If the standard disk-blackbody approximation is used to estimate black hole (BH) masses in ultraluminous X-ray sources (ULXs), the inferred masses are ∼ 1000 M⊙. However, we argue that such an approximation cannot be applied to ULXs, because their disks are only radiating a small fraction of the accretion power, and are therefore cooler than they would be in a thermal-dominant state, for a given BH mass. Instead, we suggest that a different phenomenological approximation should be used, based on three observable parameters: disk luminosity, peak temperature, and ratio between thermal and non-thermal emission. This method naturally predicts masses ∼ 50 M⊙, more consistent with other theoretical and observational constraints.