Analysis of Short-term (Operating) 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.
Short-term Activity Ratios (Summary)
Intuitive Surgical Inc., short-term (operating) 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).
An analysis of the short-term activity ratios reveals a significant expansion in the operational cycle, primarily driven by a decline in inventory efficiency over the observed period.
- Inventory Management Efficiency
- A consistent downward trend in inventory turnover is observed, declining from 2.82 in March 2022 to a low of 1.75 by September 2024, before stabilizing around 1.83. This contraction in turnover corresponds with a substantial increase in the average inventory processing period, which rose from 130 days to a peak of 208 days in September 2024. This indicates a slower movement of goods and a longer duration of capital tied up in inventory.
- Receivables and Payables Performance
- The receivables turnover remains relatively stable, fluctuating between 6.30 and 7.63. The average receivable collection period shows consistent performance, remaining largely within the 48 to 58-day range. Conversely, payables turnover exhibits more volatility, with the average payables payment period remaining short, generally ranging between 25 and 35 days, suggesting a rapid settlement of short-term obligations to suppliers.
- Operating Cycle and Working Capital
- The operating cycle experienced a marked expansion, increasing from 186 days in March 2022 to a peak of 261 days in September 2024, eventually settling at 254 days by March 2026. This trend is directly correlated with the lengthening of the inventory processing period. Working capital turnover remained relatively low throughout the period but showed a gradual upward trend toward the end of the series, reaching 1.53 by March 2026.
- Cash Conversion Cycle (CCC)
- The cash conversion cycle demonstrates a clear upward trajectory, rising from 161 days in March 2022 to a peak of 230 days in September 2024. Although there was a slight moderation in 2025, the cycle remained elevated, ending at 220 days in March 2026. This expansion reflects an overall decrease in liquidity efficiency, as the company requires more time to convert its investments in inventory and receivables back into cash.
AI Ask an analyst for more
Turnover Ratios
Average No. Days
Inventory Turnover
Intuitive Surgical Inc., inventory 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) | |||||||||||||||||||||||
| Cost of revenue | 940,300) | 961,900) | 842,700) | 822,100) | 795,700) | 771,300) | 664,200) | 637,200) | 645,200) | 650,900) | 576,500) | 584,000) | 583,200) | 544,100) | 505,300) | 498,800) | 478,000) | ||||||
| Inventory | 1,945,100) | 1,840,000) | 1,781,900) | 1,667,000) | 1,553,600) | 1,487,200) | 1,481,700) | 1,383,900) | 1,299,300) | 1,220,600) | 1,147,500) | 1,005,200) | 946,600) | 893,200) | 837,100) | 724,000) | 653,000) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Inventory turnover1 | 1.83 | 1.86 | 1.81 | 1.83 | 1.85 | 1.83 | 1.75 | 1.81 | 1.89 | 1.96 | 1.99 | 2.21 | 2.25 | 2.27 | 2.36 | 2.62 | 2.82 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 2.82 | 2.98 | 2.88 | 2.73 | 2.82 | 3.02 | 2.69 | 2.67 | 2.65 | 2.74 | 2.71 | 2.62 | 2.77 | 3.10 | 3.37 | 3.24 | 3.36 | ||||||
| Medtronic PLC | 2.02 | 2.12 | 2.06 | 2.11 | 2.10 | 2.15 | 1.95 | 1.92 | 1.91 | 2.03 | 1.92 | 2.00 | 2.09 | 2.20 | 2.26 | 2.38 | 2.47 | ||||||
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
Inventory turnover
= (Cost of revenueQ1 2026
+ Cost of revenueQ4 2025
+ Cost of revenueQ3 2025
+ Cost of revenueQ2 2025)
÷ Inventory
= (940,300 + 961,900 + 842,700 + 822,100)
÷ 1,945,100 = 1.83
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a period of significant expansion in inventory investment paired with a steady increase in the cost of revenue. While both metrics grew substantially between March 2022 and March 2026, the rate of inventory accumulation exceeded the growth of revenue costs, resulting in a notable shift in inventory efficiency.
