Masimo Corp Financials

MASI

Source SEC Filings (10-K/10-Q) Updated Sep 27, 2025 Currency USD FYE December

This page shows Masimo Corp (MASI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$2.1B

YoY+2.3%

5Y CAGR+17.4%

10Y CAGR+13.6%

Masimo Corp generated $2.1B in revenue in fiscal year 2024. This represents an increase of 2.3% from the prior year.

EBITDA

-$163.7M

YoY-169.7%

Masimo Corp's EBITDA was -$163.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 169.7% from the prior year.

Free Cash Flow

$176.4M

YoY+252.1%

5Y CAGR+2.9%

10Y CAGR+24.0%

Masimo Corp generated $176.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 252.1% from the prior year.

Net Income

-$304.9M

YoY-474.1%

Masimo Corp reported -$304.9M in net income in fiscal year 2024. This represents a decrease of 474.1% from the prior year.

EPS (Diluted)

$-5.72

YoY-478.8%

Masimo Corp earned $-5.72 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 478.8% from the prior year.

Cash & Debt

$123.6M

YoY-24.2%

5Y CAGR-26.3%

10Y CAGR-0.9%

Masimo Corp held $123.6M in cash against $714.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

54M

YoY+1.5%

5Y CAGR-0.0%

10Y CAGR+0.2%

Masimo Corp had 54M shares outstanding in fiscal year 2024. This represents an increase of 1.5% from the prior year.

Gross Margin

48.0%

YoY-1.0pp

5Y CAGR-19.1pp

10Y CAGR-18.6pp

Masimo Corp's gross margin was 48.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.

Operating Margin

-12.7%

YoY-19.4pp

5Y CAGR-36.3pp

10Y CAGR-30.4pp

Masimo Corp's operating margin was -12.7% in fiscal year 2024, reflecting core business profitability. This is down 19.4 percentage points from the prior year.

Net Margin

-14.6%

YoY-18.5pp

5Y CAGR-35.5pp

10Y CAGR-26.9pp

Masimo Corp's net profit margin was -14.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 18.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$222.8M

YoY+27.2%

5Y CAGR+19.0%

10Y CAGR+14.7%

Masimo Corp invested $222.8M in research and development in fiscal year 2024. This represents an increase of 27.2% from the prior year.

Share Buybacks

Masimo Corp spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$20.0M

YoY-54.5%

5Y CAGR-21.8%

10Y CAGR-12.4%

Masimo Corp invested $20.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 54.5% from the prior year.

MASI Income Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Revenue	$2.1B+2.3%	$2.0B+0.6%	$2.0B+64.3%	$1.2B+8.4%	$1.1B+22.0%	$937.8M
Cost of Revenue	$1.1B+4.3%	$1.0B+6.9%	$977.0M+126.8%	$430.8M+7.5%	$400.7M+29.8%	$308.7M
Gross Profit	$1.0B+0.1%	$1.0B-5.2%	$1.1B+31.0%	$808.4M+8.8%	$743.0M+18.1%	$629.2M
R&D Expenses	$222.8M+27.2%	$175.2M-8.5%	$191.4M+39.5%	$137.2M+15.6%	$118.7M+27.2%	$93.3M
SG&A Expenses	$743.8M+12.0%	$664.0M+1.0%	$657.4M+66.3%	$395.4M+7.2%	$369.0M+17.3%	$314.7M
Operating Income	-$266.7M-295.4%	$136.5M-35.0%	$210.0M-23.9%	$275.8M+7.8%	$255.8M+15.6%	$221.2M
Interest Expense	$43.6M-13.3%	$50.3M+95.7%	$25.7M+8466.7%	$300K0.0%	$300K-8.5%	$328K
Income Tax	-$400K-106.1%	$6.6M-86.8%	$49.9M+11.4%	$44.8M+91.5%	$23.4M-38.3%	$38.0M
Net Income	-$304.9M-474.1%	$81.5M-43.2%	$143.5M-37.5%	$229.6M-4.5%	$240.3M+22.5%	$196.2M
EPS (Diluted)	$-5.72-478.8%	$1.51-41.9%	$2.60-34.7%	$3.98-3.9%	$4.14+20.3%	$3.44

