A Business at a Glance
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MASIMO CORP
MASI
$7.4B
Mkt Cap
MASIMO CORP (MASI) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
MASIMO CORP (MASI) has a market capitalization of $9.5B. It is classified as a mid-cap stock.
MASIMO CORP (MASI) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.83%.
MASIMO CORP (MASI) operates in the Electromedical & Electrotherapeutic Apparatus industry, within the Healthcare sector.
MASIMO CORP (MASI) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
MASIMO CORP (MASI) has a net profit margin of -9.9%. The company is currently unprofitable.
MASIMO CORP (MASI) generated $198 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Masimo is a global medical technology company that develops and manufactures noninvasive patient monitoring technologies, hospital automation platforms, and connectivity solutions for acute and post-acute care settings. The company's core healthcare business generates revenue through proprietary measurement technologies—including Masimo Signal Extraction Technology (SET) pulse oximetry, rainbow Pulse CO-Oximetry parameters such as noninvasive hemoglobin (SpHb), brain function monitoring, hemodynamic monitoring, regional oximetry, capnography, and gas monitoring—integrated into bedside monitors like the Root Patient Monitoring and Connectivity Hub, handheld devices, and remote patient surveillance solutions. Masimo distributes its products globally to hospitals, emergency medical service providers, home care providers, physician offices, veterinarians, and long-term care facilities through a direct sales force, distributors, and original equipment manufacturer (OEM) partnerships with companies such as GE Healthcare, Hillrom, Mindray, Philips, Physio-Control, and Zoll. The business model combines capital equipment sales with recurring consumable and service revenue from single-patient use and reusable sensors, software, and cables, supported by the Masimo Hospital Automation Platform—which includes solutions like Patient SafetyNet, Iris, iSirona, Replica, and UniView—that facilitates data integration, connectivity, and interoperability to streamline clinical workflows. The company's competitive moat derives from its proprietary measurement algorithms, extensive installed base, and deep OEM partnerships, particularly with Philips, which represent a significant portion of revenue and provide opportunities for share expansion within their customer base.
【Healthcare innovation acceleration】 Management is prioritizing investment in next-generation AI-enabled sensors and monitors to drive revenue growth beyond the company's historical 7%-10% target, leveraging advanced algorithms previously developed for consumer applications and redeploying them into hospital-grade products. The company expects to launch next-generation Root monitors with enhanced hemodynamic capabilities in the second half of 2026, building on pilot programs with existing smart cable technology. Strong unrecognized contract revenue of $507 million as of Q3 2025—up 17% year-over-year and representing approximately one-third of overall revenue—signals sustained demand momentum and provides visibility into future growth. Management anticipates accelerating consumable shipments in the fourth quarter of 2025 and expects to benefit from new CMS quality reporting requirements for opioid-related adverse events beginning in 2026, which will drive adoption of the company's Opioid Halo detection technology integrated into next-generation smart sensors and patient monitors.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1,510 million–$1,530 million | FY2025 |
| Operating margin | 27.3%–27.7% | FY2025 |
| Earnings per share | $5.40–$5.55 | FY2025 |
Revenue (FY2025): “We are tightening our full-year revenue guidance to be in the range of $1,510 million-$1,530 million, compared to a prior guidance range of $1,505 million-$1,535 million.”
Operating margin (FY2025): “We are raising our operating margin guidance to be in the range of 27.3%-27.7%, representing an increase of 25 basis points at the midpoint versus our prior guidance range of 27%-27.5%.”