- Inventory Asset Expansion
- A consistent upward trajectory in inventory levels is observed, increasing from US$653 million in March 2022 to US$1.945 billion by March 2026. This represents a near-tripling of the inventory balance over the analyzed period, indicating a substantial increase in capital committed to stock.
- Cost of Revenue Trends
- The cost of revenue exhibited a steady climb from US$478 million in March 2022 to US$940.3 million in March 2026. While this growth reflects scaled operational activity, the trajectory was less aggressive than the expansion of the inventory base.
- Inventory Turnover Dynamics
- The inventory turnover ratio experienced a pronounced decline during the first half of the period, falling from 2.82 in March 2022 to 1.75 in September 2024. This trend indicates a decrease in the velocity of inventory movement. However, following September 2024, the ratio entered a phase of stabilization, oscillating narrowly between 1.75 and 1.86 through March 2026, suggesting the establishment of a new operational baseline for inventory management.
AI Ask an analyst for more
Receivables Turnover
Intuitive Surgical Inc., receivables turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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) | ||||||
| Accounts receivable, net | 1,595,600) | 1,527,300) | 1,259,700) | 1,269,200) | 1,221,500) | 1,225,400) | 1,153,000) | 1,109,100) | 1,127,900) | 1,130,200) | 962,700) | 904,200) | 925,300) | 942,100) | 849,600) | 838,500) | 906,100) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Receivables turnover1 | 6.63 | 6.59 | 7.63 | 7.21 | 7.13 | 6.82 | 6.82 | 6.83 | 6.49 | 6.30 | 7.12 | 7.37 | 6.95 | 6.60 | 7.20 | 7.11 | 6.52 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 5.50 | 5.59 | 5.39 | 5.41 | 5.78 | 6.06 | 5.85 | 5.94 | 6.11 | 6.11 | 6.15 | 6.52 | 6.89 | 7.02 | 7.03 | 6.33 | 6.20 | ||||||
| Elevance Health Inc. | 14.30 | 16.34 | 16.80 | 14.83 | 14.42 | 18.00 | 19.84 | 17.60 | 15.98 | 18.08 | 17.93 | 18.82 | 16.53 | 18.81 | 19.51 | 18.80 | 16.67 | ||||||
| Medtronic PLC | 5.46 | 5.15 | 5.43 | 5.27 | 5.42 | 5.28 | 5.42 | 5.39 | 5.44 | 5.21 | 5.23 | 5.48 | 5.85 | 5.71 | 5.84 | 5.79 | 5.82 | ||||||
| UnitedHealth Group Inc. | — | 19.27 | 18.98 | 17.29 | 15.03 | 17.66 | 19.43 | 16.49 | 13.80 | 17.27 | 17.23 | 19.23 | 14.88 | 18.22 | 18.37 | 16.27 | 15.65 | ||||||
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
Receivables turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Accounts receivable, net
= (2,770,800 + 2,866,200 + 2,505,100 + 2,440,000)
÷ 1,595,600 = 6.63
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through March 2026 is characterized by consistent growth in both total revenue and net accounts receivable. Revenue expanded from approximately 1.49 billion USD to 2.77 billion USD over the period, while accounts receivable increased from 906.1 million USD to 1.59 billion USD. This indicates a proportional scaling of credit sales in alignment with top-line expansion.
- Receivables Turnover Stability
- The receivables turnover ratio generally fluctuated within a range of 6.30 to 7.63. Despite periodic volatility, the ratio maintained a baseline above 6.0, indicating a relatively consistent efficiency in converting credit sales into cash throughout the analyzed period.
- Seasonal Variance
- A recurring pattern of decline in the turnover ratio is observed during the fourth quarter of the calendar year. Notable dips occurred in December 2022 (6.60), December 2023 (6.30), and December 2025 (6.59), suggesting a seasonal increase in outstanding receivables or a cyclical shift in collection timing at year-end.
- Peak Efficiency and Recent Trends
- The highest level of collection efficiency was recorded in September 2025, with the ratio peaking at 7.63. However, this was followed by a significant decline to 6.59 in December 2025, coinciding with a sharp increase in net accounts receivable from 1.26 billion USD to 1.53 billion USD. The ratio subsequently stabilized at 6.63 by March 2026.