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$371.5M+0.2%	$370.9M-0.3%	$372.0M-65.2%	$1.1B+211.0%	$343.3M-0.2%	$343.9M+1.3%	$339.6M-38.1%	$548.9M
Cost of Revenue	$140.9M+2.4%	$137.6M-0.3%	$138.0M-80.0%	$689.2M+425.3%	$131.2M-4.0%	$136.6M+2.7%	$133.0M-53.5%	$286.2M
Gross Profit	$230.6M-1.2%	$233.3M-0.3%	$234.0M-38.2%	$378.4M+78.4%	$212.1M+2.3%	$207.3M+0.3%	$206.6M-21.4%	$262.7M
R&D Expenses	$30.5M+2.0%	$29.9M-11.8%	$33.9M-68.8%	$108.6M+191.2%	$37.3M-4.6%	$39.1M+3.4%	$37.8M-0.5%	$38.0M
SG&A Expenses	$116.4M-16.2%	$138.9M+16.3%	$119.4M-67.3%	$365.2M+167.3%	$136.6M+8.2%	$126.3M+9.2%	$115.7M-27.6%	$159.9M
Operating Income	$83.6M+29.6%	$64.5M-17.3%	$78.0M+119.5%	-$399.9M-1146.9%	$38.2M-8.8%	$41.9M-21.1%	$53.1M+20.7%	$44.0M
Interest Expense	$8.8M+7.3%	$8.2M-6.8%	$8.8M-26.1%	$11.9M+20.2%	$9.9M-6.6%	$10.6M-5.4%	$11.2M-18.8%	$13.8M
Income Tax	$21.2M+101.9%	$10.5M-50.5%	$21.2M+202.4%	-$20.7M-522.4%	$4.9M-18.3%	$6.0M-36.2%	$9.4M+187.0%	-$10.8M
Net Income	-$100.4M-295.7%	$51.3M+130.1%	-$170.7M+51.2%	-$349.6M-3667.3%	$9.8M-38.8%	$16.0M-15.3%	$18.9M-44.2%	$33.9M
EPS (Diluted)	$-1.84-295.7%	$0.94+130.1%	$-3.12+52.4%	$-6.55-3738.9%	$0.18-40.0%	$0.30-14.3%	$0.35-44.4%	$0.63

MASI Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Total Assets	$2.6B-13.7%	$3.0B-5.3%	$3.2B+68.2%	$1.9B+19.5%	$1.6B+14.4%	$1.4B
Current Assets	$1.2B-0.5%	$1.2B-5.9%	$1.3B+6.8%	$1.2B+24.6%	$983.1M-1.3%	$996.1M
Cash & Equivalents	$123.6M-24.2%	$163.0M-19.7%	$202.9M-71.8%	$720.0M+30.4%	$552.0M-2.8%	$567.7M
Inventory	$294.8M-45.9%	$545.0M+8.8%	$501.0M+134.7%	$213.5M-1.2%	$216.1M+86.5%	$115.9M
Accounts Receivable	N/A	$355.5M-20.3%	$445.9M+123.1%	$199.9M+48.8%	$134.3M+1.4%	$132.4M
Goodwill	$96.7M-76.3%	$407.7M-8.5%	$445.4M+348.4%	$99.3M-2.7%	$102.1M+356.8%	$22.4M
Total Liabilities	$1.6B-6.1%	$1.7B-10.4%	$1.9B+473.0%	$326.7M+21.1%	$269.7M+18.2%	$228.3M
Current Liabilities	$617.7M+9.6%	$563.8M-10.5%	$630.0M+147.7%	$254.3M+29.2%	$196.9M+14.3%	$172.2M
Long-Term Debt	$714.3M-18.1%	$871.7M-7.4%	$941.6M	N/A	N/A	N/A
Total Equity	$1.1B-22.9%	$1.4B+1.9%	$1.3B-15.4%	$1.6B+19.1%	$1.3B+13.7%	$1.2B
Retained Earnings	$1.5B-17.0%	$1.8B+4.8%	$1.7B+6.0%	$1.6B+16.0%	$1.4B+26.7%	$1.1B

