The role of morphological, semantic, and form-based factors in the early stages of visual word recognition was investigated across different SOAs in a masked priming paradigm, focusing on English derivational morphology. In a first set of experiments, stimulus pairs co-varying in morphological decomposability and in semantic and orthographic relatedness were presented at three SOAs (36, 48, and 72 ms). No effects of orthographic relatedness were found at any SOA. Semantic relatedness did not interact with effects of morphological decomposability, which came through strongly at all SOAs, even for pseudo-suffixed pairs such as archer-arch. Derivational morphological effects in masked priming seem to be primarily driven by morphological decomposability at an early stage of visual word recognition, and are independent of semantic factors. A second experiment reversed the order of prime and target (stem-derived rather than derived-stem), and again found that morphological priming did not interact with semantic relatedness. This points to an early segmentation process that is driven by morphological decomposability and not by the structure or content of central lexical representations. (Contains 4 tables and 1 figure. Stimulus Materials are appended.)