Cash generation remains erratic, highlighted by an OCF/NI ratio that fluctuated from -0.57 in 2025Q3 to 4.66 in 2024Q2, complicating the assessment of true free cash flow sustainability.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 233.5M | 217.8M | 196.4M | 94.1M | 29.4M | 264.6M | 211.1M | 221.64M | 239.53M | 58.11M | 416.84M | 114.21M | 95.46M | 54.32M | 75.43M | 78.96M | 61.02M | 47.12M | 78.18M | 28.82M | 189.63M | 4.54M | -12.8M | -7.8M |
| Operating CF Margin % | - | 14.26% | 9.38% | 4.59% | 1.44% | 21.35% | 18.46% | 23.63% | 27.91% | 7.35% | 58.47% | 18.13% | 16.27% | 9.93% | 15.29% | 17.99% | 15.05% | 13.5% | 25.46% | 11.25% | 84.53% | 4.21% | -191.04% | -458.82% |
| Operating CF Growth % | 185.31% | 10.9% | 108.71% | 220.07% | -88.89% | 25.34% | -4.76% | -7.47% | 312.21% | -86.06% | 264.98% | 19.64% | 75.74% | -27.99% | -4.46% | 29.4% | 29.5% | -39.73% | 171.23% | -84.8% | 4075.97% | 135.48% | -64.1% | - |
| Net Income | 76.3M | -151.5M | -304.9M | 81.5M | 143.5M | 229.6M | 240.3M | 196.22M | 193.54M | 131.62M | 300.67M | 81.5M | 74.36M | 55.72M | 61.94M | 64.05M | 73.41M | 54.02M | 31.93M | 42.26M | 181.83M | 33.38M | -13.2M | -7.9M |
| Depreciation & Amortization | 38.2M | 38.8M | 103M | 98.3M | 136.1M | 35.6M | 29.3M | 23.49M | 21.13M | 20.06M | 16.82M | 15.68M | 12.82M | 11.42M | 9.37M | 7.34M | 6.58M | 5.98M | 5.75M | 5.26M | 3.67M | 2.96M | 1.6M | 500K |
| Stock-Based Compensation | 26.3M | 35.8M | 41.5M | 7M | 47.7M | 44.7M | 42.2M | 39.23M | 27.42M | 17.19M | 12.5M | 10.82M | 11.01M | 11.67M | 14.1M | 13.68M | 12.3M | 1.93M | 3.12M | 3.89M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.9M | 11.8M | -38.2M | -35.6M | -39.3M | -15.1M | -5M | -5.96M | -8.27M | 24.02M | 5.41M | 81K | -56K | -7.92M | -6.47M | -1.57M | -2.23M | -808K | 447K | 2.7M | 6.4M | -27.68M | 0 | 0 |
| Other Non-Cash Items | -434M | 372.2M | 405.7M | 13.8M | 3.2M | 1.3M | 700K | 1.04M | -1.51M | 11.25M | 644K | -2.05M | 1.35M | 2.29M | 3.94M | 4.89M | 7.23M | 11.72M | 23.1M | 2.53M | 5.22M | 1.61M | 15.4M | -4.6M |
| Working Capital Changes | -56.3M | -89.9M | -10.7M | -70.9M | -261.8M | -31.5M | -96.4M | -32.38M | 7.22M | -146.03M | 80.81M | 8.17M | -4.02M | -18.86M | -7.45M | -9.43M | -36.27M | -25.72M | 13.83M | -27.81M | -7.46M | -8.59M | -16.6M | 4.2M |
| Change in Receivables | 53.6M | 17.2M | -60.2M | 91.9M | -151.3M | -76.9M | -9.9M | -35.54M | 10.83M | -19.77M | -21.24M | -9.9M | 4.86M | -9.58M | -10.13M | -7.55M | -10.9M | -8.98M | -6.24M | -3.27M | 0 | 0 | -1M | 0 |
| Change in Inventory | -127.9M | -112.1M | -7.5M | -69.2M | -155.9M | 13.5M | -94.4M | -21.26M | -1.89M | -22.92M | -10.83M | 7.5M | -13.43M | -9.45M | -524K | -3.05M | -14.09M | -3.93M | -5.59M | -7.02M | -4.98M | -5.23M | -1.6M | 0 |
| Change in Payables | -52.7M | -27.1M | 14.8M | -19.6M | 60.5M | 11M | 7.6M | 9.93M | 5.21M | -4.06M | 7.82M | -4.32M | -1.38M | 968K | -1.73M | 5.16M | 5.47M | 777K | 1.85M | 4.34M | 0 | 0 | -700K | 0 |
| Cash from Investing | 260.2M | 275.1M | -51.2M | -81.2M | -1.06B | -37.5M | -82.8M | -197.68M | -26.15M | -47.91M | -25.11M | -54.59M | -78.41M | -13.02M | -51.89M | -7.51M | 45.49M | -64.47M | -9.44M | -7.15M | -8.29M | -8.26M | -2M | -1M |
| Capital Expenditures | -22.3M | -19.4M | -20M | -44M | -52.8M | -25.5M | -72.5M | -68.38M | -22.68M | -46.76M | -24.35M | -54.59M | -78.41M | -13.02M | -14.49M | -7.51M | -11.5M | -5.49M | -9.38M | -6.97M | -6.97M | -6.41M | -2.1M | -1M |