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$1.8B-24.4%	$2.4B+4.8%	$2.3B-12.7%	$2.6B-15.0%	$3.1B+6.7%	$2.9B-2.2%	$3.0B-2.8%	$3.0B
Current Assets	$1.0B-17.4%	$1.3B+7.2%	$1.2B-3.4%	$1.2B-4.2%	$1.3B+12.1%	$1.1B-2.0%	$1.2B-5.4%	$1.2B
Cash & Equivalents	$312.3M+108.8%	$149.6M+14.4%	$130.8M+5.8%	$123.6M-22.0%	$158.5M+22.3%	$129.6M-17.8%	$157.6M-3.3%	$163.0M
Inventory	$338.6M+6.3%	$318.5M+5.7%	$301.2M+2.2%	$294.8M-48.3%	$569.9M+11.1%	$513.0M+1.4%	$506.1M-7.1%	$545.0M
Accounts Receivable	N/A	N/A	N/A	N/A	$371.0M+9.9%	$337.7M+2.1%	$330.7M-7.0%	$355.5M
Goodwill	$100.8M-0.1%	$100.9M+2.6%	$98.3M+1.7%	$96.7M-76.6%	$412.5M+6.0%	$389.0M-1.8%	$396.0M-2.9%	$407.7M
Total Liabilities	$1.0B-25.9%	$1.4B+1.0%	$1.3B-14.4%	$1.6B-3.1%	$1.6B+6.5%	$1.5B-4.2%	$1.6B-5.0%	$1.7B
Current Liabilities	$369.7M-37.6%	$592.1M+8.3%	$546.5M-11.5%	$617.7M-3.1%	$637.6M+16.7%	$546.2M+8.3%	$504.2M-10.6%	$563.8M
Long-Term Debt	$559.1M-6.6%	$598.7M-5.9%	$636.0M-11.0%	$714.3M-2.6%	$733.2M-1.8%	$746.5M-11.3%	$841.4M-3.5%	$871.7M
Total Equity	$810.0M-22.3%	$1.0B+10.2%	$946.4M-10.0%	$1.1B-28.1%	$1.5B+6.9%	$1.4B+0.3%	$1.4B0.0%	$1.4B
Retained Earnings	$1.3B-7.3%	$1.4B+3.9%	$1.3B-11.4%	$1.5B-19.0%	$1.8B+0.5%	$1.8B+0.9%	$1.8B+1.1%	$1.8B

MASI Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	$196.4M+108.7%	$94.1M+220.1%	$29.4M-88.9%	$264.6M+25.3%	$211.1M-4.8%	$221.6M
Capital Expenditures	$20.0M-54.5%	$44.0M-16.7%	$52.8M+107.1%	$25.5M-64.8%	$72.5M+6.0%	$68.4M
Free Cash Flow	$176.4M+252.1%	$50.1M+314.1%	-$23.4M-109.8%	$239.1M+72.5%	$138.6M-9.6%	$153.3M
Investing Cash Flow	-$51.2M+36.9%	-$81.2M+92.3%	-$1.1B-2720.5%	-$37.5M+54.7%	-$82.8M+58.1%	-$197.7M
Financing Cash Flow	-$125.6M-120.0%	-$57.1M-111.0%	$520.4M+525.2%	-$122.4M-125.4%	-$54.3M-481.4%	-$9.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$401.5M+211.5%	$128.9M+16.7%	$110.5M+194.2%	$37.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	$31.1M	N/A	N/A	N/A	$45.8M	N/A
Capital Expenditures	N/A	N/A	$2.6M	N/A	N/A	N/A	$6.1M	N/A
Free Cash Flow	N/A	N/A	$28.5M	N/A	N/A	N/A	$39.7M	N/A
Investing Cash Flow	N/A	N/A	$10.7M	N/A	N/A	N/A	-$18.9M	N/A
Financing Cash Flow	N/A	N/A	-$47.8M	N/A	N/A	N/A	-$26.5M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MASI Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Gross Margin	48.0%-1.0pp	49.0%-3.0pp	52.0%-13.2pp	65.2%+0.3pp	65.0%-2.1pp	67.1%
Operating Margin	-12.7%-19.4pp	6.7%-3.7pp	10.3%-11.9pp	22.3%-0.1pp	22.4%-1.2pp	23.6%
Net Margin	-14.6%-18.5pp	4.0%-3.1pp	7.0%-11.5pp	18.5%-2.5pp	21.0%+0.1pp	20.9%
Return on Equity	N/A	6.0%-4.8pp	10.7%-3.8pp	14.5%-3.6pp	18.1%+1.3pp	16.8%
Return on Assets	-11.6%-14.3pp	2.7%-1.8pp	4.5%-7.6pp	12.0%-3.0pp	15.0%+1.0pp	14.1%
Current Ratio	1.98-0.2	2.19+0.1	2.08-2.7	4.82-0.2	4.99-0.8	5.78
Debt-to-Equity	0.68+0.0	0.64-0.1	0.70+0.5	0.210.0	0.200.0	0.20
FCF Margin	8.4%+6.0pp	2.5%+3.6pp	-1.1%-20.4pp	19.3%+7.2pp	12.1%-4.2pp	16.3%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	62.1%-0.8pp	62.9%0.0pp	62.9%+27.5pp	35.4%-26.3pp	61.8%+1.5pp	60.3%-0.6pp	60.8%+13.0pp	47.9%
Operating Margin	22.5%+5.1pp	17.4%-3.6pp	21.0%+58.4pp	-37.5%-48.6pp	11.1%-1.1pp	12.2%-3.5pp	15.6%+7.6pp	8.0%
Net Margin	-27.0%-40.9pp	13.8%+59.7pp	-45.9%-13.1pp	-32.8%-35.6pp	2.9%-1.8pp	4.7%-0.9pp	5.6%-0.6pp	6.2%
Return on Equity	N/A	4.9%	N/A	N/A	0.7%-0.5pp	1.2%-0.2pp	1.4%-1.1pp	2.5%
Return on Assets	-5.5%-7.7pp	2.1%+9.6pp	-7.4%+5.9pp	-13.3%-13.6pp	0.3%-0.2pp	0.5%-0.1pp	0.6%-0.5pp	1.1%
Current Ratio	2.84+0.7	2.14-0.0	2.17+0.2	1.98-0.0	2.01-0.1	2.09-0.2	2.31+0.1	2.19
Debt-to-Equity	0.69+0.1	0.57-0.1	0.670.0	0.68+0.2	0.50-0.0	0.55-0.1	0.62-0.0	0.64
FCF Margin	N/A	N/A	7.7%	N/A	N/A	N/A	11.7%	N/A

