Revenue growth remains inconsistent, evidenced by a 27.10% year-over-year contraction and gross margins that have struggled to recover from a 40.7% low in 2024Q4.
| 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 |
|---|
| Sales/Revenue | 1.56B | 1.53B | 2.09B | 2.05B | 2.04B | 1.24B | 1.14B | 937.84M | 858.29M | 790.25M | 712.9M | 630.11M | 586.64M | 547.25M | 493.23M | 438.99M | 405.41M | 349.12M | 307.07M | 256.29M | 224.34M | 107.89M | 6.7M | 1.7M |
| Revenue Growth % | -14.42% | -27.1% | 2.26% | 0.6% | 64.28% | 8.35% | 21.95% | 9.27% | 8.61% | 10.85% | 13.14% | 7.41% | 7.2% | 10.95% | 12.36% | 8.28% | 16.12% | 13.69% | 19.82% | 14.24% | 107.93% | 1510.3% | 294.12% | - |
| Cost of Goods Sold | 596.5M | 581.7M | 1.09B | 1.04B | 977M | 430.8M | 400.7M | 308.67M | 283.4M | 268.22M | 234.56M | 220.13M | 195.86M | 188.42M | 166.98M | 144.85M | 119.83M | 100.31M | 89.45M | 73.61M | 61.64M | 42.72M | 6.4M | 3M |
| COGS % of Revenue | - | 38.1% | 52.04% | 51% | 47.99% | 34.76% | 35.04% | 32.91% | 33.02% | 33.94% | 32.9% | 34.93% | 33.39% | 34.43% | 33.85% | 33% | 29.56% | 28.73% | 29.13% | 28.72% | 27.48% | 39.59% | 95.52% | 176.47% |
| Gross Profit | 962M | 945.2M | 1B | 1B | 1.06B | 808.4M | 743M | 629.17M | 574.89M | 522.03M | 478.34M | 409.98M | 390.78M | 358.83M | 326.25M | 294.13M | 285.58M | 248.8M | 217.62M | 182.68M | 162.7M | 65.17M | 300K | -1.3M |
| Gross Margin % | 61.73% | 61.9% | 47.96% | 49% | 52.01% | 65.24% | 64.96% | 67.09% | 66.98% | 66.06% | 67.1% | 65.07% | 66.61% | 65.57% | 66.15% | 67% | 70.44% | 71.27% | 70.87% | 71.28% | 72.52% | 60.41% | 4.48% | -76.47% |
| Gross Profit Growth % | - | -5.89% | 0.09% | -5.22% | 30.97% | 8.8% | 18.09% | 9.44% | 10.13% | 9.13% | 16.67% | 4.91% | 8.9% | 9.98% | 10.92% | 2.99% | 14.78% | 14.33% | 19.13% | 12.28% | 149.64% | 21624.33% | 123.08% | - |
| Operating Expenses | 652.6M | 632.4M | 1.27B | 867M | 848.8M | 532.6M | 487.2M | 407.96M | 366.85M | 338.25M | 42.39M | 289.73M | 287.27M | 279.11M | 241.03M | 207.62M | 179.36M | 248.8M | 217.62M | 182.68M | 162.7M | 65.17M | 13.8M | 7M |
| OpEx % of Revenue | - | 41.42% | 60.69% | 42.33% | 41.69% | 42.98% | 42.6% | 43.5% | 42.74% | 42.8% | 5.95% | 45.98% | 48.97% | 51% | 48.87% | 47.29% | 44.24% | 71.27% | 70.87% | 71.28% | 72.52% | 60.41% | 205.97% | 411.76% |
| Selling, General & Admin | 530M | 506M | 743.8M | 664M | 657.4M | 395.4M | 369M | 314.66M | 285.42M | 273.01M | 254.71M | 252.72M | 241.02M | 215.47M | 193.95M | 169.21M | 174.09M | 134.88M | 120.78M | 91.23M | 91.49M | 43.09M | 7.8M | 3.9M |
| SG&A % of Revenue | - | 33.14% | 35.51% | 32.42% | 32.29% | 31.91% | 32.26% | 33.55% | 33.25% | 34.55% | 35.73% | 40.11% | 41.08% | 39.37% | 39.32% | 38.54% | 42.94% | 38.63% | 39.33% | 35.6% | 40.78% | 39.93% | 116.42% | 229.41% |
| Research & Development | 122.5M | 126.4M | 222.8M | 175.2M | 191.4M | 137.2M | 118.7M | 93.3M | 81.01M | 65.23M | 57.69M | 56.62M | 56.58M | 55.63M | 47.08M | 38.41M | 36M | 31.7M | 25.5M | 22.96M | 24.88M | 8.55M | 6M | 3.1M |
| R&D % of Revenue | - | 8.28% | 10.64% | 8.55% | 9.4% | 11.07% | 10.38% | 9.95% | 9.44% | 8.25% | 8.09% | 8.99% | 9.64% | 10.17% | 9.54% | 8.75% | 8.88% | 9.08% | 8.3% | 8.96% | 11.09% | 7.92% | 89.55% | 182.35% |
