Masimo CorporationMASI
NasdaqGM•Healthcare•Medical Devices
Masimo Corporation engages in the development, manufacture, and marketing of various patient monitoring technologies, and automation and connectivity solutions worldwide. It offers Masimo Signal Extraction Technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo Rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of oxygen, carboxyhemoglobin, and methemoglobin. It also provides brain function and hemodynamic monitoring solutions; patient position and activity tracking, and neuromodulation technology solutions; and Masimo Hospital Automation platform, including hospital automation solutions, including Patient SafetyNet, Iris, iSirona, Replica, and UniView; and brain function monitoring, hemodynamic monitoring, regional oximetry, acoustic respiration rate monitoring, capnography and gas monitoring, and telehealth solutions. In addition, the company provides its products through direct sales force, distributors, and original equipment manufacturers partners to hospitals, emergency medical service and home care providers, long-term care facilities, physician offices, veterinarians, and consumers. Masimo Corporation was incorporated in 1989 and is headquartered in Irvine, California.
Masimo Corporation (MASI) reported trailing twelve months revenue of $1.56B as of April 2026, a 21.0% decline year-over-year. Quarterly revenue reached $403.60M, reflecting a contraction in sales.
Masimo Corporation generated $76.30M in TTM net income, with quarterly EBITDA of $85.50M. The operating margin contracted from 21.0% to 19.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (19.2%) and net margin (14.1%) indicates moderate non-operating costs. Net margin has improved from -45.9% a year ago, signaling stronger bottom-line efficiency.
MASI trades at a P/E of 123.1x (a premium multiple) and a P/S of 6.0x. The price-to-book ratio of 11.9x indicates a significant premium over book value.
The company generated $41.00M in free cash flow over the trailing twelve months, a 43.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.64B in total assets with $445.70M in long-term debt against $788.90M in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 6.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
TTM revenue has contracted 18.2% — significant decline indicating deteriorating demand.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation