Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Intuitive Surgical Inc., liquidity ratios (quarterly data)
Based on: 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).
The liquidity position, as indicated by the current, quick, and cash ratios, demonstrates a generally strong, though fluctuating, profile over the observed period. A pattern of seasonal variation appears to be present, with ratios tending to be higher in the first half of the year and lower in the second half. However, a gradual decline in all three ratios is observable over the entire timeframe, particularly from 2022 to 2025.
- Current Ratio
- The current ratio began at 5.22 and exhibited fluctuations throughout the period, peaking at 5.55 in March 2024. A consistent downward trend is evident from the latter half of 2022, culminating in a value of 4.87 in December 2025. While consistently above 4.0, this decline suggests a potential weakening in the company’s ability to meet its short-term obligations using all current assets.
- Quick Ratio
- Similar to the current ratio, the quick ratio also showed initial strength, starting at 4.40. It experienced peaks in the first half of each year, but generally decreased over the period, ending at 3.72 in December 2025. The quick ratio’s decline mirrors that of the current ratio, indicating a diminishing capacity to cover immediate liabilities with highly liquid assets. The ratio remained above 3.0 throughout the period.
- Cash Ratio
- The cash ratio, representing the most conservative measure of liquidity, also followed a similar pattern. Beginning at 3.58, it fluctuated but generally trended downward, reaching 2.96 in December 2025. This decline, while from a strong initial position, suggests a decreasing ability to cover short-term liabilities solely with cash and cash equivalents. The ratio remained above 2.3 throughout the period.
The consistent decline across all three ratios warrants further investigation. While the company maintains a seemingly comfortable liquidity position, the observed trends suggest a potential need to monitor and manage current assets and liabilities more closely to maintain financial flexibility. The seasonal pattern should also be considered when evaluating these ratios, and comparisons to industry peers would provide additional context.
Current Ratio
Intuitive Surgical Inc., current ratio calculation (quarterly data)
| 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 | 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) | |||||
| Current liabilities | 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) | |||||
| Liquidity Ratio | |||||||||||||||||||||
| Current ratio1 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | |||||
| Benchmarks | |||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | — | 1.70 | 1.82 | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | |||||
| Elevance Health Inc. | — | 1.56 | 1.44 | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | |||||
| Medtronic PLC | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | |||||
| UnitedHealth Group Inc. | — | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | |||||
Based on: 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 Q4 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,779,500 ÷ 2,006,200 = 4.87
2 Click competitor name to see calculations.
The current ratio exhibited fluctuations over the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio demonstrated a period of relative stability, followed by a decline, and then a subsequent period of variability. Overall, the ratio remained above 4.0 throughout the entire period, suggesting a generally healthy short-term liquidity position.
- Initial Stability and Decline (Mar 31, 2022 – Dec 31, 2022)
- The current ratio began at 5.22 and increased slightly to 5.36 before decreasing to 5.10. A more pronounced decline was observed in the final quarter of 2022, falling to 4.40. This suggests a potential increase in short-term obligations relative to current assets during this period, or a decrease in liquid current assets.
- Recovery and Subsequent Variability (Mar 31, 2023 – Dec 31, 2024)
- The ratio recovered to 5.26 in the first quarter of 2023, but then stabilized around 5.20 for the next two quarters. Another decline occurred in the final quarter of 2023, reaching 4.76. The ratio then increased to 5.55 in the first quarter of 2024, before decreasing again to 4.07 by the end of 2024. This period demonstrates a pattern of short-term fluctuations, indicating potential shifts in working capital management or seasonal influences.
- Recent Trend (Mar 31, 2025 – Dec 31, 2025)
- The current ratio showed an increase to 4.98 in the first quarter of 2025, followed by a slight decrease to 4.73 in the third quarter. The ratio concluded the period at 4.87, indicating a modest improvement in liquidity compared to the end of 2024, but remaining below the levels observed in the earlier parts of the analyzed timeframe.
- Overall Assessment
- While the current ratio experienced periods of decline, it consistently remained above 4.0, generally indicating the company possesses more than enough current assets to cover its current liabilities. The fluctuations observed throughout the period warrant further investigation to determine the underlying causes and potential implications for short-term financial health. The recent trend suggests a stabilization, but continued monitoring is recommended.
Quick Ratio
Intuitive Surgical Inc., quick ratio calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Cash and cash equivalents | 3,368,000) | 2,806,600) | 3,403,100) | 2,573,800) | 2,027,400) | 2,413,300) | 3,036,700) | 2,839,500) | 2,750,100) | 3,602,000) | 3,435,400) | 2,143,000) | 1,581,200) | 1,538,000) | 1,536,100) | 1,103,100) | |||||
| Short-term investments | 2,566,900) | 2,102,200) | 1,923,400) | 1,937,500) | 1,985,900) | 1,818,400) | 1,720,500) | 1,960,600) | 2,473,100) | 2,873,700) | 2,363,800) | 2,549,200) | 2,536,700) | 2,775,900) | 2,901,300) | 2,882,500) | |||||
| Accounts receivable, net | 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) | |||||
| Total quick assets | 7,462,200) | 6,168,500) | 6,595,700) | 5,732,800) | 5,238,700) | 5,384,700) | 5,866,300) | 5,928,000) | 6,353,400) | 7,438,400) | 6,703,400) | 5,617,500) | 5,060,000) | 5,163,500) | 5,275,900) | 4,891,700) | |||||
| Current liabilities | 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) | |||||
| Liquidity Ratio | |||||||||||||||||||||
| Quick ratio1 | 3.72 | 3.42 | 3.90 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | |||||
| Benchmarks | |||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | — | 1.09 | 1.14 | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | |||||
| Elevance Health Inc. | — | 1.43 | 1.32 | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | |||||
| Medtronic PLC | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | |||||
| UnitedHealth Group Inc. | — | 0.74 | 0.76 | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | |||||
Based on: 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 Q4 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 7,462,200 ÷ 2,006,200 = 3.72
2 Click competitor name to see calculations.
The quick ratio for the analyzed period demonstrates fluctuations, generally remaining above 3.0 but exhibiting a declining trend over the observed timeframe. Initial values are strong, followed by a period of relative stability, and then a noticeable decrease before a partial recovery.
