Intuitive Surgical Inc (ISRG)

Working capital turnover

		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	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Revenue (ttm)	US$ in thousands	8,961,500	8,492,700	8,113,000	7,821,700	7,616,100	7,306,600	7,073,300	6,797,300	6,548,300	6,326,000	6,171,000	6,121,000	5,900,400	5,678,800	5,338,700	4,705,300	4,491,300	4,439,900	4,466,200	4,687,300
Total current assets	US$ in thousands	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	5,844,900	5,728,000	6,016,600	6,066,400	6,625,900	6,300,300	5,899,000	4,691,500
Total current liabilities	US$ in thousands	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	1,149,800	1,027,300	1,004,600	904,600	965,200	894,700	924,800	945,900
Working capital turnover		1.67	1.53	1.32	1.25	1.22	1.01	1.09	1.22	1.36	1.25	1.21	1.30	1.26	1.21	1.07	0.91	0.79	0.82	0.90	1.25

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $8,961,500K ÷ ($7,111,000K – $1,745,300K)
= 1.67

The working capital turnover ratio of Intuitive Surgical Inc has exhibited fluctuations over the period analyzed. Starting at 1.25 as of March 31, 2020, the ratio decreased to 0.79 by December 31, 2020, indicating a reduced efficiency in utilizing working capital during that period. However, the ratio started to improve in the following quarters, reaching 1.36 by December 31, 2022.

From December 31, 2022, to December 31, 2024, the working capital turnover ratio continued to increase steadily, indicating enhanced efficiency in generating revenue from the company's working capital. The ratio stood at 1.67 as of December 31, 2024, reflecting a positive trend in managing working capital efficiently, which can be a favorable indicator of operational effectiveness and liquidity management for Intuitive Surgical Inc.