AI Ask an analyst for more
Payables Turnover
Intuitive Surgical Inc., payables 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) | |||||||||||||||||||||||
| Cost of revenue | 940,300) | 961,900) | 842,700) | 822,100) | 795,700) | 771,300) | 664,200) | 637,200) | 645,200) | 650,900) | 576,500) | 584,000) | 583,200) | 544,100) | 505,300) | 498,800) | 478,000) | ||||||
| Accounts payable | 332,900) | 255,100) | 291,200) | 266,800) | 276,200) | 193,400) | 218,700) | 194,400) | 194,400) | 188,700) | 196,200) | 199,700) | 164,100) | 147,000) | 164,200) | 149,700) | 128,100) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Payables turnover1 | 10.71 | 13.42 | 11.10 | 11.44 | 10.39 | 14.05 | 11.88 | 12.91 | 12.64 | 12.69 | 11.66 | 11.10 | 12.99 | 13.78 | 12.01 | 12.68 | 14.36 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 4.22 | 4.56 | 4.69 | 4.40 | 4.44 | 4.46 | 4.54 | 4.42 | 4.33 | 4.19 | 4.55 | 4.28 | 4.44 | 4.15 | 4.67 | 4.25 | 4.02 | ||||||
| Elevance Health Inc. | 8.06 | 8.68 | 8.38 | 8.07 | 7.87 | 8.10 | 8.17 | 8.09 | 7.54 | 7.72 | 7.61 | 7.54 | 7.57 | 7.47 | 7.48 | 7.35 | 7.28 | ||||||
| Medtronic PLC | 4.65 | 4.75 | 5.04 | 4.85 | 4.95 | 4.65 | 5.60 | 5.09 | 4.84 | 4.03 | 4.68 | 4.60 | 4.62 | 4.46 | 5.14 | 5.41 | 5.67 | ||||||
| UnitedHealth Group Inc. | — | 7.98 | 7.44 | 7.42 | 7.32 | 7.72 | 7.64 | 7.77 | 7.28 | 7.47 | 7.11 | 7.08 | 6.86 | 7.26 | 7.07 | 6.90 | 6.78 | ||||||
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
Payables turnover
= (Cost of revenueQ1 2026
+ Cost of revenueQ4 2025
+ Cost of revenueQ3 2025
+ Cost of revenueQ2 2025)
÷ Accounts payable
= (940,300 + 961,900 + 842,700 + 822,100)
÷ 332,900 = 10.71
2 Click competitor name to see calculations.
An analysis of short-term operating activity reveals a consistent expansion in both the cost of revenue and accounts payable over the observed period, accompanied by a general downward trajectory in the payables turnover ratio.
- Cost of Revenue Trends
- Expenditures associated with revenue grew steadily from $478 million in March 2022 to $940.3 million by March 2026. This upward movement indicates a significant scaling of operational activity and procurement requirements over the four-year span.
- Accounts Payable Evolution
- The balance of accounts payable experienced substantial growth, rising from $128.1 million in March 2022 to $332.9 million in March 2026. A particularly sharp increase is observed between December 2023 and March 2024, where obligations rose from $193.4 million to $276.2 million.
- Payables Turnover Analysis
- The payables turnover ratio exhibits a general decline, moving from a period high of 14.36 in March 2022 to 10.71 in March 2026. This trend suggests a lengthening of the average time taken to settle obligations with suppliers. Although the ratio showed periodic recovery, such as the increase to 14.05 in December 2023, it reached its lowest point of 10.39 in March 2024, which correlates directly with the aforementioned spike in accounts payable.
The inverse relationship between the growth in accounts payable and the decline in the turnover ratio indicates a strategic or operational shift toward extended payment terms. This suggests that the company is increasingly utilizing supplier credit to finance its expanding operational costs, thereby retaining more liquidity within its short-term working capital.
