Masimo (MASI) Financials

$178.50 +0.30 (+0.17%)

As of 02:49 PM Eastern

Annual Income Statements for Masimo

This table shows Masimo's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	73	83	311	125	194	196	240	230	144	82	-305
Consolidated Net Income / (Loss)	74	82	311	125	194	196	240	230	144	82	-305
Net Income / (Loss) Continuing Operations	74	82	311	125	194	196	240	230	144	82	-305
Total Pre-Tax Income	102	116	434	186	214	234	264	274	193	88	-305
Total Operating Income	104	120	436	184	208	221	256	276	210	137	-267
Total Gross Profit	391	410	478	522	575	629	743	808	1,059	1,004	1,004
Total Revenue	587	630	713	790	858	938	1,144	1,239	2,036	2,048	2,094
Operating Revenue	587	630	713	790	858	938	1,144	1,239	2,036	2,048	2,094
Total Cost of Revenue	196	220	235	268	283	309	401	431	977	1,045	1,090
Operating Cost of Revenue	196	220	235	268	283	309	401	431	977	1,045	1,090
Total Operating Expenses	287	290	42	338	367	408	487	533	849	867	1,271
Selling, General & Admin Expense	241	253	255	273	285	315	369	395	657	664	744
Research & Development Expense	57	57	58	65	81	93	119	137	191	175	223
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	10	304
Other Special Charges / (Income)	-10	-20	-270	0.00	0.43	0.00	-0.50	0.00	0.00	18	0.50
Total Other Income / (Expense), net	-1.47	-3.91	-2.43	2.01	5.73	13	7.90	-1.40	-17	-48	-39
Other Income / (Expense), net	-1.47	-3.91	-2.43	2.01	5.73	13	7.90	-1.40	-17	-48	-39
Income Tax Expense	28	35	122	61	20	38	23	45	50	6.60	-0.40
Basic Earnings per Share	$1.33	$1.62	$6.28	$2.42	$3.70	$3.67	$4.39	$4.16	$2.68	$1.54	($5.72)
Weighted Average Basic Shares Outstanding	54.71M	51.31M	49.53M	51.52M	52.30M	53.43M	54.70M	55.20M	53.60M	52.80M	53.30M
Diluted Earnings per Share	$1.30	$1.55	$5.85	$2.23	$3.45	$3.44	$4.14	$3.98	$2.60	$1.51	($5.72)
Weighted Average Diluted Shares Outstanding	55.57M	53.71M	53.20M	55.87M	56.04M	57.10M	58M	57.70M	55.20M	54.10M	53.30M
Weighted Average Basic & Diluted Shares Outstanding	54.50M	51.40M	49.50M	-959.90M	52.30M	53.79M	55.27M	55.36M	52.60M	52.91M	53.95M

This table shows Masimo's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025
Net Income / (Loss) Attributable to Common Shareholders	21	16	11	34	19	16	9.80	-350	-171	51	-100
Consolidated Net Income / (Loss)	21	16	11	34	19	16	9.80	-350	-171	51	-100
Net Income / (Loss) Continuing Operations	21	16	11	34	32	25	24	-350	47	45	54
Total Pre-Tax Income	26	25	14	23	42	31	29	-362	68	55	75
Total Operating Income	38	29	25	44	53	42	38	-359	78	65	84
Total Gross Profit	285	221	235	263	207	207	212	245	234	233	231
Total Revenue	565	455	479	549	340	344	343	601	372	371	372
Operating Revenue	565	455	479	549	340	344	343	601	372	371	372
Total Cost of Revenue	280	234	244	286	133	137	131	356	138	138	141
Operating Cost of Revenue	280	234	244	286	133	137	131	356	138	138	141
Total Operating Expenses	247	192	210	219	154	165	174	604	156	169	147
Selling, General & Admin Expense	196	152	156	160	116	126	137	222	119	139	116
Research & Development Expense	51	40	47	38	38	39	37	78	34	30	31
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	0.00	-	2.70	0.00	0.10
Total Other Income / (Expense), net	-12	-4.50	-11	-21	-12	-11	-9.00	-2.60	-9.60	-9.10	-8.70
Other Income / (Expense), net	-12	-4.50	-11	-21	-12	-11	-9.00	-2.60	-9.60	-9.10	-8.70
Income Tax Expense	4.90	9.10	3.40	-11	9.40	6.00	4.90	-12	21	11	21
Net Income / (Loss) Discontinued Operations	-	-	-	-	-13	-8.80	-15	-	-218	6.40	-154
Basic Earnings per Share	$0.40	$0.30	$0.20	$0.64	$0.36	$0.30	$0.19	($6.56)	($3.17)	$0.95	($1.86)
Weighted Average Basic Shares Outstanding	52.60M	52.80M	52.80M	52.80M	53M	53.10M	53.40M	53.30M	54M	54.30M	54M
Diluted Earnings per Share	$0.39	$0.29	$0.20	$0.63	$0.35	$0.30	$0.18	($6.54)	($3.12)	$0.94	($1.84)
Weighted Average Diluted Shares Outstanding	54.40M	54.40M	53.90M	54.10M	54.20M	54.30M	54.30M	53.30M	54.80M	54.80M	54.40M
Weighted Average Basic & Diluted Shares Outstanding	52.78M	52.82M	52.84M	52.91M	53.09M	53.20M	53.54M	53.95M	54.22M	54.32M	53.71M

This table details how cash moves in and out of Masimo's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Net Change in Cash & Equivalents	39	0.54	177	4.02	237	15	77	103	-539	-41	13
Net Cash From Operating Activities	96	117	419	56	240	222	211	265	29	94	196
Net Cash From Continuing Operating Activities	96	117	419	56	240	222	211	265	29	94	196
Net Income / (Loss) Continuing Operations	74	82	311	125	194	196	240	230	144	82	-305
Consolidated Net Income / (Loss)	74	82	311	125	194	196	240	230	144	82	-305
Depreciation Expense	13	16	17	20	21	23	29	36	136	98	103
Amortization Expense	-	-	-	-	-	-	0.00	0.00	1.40	1.90	1.90
Non-Cash Adjustments To Reconcile Net Income	13	12	13	28	26	28	35	30	37	21	458
Changes in Operating Assets and Liabilities, net	-4.07	8.25	78	-117	-1.05	-26	-94	-31	-288	-108	-62
Net Cash From Investing Activities	-79	-55	-25	-48	-26	-198	-83	-38	-1,058	-81	-51
Net Cash From Continuing Investing Activities	-79	-55	-25	-48	-26	-198	-83	-38	-1,058	-81	-51
Purchase of Property, Plant & Equipment	-75	-50	-20	-44	-17	-68	-73	-26	-53	-44	-20
Acquisitions	-3.90	-4.20	-4.64	-3.08	-9.48	-4.12	-120	-9.40	-1,003	-36	-31
Purchase of Investments	-	0.00	-0.20	0.00	0.00	-280	-	-2.60	-1.70	-1.00	-0.10
Net Cash From Financing Activities	27	-62	-217	-4.14	26	-9.34	-54	-122	520	-57	-126
Net Cash From Continuing Financing Activities	27	-62	-217	-4.14	26	-9.34	-54	-122	520	-57	-126
Repayment of Debt	-0.55	-70	-231	-0.07	-0.32	-	0.00	0.00	-145	-240	-238
Repurchase of Common Equity	-102	-150	-68	-66	-18	-38	-111	-129	-402	0.00	0.00
Issuance of Debt	125	130	45	-	-	-	0.00	0.00	1,084	189	99
Other Financing Activities, net	4.68	28	37	62	45	28	56	6.50	-17	-5.90	13
Effect of Exchange Rate Changes	-4.30	-	-	-	-2.00	-	2.90	-1.30	-31	2.80	-6.40

