MASIMO CORP (MASI) intrinsic value & 10-year financials
MASIMO CORP (MASI) has a Graham intrinsic value of $31.92 per share. Over the last 10 fiscal years revenue grew 11.2% a year to $1.5B, with an average return on invested capital of 32.6%.
- Graham intrinsic value
- $31.92
- Revenue (FY2026)
- $1.5B
- Revenue growth (10-yr CAGR)
- 11.2%
- ROIC (10-yr avg)
- 32.6%
- Free cash flow (FY2026)
- $198.4M
MASI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.5B | -$151.5M | -$2.80 | $198.4M | 20.3% | 22.7% |
| FY2024 | $2.1B | -$304.9M | -$5.72 | $176.4M | -12.7% | -14.2% |
| FY2023 | $2.0B | $81.5M | $1.51 | $50.1M | 6.7% | 6.0% |
| FY2022 | $2.0B | $143.5M | $2.60 | -$23.4M | 10.3% | 10.8% |
| FY2021 | $1.1B | $240.3M | $4.14 | $138.4M | 22.4% | 33.0% |
| FY2019 | $937.8M | $196.2M | $3.44 | $153.3M | 23.6% | 35.9% |
| FY2018 | $858.3M | $193.5M | $3.45 | $222.4M | 24.2% | 45.2% |
| FY2017 | $738.2M | $131.6M | $2.36 | $12.4M | 26.7% | 51.2% |
| FY2016 | $674.0M | $300.7M | $5.65 | $397.1M | 62.4% | 109.8% |
| FY2015 | $586.6M | $72.5M | $1.30 | $20.4M | 17.6% | 25.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MASIMO CORP is a consistent compounder, expanding top-line revenue at 11.2% annually over the past decade.
MASIMO CORP has earned high returns on invested capital, averaging 32.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, MASIMO CORP shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MASIMO CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.92 per share.