- Overall Trend
- The quick ratio began at 4.40 and generally decreased to 3.72 over the period. While there are quarterly variations, the latter half of the period shows a more pronounced downward trajectory, although the most recent quarter shows a slight increase.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- From March 31, 2022, to June 30, 2022, the quick ratio increased from 4.40 to 4.49, indicating improving liquidity. A slight decrease followed in subsequent quarters, reaching 3.56 by December 31, 2022. This initial decline suggests a potential shift in the composition of current assets or an increase in current liabilities.
- Recovery and Subsequent Decline (Mar 31, 2023 – Sep 30, 2024)
- The ratio experienced a recovery in the first half of 2023, reaching 4.36 by June 30, 2023. However, a consistent downward trend then emerged, with the ratio falling to 3.21 by September 30, 2024. This period is characterized by increasing current liabilities alongside relatively stable quick assets.
- Recent Performance (Dec 31, 2024 – Dec 31, 2025)
- The quick ratio continued to decline to 3.00 by December 31, 2024, before showing a modest increase to 3.72 by December 31, 2025. This recent uptick may indicate improved short-term liquidity management, but the overall trend remains one of gradual decline.
- Asset and Liability Dynamics
- Total quick assets generally increased from US$4,891,700 to US$7,462,200 over the period, but the growth was not sufficient to offset the increase in current liabilities, which rose from US$1,112,200 to US$2,006,200. This disparity contributed significantly to the observed decline in the quick ratio.
In conclusion, while the quick ratio consistently indicates a strong ability to meet short-term obligations, the observed downward trend warrants continued monitoring. The increasing current liabilities relative to quick assets suggest a potential need for adjustments to liquidity management strategies.
Cash Ratio
Intuitive Surgical Inc., cash ratio calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Cash and cash equivalents | 3,368,000) | 2,806,600) | 3,403,100) | 2,573,800) | 2,027,400) | 2,413,300) | 3,036,700) | 2,839,500) | 2,750,100) | 3,602,000) | 3,435,400) | 2,143,000) | 1,581,200) | 1,538,000) | 1,536,100) | 1,103,100) | |||||
| Short-term investments | 2,566,900) | 2,102,200) | 1,923,400) | 1,937,500) | 1,985,900) | 1,818,400) | 1,720,500) | 1,960,600) | 2,473,100) | 2,873,700) | 2,363,800) | 2,549,200) | 2,536,700) | 2,775,900) | 2,901,300) | 2,882,500) | |||||
| Total cash assets | 5,934,900) | 4,908,800) | 5,326,500) | 4,511,300) | 4,013,300) | 4,231,700) | 4,757,200) | 4,800,100) | 5,223,200) | 6,475,700) | 5,799,200) | 4,692,200) | 4,117,900) | 4,313,900) | 4,437,400) | 3,985,600) | |||||
| Current liabilities | 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) | |||||
| Liquidity Ratio | |||||||||||||||||||||
| Cash ratio1 | 2.96 | 2.72 | 3.15 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | |||||
| Benchmarks | |||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | — | 0.53 | 0.54 | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | |||||
| Elevance Health Inc. | — | 0.89 | 0.79 | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | |||||
| Medtronic PLC | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | |||||
| UnitedHealth Group Inc. | — | 0.26 | 0.29 | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | |||||
Based on: 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 Q4 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,934,900 ÷ 2,006,200 = 2.96
2 Click competitor name to see calculations.
The cash ratio for the analyzed period demonstrates fluctuations, generally remaining above 2.50 but exhibiting a declining trend over the observed timeframe. Initially strong, the ratio experienced a decrease before stabilizing and then showing some recovery towards the end of the period.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The cash ratio began at 3.58 and peaked at 3.78 before gradually decreasing to 2.90. This suggests a consistent ability to cover current liabilities with cash assets during this period, although the margin of coverage diminished slightly.
- Subsequent Stabilization and Increase (Mar 31, 2023 – Sep 30, 2023)
- From March 31, 2023, to September 30, 2023, the cash ratio showed a period of relative stability and slight improvement, moving from 3.59 to 3.86. This indicates a strengthening of the company’s immediate liquidity position.
- Decline and Recovery (Dec 31, 2023 – Dec 31, 2025)
- A subsequent decline was observed, with the ratio falling to 2.30 by December 31, 2024. However, the ratio demonstrated some recovery in the final period, reaching 2.96 by December 31, 2025. This suggests potential challenges in maintaining a high level of immediate liquidity, followed by a partial correction.
- Overall Trend
- Despite the fluctuations, the cash ratio consistently remained above 2.50 throughout the analyzed period, indicating a generally strong short-term liquidity position. However, the overall trend suggests a gradual erosion of this position, with a slight recovery at the end of the period. The lowest point of 2.30 warrants attention, though the subsequent increase provides some reassurance.
The variations in the cash ratio appear to correlate with changes in both total cash assets and current liabilities. While cash assets generally increased over the period, current liabilities also experienced growth, contributing to the observed fluctuations in the ratio.