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: 2026-03-31), 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 investment activity ratios reveals a period of shifting asset efficiency and capital utilization from March 2022 through March 2026. While fixed asset efficiency experienced a significant decline in the initial years, overall asset and equity turnover demonstrated resilience and an upward trend toward the end of the period.
- Net Fixed Asset Turnover
- A sustained downward trend is observed from March 2022, where the ratio stood at 3.00, reaching a low of 1.77 by September 2024. This decline suggests a period where investment in fixed assets grew at a faster rate than the resulting revenue generation. However, a gradual recovery is noted starting in December 2024, with the ratio steadily climbing to 1.94 by March 2026, indicating an improvement in the productivity of long-term physical assets.
- Total Asset Turnover
- Total asset turnover remains relatively stable, characterized by minor fluctuations throughout the analyzed period. The ratio rose from 0.43 in March 2022 to 0.49 in March 2023, followed by a slight contraction to 0.44 by September 2024. A positive trajectory is observed in the final quarters, with the ratio increasing to 0.53 by March 2026, reflecting a modest overall increase in the efficiency of the total asset base in generating sales.
- Equity Turnover
- Equity turnover mirrors the patterns seen in total asset turnover, reflecting the efficiency with which shareholder capital is utilized. The ratio increased from 0.49 in March 2022 to a peak of 0.57 in March 2023, before dipping to 0.50 in September 2024. A strong recovery is evident in the final period, with the ratio reaching its highest point of 0.61 by March 2026, signifying enhanced revenue generation relative to the company's equity base.
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Net Fixed Asset Turnover
Intuitive Surgical Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 2,770,800) | 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 | 5,447,900) | 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 | 1.94 | 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 | 3.65 | 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. | 42.58 | 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 | 4.88 | 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: 2026-03-31), 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 Q1 2026 Calculation
Net fixed asset turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Property, plant, and equipment, net
= (2,770,800 + 2,866,200 + 2,505,100 + 2,440,000)
÷ 5,447,900 = 1.94
2 Click competitor name to see calculations.
The analysis of investment activity reveals a period of significant capacity expansion followed by a gradual recovery in asset utilization efficiency. While revenue experienced consistent growth over the observed period, the acceleration of investment in property, plant, and equipment exceeded the rate of revenue growth for several consecutive quarters, leading to a contraction in the net fixed asset turnover ratio.
- Revenue and Asset Growth Trends
- Revenue increased from 1,487,700 thousand US$ in March 2022 to 2,770,800 thousand US$ by March 2026. During the same timeframe, net property, plant, and equipment grew more aggressively, rising from 1,968,200 thousand US$ to 5,447,900 thousand US$. This indicates a strategic decision to significantly expand the fixed asset base to support future operations.
- Net Fixed Asset Turnover Decline
- A sustained downward trend in the net fixed asset turnover ratio is observed from March 2022 through September 2024. The ratio declined from a peak of 3.00 to a low of 1.77. This decline suggests that the company's ability to generate revenue from its fixed assets diminished as the scale of investment grew faster than the corresponding revenue streams, a common occurrence during phases of heavy capital expenditure.
- Stabilization and Efficiency Recovery
- Beginning in the final quarter of 2024, the net fixed asset turnover ratio began a steady recovery, rising from 1.80 in December 2024 to 1.94 by March 2026. This trend indicates that the revenue growth is starting to align more closely with the expanded asset base, suggesting that the investments made in previous years are beginning to yield higher productivity and operational efficiency.
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Total Asset Turnover
Intuitive Surgical Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Revenue | 2,770,800) | 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 | 20,111,000) | 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 | 0.49 | 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 | 0.41 | 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. | 1.58 | 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 | 0.37 | 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: 2026-03-31), 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 Q1 2026 Calculation
Total asset turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Total assets
= (2,770,800 + 2,866,200 + 2,505,100 + 2,440,000)
÷ 20,111,000 = 0.53
2 Click competitor name to see calculations.
An analysis of asset utilization efficiency indicates a period of steady revenue growth coupled with a significant expansion of the asset base, resulting in a relatively stable and ultimately improving total asset turnover ratio over the observed period.
- Revenue Trajectory
- Revenue exhibited a consistent upward trend, increasing from 1,487,700 thousand US$ in March 2022 to 2,770,800 thousand US$ by March 2026. While minor quarterly fluctuations occurred, the overall growth trajectory reflects a substantial increase in top-line performance.
- Asset Base Expansion
- Total assets experienced a general increase, rising from 13,678,400 thousand US$ in March 2022 to 20,111,000 thousand US$ in March 2026. A brief period of contraction was noted during 2022, reaching a low of 12,974,000 thousand US$ in December 2022, followed by a sustained growth phase through 2023, 2024, and 2025.
- Total Asset Turnover Dynamics
- The total asset turnover ratio began at 0.43 and reached an initial peak of 0.49 in March 2023. From June 2023 through June 2025, the ratio entered a period of relative stagnation, fluctuating between 0.44 and 0.47. This pattern suggests that during this interval, the expansion of the asset base closely mirrored revenue growth. However, a significant improvement is observed in the final quarters of the series, with the ratio ascending to 0.53 by March 2026, signaling increased efficiency in generating revenue from the company's invested assets.
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Equity Turnover
Intuitive Surgical Inc., equity turnover calculation (quarterly data)
| 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 | 2,770,800) | 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 | 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 | 0.56 | 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 | 0.87 | 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. | 4.52 | 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 | 0.70 | 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: 2026-03-31), 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 Q1 2026 Calculation
Equity turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= (2,770,800 + 2,866,200 + 2,505,100 + 2,440,000)
÷ 17,474,500 = 0.61
2 Click competitor name to see calculations.
A consistent upward trajectory in revenue is observed from March 31, 2022, through March 31, 2026, with quarterly figures increasing from 1.49 billion US$ to 2.77 billion US$. Concurrently, total stockholders' equity experienced an initial contraction through the end of 2022, reaching a low of 11.04 billion US$ in December 2022, before initiating a sustained growth trend that culminated in 17.47 billion US$ by March 31, 2026.
- Equity Turnover Dynamics
- 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, driven by a combination of rising revenues and a simultaneous decrease in total stockholders' equity. Following this peak, a gradual decline occurred between January 2023 and June 2024, where the ratio receded to 0.51. This contraction indicates that during this period, the growth in the equity base outpaced the growth in revenue generation.
- Stability and Recent Acceleration
- Between June 2024 and June 2025, the equity turnover ratio remained remarkably stable at approximately 0.51, suggesting a period of synchronized growth between revenue and equity. However, a significant acceleration is noted in the final three quarters of the series. The ratio climbed to 0.57 in September 2025 and reached a period high of 0.61 by March 31, 2026, reflecting an improved efficiency in utilizing shareholders' capital to drive top-line growth.
- Asset Utilization Efficiency
- The overall trend indicates that while the company has significantly expanded its equity base—increasing it by approximately 44% from the start of the period—the revenue growth has been more aggressive, resulting in a net increase in equity turnover. The shift from a ratio of 0.49 to 0.61 demonstrates an enhanced capacity to generate sales relative to the invested equity over the long term.
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