Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited an initial upward trend starting at 2.76 and rising to a peak of 3.16 by the end of 2020. Subsequently, a consistent decline was observed, with the ratio decreasing steadily over the following years. By the end of the analyzed periods, the ratio dropped to 1.87, reflecting a reduced efficiency in generating sales from fixed assets. This downward tendency suggests either an increase in net fixed assets without proportionate sales growth or a slowdown in asset utilization efficiency.
- Total Asset Turnover
- The total asset turnover ratio remained relatively stable and displayed minor fluctuations over the periods analyzed. Starting at 0.39, the ratio showed a gradual increase, peaking at 0.5 in the latter periods. This gradual improvement indicates a modest enhancement in the company’s ability to generate revenue per dollar of total assets. The slight volatility, however, implies that asset utilization efficiency was maintained at a consistent level without significant improvements or deteriorations.
- Equity Turnover
- The equity turnover ratio presented a pattern similar to total asset turnover, beginning at 0.45 and exhibiting gradual growth to a peak of 0.57 before trending slightly downward again. This suggests that the company improved its ability to generate revenue from shareholders’ equity over time, reaching maximum efficiency around the mid-periods. The slight decrease towards the end may reflect changing capital structure or variations in revenue generation relative to equity levels.
Net Fixed Asset Turnover
Intuitive Surgical Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Revenue | 2,505,100) | 2,440,000) | 2,253,400) | 2,413,500) | 2,038,100) | 2,009,900) | 1,890,600) | 1,928,300) | 1,743,700) | 1,755,900) | 1,696,200) | 1,655,000) | 1,557,400) | 1,522,100) | 1,487,700) | 1,550,700) | 1,403,300) | 1,464,000) | 1,292,100) | 1,329,100) | 1,077,700) | 852,100) | 1,099,500) | |||||||
| Property, plant, and equipment, net | 5,150,900) | 4,985,300) | 4,799,000) | 4,646,600) | 4,433,000) | 4,116,800) | 3,799,600) | 3,537,600) | 3,077,000) | 2,830,800) | 2,580,200) | 2,374,200) | 2,243,700) | 2,109,300) | 1,968,200) | 1,876,400) | 1,737,900) | 1,651,200) | 1,592,900) | 1,577,300) | 1,509,700) | 1,450,300) | 1,369,200) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.87 | 1.83 | 1.82 | 1.80 | 1.77 | 1.84 | 1.93 | 2.01 | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | 3.04 | 3.16 | 3.13 | 2.86 | 2.76 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | — | 3.78 | 3.87 | 3.94 | 3.88 | 3.98 | 3.99 | 3.95 | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | 4.81 | 4.79 | 4.56 | 4.23 | 3.83 | — | — | — | |||||||
| Elevance Health Inc. | 41.50 | 40.49 | 39.35 | 37.66 | 38.33 | 38.30 | 38.32 | 39.05 | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | 34.94 | 34.54 | 34.17 | 34.94 | 34.69 | — | — | — | |||||||
| Medtronic PLC | 5.04 | 5.13 | 5.19 | 5.28 | 5.54 | 5.57 | 5.57 | 5.61 | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | 5.77 | 5.56 | 5.64 | 5.72 | 5.99 | — | — | — | |||||||
| UnitedHealth Group Inc. | — | 38.22 | 37.72 | 37.44 | 38.37 | 38.90 | 35.98 | 32.10 | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | 31.81 | 31.77 | 30.94 | 30.76 | 29.64 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Property, plant, and equipment, net
= (2,505,100 + 2,440,000 + 2,253,400 + 2,413,500)
÷ 5,150,900 = 1.87
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibits a general upward trajectory over the analyzed quarters. Starting at approximately $1.10 billion in the first quarter of 2020, there is an observable dip in mid-2020 followed by a recovery and sustained growth through the end of the period. By the first quarter of 2025, revenue reaches about $2.50 billion, more than doubling from the starting point. This growth is marked by some fluctuations, but the overall pattern indicates strengthening sales performance and expanding market activity.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment steadily increases throughout the period, starting from roughly $1.37 billion in early 2020 and rising to approximately $5.15 billion by the first quarter of 2025. This indicates significant capital investment and asset accumulation, likely reflecting expansion initiatives and capacity upgrades. The growth appears consistent and robust, with no notable interruptions or contractions.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows a declining trend over time. Initial values are missing, but starting from a ratio of approximately 2.76 in late 2020, it steadily decreases each quarter, reaching around 1.87 by the first quarter of 2025. This decline suggests that revenue is not increasing at the same pace as the net fixed assets, implying diminishing efficiency in utilizing fixed assets to generate sales. The consistent downward slope may warrant a strategic review of asset deployment or operational efficiency measures.
Total Asset Turnover
Intuitive Surgical Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Revenue | 2,505,100) | 2,440,000) | 2,253,400) | 2,413,500) | 2,038,100) | 2,009,900) | 1,890,600) | 1,928,300) | 1,743,700) | 1,755,900) | 1,696,200) | 1,655,000) | 1,557,400) | 1,522,100) | 1,487,700) | 1,550,700) | 1,403,300) | 1,464,000) | 1,292,100) | 1,329,100) | 1,077,700) | 852,100) | 1,099,500) | |||||||
| Total assets | 19,351,800) | 20,163,200) | 19,220,400) | 18,743,200) | 17,743,400) | 16,649,900) | 15,828,000) | 15,441,500) | 14,712,700) | 13,903,300) | 13,053,200) | 12,974,000) | 13,260,800) | 13,705,200) | 13,678,400) | 13,555,000) | 12,934,600) | 12,297,000) | 11,540,400) | 11,168,900) | 10,617,500) | 10,103,600) | 9,891,100) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | 0.50 | 0.45 | 0.45 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | 0.42 | 0.42 | 0.42 | 0.39 | 0.39 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | — | 0.51 | 0.52 | 0.52 | 0.55 | 0.56 | 0.56 | 0.55 | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | 0.57 | 0.57 | 0.55 | 0.51 | 0.48 | — | — | — | |||||||
| Elevance Health Inc. | 1.57 | 1.54 | 1.52 | 1.50 | 1.48 | 1.51 | 1.52 | 1.56 | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | 1.41 | 1.35 | 1.33 | 1.29 | 1.39 | — | — | — | |||||||
| Medtronic PLC | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.35 | 0.35 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.32 | 0.29 | 0.29 | 0.30 | 0.32 | — | — | — | |||||||
| UnitedHealth Group Inc. | — | 1.35 | 1.31 | 1.32 | 1.30 | 1.33 | 1.32 | 1.34 | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | 1.34 | 1.30 | 1.29 | 1.27 | 1.30 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Total assets
= (2,505,100 + 2,440,000 + 2,253,400 + 2,413,500)
÷ 19,351,800 = 0.50
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited fluctuations from March 2020 through March 2025, beginning at $1,099,500 thousand and initially declining to $852,100 thousand in June 2020. After this dip, revenue generally increased, with some periodic variations. From March 2021 onward, the revenue trend was predominantly upward, reaching a peak of $2,413,500 thousand in December 2024. Quarterly revenue growth was notable in several intervals, especially from mid-2023 to early 2025, indicating an overall strengthening in sales performance over the analyzed period. Seasonal or cyclical variations appear minimal, with a fairly consistent rise over successive quarters near the latter part of the timeline.
- Total Assets Evolution
- Total assets showed a clear upward trajectory over the period under review. Starting at approximately $9,891,100 thousand in March 2020, total assets steadily increased to a high point of about $20,163,200 thousand in June 2025, before a slight decrease to $19,351,800 thousand in September 2025. This increase suggests consistent investment or asset accumulation, likely supporting the growing scale of operations. The asset base roughly doubled over the five-year span, reflecting expansion and possibly capital expenditures to support revenue growth.
- Total Asset Turnover Ratio Analysis
- The total asset turnover ratio, initially absent from the early data, appeared starting with the September 2020 quarter and remained fairly stable across subsequent quarters. The ratio hovered generally between 0.39 and 0.50, indicating moderate efficiency in using assets to generate revenue. There was a gradual improvement in asset turnover from 0.39 in late 2020 to around 0.50 by September 2025, which points to enhanced operational efficiency over time. This suggests that while total assets increased markedly, the revenue growth managed to keep pace or improve in relation to asset size, reflecting effective asset utilization.
- Overall Observations
- The data reflects a company experiencing considerable growth in both revenue and asset base over the five-year timeframe. The initial revenue decline in early 2020 was followed by consistent recovery and expansion. The steady increase in total assets aligns with the scaling of revenue activities and investments. Importantly, the stable and improving total asset turnover ratio underscores growing efficiency, implying successful management of assets to support revenue generation. The combination of these trends suggests positive operational and financial momentum.
