Intuitive Surgical Inc. (ISRG)
Analysis of Solvency Ratios
Low level of difficulty
Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.
Solvency Ratios (Summary)
Intuitive Surgical Inc., solvency ratios
Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Intuitive Surgical Inc.’s financial leverage ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. |
Debt to Equity
Intuitive Surgical Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | — | — | — | — | — | |
| Total Intuitive Surgical, Inc. stockholders’ equity | 6,678,800 | 4,725,200 | 5,777,800 | 4,319,500 | 3,379,400 | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Becton, Dickinson & Co. | 1.02 | 1.46 | 1.51 | 1.79 | 0.79 | |
| Medtronic PLC | 0.51 | 0.66 | 0.60 | 0.68 | 0.61 | |
| Stryker Corp. | 0.84 | 0.72 | 0.72 | 0.47 | 0.46 | |
| Thermo Fisher Scientific Inc. | 0.69 | 0.83 | 0.77 | 0.59 | 0.71 | |
| UnitedHealth Group Inc. | 0.71 | 0.66 | 0.86 | 0.95 | 0.54 | |
| Debt to Equity, Sector | ||||||
| Health Care Equipment & Services | 0.67 | 0.74 | 0.74 | 0.76 | 0.58 | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.82 | 0.81 | 0.76 | 0.70 | 0.55 | |
Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).
1 2018 Calculation
Debt to equity = Total debt ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 0 ÷ 6,678,800 = 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 Capital
Intuitive Surgical Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | — | — | — | — | — | |
| Total Intuitive Surgical, Inc. stockholders’ equity | 6,678,800 | 4,725,200 | 5,777,800 | 4,319,500 | 3,379,400 | |
| Total capital | 6,678,800 | 4,725,200 | 5,777,800 | 4,319,500 | 3,379,400 | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Becton, Dickinson & Co. | 0.51 | 0.59 | 0.60 | 0.64 | 0.44 | |
| Medtronic PLC | 0.34 | 0.40 | 0.38 | 0.40 | 0.38 | |
| Stryker Corp. | 0.46 | 0.42 | 0.42 | 0.32 | 0.32 | |
| Thermo Fisher Scientific Inc. | 0.41 | 0.45 | 0.44 | 0.37 | 0.41 | |
| UnitedHealth Group Inc. | 0.41 | 0.40 | 0.46 | 0.49 | 0.35 | |
| Debt to Capital, Sector | ||||||
| Health Care Equipment & Services | 0.40 | 0.43 | 0.42 | 0.43 | 0.37 | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.45 | 0.45 | 0.43 | 0.41 | 0.36 | |
Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).
1 2018 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 6,678,800 = 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 Assets
Intuitive Surgical Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total debt | — | — | — | — | — | |
| Total assets | 7,846,700 | 5,758,000 | 6,486,900 | 4,907,300 | 3,959,400 | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Becton, Dickinson & Co. | 0.40 | 0.50 | 0.45 | 0.48 | 0.32 | |
| Medtronic PLC | 0.28 | 0.34 | 0.31 | 0.34 | 0.31 | |
| Stryker Corp. | 0.36 | 0.33 | 0.34 | 0.25 | 0.22 | |
| Thermo Fisher Scientific Inc. | 0.34 | 0.37 | 0.36 | 0.31 | 0.34 | |
| UnitedHealth Group Inc. | 0.24 | 0.23 | 0.27 | 0.29 | 0.20 | |
| Debt to Assets, Sector | ||||||
| Health Care Equipment & Services | 0.29 | 0.31 | 0.31 | 0.32 | 0.26 | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.31 | 0.32 | 0.31 | 0.30 | 0.25 | |
Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).
1 2018 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 7,846,700 = 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. |
Financial Leverage
Intuitive Surgical Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 7,846,700 | 5,758,000 | 6,486,900 | 4,907,300 | 3,959,400 | |
| Total Intuitive Surgical, Inc. stockholders’ equity | 6,678,800 | 4,725,200 | 5,777,800 | 4,319,500 | 3,379,400 | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.17 | 1.22 | 1.12 | 1.14 | 1.17 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Becton, Dickinson & Co. | 2.57 | 2.91 | 3.35 | 3.74 | 2.46 | |
| Medtronic PLC | 1.80 | 1.98 | 1.92 | 2.00 | 1.95 | |
| Stryker Corp. | 2.32 | 2.23 | 2.14 | 1.91 | 2.06 | |
| Thermo Fisher Scientific Inc. | 2.04 | 2.23 | 2.13 | 1.92 | 2.09 | |
| UnitedHealth Group Inc. | 2.94 | 2.91 | 3.21 | 3.29 | 2.66 | |
| Financial Leverage, Sector | ||||||
| Health Care Equipment & Services | 2.30 | 2.39 | 2.38 | 2.39 | 2.25 | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.63 | 2.56 | 2.44 | 2.34 | 2.21 | |
Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).
1 2018 Calculation
Financial leverage = Total assets ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 7,846,700 ÷ 6,678,800 = 1.17
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.’s financial leverage ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
Interest Coverage
Intuitive Surgical Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income attributable to Intuitive Surgical, Inc. | 1,127,900 | 660,000 | 735,900 | 588,800 | 418,800 | |
| Add: Net income attributable to noncontrolling interest | (2,900) | — | — | — | — | |
| Add: Income tax expense | 154,500 | 436,500 | 244,900 | 169,700 | 130,200 | |
| Add: Interest expense | — | — | — | — | — | |
| Earnings before interest and tax (EBIT) | 1,279,500 | 1,096,500 | 980,800 | 758,500 | 549,000 | |
| Solvency Ratio | ||||||
| Interest coverage1 | — | — | — | — | — | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Becton, Dickinson & Co. | 2.66 | 2.87 | 3.77 | 2.99 | 12.27 | |
| Medtronic PLC | 5.95 | 5.21 | 4.13 | 6.23 | 10.78 | |
| Stryker Corp. | 9.92 | 9.35 | 9.43 | 17.06 | 11.27 | |
| Thermo Fisher Scientific Inc. | 5.89 | 5.10 | 5.31 | 5.67 | 5.35 | |
| UnitedHealth Group Inc. | 12.39 | 12.82 | 12.12 | 13.95 | 16.62 | |
| Interest Coverage, Sector | ||||||
| Health Care Equipment & Services | 8.10 | 7.92 | 7.27 | 9.04 | 11.83 | |
| Interest Coverage, Industry | ||||||
| Health Care | 8.71 | 8.71 | 9.62 | 11.68 | 15.13 | |
Based on: 10-K (filing date: 2019-02-04), 10-K (filing date: 2018-02-02), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-02), 10-K (filing date: 2015-02-06).
1 2018 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,279,500 ÷ 0 = —
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. |