Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Intuitive Surgical Inc., solvency ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity 0.00 0.00 0.00 0.00 0.00
Debt to equity (including operating lease liability) 0.01 0.01 0.01 0.00 0.00
Debt to capital 0.00 0.00 0.00 0.00 0.00
Debt to capital (including operating lease liability) 0.01 0.01 0.01 0.00 0.00
Debt to assets 0.00 0.00 0.00 0.00 0.00
Debt to assets (including operating lease liability) 0.01 0.01 0.01 0.00 0.00
Financial leverage 1.14 1.15 1.18 1.17 1.22
Coverage Ratios
Interest coverage
Fixed charge coverage 93.66 58.48 79.65

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Intuitive Surgical Inc. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Intuitive Surgical Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Intuitive Surgical Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Intuitive Surgical Inc. financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Intuitive Surgical Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Equity

Intuitive Surgical Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total debt
Total Intuitive Surgical, Inc. stockholders’ equity 11,901,100 9,731,500 8,263,800 6,678,800 4,725,200
Solvency Ratio
Debt to equity1 0.00 0.00 0.00 0.00 0.00
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.50 0.57 0.58 0.64 0.90
Abiomed Inc. 0.00 0.00 0.00 0.00 0.04
Bristol-Myers Squibb Co. 1.24 1.34 0.91 0.52 0.68
Cigna Corp. 0.71 0.65 0.83 1.04 0.40
CVS Health Corp. 0.75 0.93 1.07 1.26 0.72
Danaher Corp. 0.49 0.53 0.72 0.35 0.40
Elevance Health Inc. 0.64 0.60 0.63 0.67 0.75
Humana Inc. 0.80 0.51 0.49 0.61 0.51
Medtronic PLC 0.51 0.49 0.51 0.51 0.66
UnitedHealth Group Inc. 0.64 0.66 0.71 0.71 0.66
Debt to Equity, Sector
Health Care Equipment & Services 0.66 0.70 0.74 0.75 0.65
Debt to Equity, Industry
Health Care 0.78 0.89 0.90 0.86 0.79

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 0 ÷ 11,901,100 = 0.00

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.

Debt to Equity (including Operating Lease Liability)

Intuitive Surgical Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total debt
Current operating lease liability (reported as Other accrued liabilities) 20,400 21,900 7,700
Long-term operating lease liability (reported as Other long-term liabilities) 66,600 58,000 68,700
Total debt (including operating lease liability) 87,000 79,900 76,400
 
Total Intuitive Surgical, Inc. stockholders’ equity 11,901,100 9,731,500 8,263,800 6,678,800 4,725,200
Solvency Ratio
Debt to equity (including operating lease liability)1 0.01 0.01 0.01 0.00 0.00
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.54 0.61 0.61 0.64 0.90
Abiomed Inc. 0.00 0.01 0.00 0.00 0.04
Bristol-Myers Squibb Co. 1.27 1.37 0.92 0.52 0.68
Cigna Corp. 0.73 0.67 0.84 1.04 0.40
CVS Health Corp. 1.01 1.23 1.39 1.26 0.72
Danaher Corp. 0.52 0.56 0.74 0.35 0.40
Elevance Health Inc. 0.67 0.63 0.65 0.67 0.75
Humana Inc. 0.84 0.54 0.53 0.61 0.51
Medtronic PLC 0.53 0.51 0.51 0.51 0.66
UnitedHealth Group Inc. 0.70 0.73 0.77 0.71 0.66
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.73 0.78 0.82 0.75 0.65
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.83 0.95 0.96 0.86 0.79

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 87,000 ÷ 11,901,100 = 0.01

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Intuitive Surgical Inc. debt to equity ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Debt to Capital

Intuitive Surgical Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total debt
Total Intuitive Surgical, Inc. stockholders’ equity 11,901,100 9,731,500 8,263,800 6,678,800 4,725,200
Total capital 11,901,100 9,731,500 8,263,800 6,678,800 4,725,200
Solvency Ratio
Debt to capital1 0.00 0.00 0.00 0.00 0.00
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.34 0.36 0.37 0.39 0.47
Abiomed Inc. 0.00 0.00 0.00 0.00 0.03
Bristol-Myers Squibb Co. 0.55 0.57 0.48 0.34 0.40
Cigna Corp. 0.42 0.40 0.45 0.51 0.28
CVS Health Corp. 0.43 0.48 0.52 0.56 0.42
Danaher Corp. 0.33 0.35 0.42 0.26 0.29
Elevance Health Inc. 0.39 0.38 0.39 0.40 0.43
Humana Inc. 0.44 0.34 0.33 0.38 0.34
Medtronic PLC 0.34 0.33 0.34 0.34 0.40
UnitedHealth Group Inc. 0.39 0.40 0.41 0.41 0.40
Debt to Capital, Sector
Health Care Equipment & Services 0.40 0.41 0.43 0.43 0.39
Debt to Capital, Industry
Health Care 0.44 0.47 0.47 0.46 0.44

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 11,901,100 = 0.00

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.

