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: 2026-06-30), 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 investment activity ratios exhibit a distinct two-phase trend characterized by a period of declining efficiency in asset utilization followed by a steady recovery. While total asset and equity turnover remained relatively stable, the net fixed asset turnover experienced significant volatility, suggesting a substantial phase of capital investment that preceded a subsequent increase in revenue generation efficiency.
- Net Fixed Asset Turnover
- A pronounced downward trend is observed from March 2022, where the ratio stood at 3.00, declining consistently to a trough of 1.77 by September 2024. This contraction indicates that the growth in net fixed assets outpaced the growth in revenue during this period, often characteristic of aggressive capacity expansion or significant infrastructure investment. Starting in December 2024, a reversal occurred, with the ratio climbing incrementally to 1.99 by June 2026, signaling improved utilization of these fixed assets.
- Total Asset Turnover
- This ratio demonstrated moderate stability with slight fluctuations. After an initial increase from 0.43 in March 2022 to a peak of 0.49 in March 2023, the ratio entered a period of slight decline, reaching 0.44 in September 2024. A positive trajectory emerged in late 2025, with the ratio ascending to 0.53 by June 2026, indicating an overall improvement in the efficiency of the entire asset base in generating sales.
- Equity Turnover
- The equity turnover ratio closely mirrored the movements of total asset turnover. It rose from 0.49 in March 2022 to 0.57 in March 2023, before dipping to 0.50 by September 2024. The subsequent recovery was more pronounced than that of total asset turnover, with the ratio reaching a period high of 0.61 by mid-2026. This suggests an increasing ability to generate revenue relative to the shareholders' equity invested in the company.
In summary, the synchronization of the recovery across all three ratios starting in late 2024 suggests that previous capital expenditures began to yield operational returns. The transition from declining to increasing turnover ratios across the board indicates a shift from an investment-heavy phase to a phase of optimized revenue realization.
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Net Fixed Asset Turnover
Intuitive Surgical Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | 5,551,500) | 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 | 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. | 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 | 4.85 | 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. | — | 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: 2026-06-30), 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 Q2 2026 Calculation
Net fixed asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property, plant, and equipment, net
= (2,892,300 + 2,770,800 + 2,866,200 + 2,505,100)
÷ 5,551,500 = 1.99
2 Click competitor name to see calculations.
The analysis of the investment activity ratios reveals a period of significant capital expansion and a subsequent phase of operational alignment. While revenue has grown steadily over the observed period, the pace of investment in property, plant, and equipment exceeded revenue growth in the early stages, leading to a decline in asset efficiency before a gradual recovery began.
- Revenue Trajectory
- Revenue exhibited a consistent long-term upward trend, rising from 1,487,700 thousand US dollars in March 2022 to 2,892,300 thousand US dollars by June 2026. Despite minor quarterly fluctuations, the overall growth trajectory reflects a substantial increase in top-line performance over the four-year period.
- Fixed Asset Expansion
- Net property, plant, and equipment grew aggressively, increasing from 1,968,200 thousand US dollars in March 2022 to 5,551,500 thousand US dollars by June 2026. This represents a nearly threefold increase in the net book value of fixed assets, indicating a period of heavy capital investment in infrastructure or production capacity.
- Net Fixed Asset Turnover Trends
- The net fixed asset turnover ratio experienced two distinct phases. From March 2022 to June 2024, the ratio declined steadily from 3.00 to 1.84. This downward trend indicates that the expansion of the asset base outpaced the corresponding growth in revenue, resulting in a temporary reduction in the efficiency of fixed asset utilization. Starting in September 2024, the ratio began a gradual recovery, climbing back to 1.99 by June 2026. This reversal suggests that revenue growth began to align more closely with the previously deployed capital, improving the productivity of the invested assets.
In summary, the financial data indicates a strategic cycle of heavy capital expenditure followed by an incremental improvement in asset productivity. The transition from a declining turnover ratio to a recovering one suggests that the company is beginning to realize the operational benefits of its expanded fixed asset base.