Financial Health Signals

Financial Profile 44/100

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Neutral

4/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

-0.64x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

-6.1x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Masimo Corp's annual revenue?

Masimo Corp (MASI) reported $2.1B in total revenue for fiscal year 2024. This represents a 2.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Masimo Corp's revenue growing?

Masimo Corp (MASI) revenue grew by 2.3% year-over-year, from $2.0B to $2.1B in fiscal year 2024.

Is Masimo Corp profitable?

No, Masimo Corp (MASI) reported a net income of -$304.9M in fiscal year 2024, with a net profit margin of -14.6%.

What is Masimo Corp's earnings per share (EPS)?

Masimo Corp (MASI) reported diluted earnings per share of $-5.72 for fiscal year 2024. This represents a -478.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Masimo Corp's EBITDA?

Masimo Corp (MASI) had EBITDA of -$163.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Masimo Corp have?

As of fiscal year 2024, Masimo Corp (MASI) had $123.6M in cash and equivalents against $714.3M in long-term debt.

What is Masimo Corp's gross margin?

Masimo Corp (MASI) had a gross margin of 48.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Masimo Corp's operating margin?

Masimo Corp (MASI) had an operating margin of -12.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Masimo Corp's net profit margin?

Masimo Corp (MASI) had a net profit margin of -14.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Masimo Corp's free cash flow?

Masimo Corp (MASI) generated $176.4M in free cash flow during fiscal year 2024. This represents a 252.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Masimo Corp's operating cash flow?

Masimo Corp (MASI) generated $196.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Masimo Corp's total assets?

Masimo Corp (MASI) had $2.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Masimo Corp's capital expenditures?

Masimo Corp (MASI) invested $20.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Masimo Corp spend on research and development?

Masimo Corp (MASI) invested $222.8M in research and development during fiscal year 2024.

How many shares does Masimo Corp have outstanding?

Masimo Corp (MASI) had 54M shares outstanding as of fiscal year 2024.

What is Masimo Corp's current ratio?

Masimo Corp (MASI) had a current ratio of 1.98 as of fiscal year 2024, which is generally considered healthy.

What is Masimo Corp's debt-to-equity ratio?

Masimo Corp (MASI) had a debt-to-equity ratio of 0.68 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Masimo Corp's return on assets (ROA)?

Masimo Corp (MASI) had a return on assets of -11.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Masimo Corp's Piotroski F-Score?

Masimo Corp (MASI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Masimo Corp's earnings high quality?

Masimo Corp (MASI) has an earnings quality ratio of -0.64x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Masimo Corp cover its interest payments?

Masimo Corp (MASI) has an interest coverage ratio of -6.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Masimo Corp?

Masimo Corp (MASI) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.