Debt to Capital (including Operating Lease Liability)

Intuitive Surgical Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total debt
Current operating lease liability (reported as Other accrued liabilities) 20,400 21,900 7,700
Long-term operating lease liability (reported as Other long-term liabilities) 66,600 58,000 68,700
Total debt (including operating lease liability) 87,000 79,900 76,400
Total Intuitive Surgical, Inc. stockholders’ equity 11,901,100 9,731,500 8,263,800 6,678,800 4,725,200
Total capital (including operating lease liability) 11,988,100 9,811,400 8,340,200 6,678,800 4,725,200
Solvency Ratio
Debt to capital (including operating lease liability)1 0.01 0.01 0.01 0.00 0.00
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.35 0.38 0.38 0.39 0.47
Abiomed Inc. 0.00 0.01 0.00 0.00 0.03
Bristol-Myers Squibb Co. 0.56 0.58 0.48 0.34 0.40
Cigna Corp. 0.42 0.40 0.46 0.51 0.28
CVS Health Corp. 0.50 0.55 0.58 0.56 0.42
Danaher Corp. 0.34 0.36 0.43 0.26 0.29
Elevance Health Inc. 0.40 0.39 0.40 0.40 0.43
Humana Inc. 0.46 0.35 0.34 0.38 0.34
Medtronic PLC 0.35 0.34 0.34 0.34 0.40
UnitedHealth Group Inc. 0.41 0.42 0.44 0.41 0.40
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.42 0.44 0.45 0.43 0.39
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.45 0.49 0.49 0.46 0.44

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 87,000 ÷ 11,988,100 = 0.01

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Intuitive Surgical Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Debt to Assets

Intuitive Surgical Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total debt
Total assets 13,555,000 11,168,900 9,733,200 7,846,700 5,758,000
Solvency Ratio
Debt to assets1 0.00 0.00 0.00 0.00 0.00
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.24 0.26 0.27 0.29 0.37
Abiomed Inc. 0.00 0.00 0.00 0.00 0.03
Bristol-Myers Squibb Co. 0.41 0.43 0.36 0.21 0.24
Cigna Corp. 0.22 0.21 0.24 0.28 0.09
CVS Health Corp. 0.24 0.28 0.31 0.37 0.28
Danaher Corp. 0.27 0.28 0.35 0.20 0.23
Elevance Health Inc. 0.24 0.23 0.26 0.27 0.28
Humana Inc. 0.29 0.20 0.20 0.25 0.19
Medtronic PLC 0.28 0.27 0.28 0.28 0.34
UnitedHealth Group Inc. 0.22 0.22 0.23 0.24 0.23
Debt to Assets, Sector
Health Care Equipment & Services 0.25 0.26 0.28 0.28 0.26
Debt to Assets, Industry
Health Care 0.28 0.30 0.31 0.30 0.29

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 13,555,000 = 0.00

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.

Debt to Assets (including Operating Lease Liability)

Intuitive Surgical Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total debt
Current operating lease liability (reported as Other accrued liabilities) 20,400 21,900 7,700
Long-term operating lease liability (reported as Other long-term liabilities) 66,600 58,000 68,700
Total debt (including operating lease liability) 87,000 79,900 76,400
 
Total assets 13,555,000 11,168,900 9,733,200 7,846,700 5,758,000
Solvency Ratio
Debt to assets (including operating lease liability)1 0.01 0.01 0.01 0.00 0.00
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.26 0.27 0.28 0.29 0.37
Abiomed Inc. 0.00 0.01 0.00 0.00 0.03
Bristol-Myers Squibb Co. 0.42 0.44 0.37 0.21 0.24
Cigna Corp. 0.22 0.22 0.24 0.28 0.09
CVS Health Corp. 0.33 0.37 0.40 0.37 0.28
Danaher Corp. 0.28 0.29 0.36 0.20 0.23
Elevance Health Inc. 0.25 0.24 0.27 0.27 0.28
Humana Inc. 0.31 0.21 0.22 0.25 0.19
Medtronic PLC 0.29 0.28 0.28 0.28 0.34
UnitedHealth Group Inc. 0.24 0.24 0.26 0.24 0.23
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.28 0.29 0.31 0.28 0.26
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.30 0.32 0.33 0.30 0.29

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 87,000 ÷ 13,555,000 = 0.01

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Intuitive Surgical Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 and from 2020 to 2021.