AI Ask an analyst for more
Working Capital Turnover
Intuitive Surgical Inc., working capital turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Current assets | 8,809,500) | 9,779,500) | 8,525,300) | 8,745,900) | 7,657,800) | 7,111,000) | 7,215,600) | 7,654,300) | 7,632,700) | 7,888,000) | 8,902,900) | 8,031,800) | 6,877,000) | 6,253,000) | 6,293,100) | 6,292,500) | 5,803,200) | ||||||
| Less: Current liabilities | 1,911,000) | 2,006,200) | 1,803,200) | 1,692,600) | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | ||||||
| Working capital | 6,898,500) | 7,773,300) | 6,722,100) | 7,053,300) | 6,119,700) | 5,365,700) | 5,538,800) | 6,166,800) | 6,257,600) | 6,229,300) | 7,226,500) | 6,493,400) | 5,569,600) | 4,830,900) | 5,059,700) | 5,117,500) | 4,691,000) | ||||||
| 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) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Working capital turnover1 | 1.53 | 1.29 | 1.43 | 1.30 | 1.42 | 1.56 | 1.42 | 1.23 | 1.17 | 1.14 | 0.95 | 1.03 | 1.15 | 1.29 | 1.21 | 1.17 | 1.26 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 6.33 | 4.67 | 4.27 | 3.91 | 4.17 | 4.42 | 4.63 | 4.35 | 4.83 | 4.54 | 4.15 | 4.39 | 4.21 | 4.48 | 3.92 | 3.63 | 4.13 | ||||||
| Elevance Health Inc. | 7.59 | 7.50 | 7.00 | 7.96 | 8.11 | 7.85 | 6.87 | 6.92 | 8.59 | 7.83 | 7.92 | 7.69 | 7.60 | 8.37 | 9.11 | 8.85 | 8.65 | ||||||
| Medtronic PLC | 2.92 | 3.07 | 3.11 | 3.22 | 2.79 | 2.90 | 2.54 | 2.57 | 2.46 | 2.47 | 2.81 | 2.82 | 3.84 | 2.97 | 2.21 | 2.13 | 2.15 | ||||||
| UnitedHealth Group Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Working capital turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Working capital
= (2,770,800 + 2,866,200 + 2,505,100 + 2,440,000)
÷ 6,898,500 = 1.53
2 Click competitor name to see calculations.
Analysis of operating activity indicates a sustained upward trajectory in both revenue and working capital from March 2022 through March 2026. While revenue growth remained consistently positive, working capital experienced greater volatility, resulting in fluctuating efficiency levels as measured by the working capital turnover ratio.
- Revenue and Working Capital Trends
- Revenue grew steadily from 1.48 billion in March 2022 to 2.77 billion by March 2026. During the same period, working capital increased from 4.69 billion to 6.89 billion, although it reached a peak of 7.77 billion in December 2025. The expansion of revenue at a faster relative pace than the growth of working capital in the latter half of the period contributed to an overall improvement in the turnover ratio.
- Efficiency Decline (2022–2023)
- A downward trend in working capital turnover is observed throughout much of 2023, with the ratio declining from 1.15 in March 2023 to a period low of 0.95 in September 2023. This suggests a phase where the accumulation of working capital outpaced revenue generation, indicating a temporary decrease in the efficiency of short-term asset utilization.
- Operational Recovery and Optimization (2024–2026)
- A strong recovery in turnover efficiency began in late 2023 and continued through the start of 2026. The ratio peaked at 1.56 in December 2024 and maintained a high level, closing at 1.53 in March 2026. This improvement reflects a more optimized relationship between operating liquidity and sales volume, as the company generated significantly more revenue per unit of working capital employed compared to the 2023 trough.
AI Ask an analyst for more
Average Inventory Processing Period
Intuitive Surgical Inc., average inventory processing period 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 | |||||||||||||||||||||||
| Inventory turnover | 1.83 | 1.86 | 1.81 | 1.83 | 1.85 | 1.83 | 1.75 | 1.81 | 1.89 | 1.96 | 1.99 | 2.21 | 2.25 | 2.27 | 2.36 | 2.62 | 2.82 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average inventory processing period1 | 199 | 196 | 201 | 199 | 198 | 200 | 208 | 201 | 193 | 186 | 183 | 166 | 162 | 161 | 155 | 139 | 130 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 129 | 123 | 127 | 134 | 130 | 121 | 136 | 136 | 138 | 133 | 135 | 139 | 132 | 118 | 108 | 113 | 109 | ||||||
| Medtronic PLC | 181 | 172 | 178 | 173 | 174 | 170 | 187 | 190 | 191 | 180 | 190 | 183 | 174 | 166 | 161 | 153 | 148 | ||||||
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.83 = 199
2 Click competitor name to see calculations.
The analysis of operating activity ratios indicates a prolonged expansion in the inventory cycle from early 2022 through 2024, followed by a period of relative stabilization through the first quarter of 2026.
