Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- 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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Profitability Ratios (Summary)
Intuitive Surgical Inc., profitability 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 profitability ratios demonstrate generally positive trends over the observed period, with some fluctuations. Gross profit margin experienced a slight, but consistent, decline from March 2022 through December 2025, though the rate of decline appears to be moderating in the most recent periods. Operating and net profit margins exhibited a more pronounced improvement, particularly in the latter half of the period, suggesting increasing operational efficiency and effective cost management. Return on equity and return on assets both show a clear upward trajectory, indicating improved profitability relative to shareholder equity and total assets, respectively.
- Gross Profit Margin
- The gross profit margin began at 68.84% in March 2022 and decreased to 66.00% by December 2025. The largest declines occurred between March 2022 and December 2022, and between March 2023 and September 2023. The rate of decline slowed considerably between September 2024 and December 2025, with a slight increase observed in March 2024.
- Operating Profit Margin
- A significant upward trend is evident in the operating profit margin. Starting at 30.69% in March 2022, it decreased initially to 24.21% in March 2023, before steadily increasing to 29.27% by December 2025. The most substantial gains were observed between September 2023 and December 2024.
- Net Profit Margin
- The net profit margin followed a similar pattern to the operating profit margin, though with greater volatility. It decreased from 27.84% in March 2022 to 20.40% in March 2023, then increased consistently to 28.38% by December 2025. The largest single-quarter increase occurred between September 2023 and December 2023, reaching 25.24%.
- Return on Equity (ROE)
- ROE demonstrated a consistent upward trend throughout the period. Beginning at 13.58% in March 2022, it rose to 16.02% by December 2025, with a notable acceleration in growth between September 2024 and September 2025, peaking at 16.23%.
- Return on Assets (ROA)
- ROA mirrored the trend observed in ROE, increasing from 12.02% in March 2022 to 13.96% in December 2025. The most significant improvement in ROA occurred between September 2023 and September 2025, indicating enhanced asset utilization and profitability.
Overall, the observed trends suggest improving profitability and efficiency. While the gross profit margin experienced a decline, the increases in operating, net profit, ROE, and ROA indicate that the company is effectively managing its expenses and generating higher returns on its investments and equity.
Return on Sales
Return on Investment
Gross Profit Margin
Intuitive Surgical Inc., gross profit margin 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) | |||||||||||||||||||||
| Gross profit | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
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
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally stable pattern over the observed period, ranging between approximately 66% and 69%. While fluctuations occurred, a clear, sustained upward or downward trend was not evident.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin began at 68.84% and experienced a gradual decline through December 31, 2022, reaching 67.44%. This represents a decrease of 1.4 percentage points over eight quarters. The rate of decline appeared to moderate in the latter half of this period.
- Stabilization and Slight Increase (Mar 31, 2023 – Sep 30, 2024)
- From March 31, 2023, to September 30, 2024, the gross profit margin remained relatively stable, fluctuating between 66.61% and 66.98%. This period demonstrates a limited degree of volatility, with no significant directional movement. A slight increase to 67.46% was observed in the December 31, 2024, period.
- Recent Period (Mar 31, 2025 – Dec 31, 2025)
- The most recent four quarters show a slight downward trend. The gross profit margin decreased from 67.09% on March 31, 2025, to 66.00% on December 31, 2025, representing a decrease of 1.09 percentage points. This decline, while present, is less pronounced than the initial decline observed in 2022.
- Overall Trend
- Despite short-term fluctuations, the gross profit margin has largely remained within a narrow band throughout the analyzed timeframe. The observed changes do not suggest a fundamental shift in the company’s cost structure or pricing strategy. The recent slight decline warrants continued monitoring to determine if it represents the beginning of a more substantial trend.
Operating Profit Margin
Intuitive Surgical Inc., operating profit margin 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) | |||||||||||||||||||||
| Income from operations | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
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
Operating profit margin = 100
× (Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally declining trend from March 31, 2022, through December 31, 2022, before stabilizing and subsequently increasing through December 31, 2025. While fluctuations occurred, a clear upward trajectory is evident in the latter portion of the observed period.
- Initial Decline (Mar 31, 2022 – Dec 31, 2022)
- The operating profit margin decreased from 30.69% in March 2022 to 25.35% by December 2022. This represents a reduction of approximately 5.34 percentage points over eight consecutive quarters. This decline occurred despite consistent revenue growth during this period, suggesting potential increases in operating expenses outpaced revenue gains.
- Stabilization and Initial Recovery (Mar 31, 2023 – Dec 31, 2023)
- From March 2023 to December 2023, the operating profit margin demonstrated a period of stabilization and modest recovery, increasing from 24.21% to 24.80%. This suggests that cost management initiatives or improved operational efficiencies may have begun to take effect, offsetting some of the prior pressures.
- Significant Improvement (Mar 31, 2024 – Dec 31, 2025)
- A notable improvement in the operating profit margin is observed from March 2024 through December 2025. The margin increased from 25.26% to 29.27%, representing an increase of approximately 4.01 percentage points. This coincides with a substantial increase in income from operations, and a strong revenue growth, indicating improved profitability and operational leverage. The highest margin recorded during the period was 28.80% in June 2025.
- Quarterly Fluctuations
- While the overall trend is clear, quarterly fluctuations are present. For example, a slight dip is observed in the operating profit margin from September 30, 2024 (26.24%) to March 31, 2025 (28.20%), followed by a recovery in subsequent quarters. These fluctuations likely reflect seasonal variations in sales or temporary changes in operating costs.
Overall, the operating profit margin demonstrates a recovery from an initial decline, culminating in a strong position by the end of the analyzed period. The company appears to have successfully addressed earlier profitability challenges and is benefiting from increased revenue and potentially improved cost control.
