Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Intuitive Surgical Inc., profitability ratios
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Intuitive Surgical Inc. gross profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Intuitive Surgical Inc. operating profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Intuitive Surgical Inc. net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Intuitive Surgical Inc. ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| ROA | A profitability ratio calculated as net income divided by total assets. | Intuitive Surgical Inc. ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Gross Profit Margin
Intuitive Surgical Inc., gross profit margin calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Gross profit | 4,729,500) | 4,196,000) | 3,958,500) | 2,861,200) | 3,110,200) | |
| Revenue | 7,124,100) | 6,222,200) | 5,710,100) | 4,358,400) | 4,478,500) | |
| Profitability Ratio | ||||||
| Gross profit margin1 | 66.39% | 67.44% | 69.32% | 65.65% | 69.45% | |
| Benchmarks | ||||||
| Gross Profit Margin, Competitors2 | ||||||
| Abbott Laboratories | 50.28% | 51.54% | 52.21% | 50.49% | 52.46% | |
| Cigna Group | 12.37% | 12.44% | 12.41% | 14.43% | 15.57% | |
| CVS Health Corp. | 14.94% | 16.62% | 17.48% | 18.01% | 17.41% | |
| Danaher Corp. | 58.74% | 60.21% | 60.95% | 55.98% | 55.74% | |
| Elevance Health Inc. | 16.79% | 16.79% | 17.09% | 19.71% | 18.77% | |
| Medtronic PLC | 65.67% | 67.98% | 65.19% | 67.41% | 70.04% | |
| Shockwave Medical Inc. | 86.94% | 86.73% | 82.53% | 69.03% | 60.03% | |
| UnitedHealth Group Inc. | 23.64% | 24.09% | 23.60% | 25.62% | 23.19% | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Gross profit margin = 100 × Gross profit ÷ Revenue
= 100 × 4,729,500 ÷ 7,124,100 = 66.39%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Intuitive Surgical Inc. gross profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Operating Profit Margin
Intuitive Surgical Inc., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Income from operations | 1,766,800) | 1,577,100) | 1,821,000) | 1,049,800) | 1,374,500) | |
| Revenue | 7,124,100) | 6,222,200) | 5,710,100) | 4,358,400) | 4,478,500) | |
| Profitability Ratio | ||||||
| Operating profit margin1 | 24.80% | 25.35% | 31.89% | 24.09% | 30.69% | |
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Abbott Laboratories | 16.15% | 19.16% | 19.56% | 15.48% | 14.21% | |
| Cigna Group | 4.40% | 4.69% | 4.60% | 5.12% | 5.31% | |
| CVS Health Corp. | 3.85% | 2.41% | 4.54% | 5.19% | 4.69% | |
| Danaher Corp. | 21.77% | 27.61% | 25.35% | 18.99% | 18.25% | |
| Elevance Health Inc. | 4.47% | 4.94% | 5.15% | 4.97% | 5.49% | |
| Humana Inc. | 3.81% | 4.11% | 3.80% | 6.56% | 4.96% | |
| Medtronic PLC | 17.56% | 18.15% | 14.89% | 16.57% | 20.51% | |
| Shockwave Medical Inc. | 21.79% | 25.35% | -0.37% | -96.86% | -120.76% | |
| UnitedHealth Group Inc. | 8.80% | 8.83% | 8.40% | 8.76% | 8.19% | |
| Operating Profit Margin, Sector | ||||||
| Health Care Equipment & Services | 6.58% | 6.80% | 7.19% | 7.30% | 7.11% | |
| Operating Profit Margin, Industry | ||||||
| Health Care | 9.42% | 13.22% | 13.18% | 10.47% | 12.44% | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Operating profit margin = 100 × Income from operations ÷ Revenue
= 100 × 1,766,800 ÷ 7,124,100 = 24.80%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Intuitive Surgical Inc. operating profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Net Profit Margin
Intuitive Surgical Inc., net profit margin calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income attributable to Intuitive Surgical, Inc. | 1,798,000) | 1,322,300) | 1,704,600) | 1,060,600) | 1,379,300) | |
| Revenue | 7,124,100) | 6,222,200) | 5,710,100) | 4,358,400) | 4,478,500) | |
| Profitability Ratio | ||||||
| Net profit margin1 | 25.24% | 21.25% | 29.85% | 24.33% | 30.80% | |
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Abbott Laboratories | 14.27% | 15.88% | 16.42% | 12.99% | 11.56% | |
| Cigna Group | 2.66% | 3.72% | 3.11% | 5.31% | 3.35% | |