- Inventory Turnover Ratio
- A consistent downward trend was observed in the inventory turnover ratio, which declined from 2.82 in March 2022 to a low of 1.75 by September 2024. This movement suggests a decrease in the velocity of inventory movement and a reduction in the frequency with which stock is replaced. Following the September 2024 low, the ratio entered a phase of marginal recovery and stabilization, fluctuating between 1.81 and 1.86 through March 2026.
- Average Inventory Processing Period
- The average inventory processing period exhibited a significant upward trajectory, increasing from 130 days in March 2022 to a peak of 208 days in September 2024. This expansion indicates a longer duration for the conversion of inventory into revenue. Subsequent to this peak, the period of processing showed a slight contraction and then leveled off, remaining within the 196 to 201-day range from December 2024 to March 2026.
- Operational Efficiency Trends
- The inverse correlation between the turnover ratio and the processing period is evident throughout the analyzed timeframe. The period between March 2022 and September 2024 was characterized by a steady decline in efficiency regarding inventory movement. However, the data from late 2024 through early 2026 suggests that the company reached a new operational equilibrium, as both metrics ceased their aggressive trends and began to stabilize.
AI Ask an analyst for more
Average Receivable Collection Period
Intuitive Surgical Inc., average receivable collection period 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 | |||||||||||||||||||||||
| Receivables turnover | 6.63 | 6.59 | 7.63 | 7.21 | 7.13 | 6.82 | 6.82 | 6.83 | 6.49 | 6.30 | 7.12 | 7.37 | 6.95 | 6.60 | 7.20 | 7.11 | 6.52 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average receivable collection period1 | 55 | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 66 | 65 | 68 | 67 | 63 | 60 | 62 | 61 | 60 | 60 | 59 | 56 | 53 | 52 | 52 | 58 | 59 | ||||||
| Elevance Health Inc. | 26 | 22 | 22 | 25 | 25 | 20 | 18 | 21 | 23 | 20 | 20 | 19 | 22 | 19 | 19 | 19 | 22 | ||||||
| Medtronic PLC | 67 | 71 | 67 | 69 | 67 | 69 | 67 | 68 | 67 | 70 | 70 | 67 | 62 | 64 | 63 | 63 | 63 | ||||||
| UnitedHealth Group Inc. | — | 19 | 19 | 21 | 24 | 21 | 19 | 22 | 26 | 21 | 21 | 19 | 25 | 20 | 20 | 22 | 23 | ||||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.63 = 55
2 Click competitor name to see calculations.
The efficiency of accounts receivable management demonstrates a consistent pattern of cyclical fluctuation within a stable range. The collection cycle generally operates between 48 and 58 days, indicating a predictable cadence in the conversion of receivables into cash over the analyzed period.
- Receivables Turnover Trends
- The turnover ratio exhibits moderate volatility, peaking at 7.63 in September 2025 and reaching a minimum of 6.30 in December 2023. This indicates a consistent ability to cycle through receivables, though the speed of realization varies slightly by quarter.
- Average Receivable Collection Period Analysis
- The collection period shows periodic fluctuations that correlate inversely with the turnover ratio. The most efficient collection performance was recorded in September 2025, with the period dropping to 48 days. The least efficient period occurred in December 2023, where the collection duration extended to 58 days.
- Long-term Stability and Patterns
- A recurring pattern is observed where the collection period tends to expand toward the end of the calendar year, specifically in December 2022, 2023, and 2025. Despite these seasonal peaks, the metrics consistently revert to a baseline of approximately 51 to 55 days, suggesting that credit policies and collection processes remain stable without evidence of systemic deterioration in credit quality.