Earnings per share (FY2025): “We are raising our earnings per share guidance to be in the range of $5.40-$5.55, compared to our prior guidance range of $5.20-$5.45.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.4B | 1.3B | 2.0B | 1.1B |
| Net Income | -152M | -152M | -305M | 82M | 144M | 240M |
| EPS | $-2.80 | $-2.80 | $-5.60 | $1.51 | $2.60 | $4.14 |
| Free Cash Flow | 198M | 198M | 175M | 56M | -23M | 139M |
| ROIC | 22.4% | 21.6% | 2.5% | 7.4% | 10.6% | 30.4% |
| Gross Margin | 61.9% | 61.9% | 56.9% | 60.0% | 52.0% | 65.0% |
| Debt/Equity | 0.73 | 0.73 | 0.72 | 0.71 | 0.77 | 0.22 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 310M | 310M | 63M | 166M | 210M | 256M |
| Operating Margin | 20.3% | 20.3% | 4.5% | 13.0% | 10.3% | 22.4% |
| ROE | -21.0% | -21.0% | -25.2% | 6.0% | 10.4% | 17.1% |
| Shares Outstanding | 54M | 54M | 54M | 54M | 55M | 58M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 493M | 547M | 587M | 713M | 790M | 858M | 938M | 1.1B | 2.0B | 1.3B | 1.4B | 1.5B | 1.5B |
| Gross Margin | 66.1% | 65.6% | 66.6% | 67.1% | 66.1% | 67.0% | 67.1% | 65.0% | 52.0% | 60.0% | 56.9% | 61.9% | 61.9% |
| R&D | 47M | 56M | 57M | 58M | 65M | 81M | 93M | 119M | 191M | 131M | 182M | 126M | 126M |
| SG&A | 194M | 215M | 241M | 255M | 273M | 285M | 315M | 369M | 657M | 451M | 549M | 506M | 506M |
| EBIT | 85M | 80M | 104M | 436M | 184M | 208M | 221M | 256M | 210M | 166M | 63M | 310M | 310M |
| Op. Margin | 17.3% | 14.6% | 17.6% | 61.2% | 23.3% | 24.2% | 23.6% | 22.4% | 10.3% | 13.0% | 4.5% | 20.3% | 20.3% |
| Net Income | 62M | 58M | 73M | 311M | 125M | 194M | 196M | 240M | 144M | 82M | -305M | -152M | -152M |
| Net Margin | 12.6% | 10.7% | 12.4% | 43.6% | 15.8% | 22.5% | 20.9% | 21.0% | 7.0% | 6.4% | -21.9% | -9.9% | -9.9% |
| Non-Recurring | 1.1M | -765K | -918K | -658K | -522K | -949K | -357K | -600K | -500K | 9.2M | 197M | -7.0M | -7.0M |
| Returns on Capital | |||||||||||||
| ROIC | 30.8% | 22.3% | 14.7% | 64.0% | 34.2% | 44.5% | 40.4% | 30.4% | 10.6% | 7.4% | 2.5% | 21.6% | 22.4% |
| ROE | 22.6% | 19.5% | 23.7% | 71.8% | 19.4% | 22.9% | 18.4% | 17.1% | 10.4% | 6.0% | -25.2% | -21.0% | -21.0% |
| ROA | 16.8% | 14.4% | 12.8% | 44.9% | 14.5% | 18.8% | 15.4% | 14.0% | 5.8% | 2.6% | -10.8% | -8.9% | -8.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 75M | 55M | 96M | 419M | 56M | 240M | 222M | 211M | 29M | 94M | 196M | 218M | 218M |
| Free Cash Flow | 65M | 46M | 21M | 399M | 12M | 222M | 153M | 139M | -23M | 56M | 175M | 198M | 198M |
| Owner Earnings | 52M | 32M | 72M | 390M | 19M | 191M | 159M | 140M | -154M | 49M | 112M | 143M | 143M |
| CapEx | 11M | 9.4M | 75M | 20M | 44M | 17M | 68M | 73M | 53M | 38M | 21M | 19M | 19M |
| Maint. CapEx | 9.4M | 11M | 13M | 17M | 20M | 21M | 23M | 29M | 136M | 39M | 49M | 39M | 39M |
| Growth CapEx | 1.1M | 0 | 62M | 2.9M | 24M | 0 | 45M | 43M | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.4M | 11M | 13M | 17M | 20M | 21M | 23M | 29M | 136M | 39M | 49M | 39M | 39M |
