Masimo Corp

Health Care
Biotechnology: Electromedical & Electrotherapeutic Apparatus
www.masimo.com

Earnings Score
Moat Score
Safety Score

Market Cap $8.58B
PE 109
Debt $812.00M
Cash $163.70M
EV $9.23B
FCF $187.60M

Earnings

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Sales & Net Margins

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Earnings	$78.60M
EBIT	$136.40M
ROE	5%
ROA	4%
FCF	$187.60M
Equity	$1.46B
Growth Stability	40%
PE	109.21
PEG	-4.71
PB	5.87
P/FCF	45.76
P/S	4.2
Price/Cash	0.02
Debt/Equity	0.55
Debt/FCF	4.33
Net Margins	3%
Gross Margins	50%
Op. Margins	7%
Earnings CAGR	-5%
Sales Growth YoY	5%
Sales Growth QoQ	2%
Sales CAGR	16%
FCF CAGR	-0%
Equity CAGR	20%
Earnings Stability	0.08
Earnings Growth YoY	-8%

Earnings Growth QoQ	-39%
Earnings CAGR 5Y	-23%
Sales CAGR 5Y	22%
FCF CAGR 5Y	-4%
Equity CAGR 5Y	1%
Earnings CAGR 3Y	19%
Sales CAGR 3Y	19%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	-1%
Market Cap	$8.58B
Revenue	$2.04B
Assets	$3.09B
Total Debt	$812.00M
Cash	$163.70M
Shares Outstanding	53.2M
EV	9.23B
Earnings Score	5%
Moat Score	61%
Safety Score	60%
Final Score	42%
Working Capital	642.3M
Current Ratio	2.01
Shares Growth 3y	-1%
Equity Growth QoQ	7%
Equity Growth YoY	15%

Assets & ROA

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Stockholders Equity & ROE

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Masimo is an Irvine, California-based medical device business that focuses on noninvasive patient monitoring. It began by developing superior signal processing algorithms to measure blood oxygenation levels through pulse oximetry and has expanded this expertise into a wide range of measurements and applications. The company generates revenue globally, with the United States the largest market (67% of 2020 sales), followed by Europe, the Middle East, and Africa (21%), Asia and Australia (9%), and North and South America excluding the U.S. (3%).

SEC Filings

Direct access to Masimo Corp (MASI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01
2022
- 10-K Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-Q Apr 02
- 10-K Jan 01

Sector Comparison

How does Masimo Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Masimo Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -5%

Stability 8%

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Masimo Corp Discounted Cash Flow

Fully customizable DCF calculator online for Masimo Corp.

Years

Calculation mode

= $1.9B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$188M	$188M	$187M	$187M	$187M	$187M	$187M	$187M	$187M	$187M	$187M	$1.9B
DCF		$170M	$155M	$141M	$128M	$116M	$106M	$96M	$87M	$79M	$72M	$721M
Value	$1.9B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	01/2015	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	TTM
Net Margins	12%	13%	43%	16%	23%	21%	21%	19%	7%	4%	3%
ROA	-	20%	51%	22%	19%	17%	15%	15%	7%	4%	4%
ROE	-	30%	54%	19%	20%	17%	17%	15%	11%	6%	5%

Bad Net Margins (2.99%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	01/2015	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	2.9	0	-	-	-	-	0	-41.53	18.77	4.33
Debt over Equity	0.41	0.67	0	-	-	-	-	0	0.73	0.69	0.55
Growth Stability	-	-	-	87%	100%	94%	100%	100%	65%	40%	40%

Bad Debt/FCF ratio (4.33)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.55)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (40%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	01/2015	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	7%	10%	15%	8%	9%	22%	8%	64%	1%	22%
Earnings YoY growth	-	12%	269%	-56%	47%	1%	22%	-4%	-38%	-43%	-23%
Equity YoY growth	-	-10%	103%	26%	37%	21%	21%	10%	-14%	2%	1%
FCF YoY growth	-	213%	522%	-97%	2K%	-31%	-10%	73%	-110%	-314%	-4%