042,500 ÷ 2,533,000 = 1.60
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits a general downward trend in the cash ratio over the analyzed period, moving from a high of 3.86 in September 2023 to a low of 1.60 by September 2026. Despite this decline, the ratio remains above 1.0 throughout the entire timeframe, indicating that the entity consistently maintains sufficient cash assets to cover its current liabilities without relying on the sale of other current assets.
- Cash Asset Volatility
- Total cash assets showed significant fluctuations, peaking at 6,475,700 thousand US dollars in September 2023. Following this peak, cash levels experienced a period of contraction and subsequent volatility, generally oscillating between 4,000,000 and 5,900,000 thousand US dollars. A notable decline is observed in the final quarter of the period, where cash assets fell to 4,042,500 thousand US dollars.
- Expansion of Current Liabilities
- There is a consistent upward trajectory in current liabilities, which grew from 1,112,200 thousand US dollars in March 2022 to 2,533,000 thousand US dollars in September 2026. This growth represents a more than twofold increase in short-term obligations over the period. The most substantial increase occurred in the final quarter, where liabilities rose sharply from 1,922,900 thousand US dollars to 2,533,000 thousand US dollars.
- Cash Ratio Compression
- The cash ratio remained robust and relatively stable between 3.49 and 3.86 from March 2022 through March 2023. A downward shift began in late 2023, with the ratio dipping to 3.15 in December 2023. While the ratio experienced temporary recoveries in 2024 and 2025, it entered a steep decline in 2026. The contraction from a ratio of 2.71 in June 2026 to 1.60 in September 2026 is primarily driven by the simultaneous decrease in cash assets and a sharp spike in current liabilities.
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