| CapEx % of Revenue | 1.43% | 1.27% | 0.95% | 2.15% | 2.59% | 2.06% | 6.34% | 7.29% | 2.64% | 5.92% | 3.42% | 8.66% | 13.37% | 2.38% | 2.94% | 1.71% | 2.84% | 1.57% | 3.05% | 2.72% | 3.11% | 5.94% | 31.34% | 58.82% |
| Acquisitions | 0 | 0 | 0 | 7.5M | -999.7M | 0 | -116.1M | 0 | -3.92M | 0 | -763K | 0 | 0 | 0 | -37.4M | 0 | 1.94M | -1.98M | 0 | -187K | -1.33M | -1.98M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 282.5M | 294.5M | -31.2M | -44.7M | -5.2M | -12M | -14.2M | -9.31M | 453K | -4.22M | -763K | -4.2M | -3.9M | -4.37M | -41.06M | -2.45M | -1.94M | 1.84M | -67K | -1.83M | 6K | 132K | 100K | 0 |
| Cash from Financing | -472.9M | -520.7M | -125.6M | -57.1M | 520.4M | -122.4M | -54.3M | -9.34M | 25.78M | -4.14M | -216.62M | -59.07M | 26.25M | -17.94M | -82.09M | -30.15M | -151.09M | 2.34M | -18.8M | 20.81M | -139.91M | 6.18M | 17.7M | 2.9M |
| Debt Issued (Net) | -129M | -207.8M | -139M | -51.2M | 948.5M | 0 | 0 | 0 | 0 | 0 | -185M | 59.92M | 124.89M | -132K | -26K | -50K | -60K | -450K | -30.44M | 9.92M | -8.2M | 5.1M | 0 | 0 |
| Equity Issued (Net) | -335.4M | -292.3M | 25.2M | 7M | -393.4M | -105.7M | -52.1M | -9.22M | 26.27M | -4.07M | -30.93M | -150.62M | -97.77M | -16.5M | -24.63M | -30.24M | 10.24M | 2.58M | 9.76M | 48.1M | 13.79M | 1.08M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -57.27M | 0 | -161.98M | 0 | -13K | -37.35M | -149.7M | 0 | 0 | 0 |
| Share Repurchases | -363.7M | -363.7M | 0 | 0 | -401.5M | -128.9M | -110.5M | -37.55M | -18.48M | -66.27M | -68.22M | -150.15M | -102.45M | -19.79M | -26.27M | -36.19M | 0 | 0 | 0 | -581K | -628K | 0 | 16.8M | 3.1M |
| Other Financing | -8.5M | -20.6M | -11.8M | -12.9M | -34.7M | -16.7M | -2.2M | -123K | -490K | -71K | -696K | 31.63M | -870K | -1.31M | -162K | 140K | 707K | 215K | 1.89M | 144K | 68K | 0 | 17.7M | 2.9M |
| Net Change in Cash | 20.6M | 26M | 13.2M | -41.4M | -538.8M | 103.4M | 76.9M | 15.43M | 237.16M | 7.29M | 173.65M | -2.14M | 38.99M | 23.91M | -58.33M | 41.58M | -43.75M | -14.86M | 50.18M | 41.35M | 41.21M | 2.38M | 2.9M | -5.9M |
| Free Cash Flow | 211.3M | 197.8M | 145.3M | 6.4M | -26.9M | 229.7M | 131.2M | 149.15M | 216.84M | 11.35M | 392.49M | 59.62M | 17.05M | 41.3M | 60.94M | 71.45M | 49.52M | 41.63M | 68.8M | 21.86M | 182.66M | -1.87M | -14.9M | -8.8M |
| FCF Margin % | 13.56% | 12.95% | 6.94% | 0.31% | -1.32% | 18.54% | 11.47% | 15.9% | 25.26% | 1.44% | 55.06% | 9.46% | 2.91% | 7.55% | 12.36% | 16.28% | 12.22% | 11.93% | 22.41% | 8.53% | 81.42% | -1.73% | -222.39% | -517.65% |
| FCF Growth % | 54.01% | 36.13% | 2170.31% | 123.79% | -111.71% | 75.08% | -12.03% | -31.22% | 1811.36% | -97.11% | 558.38% | 249.75% | -58.73% | -32.23% | -14.71% | 44.28% | 18.95% | -39.49% | 214.79% | -88.03% | 9868.02% | 87.45% | -69.32% | - |
| FCF per Share | 4.02 | 3.65 | 2.73 | 0.12 | -0.49 | 3.98 | 2.26 | 2.61 | 3.87 | 0.20 | 7.38 | 1.11 | 0.31 | 0.72 | 1.04 | 1.17 | 0.82 | 0.69 | 1.14 | 0.37 | 8.99 | -0.14 | -0.28 | -0.17 |
| FCF Conversion (FCF/Net Income) | 2.77x | -1.44x | -0.64x | 1.15x | 0.20x | 1.15x | 0.88x | 1.13x | 1.24x | 0.44x | 1.39x | 1.37x | 1.32x | 0.93x | 1.21x | 1.24x | 0.83x | 0.89x | 2.45x | 0.68x | 1.04x | 0.14x | 0.95x | 0.94x |
