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DexCom, Inc.

DXCM Healthcare Medical Devices

DexCom, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 15.6% from fiscal 2024.

Revenue
+11.2%
EPS
0.00%
Free cash flow
−52.9%
Total debt
+0.31%

Quarter to September 2026, against a year earlier

80.15 4.31 −5.10%
Market cap
$31.5B
P/E
32.6×
Fwd P/E
31.8×
Dividend yield
—
F-score
8/9
Altman Z
6.43
Beneish M
−2.70
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • United States
  • International

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 12.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 1 1 3 3 4 4 4 2 —
Insider Ownership 2.11%

Capital & Financial Ratios $m

Size
Market Cap 31,500.00
Revenue ttm 5,104.40
Net income ttm 991.00
Free cash flow ttm 1,098.30
Net debt Q (574.20)
Valuation
P/E 32.61
Forward P/E 31.80
Price / sales 6.20
Forward P/S Powerpack
Price / FCF 28.81
Price / book 12.48 (above 6: high)
Financial health
Current ratio Q 1.74 (at or above 1.5: strong)
Debt / equity Q 0.49 (at or below 0.5: strong)
Interest coverage Q 4.95
Growth
Revenue growth Q +11.18% (above 0%: growing)
Operating income growth Q +34.93% (above 0%: growing)
EPS, this year +29.34% (at or above 15%: strong)
EPS, next year A +16.27% (at or above 15%: strong)
Revenue, next year A +12.14% (at or above 10%: strong)
EPS, past 5 yrs +10.56%
EPS, next 5 yrs A +21.09% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, against a ten-year median of 11.7×; over the ten years it ranged from 4.7× in 2026 to 25.6× in 2021.
P/E against its own 10 years 8.46%
10-year low 10-year high
P/S against its own 10 years 9.20%
10-year low 10-year high
P/B against its own 10 years 15.80%
10-year low 10-year high
EV/Sales against its own 10 years 10.16%
10-year low 10-year high
EV/FCF against its own 10 years 20.42%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,724 2,579 1,999 1,818
Receivables 974 1,006 1,216 1,186
Inventory 560 543 629 771
Other — — — —
4,426 4,301 4,033 3,916
2023 2024 2025 Q'26
Payables 1,346 1,585 1,944 2,066
ST’ Debt — — — —
Other — 8 8 7
1,556 2,932 2,143 2,253

Compound Annual Growth %

10y 5y 3y
Sales 27.77% 19.33% 17.01%
Cash Flow 40.23% 24.81% 29.10%
Earnings 0.00% 8.75% 34.83%
Book Value 28.64% 8.50% 8.81%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.66 Actual 0.73

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.65 0.68 Beat by 0.03
Q1 FY26 0.47 0.56 Beat by 0.09
Q2 FY26 0.61 0.70 Beat by 0.09
Q3 FY26 0.66 0.73 Beat by 0.07
Q4 FY26 0.72 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.51 0.64 0.72 — —
’25 0.27 0.45 0.70 0.68 2.09
’24 0.36 0.35 0.34 0.38 1.42
’23 0.12 0.28 0.29 0.62 1.30
’22 0.23 0.12 0.24 0.22 0.82
’21 0.10 0.16 0.18 (0.05) 0.53
’20 0.05 0.12 0.18 0.87 1.27
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,192 1,308 1,345 — —
’25 1,036 1,157 1,209 1,260 4,662
’24 921 1,004 994 1,114 4,033
’23 742 871 975 1,035 3,622
’22 629 696 770 815 2,910
’21 505 595 650 698 2,449
’20 405 452 501 569 1,927
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 526 269 326 — —
’25 184 303 660 294 1,441
’24 209 279 200 301 990
’23 155 190 269 134 749
’22 71 173 293 133 670
’21 28 62 247 106 443
’20 2 154 148 172 476
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 449 185 273 — —
’25 97 209 579 192 1,077
’24 152 213 88 177 631
’23 81 131 219 81 512
’22 (33) 84 185 69 305
’21 (72) (40) 139 2,692 2,720
’20 (31) 96 100 112 277
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.9% a year for ten years.

Implied
12.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 573 719 1,032 1,476 1,927 2,449 2,910 3,622 4,033 4,662 5,104 +26.2% 5,228 5,774 6,424 +11.3%
Gross margin, % 66.00 68.49 64.36 63.11 66.44 68.63 64.72 63.19 60.46 60.10 63.42 (5.9) pt
EBT (65) (49) (126) 104 298 257 391 710 709 1,088 1,262 n/m
EBT margin, % (11.32) (6.76) (12.26) 7.06 15.46 10.49 13.43 19.61 17.58 23.35 24.73 +34.7 pt
Net income (66) (50) (127) 101 550 217 341 542 576 836 991 n/m
Per share, $
Per share, $ Revenue 1.71 2.08 2.92 4.05 5.10 6.33 7.47 9.38 10.25 11.95 13.62 +24.1%
Earnings (0.19) (0.14) (0.36) 0.28 1.46 0.56 0.88 1.40 1.46 2.14 2.59 n/m
Cash flow 0.17 0.27 0.35 0.86 1.26 1.14 1.72 1.94 2.51 3.69 3.77 +41.0%
Capex (0.17) (0.19) (0.19) (0.49) (0.53) 5.89 (0.94) (0.61) (0.91) (0.93) (0.84) +21.1%
Free cash flow 0.00 0.08 0.16 0.37 0.73 7.03 0.78 1.33 1.60 2.76 2.93 +130.6%
Book value 0.85 1.21 1.88 2.42 4.84 5.28 5.47 5.36 5.34 7.04 6.77 +26.5%
Shares, m 334 345 353 364 378 387 389 386 394 390 383 +1.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 200.70 71.65 281.07 130.38 87.30 52.90 30.87 32.61 85.5
P/S 8.49 6.97 10.24 13.50 18.11 21.21 15.35 13.12 7.59 5.56 6.20 12.0
P/B 17.16 11.93 15.93 22.58 19.10 25.43 20.96 22.97 14.56 9.43 12.48 18.0
EV/Sales 8.28 6.66 9.88 13.19 17.58 20.92 15.19 13.25 7.45 5.56 6.24 11.8
EV/FCF 9,494.53 184.08 181.69 144.75 122.45 18.83 145.03 93.76 47.63 24.06 28.99 1,045.7
Cash, $m
Cash, $m Operating cash flow 56 92 123 315 476 443 670 749 990 1,441 1,414 +43.4%
Capex (56) (66) (67) (180) (199) 2,277 (365) (237) (359) (363) (316) +23.2%
Free cash flow 1 26 56 135 277 2,720 305 512 631 1,077 1,098 +134.6%
Balance, $m
Balance, $m Working capital 178 606 1,477 1,609 2,811 2,964 1,830 2,870 1,369 1,891 1,663 +30.1%
Net debt (118) (221) (375) (460) (1,023) (728) (486) (290) (1,342) (758) (574) +23.0%
Shareholders’ equity 284 419 663 883 1,827 2,042 2,132 2,069 2,103 2,746 2,535 +28.7%
Returns, %
Returns, % ROA (18.88) (7.68) (9.01) 4.69 16.44 4.70 6.61 9.29 9.04 13.04 14.43 +31.9 pt
ROIC (24.04) (13.39) (40.43) 21.03 23.31 12.65 14.86 21.00 49.33 28.66 39.00 +52.7 pt
ROE (25.98) (14.28) (23.48) 13.08 40.58 11.21 16.35 25.78 27.63 34.50 37.67 +60.5 pt
People
People Employees 2,300 2,990 2,800 3,900 6,400 7,000 7,600 9,600 10,300 11,000 — +19.0%
Revenue/emp, $m 0.25 0.24 0.37 0.38 0.30 0.35 0.38 0.38 0.39 0.42 — +6.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

DexCom designs and sells continuous glucose monitoring systems, or CGMs, for people managing diabetes and metabolic health. Founded in 1999 and headquartered in San Diego, the company is led by Chief Executive Officer Jacob Leach.

A CGM uses a wearable sensor to measure glucose throughout the day. Dexcom’s G7 and G7 15 Day systems send readings to a receiver or compatible device, show trends and alert users to high or low glucose levels. The systems can also share readings with designated followers, such as family members, and connect with compatible insulin delivery devices.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
United States 3,335 71.53%
International 1,327 28.47%
Gross margin 60.10%
Operating margin 19.56%
Pre-tax margin 23.35%

Revenue by segment since 2014

DexCom, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BSX Boston Scientific Corporation $64.7B 18.7× 17.0× +1.44% (above 0%: growing) −21.57% (below 0%: shrinking) −25.30% (below 0%: shrinking) 66.72% 16.12% Compare
EW Edwards Lifesciences Corporation $58.1B 56.7× 36.5× +10.46% (above 0%: growing) +6.00% (above 0%: growing) −1.84% (below 0%: shrinking) 78.48% 17.44% Compare
GEHC GE HealthCare Technologies Inc. $37.9B 17.5× 15.5× +7.19% (above 0%: growing) +40.64% (above 0%: growing) +64.18% (above 0%: growing) 40.34% 14.58% Compare
DXCM DexCom, Inc. $31.5B 32.6× 31.8× +11.18% (above 0%: growing) 0.00% −52.93% (below 0%: shrinking) 64.29% 24.34%
PHG Koninklijke Philips N.V. $29.8B 25.8× 11.2× +0.55% (above 0%: growing) −85.00% (below 0%: shrinking) +154.15% (above 0%: growing) 46.44% 3.76% Compare
STE STERIS plc $24.8B 30.0× 25.1× +8.79% (above 0%: growing) +12.82% (above 0%: growing) +43.64% (above 0%: growing) 44.74% 18.53% Compare
ZBH Zimmer Biomet Holdings, Inc. $20.4B 26.9× 18.9× +3.07% (above 0%: growing) −13.45% (below 0%: shrinking) +29.77% (above 0%: growing) 71.18% 14.91% Compare
SNN Smith & Nephew SNATS, Inc. $13.4B 38.9× 18.9× +7.99% (above 0%: growing) −14.23% (below 0%: shrinking) +293.94% (above 0%: growing) 69.42% 0.00% Compare
GKOS Glaukos Corporation $13.0B — (loss-making) — (loss-making) +58.03% (above 0%: growing) n/m +411.22% (above 0%: growing) 85.23% 0.39% Compare
Median of peers $27.3B 26.9× 18.9× +7.59% −13.45% +53.91% 68.07% 14.75%

All 149 Medical Devices stocks →

From the latest earnings call

Updated

  • CEO Jake Leach said DexCom gained U.S. market share, with its biggest increase among customers with Type 2 diabetes, including those not using insulin.
  • CFO Jereme Sylvain said pricing remained stable and that a pharmacy benefit manager’s formulary change was not expected to materially affect next year’s financial results.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 102.23%
Held by the ten largest 50.99%
Holder Shares Stake Change
Vanguard 48.89m 12.95% +684.23k
BlackRock 38.24m 10.13% −720.23k
State Street 18.38m 4.87% +445.96k
UBS 17.33m 4.59% +3.23m
Invesco 15.29m 4.05% +1.62m
Baillie Gifford 14.80m 3.92% −797.93k
Geode Capital Management 12.43m 3.29% +79.88k
AllianceBernstein 11.69m 3.10% −1.23m
Wellington Management 8.53m 2.26% −798.77k
Arrowstreet Capital 6.87m 1.82% +4.33m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 15 April 2026

Ownership

Directors and executive officers, together less than 1%
Vanguard subsidiaries or business divisions 12.80%
BlackRock, Inc. 8.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

DexCom, Inc. (DXCM) Latest News

2 Nov

Impact 3 · · medicaldevice-network.com

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 4 · · Zacks
Impact 3 · · MT Newswires
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · MarketBeat
Impact 4 · · StockStory
Impact 4 · · Business Wire
Impact 3 · · Associated Press
Impact 3 · · Zacks

28 Oct

Impact 4 · · Business Wire
Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks

21 Oct

Impact 4 · · Simply Wall St.

20 Oct

Impact 4 · · Zacks

15 Oct

Impact 4 · · medtechdive.com

14 Oct

Impact 4 · · Business Wire

13 Oct

Impact 4 · · Zacks
Impact 3 · · Barchart

6 Oct

Impact 3 · · Business Wire

2 Oct

Impact 4 · · Zacks

30 Sep

Impact 3 · · Simply Wall St.

29 Sep

Impact 3 · · Zacks

28 Sep

Impact 4 · · Business Wire
Impact 4 · · Business Wire

24 Sep

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

23 Sep

Impact 4 · · Simply Wall St.

1 Sep

Impact 4 ·

DXCM metrics, ten years each

stockrow.com/DXCM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com