This table details how cash moves in and out of Masimo's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025
Net Change in Cash & Equivalents	-29	-23	-26	36	-4.20	-28	28	18	-4.90	21	118
Net Cash From Operating Activities	0.40	24	-7.00	77	46	75	26	51	31	69	57
Net Cash From Continuing Operating Activities	0.40	24	-7.00	77	39	75	26	51	38	62	57
Net Income / (Loss) Continuing Operations	21	16	11	34	32	16	9.80	-350	47	45	54
Consolidated Net Income / (Loss)	21	16	11	34	19	16	9.80	-350	-171	51	-100
Net Income / (Loss) Discontinued Operations	-	-	-	-	-13	-	-	-	-218	6.40	-154
Depreciation Expense	26	25	25	23	10	24	24	31	8.60	8.40	8.20
Amortization Expense	0.50	0.40	0.50	0.50	0.50	0.40	0.50	0.50	0.50	0.40	1.40
Non-Cash Adjustments To Reconcile Net Income	-1.10	-4.10	4.70	21	9.50	18	8.90	421	8.70	20	17
Changes in Operating Assets and Liabilities, net	-46	-14	-47	-0.90	-14	16	-18	-52	-27	-12	-23
Net Cash From Discontinued Operating Activities	-	-	-	-	7.20	-	-	-	-6.80	7.80	-0.60
Net Cash From Investing Activities	-11	-22	-22	-25	-19	-2.30	-14	-17	11	-9.20	282
Net Cash From Continuing Investing Activities	-11	-22	-22	-25	-11	-2.30	-14	-17	16	-4.90	-5.30
Purchase of Property, Plant & Equipment	-8.50	-12	-13	-11	-6.10	-7.60	-8.70	4.50	-2.60	-3.80	-5.90
Acquisitions	-2.20	-10	-9.40	-14	-4.60	-5.50	-7.50	-7.50	-1.50	-1.10	-1.20
Purchase of Investments	-0.40	-0.30	-0.30	-	-0.10	-	-	-	0.00	-	1.80
Net Cash From Discontinued Investing Activities	-	-	-	-	-8.10	-	-	-	-4.80	-4.30	288
Net Cash From Financing Activities	-35	-4.90	19	-36	-27	-91	-1.60	-6.50	-48	-40	-218
Net Cash From Continuing Financing Activities	-35	-4.90	19	-36	-26	-91	-1.60	-6.50	-47	-39	-218
Repayment of Debt	-72	-40	-42	-86	-92	-93	-22	-31	-79	-38	-400
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	-163
Issuance of Debt	44	35	61	50	64	-	8.70	26	0.00	-	344
Other Financing Activities, net	-7.20	0.50	0.70	0.10	1.80	2.30	11	-2.00	32	12	1.80
Net Cash From Discontinued Financing Activities	-	-	-	-	-0.40	-	-	-	-0.80	-0.90	-0.90
Effect of Exchange Rate Changes	17	-19	-16	20	-4.60	-9.60	18	-9.80	1.10	0.30	-2.40

This table presents Masimo's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Total Assets	565	602	821	905	1,155	1,396	1,713	1,887	3,211	3,042	2,626
Total Current Assets	297	299	507	560	789	996	1,101	1,239	1,309	1,232	1,226
Cash & Equivalents	134	132	306	315	552	568	641	745	203	163	124
Accounts Receivable	71	81	102	119	110	132	-	201	446	356	283
Inventories, net	70	62	73	92	95	116	216	201	501	545	295
Other Current Assets	21	21	26	34	32	60	102	91	159	168	121
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	403
Plant, Property, & Equipment, net	102	132	136	164	166	220	273	273	403	424	337
Total Noncurrent Assets	166	170	177	182	200	181	319	376	1,500	1,385	1,063
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	50	58	74	73	71	59
Goodwill	21	20	20	21	23	22	103	100	445	408	97
Intangible Assets	28	28	29	27	28	27	74	73	723	652	62
Noncurrent Deferred & Refundable Income Taxes	42	44	39	20	21	36	39	53	103	107	118
Other Noncurrent Operating Assets	75	78	89	114	127	45	45	77	156	147	112
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	615
Total Liabilities & Shareholders' Equity	565	602	821	905	1,155	1,396	1,713	1,887	3,211	3,042	2,626
Total Liabilities	257	326	260	181	186	228	305	337	1,872	1,677	1,574
Total Current Liabilities	124	133	220	130	147	172	234	268	630	564	618
Accounts Payable	38	26	34	34	40	55	64	76	277	252	129
Accrued Expenses	25	44	28	24	25	37	-	-	183	162	115
Current Deferred Revenue	21	21	38	32	32	26	45	51	81	87	77
Current Employee Benefit Liabilities	34	38	43	40	49	55	72	71	89	63	79
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	218
Total Noncurrent Liabilities	133	193	40	52	39	56	0.00	69	1,242	1,113	956
Long-Term Debt	125	185	-	-	-	-	-	0.00	942	872	714
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	5.10	164	112	0.20
Other Noncurrent Operating Liabilities	7.77	8.02	15	52	39	56	-	64	137	130	71
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	171
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	308	276	560	724	969	1,168	1,408	1,550	1,339	1,365	1,052
Total Preferred & Common Equity	306	275	560	724	969	1,168	1,408	1,550	1,339	1,365	1,052
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	306	275	560	724	969	1,168	1,408	1,550	1,339	1,365	1,052
Common Stock	289	332	382	462	533	601	704	753	782	784	838
Retained Earnings	205	289	589	738	931	1,100	1,341	1,571	1,714	1,796	1,491
Treasury Stock	-186	-341	-404	-473	-489	-527	639	-768	-1,169	-1,169	-1,169
Accumulated Other Comprehensive Income / (Loss)	-2.09	-4.74	-7.03	-2.94	-6.20	-6.72	1.41	-5.50	12	-45	-108

This table presents Masimo's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/1/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025
Total Assets	3,056	3,116	3,011	2,996	2,958	2,894	3,088	2,293	2,403	1,818
Total Current Assets	1,246	1,261	1,208	1,238	1,166	1,142	1,280	1,184	1,270	1,048
Cash & Equivalents	220	174	151	124	158	130	159	131	150	312
Accounts Receivable	372	411	349	357	331	338	371	286	295	289
Inventories, net	495	504	543	585	506	513	570	301	319	339
Other Current Assets	159	172	166	172	160	162	181	112	113	107
Other Current Nonoperating Assets	-	-	-	-	11	-	-	354	394	0.90
Plant, Property, & Equipment, net	372	402	410	415	415	414	418	332	338	345
Total Noncurrent Assets	1,439	1,453	1,393	1,343	1,377	1,338	1,390	777	795	424
Noncurrent Note & Lease Receivables	80	82	78	80	70	67	64	59	53	49
Goodwill	446	422	411	400	396	389	413	98	101	101
Intangible Assets	709	690	666	630	636	606	641	61	58	57
Noncurrent Deferred & Refundable Income Taxes	57	112	88	88	107	107	107	119	119	119
Other Noncurrent Operating Assets	148	147	151	145	168	169	165	105	102	97
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	334	362	1.40
Total Liabilities & Shareholders' Equity	3,056	3,116	3,011	2,996	2,958	2,894	3,088	2,293	2,403	1,818
Total Liabilities	1,804	1,785	1,703	1,720	1,593	1,525	1,625	1,347	1,360	1,008
Total Current Liabilities	587	583	572	579	504	546	638	547	592	370
Accounts Payable	268	249	266	284	203	216	281	125	136	118
Accrued Expenses	152	180	183	166	166	178	196	118	121	112
Current Deferred Revenue	78	82	74	73	70	80	85	73	75	68
Current Employee Benefit Liabilities	90	73	50	56	65	72	76	62	68	70
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	169	193	1.30
Total Noncurrent Liabilities	1,217	1,202	1,131	1,142	1,088	979	987	800	768	638
Long-Term Debt	951	898	889	910	841	747	733	636	599	559
Noncurrent Deferred & Payable Income Tax Liabilities	139	168	119	112	107	102	111	0.20	0.20	0.00
Other Noncurrent Operating Liabilities	-	-	-	-	140	130	143	73	76	79
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	91	93	0.10
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,253	1,330	1,308	1,276	1,365	1,369	1,463	946	1,043	810
Total Preferred & Common Equity	1,253	1,330	1,308	1,276	1,365	1,369	1,463	946	1,043	810
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,253	1,330	1,308	1,276	1,365	1,369	1,463	946	1,043	810
Common Stock	775	782	774	774	795	811	829	882	903	920
Retained Earnings	1,674	1,736	1,751	1,762	1,815	1,831	1,841	1,320	1,372	1,271
Treasury Stock	-1,169	-1,169	-1,169	-1,169	-1,169	-1,169	-1,169	-1,169	-1,183	-1,368
Accumulated Other Comprehensive Income / (Loss)	-27	-18	-48	-91	-75	-103	-37	-86	-49	-13