| CapEx/OCF | 14.0% | 17.1% | 78.5% | 4.7% | 77.9% | 7.1% | 30.8% | 34.3% | 179.6% | 46.8% | 10.7% | 8.9% | 8.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 4.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 26M | 20M | 102M | 68M | 66M | 18M | 38M | 111M | 402M | 0 | 0 | 364M | 364M |
| Buyback Yield | 2.2% | 1.6% | 7.0% | 3.6% | 1.6% | 0.4% | 0.5% | 0.7% | 3.4% | N/A | N/A | 4.9% | 3.8% |
| Stock-Based Comp | 14M | 12M | 11M | 13M | 17M | 27M | 39M | 42M | 48M | 6.1M | 36M | 36M | 36M |
| Debt Repayment | 0 | 0 | 436K | 621K | 0 | 322K | 0 | 0 | 9.3M | 0 | 0 | 3.7M | 3.7M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -95M | 116M | -121M | N/A | N/A | -667M | N/A | 826M | 807M | 639M | 372M | 372M |
| Cash & Equiv. | 72M | 95M | 134M | 306M | 315M | 552M | 568M | 641M | 203M | 163M | 124M | 152M | 152M |
| Long-Term Debt | N/A | 225K | 125M | 185M | N/A | N/A | N/A | N/A | 942M | 872M | 714M | 518M | 518M |
| Debt/Equity | 0.36 | 0.00 | 0.82 | 0.33 | 0.25 | 0.19 | 0.02 | 0.22 | 0.77 | 0.71 | 0.72 | 0.73 | 0.73 |
| Interest Coverage | 852.3 | 797.2 | 172.5 | 133.7 | 271.1 | 294.7 | 674.4 | 852.7 | 8.2 | 3.3 | 1.5 | 9.3 | 9.3 |
| Equity | 273M | 326M | 306M | 560M | 724M | 969M | 1.2B | 1.4B | 1.3B | 1.4B | 1.1B | 721M | 721M |
| Total Assets | 375M | 439M | 565M | 821M | 905M | 1.2B | 1.4B | 1.7B | 3.2B | 3.0B | 2.6B | 1.7B | 1.7B |
| Total Liabilities | 99M | 112M | 257M | 260M | 181M | 186M | 228M | 305M | 1.9B | 1.7B | 1.6B | 978M | 978M |
| Intangibles | 27M | 28M | 28M | 29M | 27M | 28M | 27M | 74M | 723M | 652M | 558M | 52M | 52M |
| Retained Earnings | 74M | 133M | 205M | 589M | 738M | 931M | 1.1B | 1.3B | 1.7B | 1.8B | 1.5B | 1.3B | 1.3B |
| Working Capital | 130M | 168M | 173M | 287M | 430M | 643M | 824M | 867M | 679M | 668M | 608M | 554M | 554M |
| Current Assets | 219M | 272M | 297M | 507M | 560M | 789M | 996M | 1.1B | 1.3B | 1.2B | 1.2B | 926M | 926M |
| Current Liabilities | 90M | 104M | 124M | 220M | 130M | 147M | 172M | 234M | 630M | 564M | 618M | 372M | 372M |
| Per Share Data | |||||||||||||
| EPS | 1.07 | 1.02 | 1.30 | 5.85 | 2.23 | 3.45 | 3.44 | 4.14 | 2.60 | 1.51 | -5.60 | -2.80 | -2.80 |
| Owner EPS | 0.89 | 0.56 | 1.29 | 7.33 | 0.34 | 3.40 | 2.79 | 2.41 | -2.80 | 0.91 | 2.05 | 2.65 | 2.65 |
| Book Value | 4.69 | 5.70 | 5.49 | 10.53 | 12.94 | 17.27 | 20.47 | 24.25 | 24.26 | 25.29 | 19.32 | 13.33 | 13.33 |
| Cash Flow/Share | 1.29 | 0.96 | 1.71 | 7.88 | 1.00 | 4.27 | 3.89 | 3.64 | 0.53 | 1.74 | 3.61 | 4.03 | -2.08 |
| Dividends/Share | 1.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 58.2M | 57.2M | 55.8M | 53.2M | 56.0M | 56.1M | 57.0M | 58.0M | 55.2M | 54.0M | 54.4M | 54.1M | 54.1M |
| Valuation | |||||||||||||
| P/E Ratio | 19.5 | 20.6 | 20.3 | 6.1 | 32.5 | 26.5 | 35.4 | 62.2 | 81.4 | 113.5 | N/A | N/A | -62.6 |
| P/FCF | 18.8 | 26.3 | 71.5 | 4.7 | 328.1 | 23.1 | 45.4 | 107.9 | N/A | 166.1 | 39.5 | 37.5 | 47.8 |
| EV/EBIT | N/A | 13.9 | N/A | 3.6 | N/A | N/A | N/A | N/A | 59.2 | 72.0 | 118.0 | 24.7 | 31.8 |
| Price/Book | 4.4 | 3.7 | N/A | 3.4 | 5.6 | 5.3 | 6.0 | N/A | 8.7 | 6.8 | 6.6 | 10.3 | 13.2 |
| Price/Sales | 2.9 | 2.2 | 2.4 | 2.8 | 3.8 | 5.8 | 6.3 | 11.4 | 7.0 | 3.9 | 5.3 | 5.5 | 6.2 |
| FCF Yield | 5.3% | 3.8% | 1.4% | 21.1% | 0.3% | 4.3% | 2.2% | 0.9% | -0.2% | 0.6% | 2.5% | 2.7% | 2.1% |
| Market Cap | 1.2B | 1.2B | 1.5B | 1.9B | 4.1B | 5.1B | 7.0B | 15.0B | 11.7B | 9.3B | 6.9B | 7.4B | 9.5B |
| Avg. Price | 24.90 | 20.88 | 24.90 | 37.36 | 53.16 | 88.58 | 103.13 | 223.67 | 256.91 | 146.60 | 134.88 | 154.50 | 175.40 |
| Year-End Price | 20.88 | 21.02 | 26.34 | 35.58 | 72.58 | 91.54 | 121.94 | 257.57 | 211.54 | 171.39 | 127.28 | 137.67 | 175.40 |
MASIMO CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 46.1x vs a median of 38.5x. The company's 5-year average ROIC is 14.5% with a gross margin of 59.2%. Total shareholder yield (buybacks) is 3.8%. At current prices, the estimated annualized return to fair value is -1.4%.
MASIMO CORP (MASI) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
MASIMO CORP (MASI) reported earnings per share (EPS) of $-2.80 in its most recent fiscal year.
MASIMO CORP (MASI) has a return on equity (ROE) of -21.0%. A negative ROE may indicate losses or negative equity.
MASIMO CORP (MASI) has a 5-year average gross margin of 59.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for MASIMO CORP (MASI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MASIMO CORP (MASI) has a book value per share of $13.33, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is prioritizing investment in next-generation AI-enabled sensors and monitors to drive revenue growth beyond the company's historical 7%-10% target, leveraging advanced algorithms previously developed for consumer applications and redeploying them into hospital-grade products. The company expects to launch next-generation Root monitors with enhanced hemodynamic capabilities in the second half of 2026, building on pilot programs with existing smart cable technology. Strong unrecognized contract revenue of $507 million as of Q3 2025—up 17% year-over-year and representing approximately one-third of overall revenue—signals sustained demand momentum and provides visibility into future growth. Management anticipates accelerating consumable shipments in the fourth quarter of 2025 and expects to benefit from new CMS quality reporting requirements for opioid-related adverse events beginning in 2026, which will drive adoption of the company's Opioid Halo detection technology integrated into next-generation smart sensors and patient monitors.
Based on recent SEC filings and earnings calls, MASIMO CORP (MASI) has provided the following forward guidance: Revenue: $1,510 million–$1,530 million (FY2025); Operating margin: 27.3%–27.7% (FY2025); Earnings per share: $5.40–$5.55 (FY2025).
No recent press releases.