Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Intuitive Surgical Inc., long-term (investment) activity ratios
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
| 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 | |
| Shockwave Medical Inc. | 10.59 | 10.17 | 9.73 | 4.14 | 8.74 | |
| UnitedHealth Group Inc. | 32.10 | 31.81 | 31.81 | 29.64 | 27.60 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 23.13 | 22.48 | 21.54 | 20.27 | 19.95 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | 10.07 | 10.50 | 10.29 | 9.54 | 9.64 | |
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
| 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 | |
| Shockwave Medical Inc. | 7.40 | 6.08 | 4.57 | 2.83 | 3.13 | |
| 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 | 15.73 | 14.86 | 13.77 | 12.52 | 12.33 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | 8.24 | 8.48 | 8.17 | 7.50 | 7.58 | |
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
| 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 | |
| Shockwave Medical Inc. | 0.47 | 0.76 | 0.69 | 0.25 | 0.19 | |
| 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
| 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 | |
| Shockwave Medical Inc. | 1.09 | 0.96 | 0.98 | 0.30 | 0.22 | |
| UnitedHealth Group Inc. | 4.14 | 4.14 | 3.98 | 3.90 | 4.17 | |
| Equity Turnover, Sector | ||||||
| Health Care Equipment & Services | 3.43 | 3.33 | 3.03 | 2.91 | 2.94 | |
| Equity Turnover, Industry | ||||||
| Health Care | 2.25 | 2.19 | 2.11 | 2.08 | 2.08 | |
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. |