Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Enterprise Value to EBITDA (EV/EBITDA)
- Market Value Added (MVA)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Income Taxes
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Short-term Activity Ratios (Summary)
Intuitive Surgical Inc., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Intuitive Surgical Inc. inventory turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Intuitive Surgical Inc. receivables turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Intuitive Surgical Inc. payables turnover ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Intuitive Surgical Inc. working capital turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Intuitive Surgical Inc. number of days of inventory outstanding deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Intuitive Surgical Inc. number of days of receivables outstanding improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Intuitive Surgical Inc. operating cycle deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Intuitive Surgical Inc. cash conversion cycle deteriorated from 2018 to 2019 and from 2019 to 2020. |
Inventory Turnover
Intuitive Surgical Inc., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Cost of revenue | ||||||
| Inventory | ||||||
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | ||||||
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| Inventory Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Inventory Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Inventory turnover = Cost of revenue ÷ Inventory
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Intuitive Surgical Inc. inventory turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020. |
Receivables Turnover
Intuitive Surgical Inc., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Accounts receivable, net of allowances | ||||||
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | ||||||
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Anthem Inc. | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| UnitedHealth Group Inc. | ||||||
| Receivables Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Receivables Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Receivables turnover = Revenue ÷ Accounts receivable, net of allowances
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Intuitive Surgical Inc. receivables turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Payables Turnover
Intuitive Surgical Inc., payables turnover calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Cost of revenue | ||||||
| Accounts payable | ||||||
| Short-term Activity Ratio | ||||||
| Payables turnover1 | ||||||
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Anthem Inc. | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| UnitedHealth Group Inc. | ||||||
| Payables Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Payables Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Payables turnover = Cost of revenue ÷ Accounts payable
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Intuitive Surgical Inc. payables turnover ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Working Capital Turnover
Intuitive Surgical Inc., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current assets | ||||||
| Less: Current liabilities | ||||||
| Working capital | ||||||
| Revenue | ||||||
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | ||||||
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Anthem Inc. | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| UnitedHealth Group Inc. | ||||||
| Working Capital Turnover, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Working Capital Turnover, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Working capital turnover = Revenue ÷ Working capital
= ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Intuitive Surgical Inc. working capital turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Average Inventory Processing Period
Intuitive Surgical Inc., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| Average Inventory Processing Period, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Average Inventory Processing Period, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Intuitive Surgical Inc. number of days of inventory outstanding deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020. |
Average Receivable Collection Period
Intuitive Surgical Inc., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Anthem Inc. | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| UnitedHealth Group Inc. | ||||||
| Average Receivable Collection Period, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Average Receivable Collection Period, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Intuitive Surgical Inc. number of days of receivables outstanding improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Operating Cycle
Intuitive Surgical Inc., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | ||||||
| Average receivable collection period | ||||||
| Short-term Activity Ratio | ||||||
| Operating cycle1 | ||||||
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| Operating Cycle, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Operating Cycle, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Intuitive Surgical Inc. operating cycle deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level. |
Average Payables Payment Period
Intuitive Surgical Inc., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Anthem Inc. | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| UnitedHealth Group Inc. | ||||||
| Average Payables Payment Period, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Average Payables Payment Period, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. |
Cash Conversion Cycle
Intuitive Surgical Inc., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | ||||||
| Average receivable collection period | ||||||
| Average payables payment period | ||||||
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | ||||||
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| Abbott Laboratories | ||||||
| Becton, Dickinson & Co. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| CVS Health Corp. | ||||||
| Danaher Corp. | ||||||
| Edwards Lifesciences Corp. | ||||||
| HCA Healthcare Inc. | ||||||
| Medtronic PLC | ||||||
| Stryker Corp. | ||||||
| Cash Conversion Cycle, Sector | ||||||
| Health Care Equipment & Services | ||||||
| Cash Conversion Cycle, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 2020 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Intuitive Surgical Inc. cash conversion cycle deteriorated from 2018 to 2019 and from 2019 to 2020. |