| Other Operating Expenses | 100K | 0 | 304.5M | 27.8M | 0 | 0 | -500K | 0 | 425K | 0 | -270M | -19.61M | -10.33M | 8.01M | 0 | 0 | -30.73M | 82.23M | 71.35M | 68.49M | 46.33M | 13.54M | 0 | 0 |
| Operating Income | 309.4M | 312.8M | -266.7M | 136.5M | 210M | 275.8M | 255.8M | 221.22M | 208.04M | 183.79M | 435.94M | 120.25M | 103.51M | 79.72M | 85.23M | 86.52M | 106.22M | 82.23M | 71.35M | 66.95M | 308.94M | 11.8M | -12.9M | -7.5M |
| Operating Margin % | 19.85% | 20.49% | -12.73% | 6.66% | 10.32% | 22.26% | 22.37% | 23.59% | 24.24% | 23.26% | 61.15% | 19.08% | 17.64% | 14.57% | 17.28% | 19.71% | 26.2% | 23.55% | 23.24% | 26.12% | 137.71% | 10.94% | -192.54% | -441.18% |
| Operating Income Growth % | - | 217.29% | -295.38% | -35% | -23.86% | 7.82% | 15.63% | 6.33% | 13.2% | -57.84% | 262.53% | 16.17% | 29.85% | -6.46% | -1.49% | -18.55% | 29.18% | 15.24% | 6.57% | -78.33% | 2517.21% | 191.5% | -72% | - |
| EBITDA | 339.6M | 351.6M | -163.7M | 234.8M | 346.1M | 311.4M | 285.1M | 244.7M | 229.17M | 203.85M | 452.76M | 135.93M | 116.33M | 91.14M | 94.59M | 93.86M | 112.81M | 88.2M | 77.09M | 72.21M | 312.6M | 14.76M | -11.3M | -7M |
| EBITDA Margin % | 21.79% | 23.03% | -7.82% | 11.46% | 17% | 25.13% | 24.93% | 26.09% | 26.7% | 25.8% | 63.51% | 21.57% | 19.83% | 16.65% | 19.18% | 21.38% | 27.83% | 25.27% | 25.11% | 28.18% | 139.35% | 13.68% | -168.66% | -411.76% |
| EBITDA Growth % | 415.91% | 314.78% | -169.72% | -32.16% | 11.14% | 9.22% | 16.51% | 6.78% | 12.42% | -54.98% | 233.07% | 16.85% | 27.64% | -3.65% | 0.78% | -16.8% | 27.89% | 14.41% | 6.76% | -76.9% | 2017.63% | 230.64% | -61.43% | - |
| D&A (Non-Cash Add-back) | 30.2M | 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 |
| EBIT | 306.2M | 305.8M | -261.7M | 138.4M | 219.1M | 274.7M | 264M | 234.49M | 214.48M | 186.48M | 165.94M | 100.64M | 93.18M | 87.73M | 85.23M | 86.52M | 75.49M | 82.23M | 73.14M | 66.95M | 308.94M | 11.8M | -12.9M | -7.5M |
| Net Interest Income | -22.4M | -29.8M | -38.8M | -47.3M | -23.9M | 600K | 5.2M | 13.59M | 7.47M | 2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103K | 1.55M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.1M | 3.4M | 4.8M | 3M | 1.8M | 900K | 5.53M | 13.92M | 8.18M | 2.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 178K | 2.31M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.5M | 33.2M | 43.6M | 50.3M | 25.7M | 300K | 338K | 328K | 706K | 678K | 0 | 0 | 0 | 17.35M | 1.07M | 325K | 0 | 75K | 176K | 0 | 0 | 8.98M | 300K | 400K |
| Other Income/Expense | -33.8M | -40.2M | -38.6M | -48.4M | -16.6M | -1.4M | 7.9M | 12.95M | 5.73M | 2.01M | -2.43M | -3.9M | -1.47M | -3.99M | -1.41M | 14K | 1.35M | -46K | 1.04M | 1.17M | 5.47M | -4.43M | -300K | -400K |
| Pretax Income | 275.6M | 272.6M | -305.3M | 88.1M | 193.4M | 274.4M | 263.7M | 234.17M | 213.78M | 185.8M | 433.52M | 116.34M | 102.04M | 75.73M | 83.82M | 86.53M | 107.57M | 82.18M | 72.39M | 68.12M | 314.4M | 7.37M | -13.2M | -7.9M |
| Pretax Margin % | 17.68% | 17.85% | -14.58% | 4.3% | 9.5% | 22.14% | 23.06% | 24.97% | 24.91% | 23.51% | 60.81% | 18.46% | 17.39% | 13.84% | 16.99% | 19.71% | 26.53% | 23.54% | 23.57% | 26.58% | 140.15% | 6.83% | -197.01% | -464.71% |
| Income Tax | 58.8M | 64.9M | -400K | 6.6M | 49.9M | 44.8M | 23.4M | 37.95M | 20.23M | 61.01M | 122.42M | 34.84M | 27.68M | 20M | 21.88M | 22.48M | 34.16M | 28.16M | 40.46M | 25.87M | 132.58M | -26.01M | 300K | 400K |
