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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The analysis of long-term activity ratios reveals a distinct cyclical trend in asset utilization and efficiency. An initial period of declining fixed asset efficiency was observed from early 2022 through late 2024, followed by a consistent recovery phase across all measured turnover metrics through September 2026.
- Net Fixed Asset Turnover
- A sustained downward trend is evident from March 31, 2022, where the ratio stood at 3.00, reaching a minimum of 1.77 by September 30, 2024. This contraction suggests a period of significant investment in fixed assets that outpaced revenue growth. However, a reversal occurred starting in December 2024, with the ratio steadily climbing to 2.04 by September 30, 2026, indicating improved efficiency in generating sales from fixed plant and equipment.
- Total Asset Turnover
- The ratio exhibited relative stability between March 2022 and June 2024, fluctuating within a narrow range of 0.43 to 0.49. A notable acceleration in asset productivity began in September 2025, with the ratio rising from 0.50 to 0.60 by September 30, 2026. This upward trajectory suggests a more effective deployment of the overall asset base to drive top-line growth in the latter part of the analyzed period.
- Equity Turnover
- Equity turnover followed a pattern similar to total asset turnover, peaking early at 0.57 in March 2023 before retreating to 0.50 by September 30, 2024. A strong recovery phase is observed from September 2025 onward, culminating in a peak of 0.72 by September 30, 2026. This increase reflects a substantial improvement in the company's ability to generate revenue relative to the shareholders' equity invested.
Overall, the convergence of upward trends in all three ratios starting in late 2024 indicates a transition from a heavy investment phase to an optimization phase. The marked increase in total asset and equity turnover by September 2026 suggests that the investments made in previous years have begun to yield higher operational returns.
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Net Fixed Asset Turnover
Intuitive Surgical Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,048,700) | 2,892,300) | 2,770,800) | 2,866,200) | 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) | ||||||
| Property, plant, and equipment, net | 5,676,200) | 5,551,500) | 5,447,900) | 5,342,400) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.04 | 1.99 | 1.94 | 1.88 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 3.64 | 3.65 | 3.75 | 3.81 | 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 | ||||||
| Elevance Health Inc. | 43.15 | 42.78 | 42.58 | 42.23 | 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 | ||||||
| Medtronic PLC | 4.94 | 4.85 | 4.88 | 4.91 | 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 | ||||||
| UnitedHealth Group Inc. | 40.69 | 41.44 | 41.78 | 41.22 | 38.75 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Property, plant, and equipment, net
= (3,048,700 + 2,892,300 + 2,770,800 + 2,866,200)
÷ 5,676,200 = 2.04
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a distinct two-phase cycle in the utilization of net fixed assets between March 2022 and September 2026.
- Net Fixed Asset Turnover Trend
- A significant decline in the net fixed asset turnover ratio is observed during the initial period, falling from a peak of 3.00 in March 2022 to a trough of 1.77 by September 2023. This downward trajectory indicates that the expansion of the fixed asset base occurred at a faster rate than revenue growth. Following this low point, the ratio entered a steady recovery phase, consistently improving each quarter from December 2023 to reach 2.04 by September 2026.
- Revenue and Asset Base Correlation
- Revenue grew from 1.49 billion in March 2022 to 3.05 billion in September 2026. During the same period, net property, plant, and equipment increased from 1.97 billion to 5.68 billion. The substantial increase in assets, which nearly tripled over the analyzed period, explains the initial compression of the turnover ratio. The later stabilization and gradual increase in the ratio suggest that revenue growth began to align more closely with the expanded productive capacity.
- Operational Efficiency Insights
- The data suggests a transition from a period of aggressive capital investment to a period of asset optimization. The decline in turnover until September 2023 reflects the lead time typical of large-scale infrastructure or equipment deployments. The subsequent upward trend in the turnover ratio indicates an improvement in the efficiency with which these long-term investments are being leveraged to generate sales, signifying that the company is successfully scaling its operations to utilize the increased capacity.