AI Ask an analyst for more
Operating Cycle
Intuitive Surgical Inc., operating cycle calculation (quarterly data)
No. days
| 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 | |||||||||||||||||||||||
| Average inventory processing period | 199 | 196 | 201 | 199 | 198 | 200 | 208 | 201 | 193 | 186 | 183 | 166 | 162 | 161 | 155 | 139 | 130 | ||||||
| Average receivable collection period | 55 | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Operating cycle1 | 254 | 251 | 249 | 250 | 249 | 254 | 261 | 254 | 249 | 244 | 234 | 216 | 215 | 216 | 206 | 190 | 186 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Cycle, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 195 | 188 | 195 | 201 | 193 | 181 | 198 | 197 | 198 | 193 | 194 | 195 | 185 | 170 | 160 | 171 | 168 | ||||||
| Medtronic PLC | 248 | 243 | 245 | 242 | 241 | 239 | 254 | 258 | 258 | 250 | 260 | 250 | 236 | 230 | 224 | 216 | 211 | ||||||
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
Operating cycle = Average inventory processing period + Average receivable collection period
= 199 + 55 = 254
2 Click competitor name to see calculations.
The operating cycle exhibits a significant expansion over the observed period, characterized by a substantial increase in the time required to convert inventory into cash. This trend is predominantly driven by a lengthening of the inventory processing period, while the efficiency of receivable collections remained relatively constant.
- Average Inventory Processing Period
- A consistent upward trend is observed from March 31, 2022, through September 30, 2024, with the period increasing from 130 days to a peak of 208 days. Following this peak, the metric entered a period of stabilization, fluctuating within a narrow range between 196 and 201 days through March 31, 2026. This suggests a significant shift in inventory management or an intentional increase in safety stock levels during the 2022–2024 window.
- Average Receivable Collection Period
- The collection period demonstrates high stability throughout the analyzed timeframe. Values remained within a tight corridor, ranging from a minimum of 48 days in June 30, 2025, to a maximum of 58 days in December 31, 2023. The lack of a definitive upward or downward trend indicates a consistent and disciplined credit and collections policy.
- Operating Cycle
- The overall operating cycle grew from 186 days in March 31, 2022, to a peak of 261 days in September 30, 2024, representing an increase of 75 days. Because the receivable collection period remained stable, the elongation of the operating cycle is attributed entirely to the increased inventory holding time. In the latter part of the period, the cycle plateaued, settling between 249 and 254 days.
The analysis indicates that the operational efficiency regarding asset turnover has declined since early 2022 due to slower inventory throughput. However, the stability observed in the final six quarters suggests that the company has reached a new equilibrium in its operating cycle.
AI Ask an analyst for more
Average Payables Payment Period
Intuitive Surgical Inc., average payables payment period 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 | |||||||||||||||||||||||
| Payables turnover | 10.71 | 13.42 | 11.10 | 11.44 | 10.39 | 14.05 | 11.88 | 12.91 | 12.64 | 12.69 | 11.66 | 11.10 | 12.99 | 13.78 | 12.01 | 12.68 | 14.36 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average payables payment period1 | 34 | 27 | 33 | 32 | 35 | 26 | 31 | 28 | 29 | 29 | 31 | 33 | 28 | 26 | 30 | 29 | 25 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 87 | 80 | 78 | 83 | 82 | 82 | 80 | 83 | 84 | 87 | 80 | 85 | 82 | 88 | 78 | 86 | 91 | ||||||
| Elevance Health Inc. | 45 | 42 | 44 | 45 | 46 | 45 | 45 | 45 | 48 | 47 | 48 | 48 | 48 | 49 | 49 | 50 | 50 | ||||||
| Medtronic PLC | 79 | 77 | 72 | 75 | 74 | 78 | 65 | 72 | 75 | 91 | 78 | 79 | 79 | 82 | 71 | 67 | 64 | ||||||
| UnitedHealth Group Inc. | — | 46 | 49 | 49 | 50 | 47 | 48 | 47 | 50 | 49 | 51 | 52 | 53 | 50 | 52 | 53 | 54 | ||||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 10.71 = 34
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a fluctuating trend in the management of accounts payable over the period from March 2022 through March 2026. The company exhibits a cyclical pattern in its payment obligations, with the average payables payment period oscillating between a minimum of 25 days and a maximum of 35 days.