| CVS Health Corp. | 2.34% | 1.29% | 2.72% | 2.68% | 2.59% | |
| Danaher Corp. | 19.94% | 22.91% | 21.84% | 16.36% | 16.80% | |
| Elevance Health Inc. | 3.52% | 3.87% | 4.46% | 3.78% | 4.66% | |
| Humana Inc. | 2.36% | 3.03% | 3.54% | 4.43% | 4.20% | |
| Medtronic PLC | 12.03% | 15.90% | 11.97% | 16.56% | 15.16% | |
| Shockwave Medical Inc. | 20.17% | 44.10% | -3.85% | -96.92% | -119.06% | |
| UnitedHealth Group Inc. | 6.09% | 6.25% | 6.06% | 6.03% | 5.76% | |
| Net Profit Margin, Sector | ||||||
| Health Care Equipment & Services | 4.67% | 5.11% | 5.42% | 5.46% | 5.08% | |
| Net Profit Margin, Industry | ||||||
| Health Care | 8.05% | 10.26% | 10.89% | 7.77% | 10.20% | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Net profit margin = 100 × Net income attributable to Intuitive Surgical, Inc. ÷ Revenue
= 100 × 1,798,000 ÷ 7,124,100 = 25.24%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Intuitive Surgical Inc. net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Return on Equity (ROE)
Intuitive Surgical Inc., ROE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income attributable to Intuitive Surgical, Inc. | 1,798,000) | 1,322,300) | 1,704,600) | 1,060,600) | 1,379,300) | |
| Total Intuitive Surgical, Inc. stockholders’ equity | 13,307,600) | 11,041,900) | 11,901,100) | 9,731,500) | 8,263,800) | |
| Profitability Ratio | ||||||
| ROE1 | 13.51% | 11.98% | 14.32% | 10.90% | 16.69% | |
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Abbott Laboratories | 14.83% | 18.90% | 19.75% | 13.71% | 11.86% | |
| Cigna Group | 11.17% | 14.86% | 11.39% | 16.81% | 11.26% | |
| CVS Health Corp. | 10.91% | 5.84% | 10.54% | 10.35% | 10.39% | |
| Danaher Corp. | 8.91% | 14.39% | 14.24% | 9.17% | 9.94% | |
| Elevance Health Inc. | 15.23% | 16.59% | 16.93% | 13.77% | 15.15% | |
| Humana Inc. | 15.31% | 18.33% | 18.24% | 24.53% | 22.49% | |
| Medtronic PLC | 7.30% | 9.59% | 7.01% | 9.44% | 9.25% | |
| Shockwave Medical Inc. | 22.03% | 42.24% | -3.78% | -29.11% | -26.53% | |
| UnitedHealth Group Inc. | 25.22% | 25.87% | 24.09% | 23.52% | 24.02% | |
| ROE, Sector | ||||||
| Health Care Equipment & Services | 14.26% | 15.27% | 14.95% | 14.48% | 13.84% | |
| ROE, Industry | ||||||
| Health Care | 18.14% | 22.52% | 23.00% | 16.14% | 21.17% | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
ROE = 100 × Net income attributable to Intuitive Surgical, Inc. ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 100 × 1,798,000 ÷ 13,307,600 = 13.51%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Intuitive Surgical Inc. ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Return on Assets (ROA)
Intuitive Surgical Inc., ROA calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income attributable to Intuitive Surgical, Inc. | 1,798,000) | 1,322,300) | 1,704,600) | 1,060,600) | 1,379,300) | |
| Total assets | 15,441,500) | 12,974,000) | 13,555,000) | 11,168,900) | 9,733,200) | |
| Profitability Ratio | ||||||
| ROA1 | 11.64% | 10.19% | 12.58% | 9.50% | 14.17% | |
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Abbott Laboratories | 7.82% | 9.31% | 9.40% | 6.20% | 5.43% | |
| Cigna Group | 3.38% | 4.63% | 3.46% | 5.44% | 3.28% | |
| CVS Health Corp. | 3.34% | 1.82% | 3.39% | 3.11% | 2.98% | |
| Danaher Corp. | 5.64% | 8.55% | 7.73% | 4.79% | 4.85% | |
| Elevance Health Inc. | 5.50% | 5.86% | 6.26% | 5.28% | 6.21% | |
| Humana Inc. | 5.29% | 6.52% | 6.61% | 9.63% | 9.31% | |
| Medtronic PLC | 4.13% | 5.54% | 3.87% | 5.28% | 5.16% | |
| Shockwave Medical Inc. | 9.40% | 33.43% | -2.64% | -24.15% | -22.04% | |
| UnitedHealth Group Inc. | 8.18% | 8.19% | 8.15% | 7.81% | 7.96% | |
| ROA, Sector | ||||||
| Health Care Equipment & Services | 5.52% | 5.89% | 5.80% | 5.53% | 5.15% | |
| ROA, Industry | ||||||
| Health Care | 6.42% | 8.35% | 8.24% | 5.46% | 7.22% | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
ROA = 100 × Net income attributable to Intuitive Surgical, Inc. ÷ Total assets
= 100 × 1,798,000 ÷ 15,441,500 = 11.64%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Intuitive Surgical Inc. ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |