Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel

Long-term Activity Ratios (Summary)

Intuitive Surgical Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 2.01 2.62 3.04 2.76 3.52
Net fixed asset turnover (including operating lease, right-of-use asset) 1.97 2.53 2.93 2.66 3.32
Total asset turnover 0.46 0.48 0.42 0.39 0.46
Equity turnover 0.54 0.56 0.48 0.45 0.54

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Intuitive Surgical Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Intuitive Surgical Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Intuitive Surgical Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Intuitive Surgical Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Fixed Asset Turnover

Intuitive Surgical Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 7,124,100 6,222,200 5,710,100 4,358,400 4,478,500
Property, plant, and equipment, net 3,537,600 2,374,200 1,876,400 1,577,300 1,272,900
Long-term Activity Ratio
Net fixed asset turnover1 2.01 2.62 3.04 2.76 3.52
Benchmarks
Net Fixed Asset Turnover, Competitors2
Abbott Laboratories 3.95 4.76 4.81 3.83 3.97
Cigna Group 52.53 47.53 46.73 37.85 34.45
CVS Health Corp. 27.05 24.98 22.56 21.25 21.24
Elevance Health Inc. 39.05 36.07 34.94 34.69 32.92
Humana Inc. 34.75 28.71 26.97 32.05 32.93
Medtronic PLC 5.61 5.85 5.77 5.99 6.54
UnitedHealth Group Inc. 32.10 31.81 31.81 29.64 27.60
Net Fixed Asset Turnover, Sector
Health Care Equipment & Services 23.14 22.49 21.55 20.28 19.95
Net Fixed Asset Turnover, Industry
Health Care 10.13 10.62 10.44 9.62 9.73

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover = Revenue ÷ Property, plant, and equipment, net
= 7,124,100 ÷ 3,537,600 = 2.01

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Intuitive Surgical Inc. net fixed asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Intuitive Surgical Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 7,124,100 6,222,200 5,710,100 4,358,400 4,478,500
 
Property, plant, and equipment, net 3,537,600 2,374,200 1,876,400 1,577,300 1,272,900
Operating lease right-of-use assets (reported as Intangible and other assets, net) 79,300 82,200 74,400 63,900 74,400
Property, plant, and equipment, net (including operating lease, right-of-use asset) 3,616,900 2,456,400 1,950,800 1,641,200 1,347,300
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 1.97 2.53 2.93 2.66 3.32
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Abbott Laboratories 3.56 4.25 4.26 3.42 3.56
Cigna Group 47.75 43.23 41.37 33.46 30.72
CVS Health Corp. 11.72 10.46 9.09 8.04 7.77
Elevance Health Inc. 34.43 31.64 30.12 29.26 27.82
Humana Inc. 29.75 24.76 22.09 27.07 27.22
Medtronic PLC 4.72 5.06 4.84 5.02 6.54
UnitedHealth Group Inc. 22.48 21.54 21.54 19.55 18.97
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Health Care Equipment & Services 15.74 14.87 13.78 12.53 12.33
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Health Care 8.26 8.57 8.28 7.55 7.63

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= 7,124,100 ÷ 3,616,900 = 1.97

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Intuitive Surgical Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

Intuitive Surgical Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 7,124,100 6,222,200 5,710,100 4,358,400 4,478,500
Total assets 15,441,500 12,974,000 13,555,000 11,168,900 9,733,200
Long-term Activity Ratio
Total asset turnover1 0.46 0.48 0.42 0.39 0.46
Benchmarks
Total Asset Turnover, Competitors2
Abbott Laboratories 0.55 0.59 0.57 0.48 0.47
Cigna Group 1.27 1.25 1.11 1.02 0.98
CVS Health Corp. 1.43 1.41 1.25 1.16 1.15
Elevance Health Inc. 1.56 1.51 1.41 1.39 1.33
Humana Inc. 2.24 2.15 1.87 2.17 2.21
Medtronic PLC 0.34 0.35 0.32 0.32 0.34
UnitedHealth Group Inc. 1.34 1.31 1.34 1.30 1.38
Total Asset Turnover, Sector
Health Care Equipment & Services 1.26 1.22 1.13 1.08 1.07
Total Asset Turnover, Industry
Health Care 0.80 0.81 0.76 0.70 0.71

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 7,124,100 ÷ 15,441,500 = 0.46

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Intuitive Surgical Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Equity Turnover

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 7,124,100 6,222,200 5,710,100 4,358,400 4,478,500
Total Intuitive Surgical, Inc. stockholders’ equity 13,307,600 11,041,900 11,901,100 9,731,500 8,263,800
Long-term Activity Ratio
Equity turnover1 0.54 0.56 0.48 0.45 0.54
Benchmarks
Equity Turnover, Competitors2
Abbott Laboratories 1.04 1.19 1.20 1.06 1.03
Cigna Group 4.20 4.00 3.66 3.16 3.36
CVS Health Corp. 4.66 4.53 3.87 3.86 4.00
Elevance Health Inc. 4.33 4.29 3.80 3.64 3.25
Humana Inc. 6.48 6.04 5.15 5.54 5.35
Medtronic PLC 0.61 0.60 0.59 0.57 0.61
UnitedHealth Group Inc. 4.14 4.14 3.98 3.90 4.17
Equity Turnover, Sector
Health Care Equipment & Services 3.43 3.34 3.03 2.91 2.94
Equity Turnover, Industry
Health Care 2.23 2.17 2.10 2.07 2.07

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Equity turnover = Revenue ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 7,124,100 ÷ 13,307,600 = 0.54

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Intuitive Surgical Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.