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: 2025-06-30), 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 shows a declining trend from the beginning of the observed period in March 31, 2020. Initially, the ratio increased from 2.76 to a peak of 3.16 by December 31, 2020. After this peak, there is a consistent decrease in the turnover ratio through to June 30, 2025, reaching 1.83. This indicates a gradual reduction in the efficiency with which the company is using its fixed assets to generate sales, potentially reflecting increased asset base or declining sales relative to these assets over time.
- Total Asset Turnover
- The total asset turnover ratio begins at 0.39 at March 31, 2020 and generally trends upward until reaching a peak of 0.49 by March 31, 2023. Following this peak, the ratio stabilizes and then slightly decreases and maintains a level around 0.44 to 0.45 through mid-2025. This evolution suggests an initial improvement in the efficiency of asset utilization to produce revenue, followed by a plateau and marginal decline, which may indicate challenges in generating incremental sales from the company’s asset base in the most recent periods.
- Equity Turnover
- The equity turnover ratio demonstrates a steady increase from 0.45 in March 31, 2020 to a high of 0.57 by March 31, 2023. Subsequently, it exhibits a gradual decline stabilizing around 0.50 to 0.51 through to June 30, 2025. This pattern indicates that the company improved its efficiency in using shareholders’ equity to generate revenue initially, with a slight reduction and relative stabilization in this efficiency metric thereafter. The post-peak plateau suggests the company may be experiencing limits in leveraging equity effectively beyond a certain point.
Net Fixed Asset Turnover
Intuitive Surgical Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 2,440,000) | 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 | 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 | 1.83 | 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. | 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 | 5.13 | 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: 2025-06-30), 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 Q2 2025 Calculation
Net fixed asset turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Property, plant, and equipment, net
= (2,440,000 + 2,253,400 + 2,413,500 + 2,038,100)
÷ 4,985,300 = 1.83
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue generally shows an upward trajectory over the analyzed periods, with some fluctuations in the earlier quarters. Starting from approximately 1,099,500 thousand USD at the beginning of 2020, revenue dips in mid-2020 but recovers by the end of that year. From 2021 onward, revenue displays consistent growth, rising from around 1,292,100 thousand USD at Q1 2021 to reach a peak of 2,413,500 thousand USD by Q4 2024. Slight decreases or stable periods are noted occasionally, such as the slight dip from Q3 to Q4 in 2023, but the overall pattern indicates strong revenue growth year-on-year.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment shows a steady and significant increase throughout the period. Beginning at 1,369,200 thousand USD in early 2020, there is a consistent upward trend without any visible declines, reaching almost 4,985,300 thousand USD by mid-2025. This indicates ongoing capital investment and asset accumulation, approximately tripling in value over the analysis horizon. The continued expansion suggests scaling of operational capacity or substantial investments in fixed assets.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from Q4 2020, initially rises, peaking around 3.16 in Q4 2021. Following this peak, the ratio enters a pronounced declining phase, steadily dropping to approximately 1.83 by Q2 2025. This decline suggests that while revenues are growing, the growth in net fixed assets is outpacing revenue increases, resulting in less efficient use of fixed assets relative to revenue generation over time. The early rise in turnover ratio implies initial gains in asset utilization efficiency before the subsequent downward trend.
- Overall Analysis
- The data reveals dynamic growth patterns in both revenue and fixed assets, coupled with a changing efficiency landscape. The substantial increase in property, plant, and equipment aligns with expanding business operations, but the declining fixed asset turnover indicates potential diminishing returns on those assets or a lag in revenue growth relative to asset investment. Management may need to evaluate asset deployment strategies to optimize utilization as asset base expands. The steady revenue growth underlines strong market performance, yet the asset efficiency decline merits attention for sustaining profitability in the long term.
Total Asset Turnover
Intuitive Surgical Inc., total asset turnover calculation (quarterly data)
| 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 | 2,440,000) | 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 | 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 | 0.45 | 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. | 1.54 | 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 | 0.36 | 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: 2025-06-30), 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 Q2 2025 Calculation
Total asset turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Total assets
= (2,440,000 + 2,253,400 + 2,413,500 + 2,038,100)
÷ 20,163,200 = 0.45
2 Click competitor name to see calculations.
The financial data over the indicated periods reveals several notable trends in key metrics such as revenue, total assets, and total asset turnover. These trends provide insights into the operational efficiency and asset utilization dynamics throughout the timeframe.