- Payables Turnover Ratio
- The turnover ratio demonstrates significant variability, ranging from a peak of 14.36 in March 2022 to a low of 10.39 in March 2024. A general contraction in turnover is observed during the first half of 2023 and again in the first quarter of 2024 and 2026, indicating periods where payables were settled less frequently relative to total purchases.
- Average Payables Payment Period
- The payment period shows a non-linear progression. Initial efficiency in March 2022, characterized by a 25-day payment cycle, shifted toward longer durations, peaking at 33 days in June 2023. The longest duration of 35 days was reached in March 2024, suggesting a strategic extension of credit terms or a temporary slowdown in settlement velocity. Subsequent volatility continued through 2025, with a sharp decrease to 27 days in December 2025 before rising again to 34 days by March 2026.
- Operational Correlation
- A consistent inverse correlation exists between the turnover ratio and the payment period. Each trough in the turnover ratio corresponds precisely with a peak in the payment days, confirming that the fluctuations are driven by the timing of cash outflows to suppliers. The repeated return to a 30-35 day range suggests a standardized operational target for credit utilization, punctuated by intermittent periods of accelerated payment.
AI Ask an analyst for more
Cash Conversion Cycle
Intuitive Surgical Inc., cash conversion cycle calculation (quarterly data)
No. days
| 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 | |||||||||||||||||||||||
| Average inventory processing period | 199 | 196 | 201 | 199 | 198 | 200 | 208 | 201 | 193 | 186 | 183 | 166 | 162 | 161 | 155 | 139 | 130 | ||||||
| Average receivable collection period | 55 | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | ||||||
| Average payables payment period | 34 | 27 | 33 | 32 | 35 | 26 | 31 | 28 | 29 | 29 | 31 | 33 | 28 | 26 | 30 | 29 | 25 | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Cash conversion cycle1 | 220 | 224 | 216 | 218 | 214 | 228 | 230 | 226 | 220 | 215 | 203 | 183 | 187 | 190 | 176 | 161 | 161 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Conversion Cycle, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 108 | 108 | 117 | 118 | 111 | 99 | 118 | 114 | 114 | 106 | 114 | 110 | 103 | 82 | 82 | 85 | 77 | ||||||
| Medtronic PLC | 169 | 166 | 173 | 167 | 167 | 161 | 189 | 186 | 183 | 159 | 182 | 171 | 157 | 148 | 153 | 149 | 147 | ||||||
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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 199 + 55 – 34 = 220
2 Click competitor name to see calculations.
The cash conversion cycle exhibits a marked expansion over the analyzed period, reflecting a slower turnover of working capital. Starting at 161 days in March 2022, the cycle peaked at 230 days in September 2024 before stabilizing at 220 days by March 2026.
- Average Inventory Processing Period
- A sustained upward trend is observed, with the processing period increasing from 130 days in March 2022 to a peak of 208 days in September 2024. While a slight moderation occurred in the final quarters, the duration remained elevated, consistently hovering around 200 days from mid-2024 through March 2026. This growth represents the primary driver behind the lengthening of the overall cash conversion cycle.
- Average Receivable Collection Period
- Collection efficiency remained relatively stable throughout the period. The duration fluctuated within a narrow range, primarily between 48 and 58 days. The absence of a significant directional trend indicates a consistent capacity to collect payments from customers regardless of the overall cycle expansion.
- Average Payables Payment Period
- The payment period for accounts payable remained consistently low, ranging between 25 and 35 days. Although a marginal increase in the payment duration occurred between 2022 and 2026, the impact on the cash conversion cycle was minimal, as the company continues to settle obligations with suppliers relatively quickly.
The aggregate analysis indicates that the increase in the cash conversion cycle is almost exclusively attributable to extended inventory holding times. The relative stability of both receivable collections and payable payments suggests that working capital pressure is concentrated within the inventory management phase of the operating cycle.
AI Ask an analyst for more