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Total Asset Turnover
Intuitive Surgical Inc., total asset turnover calculation (quarterly data)
| 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 | 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 | 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 | 0.53 | 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. | 1.57 | 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 | 0.38 | 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. | — | 1.43 | 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: 2026-06-30), 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 Q2 2026 Calculation
Total asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total assets
= (2,892,300 + 2,770,800 + 2,866,200 + 2,505,100)
÷ 20,876,600 = 0.53
2 Click competitor name to see calculations.
The analysis of investment activity reveals a consistent upward trajectory in both revenue and total assets from March 2022 through June 2026, with the total asset turnover ratio reflecting shifting levels of operational efficiency over the observed period.
- Revenue and Asset Growth Trends
- Revenue demonstrated sustained growth, increasing from 1,487,700 thousand USD in March 2022 to 2,892,300 thousand USD by June 2026. During the same timeframe, total assets expanded from 13,678,400 thousand USD to 20,876,600 thousand USD. This concurrent growth indicates a significant expansion of the resource base to support increasing sales volume.
- Asset Turnover Efficiency Analysis
- The total asset turnover ratio initially exhibited an improving trend, rising from 0.43 in March 2022 to a peak of 0.49 in March 2023. This suggests an initial phase of high productivity where revenue grew faster than the asset base. However, a subsequent moderate decline was observed between June 2023 and June 2024, with the ratio reaching a low of 0.44, indicating a period where asset accumulation temporarily outpaced revenue generation.
- Recent Performance and Recovery
- A distinct upward shift in efficiency is observed starting in September 2025, as the ratio climbed to 0.50 and eventually stabilized at 0.53 by the first half of 2026. This final phase represents the highest level of asset productivity in the analyzed period, suggesting that recent investments have reached a stage of higher operational leverage and more effective revenue conversion.
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Equity Turnover
Intuitive Surgical Inc., equity turnover calculation (quarterly data)
| 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 | 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 | 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 | 0.61 | 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. | 4.43 | 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 | 0.71 | 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. | — | 4.55 | 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: 2026-06-30), 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 Q2 2026 Calculation
Equity turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= (2,892,300 + 2,770,800 + 2,866,200 + 2,505,100)
÷ 18,168,400 = 0.61
2 Click competitor name to see calculations.
The financial data indicates a sustained expansion in both top-line revenue and the stockholders' equity base over the analyzed period, with the equity turnover ratio reflecting fluctuating levels of asset utilization efficiency.
- Revenue Trajectory
- A consistent upward trend in revenue is observed, growing from 1,487,700 thousand USD in March 2022 to 2,892,300 thousand USD by June 2026. This growth is characterized by steady quarterly increments, with a notable acceleration in the latter half of 2024 and throughout 2025, suggesting an expanding market presence or increased product adoption.
- Stockholders' Equity Evolution
- The equity base experienced an initial contraction, declining from 12,102,300 thousand USD in March 2022 to a low of 11,041,900 thousand USD in December 2022. Following this period, a steady and prolonged increase is observed, with equity reaching 18,168,400 thousand USD by June 2026. This suggests a strategic accumulation of retained earnings or capital injections over the long term.
- Equity Turnover Dynamics
- The equity turnover ratio demonstrates three distinct phases. First, an improvement phase occurred between March 2022 and March 2023, where the ratio rose from 0.49 to 0.57, driven by increasing revenues against a declining equity base. Second, a stabilization phase followed from June 2023 to March 2025, during which the ratio fluctuated narrowly between 0.50 and 0.56; during this period, the growth in stockholders' equity largely mirrored the growth in revenue, keeping efficiency constant. Third, a final acceleration phase is evident from June 2025 through June 2026, with the ratio climbing to a peak of 0.61, indicating that revenue growth began to outpace the expansion of the equity base.
Overall, the increase in the equity turnover ratio toward the end of the period signifies an improvement in the company's ability to generate sales from its shareholders' investments. The transition from a ratio of 0.49 to 0.61 over the observed timeframe reflects an overall enhancement in operational efficiency relative to the invested capital.
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