Equity Turnover
Intuitive Surgical Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Revenue | 2,505,100) | 2,440,000) | 2,253,400) | 2,413,500) | 2,038,100) | 2,009,900) | 1,890,600) | 1,928,300) | 1,743,700) | 1,755,900) | 1,696,200) | 1,655,000) | 1,557,400) | 1,522,100) | 1,487,700) | 1,550,700) | 1,403,300) | 1,464,000) | 1,292,100) | 1,329,100) | 1,077,700) | 852,100) | 1,099,500) | |||||||
| Total Intuitive Surgical, Inc. stockholders’ equity | 16,929,700) | 17,845,700) | 17,106,400) | 16,433,700) | 15,583,300) | 14,708,300) | 13,962,600) | 13,307,600) | 12,539,000) | 11,879,100) | 11,217,700) | 11,041,900) | 11,515,400) | 12,023,000) | 12,102,300) | 11,901,100) | 11,410,900) | 10,837,500) | 10,153,500) | 9,731,500) | 9,257,800) | 8,740,500) | 8,506,700) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | 0.57 | 0.51 | 0.51 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | 0.48 | 0.48 | 0.48 | 0.45 | 0.45 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | — | 0.85 | 0.87 | 0.88 | 1.04 | 1.04 | 1.04 | 1.04 | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | 1.20 | 1.23 | 1.19 | 1.11 | 1.06 | — | — | — | |||||||
| Elevance Health Inc. | 4.40 | 4.30 | 4.27 | 4.24 | 3.94 | 4.04 | 4.20 | 4.33 | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | 3.80 | 3.71 | 3.65 | 3.65 | 3.64 | — | — | — | |||||||
| Medtronic PLC | 0.67 | 0.68 | 0.68 | 0.64 | 0.62 | 0.62 | 0.62 | 0.61 | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | 0.59 | 0.55 | 0.56 | 0.56 | 0.57 | — | — | — | |||||||
| UnitedHealth Group Inc. | — | 4.41 | 4.26 | 4.26 | 4.12 | 4.27 | 4.33 | 4.14 | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | 3.98 | 3.95 | 3.92 | 3.94 | 3.90 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2025 Calculation
Equity turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= (2,505,100 + 2,440,000 + 2,253,400 + 2,413,500)
÷ 16,929,700 = 0.57
2 Click competitor name to see calculations.
The financial data reveals several trends and insights in revenue performance, equity levels, and the efficiency of equity utilization over the periods examined.
- Revenue Trends
- Revenue demonstrated a generally positive trajectory from March 2020 through September 2025. Initially, revenue fluctuated in 2020, starting at approximately $1,099,500 thousand, dipping around the mid-year, and increasing towards year-end. From 2021 onward, revenue growth was more consistent, increasing from roughly $1,292,100 thousand in the first quarter of 2021 through $2,503,100 thousand by the fourth quarter of 2025, indicating robust expansion. The pace of revenue increase appears to accelerate notably from 2023 onwards, with several quarters crossing the $2 billion mark, culminating in the peak revenue figure by late 2025.
- Total Stockholders’ Equity
- The total stockholders’ equity steadily increased from about $8,506,700 thousand in March 2020 to a high of $17,845,700 thousand in September 2025. There is a clear upward trend, though some minor declines are noted within 2022 and the final quarter of 2025. The steady equity growth suggests sustained reinvestment and expansion, supporting the growing revenue base. However, the slight decreases observed near the end of the period warrant further investigation to understand underlying causes.
- Equity Turnover Ratio
- The equity turnover ratio, available starting from late 2020, exhibits modest variation with an overall slight downward trend from 0.56 in December 2020 to around 0.51–0.52 range in most quarters of 2023, before a minor increase up to 0.57 by September 2025. This ratio measures how effectively the company is using its equity to generate revenue. The near-stable to slightly declining pattern suggests that while revenue is growing significantly, equity is increasing at a comparable or slightly higher rate, leading to a relatively stable efficiency of equity usage over time.
- Summary Insights
- Overall, the data indicates a company experiencing strong revenue growth coupled with substantial increases in stockholders’ equity. The equity turnover ratio’s stability implies revenue growth is well-supported by equity expansion, without signs of over-leverage or inefficient capital use. The recent minor drop in stockholders’ equity in late 2025 might suggest events affecting equity such as share repurchases, dividends, or losses that merit further detailed analysis.