| Effective Tax Rate % | 21.34% | 23.81% | 0.13% | 7.49% | 25.8% | 16.33% | 8.87% | 16.21% | 9.46% | 32.84% | 28.24% | 29.95% | 27.12% | 26.42% | 26.11% | 25.98% | 31.76% | 34.26% | 55.9% | 37.97% | 42.17% | -352.99% | -2.27% | -5.06% |
| Net Income | 76.3M | -151.5M | -304.9M | 81.5M | 143.5M | 229.6M | 240.3M | 196.22M | 193.54M | 131.62M | 300.67M | 83.3M | 72.52M | 58.38M | 62.27M | 63.7M | 73.53M | 53.23M | 31.93M | 42.26M | 181.83M | 33.38M | -13.5M | -8.3M |
| Net Margin % | 4.9% | -9.92% | -14.56% | 3.98% | 7.05% | 18.53% | 21.01% | 20.92% | 22.55% | 16.66% | 42.18% | 13.22% | 12.36% | 10.67% | 12.63% | 14.51% | 18.14% | 15.25% | 10.4% | 16.49% | 81.05% | 30.94% | -201.49% | -488.24% |
| Net Income Growth % | 115.43% | 50.31% | -474.11% | -43.21% | -37.5% | -4.45% | 22.47% | 1.38% | 47.05% | -56.23% | 260.94% | 14.87% | 24.22% | -6.25% | -2.24% | -13.37% | 38.14% | 66.72% | -24.44% | -76.76% | 444.7% | 347.27% | -62.65% | - |
| Net Income (Continuing) | 217.6M | 207.7M | -304.9M | 81.5M | 143.5M | 229.6M | 240.3M | 196.22M | 193.54M | 124.79M | 311.1M | 81.5M | 74.36M | 55.72M | 61.94M | 64.05M | 73.41M | 54.02M | 31.93M | 42.26M | 181.83M | 33.38M | -13.5M | -8.3M |
| Discontinued Operations | 1000K | -359.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -20K | 0 | 0 | 0 | 0 | 297K | 1.74M | -68K | 2.59M | 2.84M | 2.39M | 974K | 107K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.45 | -2.80 | -5.72 | 1.51 | 2.60 | 3.98 | 4.14 | 3.44 | 3.45 | 2.23 | 5.85 | 1.55 | 1.30 | 1.02 | 1.07 | 1.05 | 1.21 | 0.88 | 0.53 | 0.60 | 3.04 | 0.42 | -0.26 | -0.16 |
| EPS Growth % | 115.84% | 51.05% | -478.81% | -41.92% | -34.67% | -3.86% | 20.35% | -0.29% | 54.71% | -61.88% | 277.42% | 19.23% | 27.45% | -4.67% | 1.9% | -13.22% | 37.5% | 66.04% | -11.67% | -80.26% | 623.81% | 261.54% | -62.5% | - |
| EPS (Basic) | - | -2.83 | -5.72 | 1.54 | 2.68 | 4.16 | 4.39 | 3.67 | 3.45 | 2.42 | 6.28 | 1.62 | 1.33 | 1.03 | 1.08 | 1.07 | 1.25 | 0.92 | 0.57 | 0.71 | 3.79 | 0.98 | -0.26 | -0.16 |
| Diluted Shares Outstanding | 52.6M | 54.2M | 53.3M | 54.1M | 55.2M | 57.68M | 58.04M | 57.1M | 56.04M | 55.87M | 53.2M | 53.71M | 55.57M | 57.48M | 58.37M | 60.84M | 60.61M | 60.17M | 60.19M | 59.83M | 20.32M | 13.1M | 52.8M | 52.8M |
| Basic Shares Outstanding | 52.2M | 53.6M | 53.3M | 52.8M | 53.6M | 55.17M | 54.7M | 53.43M | 56.04M | 51.52M | 49.53M | 51.31M | 54.71M | 56.69M | 57.45M | 59.66M | 58.77M | 57.6M | 56.32M | 54.66M | 16.3M | 34.14M | 52.8M | 52.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 91.98% | - | 220.29% | - | 0.04% | 88.39% | 82.33% | - | - | - |
Consumer segment integration volatility
As reported in recent financial filings, Masimo experienced a significant 27.10% year-over-year revenue contraction, highlighting the inherent instability in the company's top-line performance as it navigates the integration of its consumer audio business alongside its core clinical monitoring operations.
The wide variance in quarterly revenue, ranging from $339.6M to $600.7M over the last ten quarters, suggests that the company's growth trajectory is heavily influenced by non-recurring factors or cyclical consumer demand. Investors should monitor whether the recent stabilization in 2026Q1 revenue represents a sustainable recovery or merely a temporary reprieve from the volatility observed in previous periods.
Based on the provided income statement data, Masimo's gross margin has fluctuated significantly, dropping to a low of 40.7% in 2024Q4, which indicates that the company's premium clinical pricing power is being diluted by the lower-margin consumer electronics product mix.
While the 62.1% gross margin reported in 2026Q1 shows a return to historical norms, the historical volatility suggests that the company's cost structure is sensitive to product mix shifts. This inconsistency warrants further investigation into whether the consumer segment can achieve the scale necessary to avoid recurring margin dilution in future quarters.
According to the company's income statement, operating income has shown extreme sensitivity to SG&A and R&D fluctuations, with operating margins swinging from a negative 59.8% in 2024Q4 to a positive 19.2% in 2026Q1, reflecting a lack of consistent operating leverage.
The inability to maintain stable operating margins suggests that the company's cost base is not scaling efficiently with revenue growth. This appears to be driven by high fixed costs associated with intellectual property litigation and the integration of the consumer audio division, which may continue to pressure profitability until these expenses are rationalized.
As evidenced by the significant disparity between operating income and net income, including a $170.7M net loss in 2025Q1, Masimo's bottom-line results appear heavily impacted by non-operating charges that obscure the underlying earning power of the core medical technology business.
The frequent swings between profitability and substantial net losses suggest that investors should focus on operating income as a more reliable indicator of core performance. The presence of these large, non-recurring items necessitates a cautious approach when evaluating the company's true earnings quality and long-term valuation potential.
Based on the provided financial figures, the persistent volatility in both margins and net income suggests that the company's competitive moat may be under pressure, as competitors potentially erode the pricing power of Masimo's proprietary Signal Extraction Technology.
Short-sellers may focus on the company's inability to consistently convert revenue into stable net income, viewing the consumer audio pivot as a strategic distraction that threatens the core medtech business. The ongoing activist pressure and litigation risks further complicate the narrative, suggesting that the current valuation may not fully account for these structural headwinds.
Quick answers to the most common questions about buying MASI stock.
For fiscal year 2025, Masimo Corporation (MASI) reported total revenue of $1.53B. This represents a 89717.6% increase compared to $1.7M in 1998.
Masimo Corporation (MASI) reported a net loss of $151.5M for the fiscal year ending 2025.
Masimo Corporation (MASI) reported an operating income of $312.8M, resulting in an operating profit margin of 20.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Masimo Corporation (MASI) generated $945.2M in gross profit for the year, representing a gross profit margin of 61.9%. This demonstrates the company's core pricing power and production efficiency.