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Masimo Corp

MASI

Held by 2 superinvestors.

Price$179.95
Holders2
Total value$24.8M

SEC 10-K · fundamentals

Business quality

as of 2026-01-03
Revenue growth
-27.1%
Net margin
-9.9%
ROE
-21.0%
FCF margin
13.0%
Revenue $1.14B → $1.53B · 6y
What makes a business high quality

Valuation · value band

Valuation

No usable market price is available, so this page does not place price on the value gauge.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Moat Commodity-like.

Graham earnings-power value (normalized NOPAT)$13.59 – $18.13 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2026, 2025, 2024, 2023, 2022

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 262% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value

Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2026, 2025, 2024, 2023, 2022

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 262% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.

Reproduction value = tangible net assets $568.10M + capitalized R&D $513.77M（FY 2026, 2025, 2024, 2023, 2022） = $19.96 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2026, 2025, 2024, 2023, 2022 · discount band 9%–11% · normalized tax 15% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $24.8M combined · this quarter +0 opened / -1 exited

This quarter1 added1 trimmed1 exited
Holders 1 → 2 · last 8q
  • Jeremy Grantham
    Value$24.5MWeight (prev→now)0.0% → 0.1% ▲
  • Ray Dalio
    Value$337,775Weight (prev→now)0.0% → 0.0% ▲
Exited this quarter (1)
Andreas Halvorsen

SEC 13F · notes

Written summary

Masimo Corp (MASI) is held by 2 of the superinvestors tracked on Compounder, with a combined $24.8M in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.1% of the portfolio.

Other notable holders by value include Ray Dalio (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in MASI, 1 added to existing ones, 1 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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