Common-Size Balance Sheet: Assets
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Intuitive Surgical Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Intuitive Surgical Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of assets exhibited notable shifts between 2021 and 2025. Current assets initially increased as a percentage of total assets, peaking in 2023, before declining significantly in 2024 and partially recovering in 2025. Conversely, long-term assets decreased from 2021 to 2023, then increased substantially in 2024, before decreasing again in 2025.
- Liquidity and Current Assets
- Current assets represented 43.12% of total assets in 2021, rising to a high of 51.08% in 2023. A substantial decrease to 37.94% occurred in 2024, followed by a partial recovery to 47.80% in 2025. This fluctuation suggests changes in the company’s short-term asset management strategies or operating cycle. Within current assets, cash and cash equivalents demonstrated a significant increase from 9.52% in 2021 to 17.81% in 2023, then decreased to 10.82% in 2024 and rose to 16.46% in 2025. Short-term investments followed a decreasing trend from 21.49% in 2021 to 10.60% in 2024, with a slight increase to 12.55% in 2025. Inventory also increased steadily from 4.33% to 8.99% over the period.
- Long-Term Investments and Fixed Assets
- Long-term investments experienced a considerable decline from 32.57% of total assets in 2021 to 13.73% in 2023, before increasing to 25.71% in 2024 and decreasing to 15.15% in 2025. Property, plant, and equipment, net, consistently increased as a percentage of total assets, rising from 13.84% in 2021 to 26.11% in 2025, indicating ongoing investment in fixed assets. Goodwill decreased steadily from 2.53% to 1.81% over the five-year period.
- Other Asset Categories
- Deferred tax assets showed an increase from 3.26% in 2021 to 5.90% in 2023, then decreased to 4.98% in 2025. Intangible and other assets remained relatively stable, fluctuating between 4.12% and 5.47% throughout the period. Net investment in sales-type leases, short-term, consistently decreased from 0.81% to 0.49%.
The shifts in asset allocation suggest a dynamic approach to capital deployment. The initial increase in current assets, particularly cash, may reflect a period of accumulation or strategic positioning. The subsequent decrease in 2024, coupled with the increase in property, plant, and equipment, and long-term investments, could indicate a shift towards utilizing accumulated resources for long-term growth initiatives. The fluctuations in long-term investments warrant further investigation to understand the underlying investment strategies and their impact on overall financial performance.