This table displays calculated financial ratios and metrics derived from Masimo's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.20%	7.41%	13.14%	10.85%	8.61%	9.27%	21.95%	8.35%	64.28%	0.60%	2.26%
EBITDA Growth	31.80%	14.95%	241.09%	-54.29%	14.11%	9.68%	13.72%	5.80%	6.74%	-43.09%	-206.43%
EBIT Growth	34.75%	14.02%	272.61%	-57.14%	15.06%	9.54%	12.61%	4.06%	-29.52%	-54.45%	-446.54%
NOPAT Growth	28.60%	11.67%	271.39%	-60.54%	52.59%	-1.59%	25.75%	-1.00%	-32.48%	-18.96%	-247.85%
Net Income Growth	33.46%	9.60%	281.71%	-59.89%	55.10%	1.38%	22.47%	-4.45%	-37.50%	-43.21%	-474.11%
EPS Growth	27.45%	19.23%	277.42%	-61.88%	54.71%	-0.29%	20.35%	-3.86%	-34.67%	-41.92%	-478.81%
Operating Cash Flow Growth	73.52%	22.58%	257.60%	-86.62%	327.25%	-7.47%	-4.76%	25.34%	-88.89%	220.07%	108.71%
Free Cash Flow Firm Growth	-74.08%	561.49%	614.00%	-107.94%	686.95%	-32.46%	-112.97%	1,081.09%	-820.79%	111.67%	118.30%
Invested Capital Growth	29.07%	10.06%	-22.59%	60.61%	1.98%	15.27%	51.83%	10.40%	158.12%	-0.20%	-22.73%
Revenue Q/Q Growth	3.41%	0.88%	5.04%	0.82%	1.80%	2.67%	4.33%	2.71%	16.57%	-3.22%	2.54%
EBITDA Q/Q Growth	20.69%	3.56%	177.58%	-57.29%	4.27%	3.85%	1.55%	3.68%	17.77%	-32.24%	-213.80%
EBIT Q/Q Growth	23.35%	3.37%	197.33%	-59.88%	4.98%	3.91%	0.88%	3.79%	-9.78%	-27.01%	-484.03%
NOPAT Q/Q Growth	20.98%	4.47%	180.49%	-65.66%	38.89%	2.82%	8.44%	-0.11%	-8.64%	3.81%	-238.44%
Net Income Q/Q Growth	20.40%	4.18%	181.72%	-65.17%	39.37%	3.15%	7.97%	-1.06%	-15.99%	-7.91%	-487.91%
EPS Q/Q Growth	21.50%	3.33%	182.61%	-66.21%	38.55%	2.99%	7.53%	-0.75%	-13.91%	-7.93%	-494.48%
Operating Cash Flow Q/Q Growth	29.70%	38.67%	180.35%	-83.44%	6.46%	3.26%	-2.62%	14.22%	-77.98%	804.81%	-11.93%
Free Cash Flow Firm Q/Q Growth	250.25%	235.76%	262.86%	-110.53%	25.14%	-1.96%	-172.81%	39.61%	-11.89%	190.74%	79.84%
Invested Capital Q/Q Growth	2.81%	-7.41%	-29.29%	-4.41%	-0.56%	1.09%	4.79%	-1.34%	4.69%	0.59%	-21.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.61%	65.07%	67.10%	66.06%	66.98%	67.09%	64.96%	65.24%	52.01%	49.00%	47.96%
EBITDA Margin	19.58%	20.95%	63.17%	26.05%	27.37%	27.47%	25.62%	25.02%	16.25%	9.19%	-9.57%
Operating Margin	17.65%	19.08%	61.15%	23.26%	24.24%	23.59%	22.37%	22.26%	10.32%	6.66%	-12.73%
EBIT Margin	17.39%	18.46%	60.81%	23.51%	24.91%	24.97%	23.06%	22.14%	9.50%	4.30%	-14.58%
Profit (Net Income) Margin	12.68%	12.93%	43.64%	15.79%	22.55%	20.92%	21.01%	18.53%	7.05%	3.98%	-14.56%
Tax Burden Percent	72.88%	70.05%	71.76%	67.16%	90.54%	83.79%	91.13%	83.67%	74.20%	92.51%	99.87%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	27.12%	29.95%	28.24%	32.84%	9.46%	16.21%	8.87%	16.33%	25.80%	7.49%	0.00%
Return on Invested Capital (ROIC)	28.48%	26.87%	107.34%	37.25%	45.66%	41.34%	38.55%	30.09%	10.81%	6.08%	-10.16%
ROIC Less NNEP Spread (ROIC-NNEP)	30.53%	14.32%	108.72%	36.81%	44.46%	39.59%	37.50%	30.25%	384.05%	-0.10%	-28.94%
Return on Net Nonoperating Assets (RNNOA)	-5.02%	1.07%	-32.91%	-17.81%	-22.80%	-22.98%	-19.89%	-14.56%	-0.88%	-0.06%	-15.07%
Return on Equity (ROE)	23.45%	27.94%	74.43%	19.43%	22.86%	18.36%	18.66%	15.52%	9.93%	6.03%	-25.23%
Cash Return on Invested Capital (CROIC)	3.09%	17.29%	132.80%	-9.27%	43.70%	27.15%	-2.61%	20.20%	-77.49%	6.28%	15.49%
Operating Return on Assets (OROA)	20.33%	19.94%	60.96%	21.53%	20.75%	18.36%	16.97%	15.25%	7.59%	2.82%	-10.77%
Return on Assets (ROA)	14.82%	13.97%	43.75%	14.46%	18.79%	15.38%	15.46%	12.76%	5.63%	2.61%	-10.76%
Return on Common Equity (ROCE)	23.39%	27.84%	74.40%	19.43%	22.86%	18.36%	18.66%	15.52%	9.93%	6.03%	-25.23%
Return on Equity Simple (ROE_SIMPLE)	24.30%	29.59%	55.53%	17.24%	19.97%	16.80%	17.07%	14.81%	10.72%	5.97%	-28.99%
Net Operating Profit after Tax (NOPAT)	75	84	313	123	188	185	233	231	156	126	-187
NOPAT Margin	12.86%	13.37%	43.88%	15.62%	21.95%	19.77%	20.38%	18.62%	7.65%	6.17%	-8.91%
Net Nonoperating Expense Percent (NNEP)	-2.06%	12.55%	-1.38%	0.44%	1.20%	1.75%	1.05%	-0.16%	-373.24%	6.19%	18.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	6.83%	5.65%	-10.49%
Cost of Revenue to Revenue	33.39%	34.93%	32.90%	33.94%	33.02%	32.91%	35.04%	34.76%	47.99%	51.00%	52.04%
SG&A Expenses to Revenue	41.08%	40.11%	35.73%	34.55%	33.25%	33.55%	32.26%	31.91%	32.29%	32.42%	35.51%
R&D to Revenue	9.64%	8.99%	8.09%	8.25%	9.44%	9.95%	10.38%	11.07%	9.40%	8.55%	10.64%
Operating Expenses to Revenue	48.97%	45.98%	5.95%	42.80%	42.74%	43.50%	42.60%	42.98%	41.69%	42.33%	60.69%
Earnings before Interest and Taxes (EBIT)	102	116	434	186	214	234	264	274	193	88	-305
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	115	132	450	206	235	258	293	310	331	188	-200
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.43	7.58	5.98	6.05	5.77	7.32	10.50	10.43	5.81	4.54	8.70
Price to Tangible Book Value (P/TBV)	5.27	9.18	6.55	6.48	6.10	7.65	12.01	11.74	45.51	20.32	23.06
Price to Revenue (P/Rev)	2.31	3.31	4.70	5.54	6.52	9.12	12.92	13.05	3.82	3.02	4.37
Price to Earnings (P/E)	18.70	25.06	10.76	35.11	28.90	43.58	61.49	70.42	54.19	75.99	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.35%	3.99%	9.29%	2.85%	3.46%	2.29%	1.63%	1.42%	1.85%	1.32%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.52	6.52	11.96	9.95	12.10	16.37	19.39	19.16	4.10	3.33	6.06
Enterprise Value to Revenue (EV/Rev)	2.30	3.40	4.27	5.15	5.87	8.38	12.36	12.45	4.18	3.37	4.63
Enterprise Value to EBITDA (EV/EBITDA)	11.74	16.21	6.76	19.75	21.46	30.52	48.24	49.75	25.73	36.66	0.00
Enterprise Value to EBIT (EV/EBIT)	13.22	18.40	7.02	21.89	23.58	33.58	53.60	56.20	44.03	78.35	0.00
Enterprise Value to NOPAT (EV/NOPAT)	17.88	25.41	9.73	32.94	26.77	42.42	60.64	66.83	54.65	54.66	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.11	18.26	7.26	72.53	21.05	35.48	66.96	58.29	289.65	73.35	49.41
Enterprise Value to Free Cash Flow (EV/FCFF)	164.61	39.49	7.86	0.00	27.97	64.58	0.00	99.53	0.00	52.94	34.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.67	0.00	0.00	0.00	0.00	0.00	0.00	0.70	0.64	0.69
Long-Term Debt to Equity	0.41	0.67	0.00	0.00	0.00	0.00	0.00	0.00	0.70	0.64	0.69
Financial Leverage	-0.16	0.07	-0.30	-0.48	-0.51	-0.58	-0.53	-0.48	0.00	0.54	0.52
Leverage Ratio	1.58	2.00	1.70	1.34	1.22	1.19	1.21	1.22	1.76	2.31	2.35
Compound Leverage Factor	1.58	2.00	1.70	1.34	1.22	1.19	1.21	1.22	1.76	2.31	2.35
Debt to Total Capital	28.92%	40.17%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	41.29%	38.98%	40.90%
Short-Term Debt to Total Capital	0.02%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.90%	40.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	41.29%	38.98%	40.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.40%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.68%	59.76%	99.99%	100.00%	100.00%	100.00%	100.00%	100.00%	58.71%	61.02%	59.10%
Debt to EBITDA	1.09	1.40	0.00	0.00	0.00	0.00	0.00	0.00	2.85	4.63	-3.63
Net Debt to EBITDA	-0.08	0.40	-0.68	0.00	0.00	0.00	0.00	0.00	2.23	3.76	-2.75
Long-Term Debt to EBITDA	1.09	1.40	0.00	0.00	0.00	0.00	0.00	0.00	2.85	4.63	-3.63
Debt to NOPAT	1.66	2.20	0.00	0.00	0.00	0.00	0.00	0.00	6.04	6.90	-3.90
Net Debt to NOPAT	-0.12	0.63	-0.98	0.00	0.00	0.00	0.00	0.00	4.74	5.61	-2.95
Long-Term Debt to NOPAT	1.66	2.20	0.00	0.00	0.00	0.00	0.00	0.00	6.04	6.90	-3.90
Altman Z-Score	5.67	6.53	11.76	17.75	21.22	25.51	31.96	31.72	4.33	4.08	4.98
Noncontrolling Interest Sharing Ratio	0.26%	0.35%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.40	2.26	2.30	4.32	5.39	5.78	4.71	4.63	2.08	2.19	1.98
Quick Ratio	1.66	1.61	1.85	3.35	4.52	4.76	2.74	3.53	1.03	0.92	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	8.19	54	387	-31	180	122	-16	155	-1,117	130	285
Operating Cash Flow to CapEx	127.38%	232.58%	2,126.78%	128.34%	1,398.62%	324.16%	291.17%	1,037.65%	55.68%	213.86%	982.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.08	1.00	0.92	0.83	0.74	0.74	0.69	0.80	0.66	0.74
Accounts Receivable Turnover	7.94	8.29	7.81	7.18	7.52	7.75	0.00	0.00	6.30	5.11	5.36
Inventory Turnover	3.10	3.34	3.49	3.26	3.03	2.93	2.42	2.06	2.78	2.00	2.17
Fixed Asset Turnover	9.25	5.38	5.31	5.27	5.20	4.87	4.65	4.54	6.03	4.95	5.20
Accounts Payable Turnover	5.93	6.89	7.79	7.88	7.64	6.50	6.76	6.17	5.54	3.95	4.32
Days Sales Outstanding (DSO)	45.97	44.02	46.75	50.85	48.51	47.10	0.00	0.00	57.97	71.41	68.14
Days Inventory Outstanding (DIO)	117.90	109.23	104.71	112.13	120.42	124.52	151.13	176.80	131.21	182.74	168.13
Days Payable Outstanding (DPO)	61.54	52.99	46.84	46.35	47.76	56.13	54.02	59.16	65.83	92.30	84.44
Cash Conversion Cycle (CCC)	102.33	100.27	104.62	116.64	121.17	115.49	97.11	117.64	123.35	161.86	151.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	299	329	254	408	417	480	729	805	2,078	2,074	1,602
Invested Capital Turnover	2.21	2.01	2.45	2.38	2.08	2.09	1.89	1.62	1.41	0.99	1.14
Increase / (Decrease) in Invested Capital	67	30	-74	154	8.09	64	249	76	1,273	-4.10	-471
Enterprise Value (EV)	1,349	2,141	3,042	4,066	5,042	7,863	14,134	15,423	8,516	6,902	9,704
Market Capitalization	1,356	2,087	3,348	4,382	5,594	8,550	14,776	16,168	7,777	6,194	9,154
Book Value per Share	$5.84	$5.48	$11.28	$14.01	$18.29	$21.78	$25.57	$28.07	$25.47	$25.83	$19.65
Tangible Book Value per Share	$4.91	$4.52	$10.29	$13.09	$17.32	$20.86	$22.35	$24.94	$3.25	$5.77	$7.41
Total Capital	433	461	560	724	969	1,168	1,408	1,550	2,281	2,237	1,780
Total Debt	125	185	0.07	0.00	0.00	0.00	0.00	0.00	942	872	728
Total Long-Term Debt	125	185	0.00	0.00	0.00	0.00	0.00	0.00	942	872	728
Net Debt	-9.23	53	-306	-315	-552	-688	-641	-745	739	709	550
Capital Expenditures (CapEx)	75	50	20	44	17	68	73	26	53	44	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	39	34	-19	115	90	136	226	226	476	505	431
Debt-free Net Working Capital (DFNWC)	173	167	287	430	643	824	867	971	679	668	608
Net Working Capital (NWC)	173	167	287	430	643	824	867	971	679	668	608
Net Nonoperating Expense (NNE)	1.07	2.74	1.74	-1.35	-5.19	-11	-7.20	1.17	12	45	118
Net Nonoperating Obligations (NNO)	-9.23	53	-306	-316	-552	-688	-679	-745	739	709	550
Total Depreciation and Amortization (D&A)	13	16	17	20	21	23	29	36	138	100	105
Debt-free, Cash-free Net Working Capital to Revenue	6.62%	5.44%	-2.67%	14.52%	10.51%	14.52%	19.75%	18.20%	23.37%	24.66%	20.55%
Debt-free Net Working Capital to Revenue	29.53%	26.44%	40.25%	54.42%	74.88%	87.85%	75.84%	78.34%	33.33%	32.62%	29.03%
Net Working Capital to Revenue	29.52%	26.43%	40.24%	54.42%	74.88%	87.85%	75.84%	78.34%	33.33%	32.62%	29.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.33	$1.62	$6.07	$2.55	$3.70	$3.67	$4.39	$4.16	$2.68	$1.54	($5.72)
Adjusted Weighted Average Basic Shares Outstanding	54.71M	51.31M	49.53M	51.52M	52.30M	53.43M	54.70M	55.17M	53.60M	52.80M	53.30M
Adjusted Diluted Earnings per Share	$1.30	$1.55	$5.65	$2.36	$3.45	$3.44	$4.14	$3.98	$2.60	$1.51	($5.72)
Adjusted Weighted Average Diluted Shares Outstanding	55.57M	53.71M	53.20M	55.87M	56.04M	57.10M	58.04M	57.68M	55.20M	54.10M	53.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.61M	49.49M	50.42M	51.64M	53.17M	53.79M	55.27M	55.36M	52.60M	52.91M	53.95M
Normalized Net Operating Profit after Tax (NOPAT)	68	70	119	123	189	185	233	231	156	152	26
Normalized NOPAT Margin	11.58%	11.19%	16.70%	15.62%	21.99%	19.77%	20.34%	18.62%	7.65%	7.42%	1.26%
Pre Tax Income Margin	17.39%	18.46%	60.81%	23.51%	24.91%	24.97%	23.06%	22.14%	9.50%	4.30%	-14.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.05%	-0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	137.83%	183.81%	21.93%	53.11%	9.55%	19.14%	45.98%	56.14%	279.79%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Masimo's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	85.73%	-19.46%	-12.82%	-11.04%	-12.78%	9.01%	5.37%	9.44%	9.54%	7.85%	8.21%
EBITDA Growth	-22.58%	-48.25%	31.76%	-66.03%	-5.87%	-12.30%	-7.44%	-816.70%	49.04%	54.33%	111.25%
EBIT Growth	-55.67%	-6.77%	-73.08%	-58.53%	-4.96%	-19.76%	-17.14%	-1,665.80%	64.82%	79.87%	156.51%
NOPAT Growth	-34.37%	23.35%	-52.23%	19.81%	-16.46%	22.67%	33.28%	-489.29%	31.05%	54.95%	88.54%
Net Income Growth	-54.29%	-13.26%	-72.03%	-17.11%	-11.27%	1.91%	-7.55%	-1,131.27%	-1,003.17%	220.63%	-1,124.49%
EPS Growth	-51.85%	-12.12%	-71.43%	-17.11%	-10.26%	0.00%	-10.00%	-1,138.10%	-991.43%	213.33%	-1,122.22%
Operating Cash Flow Growth	-98.28%	883.33%	-167.31%	1,268.18%	11,350.00%	215.68%	465.71%	-34.50%	-32.10%	-6.85%	121.88%
Free Cash Flow Firm Growth	-2,889.85%	88.79%	94.89%	105.63%	103.61%	169.11%	184.60%	220.26%	1,769.82%	976.24%	1,787.92%
Invested Capital Growth	138.24%	7.30%	3.87%	-0.20%	-0.78%	-2.97%	-1.14%	-22.73%	-49.82%	-48.55%	-48.19%
Revenue Q/Q Growth	-8.43%	-19.42%	5.18%	14.62%	-10.22%	0.71%	1.67%	19.04%	-38.07%	-0.30%	0.16%
EBITDA Q/Q Growth	-61.09%	-4.55%	-22.62%	18.21%	7.81%	-11.07%	-18.33%	-1,015.24%	123.46%	-17.16%	31.62%
EBIT Q/Q Growth	-52.96%	-5.34%	-43.55%	65.00%	7.79%	-20.08%	-41.71%	-3,218.10%	118.91%	-19.01%	35.20%
NOPAT Q/Q Growth	-42.68%	-39.96%	2.86%	238.42%	-60.03%	-11.83%	11.76%	-1,088.51%	121.41%	-2.88%	14.66%
Net Income Q/Q Growth	-47.92%	-26.29%	-32.48%	219.81%	-44.25%	-15.34%	-38.75%	-3,667.35%	51.17%	130.05%	-295.71%
EPS Q/Q Growth	-48.68%	-25.64%	-31.03%	215.00%	-44.44%	-17.14%	-37.93%	-3,733.33%	52.29%	130.13%	-295.74%
Operating Cash Flow Q/Q Growth	106.06%	5,800.00%	-129.66%	1,201.43%	-40.60%	62.66%	-65.64%	97.27%	-38.42%	123.15%	-18.16%
Free Cash Flow Firm Q/Q Growth	4.76%	89.60%	52.20%	218.97%	-38.97%	99.14%	-41.49%	350.41%	386.07%	-4.93%	2.52%
Invested Capital Q/Q Growth	-1.15%	-0.36%	0.73%	0.59%	-1.73%	-2.55%	2.63%	-21.38%	-36.19%	-0.08%	3.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.41%	48.58%	49.03%	47.86%	49.05%	51.34%	52.16%	40.74%	62.90%	62.90%	62.07%
EBITDA Margin	9.35%	11.07%	8.14%	8.40%	10.09%	8.91%	7.15%	-55.00%	20.83%	17.31%	22.75%
Operating Margin	6.73%	6.44%	5.26%	8.02%	6.90%	5.70%	5.97%	-59.78%	20.97%	17.39%	22.50%
EBIT Margin	4.64%	5.45%	2.92%	4.21%	5.05%	4.01%	2.30%	-60.21%	18.39%	14.94%	20.16%
Profit (Net Income) Margin	3.77%	3.45%	2.21%	6.18%	3.84%	3.22%	1.94%	-58.20%	-45.89%	13.83%	-27.03%
Tax Burden Percent	81.30%	63.31%	75.71%	146.75%	75.90%	80.40%	84.48%	96.65%	-249.56%	92.60%	-134.05%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	18.70%	36.69%	24.29%	-46.75%	24.10%	19.60%	15.52%	0.00%	30.99%	18.95%	28.30%
Return on Invested Capital (ROIC)	8.61%	4.51%	4.17%	11.61%	5.06%	4.59%	5.02%	-47.69%	20.11%	20.19%	22.76%
ROIC Less NNEP Spread (ROIC-NNEP)	-574.20%	4.11%	3.05%	7.37%	4.07%	3.59%	2.72%	-63.29%	-39.89%	19.86%	-16.32%
Return on Net Nonoperating Assets (RNNOA)	-0.65%	2.36%	1.83%	3.95%	2.11%	1.82%	1.35%	-32.97%	-12.91%	4.91%	-5.89%
Return on Equity (ROE)	7.96%	6.87%	6.00%	15.55%	7.17%	6.40%	6.38%	-80.66%	7.20%	25.09%	16.87%
Cash Return on Invested Capital (CROIC)	-72.23%	0.17%	2.22%	6.28%	6.69%	9.33%	7.72%	15.49%	55.29%	53.91%	55.62%
Operating Return on Assets (OROA)	4.24%	3.99%	2.04%	2.76%	3.29%	2.74%	1.54%	-44.51%	14.90%	12.15%	17.94%
Return on Assets (ROA)	3.45%	2.53%	1.55%	4.05%	2.50%	2.20%	1.30%	-43.02%	-37.17%	11.25%	-24.04%
Return on Common Equity (ROCE)	7.96%	6.87%	6.00%	15.55%	7.17%	6.40%	6.38%	-80.66%	7.20%	25.09%	16.87%
Return on Equity Simple (ROE_SIMPLE)	8.89%	8.85%	6.94%	0.00%	5.79%	5.80%	5.37%	0.00%	-52.25%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	31	19	19	65	26	23	25	-251	54	52	60
NOPAT Margin	5.47%	4.07%	3.98%	11.76%	5.24%	4.58%	5.04%	-41.85%	14.47%	14.09%	16.13%
Net Nonoperating Expense Percent (NNEP)	582.81%	0.40%	1.12%	4.24%	0.99%	1.00%	2.30%	15.60%	60.00%	0.33%	39.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.89%	-	-	-	-14.12%	3.40%	3.18%	4.38%
Cost of Revenue to Revenue	49.59%	51.42%	50.97%	52.14%	50.95%	48.66%	47.84%	59.26%	37.10%	37.10%	37.93%
SG&A Expenses to Revenue	34.74%	33.32%	32.60%	29.13%	32.45%	35.76%	36.62%	36.89%	32.10%	37.45%	31.33%
R&D to Revenue	8.94%	8.83%	9.71%	6.92%	9.70%	9.87%	9.57%	12.93%	9.11%	8.06%	8.21%
Operating Expenses to Revenue	43.68%	42.15%	43.77%	39.84%	42.15%	45.64%	46.20%	100.52%	41.94%	45.51%	39.57%
Earnings before Interest and Taxes (EBIT)	26	25	14	23	25	20	12	-362	68	55	75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	53	50	39	46	50	44	36	-330	78	64	85
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.30	6.64	3.63	4.54	5.69	4.88	4.84	8.70	9.32	8.75	9.48
Price to Tangible Book Value (P/TBV)	44.41	37.48	18.86	20.32	23.31	17.89	17.29	23.06	11.20	10.31	11.77
Price to Revenue (P/Rev)	4.23	3.97	2.19	3.02	3.93	3.31	3.47	4.37	4.15	4.23	3.52
Price to Earnings (P/E)	82.12	75.00	52.33	75.99	98.23	84.20	90.15	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.22%	1.33%	1.91%	1.32%	1.02%	1.19%	1.11%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.08	4.60	2.63	3.33	4.15	3.68	3.76	6.06	9.12	9.37	7.51
Enterprise Value to Revenue (EV/Rev)	4.54	4.31	2.56	3.37	4.28	3.62	3.75	4.63	4.39	4.44	3.63
Enterprise Value to EBITDA (EV/EBITDA)	33.06	35.10	19.49	36.66	45.65	40.80	43.50	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	64.99	59.38	44.88	78.35	97.40	89.16	96.36	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	75.22	66.06	44.53	54.66	70.02	57.28	56.81	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	1,580.39	338.96	520.85	73.35	60.60	38.35	34.35	49.41	51.34	54.19	38.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2,811.02	120.80	52.94	61.78	38.80	48.41	34.10	11.03	11.80	9.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.68	0.71	0.64	0.62	0.55	0.50	0.69	0.67	0.57	0.69
Long-Term Debt to Equity	0.67	0.68	0.71	0.64	0.62	0.55	0.50	0.69	0.67	0.57	0.69
Financial Leverage	0.00	0.57	0.60	0.54	0.52	0.51	0.50	0.52	0.32	0.25	0.36
Leverage Ratio	1.73	2.38	2.39	2.31	2.25	2.21	2.22	2.35	2.27	2.20	2.16
Compound Leverage Factor	1.73	2.38	2.39	2.31	2.25	2.21	2.22	2.35	2.27	2.20	2.16
Debt to Total Capital	40.29%	40.45%	41.64%	38.98%	38.13%	35.29%	33.38%	40.90%	40.19%	36.47%	40.84%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.29%	40.45%	41.64%	38.98%	38.13%	35.29%	33.38%	40.90%	40.19%	36.47%	40.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	59.71%	59.55%	58.36%	61.02%	61.87%	64.71%	66.62%	59.10%	59.81%	63.53%	59.16%
Debt to EBITDA	2.84	3.31	3.27	4.63	4.54	4.17	4.16	-3.63	-3.64	-3.93	-5.19
Net Debt to EBITDA	2.29	2.75	2.83	3.76	3.69	3.45	3.26	-2.75	-2.89	-2.95	-2.29
Long-Term Debt to EBITDA	2.84	3.31	3.27	4.63	4.54	4.17	4.16	-3.63	-3.64	-3.93	-5.19
Debt to NOPAT	6.47	6.23	7.48	6.90	6.97	5.86	5.44	-3.90	-3.76	-3.90	-4.60
Net Debt to NOPAT	5.22	5.17	6.46	5.61	5.66	4.84	4.26	-2.95	-2.98	-2.93	-2.03
Long-Term Debt to NOPAT	6.47	6.23	7.48	6.90	6.97	5.86	5.44	-3.90	-3.76	-3.90	-4.60
Altman Z-Score	5.07	4.88	3.42	4.01	4.75	4.48	4.37	4.91	6.10	6.13	7.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.16	2.11	2.14	2.19	2.31	2.09	2.01	1.98	2.17	2.14	2.84
Quick Ratio	1.00	0.87	0.83	0.92	0.97	0.86	0.83	0.98	0.76	0.75	1.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,161	-121	-58	69	42	83	49	220	1,069	1,016	1,042
Operating Cash Flow to CapEx	4.71%	198.32%	-55.12%	707.34%	558.54%	980.26%	426.67%	0.00%	0.00%	1,826.32%	962.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.91	0.73	0.70	0.66	0.65	0.68	0.67	0.74	0.81	0.81	0.89
Accounts Receivable Turnover	7.52	6.23	5.81	5.11	5.33	5.88	5.61	5.36	6.90	6.80	6.61
Inventory Turnover	3.23	2.19	1.97	2.00	2.01	1.94	1.77	2.17	2.71	2.64	2.43
Fixed Asset Turnover	6.55	5.60	5.38	4.95	4.84	4.90	4.90	5.20	5.69	5.73	5.72
Accounts Payable Turnover	6.88	4.25	3.85	3.95	4.49	4.25	3.62	4.32	6.68	6.23	5.55
Days Sales Outstanding (DSO)	48.56	58.55	62.83	71.41	68.52	62.12	65.04	68.14	52.92	53.65	55.22
Days Inventory Outstanding (DIO)	113.03	166.87	185.59	182.74	181.44	188.33	206.52	168.13	134.55	138.46	149.95
Days Payable Outstanding (DPO)	53.05	85.81	94.74	92.30	81.27	85.91	100.95	84.44	54.67	58.56	65.81
Cash Conversion Cycle (CCC)	108.53	139.61	153.68	161.86	168.70	164.55	170.61	151.84	132.80	133.54	139.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,054	2,046	2,061	2,074	2,038	1,986	2,038	1,602	1,022	1,022	1,056
Invested Capital Turnover	1.58	1.11	1.05	0.99	0.97	1.00	1.00	1.14	1.39	1.43	1.41
Increase / (Decrease) in Invested Capital	1,192	139	77	-4.10	-16	-61	-23	-471	-1,015	-964	-982
Enterprise Value (EV)	10,431	9,423	5,417	6,902	8,454	7,302	7,661	9,704	9,329	9,569	7,928
Market Capitalization	9,707	8,685	4,631	6,194	7,770	6,686	7,086	9,154	8,823	9,120	7,682
Book Value per Share	$25.29	$24.79	$24.15	$25.83	$25.80	$25.78	$27.51	$19.65	$17.54	$19.23	$14.91
Tangible Book Value per Share	$4.16	$4.39	$4.65	$5.77	$6.30	$7.04	$7.71	$7.41	$14.60	$16.31	$12.01
Total Capital	2,228	2,197	2,186	2,237	2,207	2,115	2,196	1,780	1,582	1,642	1,369
Total Debt	898	889	910	872	841	747	733	728	636	599	559
Total Long-Term Debt	898	889	910	872	841	747	733	728	636	599	559
Net Debt	723	738	786	709	684	617	575	550	505	449	247
Capital Expenditures (CapEx)	8.50	12	13	11	8.20	7.60	6.00	-4.50	-17	3.80	5.90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	504	486	534	505	504	466	484	431	507	528	366
Debt-free Net Working Capital (DFNWC)	678	636	659	668	661	596	642	608	638	678	679
Net Working Capital (NWC)	678	636	659	668	661	596	642	608	638	678	679
Net Nonoperating Expense (NNE)	9.59	2.85	8.48	31	6.91	6.75	16	98	225	0.98	160
Net Nonoperating Obligations (NNO)	723	738	786	709	672	617	575	550	76	-21	246
Total Depreciation and Amortization (D&A)	27	26	25	23	25	24	25	31	9.10	8.80	9.60
Debt-free, Cash-free Net Working Capital to Revenue	21.92%	22.21%	25.25%	24.66%	25.50%	23.12%	23.69%	20.55%	23.82%	24.52%	16.79%
Debt-free Net Working Capital to Revenue	29.50%	29.10%	31.13%	32.62%	33.47%	29.55%	31.45%	29.03%	29.97%	31.47%	31.10%
Net Working Capital to Revenue	29.50%	29.10%	31.13%	32.62%	33.47%	29.55%	31.45%	29.03%	29.97%	31.47%	31.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.40	$0.30	$0.20	$0.64	$0.36	$0.30	$0.18	($6.56)	($3.17)	$0.95	($1.86)
Adjusted Weighted Average Basic Shares Outstanding	52.60M	52.80M	52.80M	52.80M	53M	53.10M	53.40M	53.30M	54M	54.30M	54M
Adjusted Diluted Earnings per Share	$0.39	$0.29	$0.20	$0.63	$0.35	$0.29	$0.18	($6.54)	($3.12)	$0.94	($1.84)
Adjusted Weighted Average Diluted Shares Outstanding	54.40M	54.40M	53.90M	54.10M	54.20M	54.30M	54.30M	53.30M	54.80M	54.80M	54.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.78M	52.82M	52.84M	52.91M	53.09M	53.20M	53.54M	53.95M	54.22M	54.32M	53.71M
Normalized Net Operating Profit after Tax (NOPAT)	31	19	24	31	26	23	25	-251	56	52	60
Normalized NOPAT Margin	5.47%	4.07%	5.09%	5.61%	5.24%	4.58%	5.04%	-41.85%	14.97%	14.09%	16.15%
Pre Tax Income Margin	4.64%	5.45%	2.92%	4.21%	5.05%	4.01%	2.30%	-60.21%	18.39%	14.94%	20.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.98%	-31.09%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of Masimo (MASI) using the latest four years of quarterly cash flow, income, and balance sheet data. The focus is on trends that could inform retail investors about profitability, cash generation, leverage, and liquidity.

