DexCom, Inc. (DXCM) vs Glaukos Corporation (GKOS)

DexCom, Inc. and Glaukos Corporation are both Medical Devices companies. DexCom, Inc. is the larger, with a market value of $31.5B against $13.0B — 2.4× the size. Glaukos Corporation has negative trailing earnings, so its P/E is not meaningful; DexCom, Inc. trades at 32.6×. Glaukos Corporation grew revenue faster over the last twelve months: 46.9% against 13.0%. DexCom, Inc. has the higher net margin (19.4% vs −24.6%) and the higher return on invested capital (39.0% vs −24.6%). Across the 20 metrics below, DexCom, Inc. leads on 16 and Glaukos Corporation on 4.

Valuation

Metric DXCM GKOS Medical Devices median
P/E 32.61 n/m 25.58
P/S 6.20 18.79 2.54
P/B 12.48 18.08 2.48
Price to free cash flow 28.81 360.06 28.81
EV/EBITDA 21.24 n/m 11.51
EV/Sales 6.24 18.80 2.72
Earnings yield 3.07% (1.34%) (12.82%)
Free cash flow yield 3.47% 0.28% (8.18%)

Profitability

Metric DXCM GKOS Medical Devices median
Gross margin 63.42% 81.13% 57.76%
Operating margin 23.98% (25.52%) (15.07%)
Net margin 19.41% (24.60%) (14.45%)
Free cash flow margin 21.52% 5.22% (3.88%)
Return on equity 37.67% (22.84%) (10.35%)
Return on assets 14.43% (17.16%) (17.26%)
Return on invested capital 39.00% (24.60%) (5.27%)

Growth

Metric DXCM GKOS Medical Devices median
Revenue growth (TTM) 13.03% 46.94% 10.41%
EPS growth (last fiscal year) 47.18% (18.41%) 28.17%
Revenue growth, 5-year CAGR 19.33% 17.67% 15.74%
Net income growth, 5-year CAGR 8.75% 0.00% 0.00%

Health

Metric DXCM GKOS Medical Devices median
Debt to equity 0.49 0.09 0.04
Current ratio 1.74 4.57 2.74
Net debt to EBITDA (0.65) 1.31 0.54

Dividend

Metric DXCM GKOS Medical Devices median
Dividend yield — — 1.02%
Payout ratio — — 0.37

Size

Metric DXCM GKOS Medical Devices median
Market cap 31.50b 13.02b 239.53m

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