Net Profit Margin
Intuitive Surgical Inc., net profit margin 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) | |||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
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
Net profit margin = 100
× (Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ Net income attributable to Intuitive Surgical, Inc.Q1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited fluctuations over the observed period, beginning at 27.84% in March 2022 and concluding at 28.38% in December 2025. An initial downward trend is apparent through December 2022, followed by a period of relative stability and then an upward trajectory.
- Initial Decline (March 2022 - December 2022)
- The net profit margin decreased consistently from 27.84% in March 2022 to 21.25% in December 2022. This represents a decline of approximately 6.59 percentage points over this timeframe. This period suggests potential increases in costs or pricing pressures impacting profitability.
- Stabilization and Recovery (March 2023 - June 2023)
- Following the decline, the net profit margin demonstrated a period of stabilization and modest recovery. It increased from 20.40% in March 2023 to 21.38% in June 2023, indicating a potential stabilization of cost structures or improved pricing strategies. This was followed by a further increase to 22.14% in September 2023.
- Significant Improvement (September 2023 - December 2023)
- A substantial increase in net profit margin occurred between September 2023 (22.14%) and December 2023 (25.24%). This represents a significant improvement in profitability, potentially driven by revenue growth outpacing cost increases, or successful cost management initiatives. The margin continued to climb to 27.16% in March 2024.
- Peak and Subsequent Fluctuations (March 2024 - December 2025)
- The net profit margin reached its highest point at 28.51% in both June 2024 and September 2025. Following this peak, the margin experienced minor fluctuations, decreasing to 27.65% in March 2024, then increasing to 28.51% in September 2024, and finally settling at 28.38% in December 2025. These fluctuations suggest a mature profitability level with minor variations likely influenced by quarterly operational factors.
Overall, the period demonstrates a recovery in profitability following an initial decline. The latter portion of the observed timeframe indicates a generally healthy and stable net profit margin, with a slight decrease in the final quarter, but remaining at a strong level.
Return on Equity (ROE)
Intuitive Surgical Inc., ROE 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) | |||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | |||||||||||||||||||||
| Total Intuitive Surgical, Inc. stockholders’ equity | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
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
ROE = 100
× (Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ Net income attributable to Intuitive Surgical, Inc.Q1 2025)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
Return on Equity (ROE) for the analyzed period demonstrates a generally increasing trend, albeit with some quarterly fluctuations. Initial values indicate a decline from March 31, 2022, to June 30, 2022, followed by relative stability through December 31, 2022. A more pronounced upward trajectory begins in the latter half of 2023 and continues into 2025.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ROE begins at 13.58% and experiences a decrease to 11.93% before stabilizing around 11.97%-11.98%. This initial fluctuation suggests potential short-term impacts on profitability relative to equity during this timeframe. Net income shows some volatility, while equity consistently decreases.
- Growth Phase (Mar 31, 2023 – Dec 31, 2024)
- From March 31, 2023, the ROE exhibits a clear upward trend, increasing from 11.70% to 14.24%. This growth correlates with increases in both net income and total stockholders’ equity. The most significant increase occurs between September 30, 2023, and December 31, 2023, coinciding with a substantial rise in net income. Equity continues to grow steadily.
- Recent Performance (Mar 31, 2025 – Dec 31, 2025)
- The ROE continues to climb, reaching 16.23% by September 30, 2025, and slightly decreasing to 16.02% by December 31, 2025. This suggests sustained profitability improvements. Net income continues to increase, and equity demonstrates consistent growth, supporting the elevated ROE values. The slight decrease in the final quarter may warrant further investigation, though it remains at a high level.
Overall, the trend in ROE is positive, indicating improving efficiency in generating profits from shareholders’ equity. The increases observed in the latter part of the analyzed period are particularly noteworthy, suggesting successful strategic initiatives or favorable market conditions. The consistent growth in both net income and equity contributes to this positive trend.
Return on Assets (ROA)
Intuitive Surgical Inc., ROA 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) | |||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
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
ROA = 100
× (Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ Net income attributable to Intuitive Surgical, Inc.Q1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) for the analyzed period demonstrates a generally positive trajectory, albeit with some fluctuations. Initially, the ROA experienced a decline from 12.02% in March 2022 to 10.19% in December 2022. However, beginning in early 2023, the ROA began a sustained period of growth, culminating in values of 14.19% and 13.96% in September and December 2025, respectively. This indicates an increasing efficiency in utilizing assets to generate profit over the observed timeframe.
- Initial Decline (March 2022 - December 2022)
- The ROA decreased from 12.02% to 10.19% over this period. This decline occurred alongside a slight decrease in total assets, but was more significantly driven by fluctuations in net income attributable to Intuitive Surgical, Inc. The decrease suggests a temporary reduction in profitability relative to the asset base.
- Recovery and Growth (March 2023 - December 2025)
- From March 2023 onwards, the ROA exhibited a clear upward trend. The ROA increased from 10.05% to 13.96% over this period. This growth coincided with both increasing net income and total assets, with net income demonstrating a more substantial rate of increase. This suggests improved operational efficiency and a stronger ability to generate earnings from its asset base.
- Peak Performance
- The highest ROA value was observed in September 2025, reaching 14.19%. While a slight decrease to 13.96% was noted in December 2025, the ROA remained at a high level, indicating continued strong performance. The consistent increase in net income, coupled with asset growth, contributed to this peak performance.
Overall, the ROA trend suggests improving financial performance and efficient asset utilization. The company appears to be effectively leveraging its assets to generate profits, particularly in the latter part of the analyzed period. Continued monitoring of both net income and asset levels will be crucial to sustaining this positive trend.