Masimo Corporation (MASI)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	871,700	910,100	888,800	897,500	941,600	951,400	922,400	—	0	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	1,364,800	1,275,600	1,308,300	1,330,300	1,338,900	1,252,600	1,202,700	1,582,140	1,550,200	1,468,150	1,391,240	1,328,120	1,407,640	1,414,800	1,344,540	1,253,280	1,167,870	1,108,360	1,039,870	1,005,080
Debt-to-capital ratio		0.39	0.42	0.40	0.40	0.41	0.43	0.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $871,700K ÷ ($871,700K + $1,364,800K)
= 0.39

Masimo Corporation's debt-to-capital ratio has been relatively stable over the recent quarters, fluctuating between 0.39 and 0.43. This ratio indicates that Masimo has been utilizing a moderate level of debt to finance its operations compared to its capital structure. Notably, at the end of the first quarter of 2022 and throughout the subsequent periods, the company seemingly had no debt, resulting in a debt-to-capital ratio of 0.00. This sudden decline to zero debt may suggest that Masimo has either paid off its debt obligations or restructured its capital composition during that period. Overall, the company's historical debt-to-capital ratio portrays a consistent and prudent approach towards managing its debt levels relative to its overall capital base.