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Total Asset Turnover
Intuitive Surgical Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,048,700) | 2,892,300) | 2,770,800) | 2,866,200) | 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) | ||||||
| Total assets | 19,349,100) | 20,876,600) | 20,111,000) | 20,458,700) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.60 | 0.53 | 0.53 | 0.49 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 0.43 | 0.41 | 0.51 | 0.52 | 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 | ||||||
| Elevance Health Inc. | 1.56 | 1.57 | 1.58 | 1.63 | 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 | ||||||
| Medtronic PLC | 0.39 | 0.38 | 0.38 | 0.37 | 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 | ||||||
| UnitedHealth Group Inc. | 1.42 | 1.44 | 1.43 | 1.43 | 1.36 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Total asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Total assets
= (3,048,700 + 2,892,300 + 2,770,800 + 2,866,200)
÷ 19,349,100 = 0.60
2 Click competitor name to see calculations.
The financial data indicates a period of sustained expansion in both revenue and the asset base, characterized by a significant improvement in operational efficiency toward the end of the observed period. Revenue grew consistently from 1,487,700 thousand dollars in March 2022 to 3,048,700 thousand dollars by September 2026. During the same timeframe, total assets increased from 13,678,400 thousand dollars to 19,349,100 thousand dollars, although this growth was marked by more variability than the revenue stream.
- Revenue Growth Trends
- A strong upward trajectory is evident in revenue, which more than doubled over the analyzed period. Growth was relatively steady until December 2024, where a notable spike to 2,413,500 thousand dollars occurred. The trend continued aggressively through 2025 and 2026, culminating in the peak value of 3,048,700 thousand dollars in September 2026.
- Asset Base Evolution
- The total asset base experienced an initial contraction, reaching a low of 12,974,000 thousand dollars in December 2022. Following this trough, assets entered a period of steady expansion, peaking at 20,876,600 thousand dollars in June 2026 before a slight reduction to 19,349,100 thousand dollars by September 2026.
- Total Asset Turnover Analysis
- The total asset turnover ratio displays three distinct phases. First, an improvement phase occurred from March 2022 to March 2023, with the ratio rising from 0.43 to 0.49. This was followed by a stabilization and slight decline phase between June 2023 and June 2024, where the ratio fluctuated between 0.45 and 0.48. The final phase, starting in September 2025, shows a sharp increase in efficiency, with the ratio climbing from 0.50 to a period high of 0.60 by September 2026.
- Operational Efficiency Insight
- The divergence between the growth rates of revenue and total assets in the latter part of the period is the primary driver of the increasing asset turnover ratio. The acceleration from 0.45 in June 2024 to 0.60 in September 2026 suggests that the company has significantly enhanced its ability to generate sales from its invested capital, indicating higher productivity of the asset base.
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Equity Turnover
Intuitive Surgical Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,048,700) | 2,892,300) | 2,770,800) | 2,866,200) | 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) | ||||||
| Total Intuitive Surgical, Inc. stockholders’ equity | 15,986,200) | 18,168,400) | 17,474,500) | 17,824,000) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 0.72 | 0.61 | 0.61 | 0.56 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 0.91 | 0.87 | 0.85 | 0.86 | 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 | ||||||
| Elevance Health Inc. | 4.46 | 4.43 | 4.52 | 4.50 | 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 | ||||||
| Medtronic PLC | 0.72 | 0.71 | 0.71 | 0.70 | 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 | ||||||
| UnitedHealth Group Inc. | 4.54 | 4.53 | 4.55 | 4.71 | 4.49 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Equity turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= (3,048,700 + 2,892,300 + 2,770,800 + 2,866,200)
÷ 15,986,200 = 0.72
2 Click competitor name to see calculations.
Revenue demonstrates a consistent long-term upward trajectory, increasing from 1.49 billion in March 2022 to 3.05 billion by September 2026. During the same period, stockholders' equity experienced more volatility, generally increasing from 12.1 billion to a peak of 18.17 billion in June 2026 before contracting to 15.99 billion in the final quarter.
- Equity Turnover Trend Analysis
- The equity turnover ratio exhibited three distinct phases over the analyzed period. From March 2022 to December 2022, the ratio rose from 0.49 to 0.56, reflecting a period where revenue growth outpaced the growth of equity, thereby increasing the efficiency of equity utilization.
- Between January 2023 and June 2024, a gradual decline and period of stabilization occurred, with the ratio fluctuating between 0.56 and 0.50. This indicates that the expansion of the equity base during this window grew at a rate that largely neutralized revenue gains in terms of turnover efficiency.
- A significant acceleration in the ratio is observed from March 2026 through September 2026, where turnover climbed from 0.61 to 0.72. This sharp increase is attributed to the convergence of peak revenue levels and a simultaneous reduction in total stockholders' equity, which mathematically amplified the turnover rate.
- Operational Efficiency Insights
- The overall growth in revenue, which more than doubled over the period, suggests strong top-line expansion. The final spike in equity turnover indicates a transition toward a leaner equity structure relative to the volume of business generated, resulting in the highest recorded efficiency of equity utilization by the end of the period.
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