Continuing operations have generated positive net income in 2025 YTD, rising to 53.7 million in Q3 2025 (vs 47.2 million in Q1 and 44.9 million in Q2 2025).
Revenue remains broadly stable around 370 million per quarter in Q1–Q3 2025, with Q3 2025 Operating Revenue at 371.5 million.
Gross margin improved in Q3 2025 to about 62% (230.6 million gross profit on 371.5 million revenue), a notable improvement versus late 2024.
Free cash flow in Q3 2025 appears solid (roughly 50.9 million for the quarter when CFO of 56.8 million is paired with around 5.9 million in capital expenditures).
Long-term debt has trended down in 2025, decreasing to about 559.1 million by Q3 2025 from 746.5 million at year-end 2024, signaling de-leveraging.
Liquidity remained comfortable in Q3 2025, with cash & equivalents at 312.3 million and strong working capital supported by Total Current Assets of about 1.048 billion against Current Liabilities of 369.7 million.
Net Change in Cash & Equivalents for Q3 2025 was +118.3 million, indicating net cash generation during the quarter.
Consolidated results show a negative net income in Q3 2025 due to discontinued operations, even though continuing operations were profitable. This distinction matters for assessing core earnings versus reported earnings.
Seasonal or one-off revenue spikes occurred in some quarters (e.g., Q4 2024 revenue around 600.7 million), which may not be indicative of a stable quarterly run rate.
Discontinued assets and liabilities can distort year-over-year comparisons; investors should focus on continuing operations for a clearer view of ongoing profitability and cash flow.
Net cash from financing activities was negative in Q3 2025 (approximately -218.4 million), signaling cash outflows related to debt repayments and other financing activities that can pressure near-term liquidity.
Consolidated net income remains volatile across quarters due to discontinued operations, creating earnings volatility that may complicate assessment of long-term profitability.
While debt levels have fallen, the company still carries a meaningful long-term debt load (roughly 559–636 million across 2025 periods), which can impact interest expense and cash flow in weaker quarters.