| Interest Paid | 4.7M | 0 | 39.1M | 51M | 23M | 300K | 300K | 211K | 193K | 551K | 4.05M | 2.29M | 469K | 28K | 44K | 116K | 23K | 78K | 872K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 22.3M | 0 | 41.9M | 54.4M | 87.3M | 43.9M | 39.5M | 42.27M | 36.59M | 91.06M | 31.23M | 36.19M | 19.86M | 29.98M | 28.69M | 22.82M | 32.9M | 39.08M | 4.78M | 0 | 0 | 0 | 0 | 0 |
Consumer segment integration volatility
As reported in recent financial statements, Masimo's operating cash flow frequently decouples from net income, evidenced by an OCF/NI ratio that swung from -0.57 in 2025Q3 to 4.66 in 2024Q2, suggesting that accounting accruals and non-cash charges significantly distort the company's true cash-generating capability.
The extreme volatility in the OCF/NI ratio indicates that net income is an unreliable proxy for the company's underlying cash performance. Investors should monitor whether these fluctuations stem from recurring working capital shifts or non-recurring legal and acquisition-related expenses that mask the core business's cash conversion efficiency.
Based on the provided cash flow data, Masimo's FCF margins have demonstrated significant inconsistency, ranging from a negative 0.9% in 2024Q3 to a peak of 19.6% in 2024Q2, reflecting the challenges of maintaining stable cash generation amidst a pivot toward lower-margin consumer electronics.
The erratic FCF trajectory suggests that the company's capital-intensive operations and recent strategic shifts are creating unpredictable cash flow outcomes. This lack of stability warrants further investigation into whether the current FCF levels are sustainable or if they remain vulnerable to ongoing integration costs and market demand shifts.
According to quarterly cash flow filings, working capital changes have been a major source of cash flow variance, with a notable $31.7M outflow in 2025Q4 following a $43.2M inflow in 2023Q4, indicating significant cyclicality in inventory management and accounts receivable collection cycles.
The frequent swings in working capital suggest that the company's inventory and collection processes are not yet optimized for the combined healthcare and consumer business models. Analysts should scrutinize these movements to determine if they represent temporary operational friction or a structural inefficiency in managing the expanded product portfolio.
As evidenced by recent cash flow statements, Masimo utilized $186.7M for share repurchases in 2025Q4 despite reporting significant net losses, suggesting a capital allocation strategy that prioritizes shareholder returns over the preservation of cash reserves during periods of operational stress.
The decision to deploy substantial capital toward buybacks while the company faces bottom-line volatility may indicate management's confidence in long-term value, yet it also raises questions regarding the sustainability of such outflows. Investors should monitor whether this capital allocation approach limits the company's flexibility to fund future R&D or strategic pivots.
Quick answers to the most common questions about buying MASI stock.
Masimo Corporation (MASI) generated $217.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Masimo Corporation (MASI) generated $197.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Masimo Corporation (MASI) spent $19.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Masimo Corporation (MASI) spent $363.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.