Financial Leverage

Intuitive Surgical Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Total assets 13,555,000 11,168,900 9,733,200 7,846,700 5,758,000
Total Intuitive Surgical, Inc. stockholders’ equity 11,901,100 9,731,500 8,263,800 6,678,800 4,725,200
Solvency Ratio
Financial leverage1 1.14 1.15 1.18 1.17 1.22
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 2.10 2.21 2.18 2.20 2.47
Abiomed Inc. 1.12 1.14 1.13 1.14 1.22
Bristol-Myers Squibb Co. 3.04 3.13 2.52 2.49 2.86
Cigna Corp. 3.29 3.09 3.44 3.73 4.50
CVS Health Corp. 3.10 3.32 3.48 3.37 2.52
Danaher Corp. 1.84 1.92 2.05 1.70 1.77
Elevance Health Inc. 2.70 2.61 2.44 2.51 2.66
Humana Inc. 2.76 2.55 2.42 2.50 2.76
Medtronic PLC 1.81 1.79 1.79 1.80 1.98
UnitedHealth Group Inc. 2.96 3.01 3.02 2.94 2.91
Financial Leverage, Sector
Health Care Equipment & Services 2.61 2.66 2.66 2.65 2.52
Financial Leverage, Industry
Health Care 2.76 2.94 2.90 2.83 2.68

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 13,555,000 ÷ 11,901,100 = 1.14

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Intuitive Surgical Inc. financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.

Interest Coverage

Intuitive Surgical Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Net income attributable to Intuitive Surgical, Inc. 1,704,600 1,060,600 1,379,300 1,127,900 660,000
Add: Net income attributable to noncontrolling interest 23,500 6,200 2,500 (2,900)
Add: Income tax expense 162,200 140,200 120,400 154,500 436,500
Add: Interest expense
Earnings before interest and tax (EBIT) 1,890,300 1,207,000 1,502,200 1,279,500 1,096,500
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 16.41 10.10 7.09 4.48 3.47
Abiomed Inc. 532.25 259.03
Bristol-Myers Squibb Co. 7.07 -3.84 8.58 33.61 27.18
Cigna Corp. 6.22 8.76 5.11 8.06 15.84
CVS Health Corp. 5.16 4.36 3.96 1.54 8.79
Danaher Corp. 32.92 17.35 31.44 21.92 19.06
Elevance Health Inc. 10.93 8.96 9.02 7.73 6.36
Humana Inc. 11.49 17.52 15.34 10.51 17.61
Medtronic PLC 5.21 4.71 4.60 5.95 5.21
UnitedHealth Group Inc. 14.44 13.47 11.55 12.39 12.82
Interest Coverage, Sector
Health Care Equipment & Services 9.41 6.82 7.11 7.06 9.57
Interest Coverage, Industry
Health Care 12.80 7.88 9.16 8.78 10.60

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,890,300 ÷ 0 =

2 Click competitor name to see calculations.


Fixed Charge Coverage

Intuitive Surgical Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Net income attributable to Intuitive Surgical, Inc. 1,704,600 1,060,600 1,379,300 1,127,900 660,000
Add: Net income attributable to noncontrolling interest 23,500 6,200 2,500 (2,900)
Add: Income tax expense 162,200 140,200 120,400 154,500 436,500
Add: Interest expense
Earnings before interest and tax (EBIT) 1,890,300 1,207,000 1,502,200 1,279,500 1,096,500
Add: Operating lease expense 20,400 21,000 19,100
Earnings before fixed charges and tax 1,910,700 1,228,000 1,521,300 1,279,500 1,096,500
 
Interest expense
Operating lease expense 20,400 21,000 19,100
Fixed charges 20,400 21,000 19,100
Solvency Ratio
Fixed charge coverage1 93.66 58.48 79.65
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories 10.21 6.68 5.14 4.48 3.47
Abiomed Inc. 70.89 71.21 532.25 259.03
Bristol-Myers Squibb Co. 6.01 -3.08 7.10 20.07 17.24
Cigna Corp. 5.61 7.84 4.67 6.35 9.90
CVS Health Corp. 3.03 2.75 2.56 1.27 3.35
Danaher Corp. 10.85 7.10 8.38 8.49 8.14
Elevance Health Inc. 8.48 6.10 7.34 6.28 5.20
Humana Inc. 8.05 12.02 9.76 6.39 10.01
Medtronic PLC 4.31 3.98 3.97 4.87 4.32
UnitedHealth Group Inc. 8.80 8.51 7.65 8.41 8.40
Fixed Charge Coverage, Sector
Health Care Equipment & Services 6.21 4.71 4.99 4.83 5.89
Fixed Charge Coverage, Industry
Health Care 9.06 5.81 6.81 6.52 7.53

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,910,700 ÷ 20,400 = 93.66

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Intuitive Surgical Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.