05/05/26 01:14 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Masimo's Financials

When does Masimo's fiscal year end?

According to the most recent income statement we have on file, Masimo's financial year ends in December. Their financial year 2024 ended on December 28, 2024.

How has Masimo's net income changed over the last 10 years?

Masimo's net income appears to be on a downward trend, with a most recent value of -$304.90 million in 2024, falling from $74.36 million in 2014. The previous period was $81.50 million in 2023. View Masimo's forecast to see where analysts expect Masimo to go next.

What is Masimo's operating income?

Masimo's total operating income in 2024 was -$266.70 million, based on the following breakdown:

Total Gross Profit: $1.00 billion
Total Operating Expenses: $1.27 billion

How has Masimo's revenue changed over the last 10 years?

Over the last 10 years, Masimo's total revenue changed from $586.64 million in 2014 to $2.09 billion in 2024, a change of 257.0%.

How much debt does Masimo have?

Masimo's total liabilities were at $1.57 billion at the end of 2024, a 6.1% decrease from 2023, and a 511.7% increase since 2014.

How much cash does Masimo have?

In the past 10 years, Masimo's cash and equivalents has ranged from $123.60 million in 2024 to $745.30 million in 2021, and is currently $123.60 million as of their latest financial filing in 2024.

How has Masimo's book value per share changed over the last 10 years?

Over the last 10 years, Masimo's book value per share changed from 5.84 in 2014 to 19.65 in 2024, a change of 236.5%.

Related Companies

Financial statements for NASDAQ:MASI last updated on 11/23/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Masimo (MASI) Financials

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