Masimo Corp Financials
This page shows Masimo Corp (MASI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Masimo’s recent statements show a core operating rebound and strong cash conversion, while reported losses still reflect below-operating drag.
By FY2026, operating income rebounded to$310M and free cash flow to$198.4M , even though net income remained at-$151.5M ; that gap implies the pressure on reported earnings is not mainly coming from day-to-day selling economics. Across FY2024 to FY2026, revenue rose only9.4% but operating margin expanded from4.5% to20.3% , so the recovery came far faster in profit than in sales because gross margin and overhead both improved.
The balance sheet is shrinking, not expanding: total assets fell from
Liquidity looks serviceable, but its quality matters: the current ratio improved to 2.5x, yet inventory at
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Masimo Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Masimo Corp has an operating margin of 20.3%, meaning the company retains $20 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is up from 4.5% the prior year.
Masimo Corp's revenue grew 9.4% year-over-year to $1.5B, a solid pace of expansion. This earns a growth score of 49/100.
Masimo Corp carries a low D/E ratio of 0.56, meaning only $0.56 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Masimo Corp's current ratio of 2.68 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
Masimo Corp has a free cash flow margin of 13.0%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.
Masimo Corp generates a -19.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -29.0% the prior year.
Masimo Corp scores 9.72, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.4B) relative to total liabilities ($853.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Masimo Corp passes 8 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Masimo Corp generates $-1.44 in operating cash flow ($217.8M OCF vs -$151.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Masimo Corp earns $9.3 in operating income for every $1 of interest expense ($310.0M vs $33.2M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Masimo Corp generated $1.5B in revenue in fiscal year 2026. This represents an increase of 9.4% from the prior year.
Masimo Corp's EBITDA was $348.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 212.8% from the prior year.
Masimo Corp reported -$151.5M in net income in fiscal year 2026. This represents an increase of 50.3% from the prior year.
Masimo Corp earned $-2.80 per diluted share (EPS) in fiscal year 2026. This represents an increase of 50.0% from the prior year.
Cash & Balance Sheet
Masimo Corp generated $198.4M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 13.2% from the prior year.
Masimo Corp held $124.6M in cash against $445.7M in long-term debt as of fiscal year 2026.
Masimo Corp had 52M shares outstanding in fiscal year 2026. This represents a decrease of 2.9% from the prior year.
Margins & Returns
Masimo Corp's gross margin was 61.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.
Masimo Corp's operating margin was 20.3% in fiscal year 2026, reflecting core business profitability. This is up 15.8 percentage points from the prior year.
Masimo Corp's net profit margin was -9.9% in fiscal year 2026, showing the share of revenue converted to profit. This is up 11.9 percentage points from the prior year.
Masimo Corp's ROE was -19.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 9.8 percentage points from the prior year.
Capital Allocation
Masimo Corp invested $126.4M in research and development in fiscal year 2026. This represents a decrease of 30.6% from the prior year.
Masimo Corp spent $363.7M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.
Masimo Corp invested $19.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 8.1% from the prior year.
MASI Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $403.6M-2.2% | $412.5M+11.0% | $371.5M+0.2% | $370.9M-0.3% | $372.0M+1.0% | $368.4M+7.3% | $343.3M-0.2% | $343.9M |
| Cost of Revenue | $152.8M-7.5% | $165.2M+17.2% | $140.9M+2.4% | $137.6M-0.3% | $138.0M-31.0% | $200.1M+52.5% | $131.2M-4.0% | $136.6M |
| Gross Profit | $250.8M+1.4% | $247.3M+7.2% | $230.6M-1.2% | $233.3M-0.3% | $234.0M+39.0% | $168.3M-20.7% | $212.1M+2.3% | $207.3M |
| R&D Expenses | $30.0M-6.5% | $32.1M+5.2% | $30.5M+2.0% | $29.9M-11.8% | $33.9M-50.1% | $68.0M+82.3% | $37.3M-4.6% | $39.1M |
| SG&A Expenses | $143.4M+9.2% | $131.3M+12.8% | $116.4M-16.2% | $138.9M+16.3% | $119.4M-29.8% | $170.0M+24.5% | $136.6M+8.2% | $126.3M |
| Operating Income | $77.4M-7.7% | $83.9M+0.4% | $83.6M+29.6% | $64.5M-17.3% | $78.0M+211.1% | -$70.2M-283.8% | $38.2M-8.8% | $41.9M |
| Interest Expense | $6.1M-17.6% | $7.4M-15.9% | $8.8M+7.3% | $8.2M-6.8% | $8.8M+1.1% | $8.7M-12.1% | $9.9M-6.6% | $10.6M |
| Income Tax | $15.0M+25.0% | $12.0M-43.4% | $21.2M+101.9% | $10.5M-50.5% | $21.2M+244.2% | -$14.7M-400.0% | $4.9M-18.3% | $6.0M |
| Net Income | $57.1M-16.4% | $68.3M+168.0% | -$100.4M-295.7% | $51.3M+130.1% | -$170.7M+51.2% | -$349.6M-3667.3% | $9.8M-38.8% | $16.0M |
| EPS (Diluted) | $1.09 | N/A | $-1.84-295.7% | $0.94+130.1% | $-3.12 | N/A | $0.18-40.0% | $0.30 |
MASI Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B-3.3% | $1.7B-6.5% | $1.8B-24.4% | $2.4B+4.8% | $2.3B-12.7% | $2.6B-15.0% | $3.1B+6.7% | $2.9B |
| Current Assets | $870.5M-6.0% | $926.0M-11.7% | $1.0B-17.4% | $1.3B+7.2% | $1.2B-3.4% | $1.2B-4.2% | $1.3B+12.1% | $1.1B |
| Cash & Equivalents | $124.6M-18.2% | $152.3M-51.2% | $312.3M+108.8% | $149.6M+14.4% | $130.8M+5.8% | $123.6M-22.0% | $158.5M+22.3% | $129.6M |
| Inventory | $400.0M+5.2% | $380.3M+12.3% | $338.6M+6.3% | $318.5M+5.7% | $301.2M+2.2% | $294.8M-48.3% | $569.9M+11.1% | $513.0M |
| Accounts Receivable | $238.7M-13.5% | $275.8M | N/A | N/A | N/A | $283.2M-23.7% | $371.0M+9.9% | $337.7M |
| Goodwill | $100.9M-0.1% | $101.0M+0.2% | $100.8M-0.1% | $100.9M+2.6% | $98.3M+1.7% | $96.7M-76.6% | $412.5M+6.0% | $389.0M |
| Total Liabilities | $853.8M-12.7% | $977.7M-3.0% | $1.0B-25.9% | $1.4B+1.0% | $1.3B-14.4% | $1.6B-3.1% | $1.6B+6.5% | $1.5B |
| Current Liabilities | $325.4M-12.4% | $371.6M+0.5% | $369.7M-37.6% | $592.1M+8.3% | $546.5M-11.5% | $617.7M-3.1% | $637.6M+16.7% | $546.2M |
| Long-Term Debt | $445.7M-14.0% | $518.0M-7.4% | $559.1M-6.6% | $598.7M-5.9% | $636.0M-11.0% | $714.3M-2.6% | $733.2M-1.8% | $746.5M |
| Total Equity | $788.9M+9.4% | $721.2M-11.0% | $810.0M-22.3% | $1.0B+10.2% | $946.4M-10.0% | $1.1B-28.1% | $1.5B+6.9% | $1.4B |
| Retained Earnings | $1.4B+4.3% | $1.3B+5.4% | $1.3B-7.3% | $1.4B+3.9% | $1.3B-11.4% | $1.5B-19.0% | $1.8B+0.5% | $1.8B |
MASI Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.3M-25.1% | $60.5M+6.5% | $56.8M-18.2% | $69.4M+123.2% | $31.1M-38.4% | $50.5M+97.3% | $25.6M-65.6% | $74.5M |
| Capital Expenditures | $4.3M-39.4% | $7.1M+20.3% | $5.9M+55.3% | $3.8M+46.2% | $2.6M-58.1% | $6.2M+19.2% | $5.2M+44.4% | $3.6M |
| Free Cash Flow | $41.0M-23.2% | $53.4M+4.9% | $50.9M-22.4% | $65.6M+130.2% | $28.5M-35.7% | $44.3M+117.2% | $20.4M-71.2% | $70.9M |
| Investing Cash Flow | -$4.2M+51.7% | -$8.7M-103.1% | $282.3M+3168.5% | -$9.2M-186.0% | $10.7M+164.8% | -$16.5M-22.2% | -$13.5M-487.0% | -$2.3M |
| Financing Cash Flow | -$70.2M+67.3% | -$214.6M+1.7% | -$218.4M-447.4% | -$39.9M+16.5% | -$47.8M-635.4% | -$6.5M-306.3% | -$1.6M+98.2% | -$91.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $186.7M+14.3% | $163.3M | N/A | N/A | $0 | $0 | N/A |
MASI Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.1%+2.2pp | 60.0%-2.1pp | 62.1%-0.8pp | 62.9%0.0pp | 62.9%+17.2pp | 45.7%-16.1pp | 61.8%+1.5pp | 60.3% |
| Operating Margin | 19.2%-1.2pp | 20.3%-2.2pp | 22.5%+5.1pp | 17.4%-3.6pp | 21.0%+40.0pp | -19.1%-30.2pp | 11.1%-1.1pp | 12.2% |
| Net Margin | 14.1%-2.4pp | 16.6%+43.6pp | -27.0%-40.9pp | 13.8%+59.7pp | -45.9%+49.0pp | -94.9%-97.7pp | 2.9%-1.8pp | 4.7% |
| Return on Equity | 7.2%-2.2pp | 9.5%+21.9pp | -12.4%-17.3pp | 4.9%+23.0pp | -18.0%+15.2pp | -33.2%-33.9pp | 0.7%-0.5pp | 1.2% |
| Return on Assets | 3.5%-0.5pp | 4.0%+9.5pp | -5.5%-7.7pp | 2.1%+9.6pp | -7.4%+5.9pp | -13.3%-13.6pp | 0.3%-0.2pp | 0.5% |
| Current Ratio | 2.68+0.2 | 2.49-0.3 | 2.84+0.7 | 2.14-0.0 | 2.17+0.2 | 1.98-0.0 | 2.01-0.1 | 2.09 |
| Debt-to-Equity | 0.56-0.2 | 0.72+0.0 | 0.69+0.1 | 0.57-0.1 | 0.670.0 | 0.68+0.2 | 0.50-0.0 | 0.55 |
| FCF Margin | 10.2%-2.8pp | 13.0%-0.8pp | 13.7%-4.0pp | 17.7%+10.0pp | 7.7%-4.4pp | 12.0%+6.1pp | 5.9%-14.7pp | 20.6% |
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Frequently Asked Questions
What is Masimo Corp's annual revenue?
Masimo Corp (MASI) reported $1.5B in total revenue for fiscal year 2026. This represents a 9.4% 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 9.4% year-over-year, from $1.4B to $1.5B in fiscal year 2026.
Is Masimo Corp profitable?
No, Masimo Corp (MASI) reported a net income of -$151.5M in fiscal year 2026, with a net profit margin of -9.9%.
What is Masimo Corp's EBITDA?
Masimo Corp (MASI) had EBITDA of $348.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Masimo Corp have?
As of fiscal year 2026, Masimo Corp (MASI) had $124.6M in cash and equivalents against $445.7M in long-term debt.
What is Masimo Corp's gross margin?
Masimo Corp (MASI) had a gross margin of 61.9% in fiscal year 2026, 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 20.3% in fiscal year 2026, 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 -9.9% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Masimo Corp's return on equity (ROE)?
Masimo Corp (MASI) has a return on equity of -19.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Masimo Corp's free cash flow?
Masimo Corp (MASI) generated $198.4M in free cash flow during fiscal year 2026. This represents a 13.2% 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 $217.8M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Masimo Corp's total assets?
Masimo Corp (MASI) had $1.6B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Masimo Corp's capital expenditures?
Masimo Corp (MASI) invested $19.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Masimo Corp spend on research and development?
Masimo Corp (MASI) invested $126.4M in research and development during fiscal year 2026.
What is Masimo Corp's current ratio?
Masimo Corp (MASI) had a current ratio of 2.68 as of fiscal year 2026, which is generally considered healthy.
What is Masimo Corp's debt-to-equity ratio?
Masimo Corp (MASI) had a debt-to-equity ratio of 0.56 as of fiscal year 2026, 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 -9.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Masimo Corp's Altman Z-Score?
Masimo Corp (MASI) has an Altman Z-Score of 9.72, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Masimo Corp's Piotroski F-Score?
Masimo Corp (MASI) has a Piotroski F-Score of 8 out of 9, indicating strong 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Masimo Corp's earnings high quality?
Masimo Corp (MASI) has an earnings quality ratio of -1.44x, 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. Learn more in our complete guide to financial health indicators.
Can Masimo Corp cover its interest payments?
Masimo Corp (MASI) has an interest coverage ratio of 9.3x, meaning it can comfortably 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. Learn more in our complete guide to financial health indicators.
How financially healthy is Masimo Corp?
Masimo Corp (MASI) scores 49 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. Learn more in our complete guide to financial health indicators.