- Revenue Trends
- Revenue shows an overall upward trajectory from the beginning to the end of the period. Initial quarters demonstrate some volatility, with a dip in the second quarter of 2020, likely reflecting external market or operational challenges. However, starting in early 2021, revenue consistently increases both quarter-over-quarter and year-over-year, reaching its highest values in the final quarters of the dataset. The growth peaks strongly in the last year, particularly in late 2024 and early 2025, indicating solid sales performance and expanded market activity.
- Total Assets
- Total assets steadily increase throughout the entire timeframe. From approximately 9.9 billion USD at the start of 2020, they rise to over 20 billion USD by mid-2025. The growth is relatively consistent with moderate quarter-to-quarter increments, suggesting ongoing investments, asset acquisitions, or appreciation of existing assets. Notably, there is a slight decline in total assets during mid to late 2022, which could indicate asset disposals, write-downs, or strategic adjustments, but the upward trend resumes strongly thereafter.
- Total Asset Turnover
- Total asset turnover ratios, available from late 2020 onwards, indicate a gradual improvement in asset utilization. Starting from approximately 0.39, the ratio increases steadily to reach a peak near 0.49 during 2023, representing enhanced efficiency in generating revenue from asset base. Following this peak, the ratio experiences mild fluctuations but remains relatively stable around 0.44 to 0.45 through early 2025. This pattern suggests initial improvements in operational efficiency, with a plateau in recent periods implying that gains in asset productivity have been maintained but not significantly increased.
In summary, the data reflects strong revenue growth supported by a progressively expanding asset base. The improvement in total asset turnover through 2023 highlights enhanced operational efficiency, although recent periods show stabilization rather than continued improvement. This combination of increased assets and efficient asset usage suggests effective management strategies aimed at scaling operations while maintaining productive asset deployment.
Equity Turnover
Intuitive Surgical Inc., equity turnover calculation (quarterly data)
| 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 | 2,440,000) | 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 | 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 | 0.51 | 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. | 4.30 | 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 | 0.68 | 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: 2025-06-30), 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 Q2 2025 Calculation
Equity turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= (2,440,000 + 2,253,400 + 2,413,500 + 2,038,100)
÷ 17,845,700 = 0.51
2 Click competitor name to see calculations.
- Revenue Trends
- The quarterly revenue exhibited notable fluctuations initially, with a decline observed from US$1,099,500 thousand in March 2020 to US$852,100 thousand in June 2020. Following this, revenue showed a general upward trend, reaching US$1,329,100 thousand by December 2020. Throughout 2021 and 2022, revenue continued to grow steadily, exceeding US$1,650,000 thousand in the fourth quarter of 2022. The upward momentum persisted in 2023 and into 2024, with quarterly revenues surpassing US$2,400,000 thousand by the last reported quarter, indicating a robust growth trajectory over the five-year period.
- Stockholders’ Equity Movements
- Stockholders’ equity consistently increased over the examined timeframe, reflecting ongoing accumulation of retained earnings and possibly other equity injections. Starting from approximately US$8,506,700 thousand in early 2020, equity advanced steadily, reaching about US$11,041,900 thousand by the end of 2022. Growth accelerated in 2023 and 2024, ultimately topping US$17,845,700 thousand by the last quarter reported. This upward trend signifies strengthened financial positioning and increased net asset value attributable to shareholders.
- Equity Turnover Ratio Patterns
- The equity turnover ratio, which measures how efficiently the company uses shareholder equity to generate revenue, was first documented at 0.45 in the third quarter of 2020 and maintained this level through the fourth quarter of 2020. Subsequently, a gradual increase occurred, peaking at 0.57 in the second quarter of 2023. After this peak, the ratio stabilized slightly lower, fluctuating around 0.50 to 0.56 through the end of 2025. This pattern suggests modest improvements in equity utilization efficiency, accompanied by stabilization in recent quarters.
- Overall Insights
- The data reveals a firm experiencing strong revenue growth alongside expanding equity, indicative of solid business expansion and value creation for stockholders. The rise and stabilization of the equity turnover ratio support the interpretation that while the company is growing its equity base, it maintains a relatively efficient deployment of these funds to generate revenues. No significant declines or volatility were observed in equity or turnover metrics beyond the initial pandemic-related revenue dip, reflecting resilience and effective management in adapting to changing conditions.