Dexcom Inc (DXCM)
Health Care · Health Care Equipment · US stock · price as of 16 Oct 2026
Key indicators
| Price | $86.04 |
|---|---|
| 52-week range | $54.11 – $92.59 |
| Market cap | $33.6B |
| P/E (trailing) | 34.4× |
| EV / EBITDA | 23.1× |
| Free-cash-flow yield | 4.2% |
| Dividend yield | – |
| Revenue (last 12 months) | $5.0B |
| Revenue growth (3y a year) | 17.0% |
| Operating margin | 22.9% |
| Return on invested capital | 58.7% |
| Net debt / EBITDA | – |
Fair value
Fair value is not shown for this company.
X-Ray Score
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Dexcom develops and sells continuous glucose monitoring systems for people with diabetes. A small sensor worn on the body sends glucose readings to a smartphone or receiver, helping users and clinicians track levels without frequent finger pricks. Revenue comes from selling sensors and related hardware through pharmacies and distributors, and it depends on insurance coverage and reimbursement.
The company reported revenue of $5.0 billion for the last twelve months at Dexcom Inc. Revenue growth over the past three years averaged 17.0% a year. It kept an operating margin of 22.9%. The return on invested capital reached 59%, a measure of profit earned on the money invested in the business. The company does not pay a dividend.
StocksXray gives Dexcom Inc an X-Ray Score of 71 out of 100 (medium confidence), ahead of 95% of the S&P 500 stocks in its sector. Its strongest lens is growth (87) and its weakest is valuation (40).
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Now | |
|---|---|---|---|---|---|---|
| Price | $134.24 | $113.24 | $124.09 | $77.77 | $66.37 | $86.04 |
| Market cap | $57.6B | $48.4B | $52.8B | $32.1B | $26.9B | $33.6B |
| P/E | 253.3× | 138.1× | 95.5× | 54.8× | 31.8× | 34.4× |
| EV / revenue | 22.5× | 15.8× | 13.8× | 7.4× | 5.6× | 6.5× |
| EV / EBITDA | 149.9× | 84.0× | 63.9× | 36.4× | 22.3× | 23.1× |
| Price / free cash flow | 1,080.0× | 158.9× | 103.1× | 50.9× | 25.0× | 23.9× |
| Free-cash-flow yield | 0.1% | 0.6% | 1.0% | 2.0% | 4.0% | 4.2% |
| Price / book | 28.2× | 22.7× | 25.5× | 15.3× | 9.8× | 12.8× |
| Dividend yield | – | – | – | – | – | – |
Fundamentals checklist ● 11 Good · ● 3 Average · ● 0 Bad · each check graded against the sector
Cash quality
Risk models
Growth
Balance sheet
Valuation
Profitability
Financials US$ millions, from SEC filings; last column is the last twelve months
| Income statement | FY21 | FY22 | FY23 | FY24 | FY25 | LTM |
|---|---|---|---|---|---|---|
| Revenue | 2,449 | 2,910 | 3,622 | 4,033 | 4,662 | 4,969 |
| Gross profit | 1,681 | 1,883 | 2,289 | 2,438 | 2,802 | 3,104 |
| Operating income | 266 | 391 | 598 | 600 | 912 | 1,139 |
| Net income | 217 | 341 | 542 | 576 | 836 | 1,000 |
| Diluted EPS ($) | 0.53 | 0.82 | 1.30 | 1.42 | 2.09 | 2.50 |
| Free cash flow | 53 | 305 | 512 | 631 | 1,077 | 1,405 |
| Gross margin | 68.6% | 64.7% | 63.2% | 60.5% | 60.1% | 62.5% |
| Operating margin | 10.9% | 13.4% | 16.5% | 14.9% | 19.6% | 22.9% |
| Net margin | 8.9% | 11.7% | 14.9% | 14.3% | 17.9% | 20.1% |
| Balance sheet | FY21 | FY22 | FY23 | FY24 | FY25 | LTM |
| Total assets | 4,933 | 5,392 | 6,265 | 6,485 | 6,340 | 6,455 |
| Cash | 1,053 | 642 | 566 | 606 | 918 | 1,105 |
| Total debt | – | – | – | – | – | – |
| Equity | 2,042 | 2,132 | 2,069 | 2,103 | 2,746 | 2,621 |
| Dividend per share ($) | – | – | – | – | – | – |
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
| Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|
| Revenue ($M) | 1,036 | 1,157 | 1,209 | 1,260 | 1,192 | 1,308 |
| Growth vs a year earlier | +12.5% | +15.2% | +21.6% | +13.1% | +15.0% | +13.1% |
| Net income ($M) | 105 | 180 | 284 | 267 | 200 | 249 |
| Diluted EPS ($) | 0.27 | 0.45 | 0.70 | – | 0.51 | 0.64 |
Peers in Health Care Equipment
| Company | X-Ray |
|---|---|
| DXCM · Dexcom Inc | 71 |
| RMD · Resmed Inc | 73 |
| PODD · Insulet Corp | 69 |
| IDXX · Idexx Laboratories Inc | 67 |
| STE · STERIS plc | 64 |
Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.
Returns
| 1 week | +2.3% |
|---|---|
| 1 month | −2.1% |
| 3 months | +13.7% |
| 6 months | +34.5% |
| 1 year | +31.5% |
| 3 years | +9.0% |
| 5 years | −35.0% |
Technical summary
| 50-day / 200-day average | $87.55 / $73.97 |
|---|---|
| 52-week low / high | $54.11 / $92.59 |
| Classic pivot, support and resistance | S2 83.83 · S1 84.94 · P – · R1 88.01 · R2 89.97 |
Strengths
- Return on invested capital of 58.7% is ahead of 94% of its sector peers.
- Operating margin of 22.9% is ahead of 74% of its sector peers.
- Revenue growth of 17.0% a year over three years is ahead of 94% of its sector peers.
- Interest cover of no interest cost is ahead of 96% of its sector peers.
- Piotroski F-Score of 8 out of 9: most of the nine accounting health tests pass.
Risks and weak spots
No check is weak against its sector.
Latest SEC filings
| Date | Form | Items |
|---|---|---|
| 14 Sep 2026 | 8-K | 5.02,7.01,9.01 |
| 10 Sep 2026 | 8-K | 5.02,7.01,9.01 |
| 30 Jul 2026 | 10-Q | |
| 30 Jul 2026 | 8-K | 2.02,9.01 |
| 28 May 2026 | 8-K | 5.07 |
| 15 May 2026 | 8-K | 7.01,8.01 |
| 30 Apr 2026 | 10-Q | |
| 30 Apr 2026 | 8-K | 2.02,9.01 |
How to read this report
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.