— Know what they know.
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Not Investment Advice

DXCM

NASDAQ · USD
DexCom, Inc.
Healthcare · Medical - Devices
CEO Jacob Steven Leach Employees 11,000 R&D / revenue 12.9%
Last price
$86.04−1.90%last session
Market cap
$32.5B
P/E (TTM)
33.2x
From 52w high
−7.1%
From 52w low
+59.0%
1-year return
+29.7%
RSI 14 · vs SMA200
50.3 · +16.3%
IS score
80.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DXCM   SPY   XLV (sector ETF) · weekly closes
90100110120130140Jan 26Apr 26Jul 26Oct 26DXCM 130XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
83
Profitability
72
Growth
32
Value
94
Momentum
100
Risk (safety)
91
Quality
86
Balance sheet
53
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for DXCM (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Cost AdvantagePiotroski 9 / 9Altman Z 6.5Beta 1.423 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
24 open-market sales, $11.9M
Form 144 notices (12m): 26, $12.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+14
125 new holders, 100 closed
977 filers hold 101.5% · 398 added, 348 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+46
1,144 funds adding shares
1,098 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
71.3%
20-day avg 53.5%, 50-day avg 54.1%
Latest 17.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.7B
Revenue growth YoY+15.6%
Gross margin60.1%
Operating income$911.8M
Operating margin19.6%
Net income$836.3M
Net margin17.9%
EPS (diluted)$2.09
Cash flow
Operating cash flow$1.4B
Capital expenditure$363.5M
Free cash flow$1.1B
FCF conversion (FCF / OCF)74.8%
Stock-based compensation$159.6M
FCF less SBC$917.6M
Buybacks$500.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.0B
Total debt$1.2B
Net cash$757.8M
Shareholders' equity$2.7B
Goodwill & intangibles$95.0M
Debt / equity0.53
ROE (TTM)36.2%
ROIC (TTM)21.6%
Operating margin by fiscal year
10.9%FY202113.4%FY202216.5%FY202314.9%FY202419.6%FY2025
Revenue $2.4B (FY2021) to $4.7B (FY2025), a 17.5% CAGR.

Valuation

P/E (TTM)33.2x
EV / EBITDA21.0x
Price / sales6.53x
Price / FCF23.1x
FCF yield4.33%
Buyback yield1.54%
SBC / revenue3.3%
Price / book12.59x
Forward P/E FY202632.2x
Forward P/E FY202727.5x
Forward P/E FY202823.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $97.57 across 14 analysts last quarter is theirs, not ours.

DXCM vs industry median

318 companies in Medical - Devices
Gross margin 62.5% 57.3% Operating margin 22.9% -22.8% Net margin 20.1% -23.0% ROIC 21.6% -5.0%
DXCM (TTM)Industry median Asset turnover 0.77 vs industry 0.55 · financial leverage 2.46

Earnings delivery

Next report 2026-10-29 · consensus EPS $0.67
83%
beat rate, 10 of 12 quarters
+9.2%
median EPS surprise
5
longest beat streak
+47+16+19+10+2-6-2+8+6+5+20+15
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DXCM DexCom, Inc. $32.5B33.2x36.2%20.1%+15.6% +29.7%
EW Edwards Lifesciences Corpora $49.9B49.8x9.5%13.9%+14.6% +19.2%
ZBH Zimmer Biomet Holdings, Inc. $18.1B23.0x6.4%9.1%+8.6% −5.0%
BSX Boston Scientific Corporatio $64.3B17.9x15.5%16.7%+13.5% −54.6%
PEN Penumbra, Inc. $12.6B78.4x11.4%8.9%+17.6% +26.4%
SNN Smith & Nephew plc $12.2B19.0x21.7%9.8%+11.5% —
ALGN Align Technology, Inc. $10.5B25.6x10.2%10.3%+4.4% —
GMED Globus Medical, Inc. $10.3B19.3x11.8%19.2%+19.7% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-09-14Officer/Director Change; Regulation FD; Exhibits
2026-09-10Officer/Director Change; Regulation FD; Exhibits
2026-07-30Earnings Release; Exhibits
2026-05-28Shareholder Vote
2026-05-15Regulation FD; Other Events
2026-04-30Earnings Release; Exhibits

Context

Shares outstanding377,361,000
Free float99.6%
Institutional ownership101.5%
Beta1.42
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$87.49 / $73.87
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DXCM sits among 61 scored companies in Medical - Devices (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDXCMIndustry medianIndustry percentileSector median
P/E (TTM) 32.5x 25.7x
63rd		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.71 1.33
27th		 1.28
Price / sales 6.5x 3.3x
78th		 3.7x
Price / book 12.4x 3.5x
91st		 3.6x
Price / tangible book 10.6x 5.7x
71st		 5.8x
Price / free cash flow 23.1x 26.8x
42nd		 21.2x
Price / operating cash flow 18.6x 19.5x
42nd		 17.1x
Enterprise value $31.9B $2.0B
90th		 $2.5B
EV / sales 6.4x 3.5x
78th		 3.8x
EV / EBITDA 20.5x 18.6x
61st		 16.2x
EV / EBIT 24.6x 24.7x
48th		 23.0x
EV / free cash flow 22.7x 27.6x
33rd		 24.6x
Earnings yield 3.1% -0.7%
72nd		 -0.3%
FCF yield 4.3% 1.9%
75th		 1.7%
Operating cash flow yield 5.4% 3.4%
70th		 2.9%
Graham number (per share) $19.60 $42.90
22nd		 $26.70

Profitability (TTM)

MeasureDXCMIndustry medianIndustry percentileSector median
Gross margin 62.5% 63.7%
47th		 65.1%
EBITDA margin 31.4% 9.3%
95th		 6.6%
Operating margin 22.9% 4.0%
95th		 3.5%
EBIT margin 26.1% 1.4%
95th		 2.4%
Net margin 20.1% -1.7%
95th		 0.3%
NOPAT margin 17.9% 0.1%
90th		 2.7%
FCF margin 28.3% 3.0%
98th		 4.3%
Operating cash flow margin 35.2% 8.5%
100th		 7.1%
R&D / revenue 12.2% 10.1%
64th		 12.4%
SG&A / revenue 27.4% 46.6%
13th		 37.9%
Stock comp / revenue 3.3% 3.5%
48th		 4.5%
Effective tax rate 21.9% 21.0%
79th		 21.0%

Returns on capital

MeasureDXCMIndustry medianIndustry percentileSector median
ROE (on average equity) 38.5% -1.7%
100th		 0.8%
ROA 14.5% -1.1%
97th		 -0.3%
ROIC 42.9% 1.1%
97th		 5.5%
ROCE 31.6% 1.6%
98th		 2.3%
Return on tangible assets 18.8% 1.0%
98th		 1.7%
Cash ROIC (OCF / invested capital) 84.4% 7.0%
100th		 9.7%
Gross profitability (GP / assets) 48.1% 36.4%
63rd		 29.9%
ROIC, 3-yr average 26.2% -1.0%
94th		 2.6%
ROIC, 5-yr average 23.1% -0.4%
94th		 3.2%
ROE, 5-yr average 22.7% -4.8%
94th		 -4.9%
Incremental ROIC -39.1% 19.9%
25th		 17.2%

Growth

MeasureDXCMIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 15.5% 11.5%
64th		 10.5%
Revenue growth (QoQ) 9.8% 7.8%
60th		 7.2%
Revenue CAGR, 3 yr 15.8% 11.6%
64th		 10.7%
Revenue CAGR, 5 yr 18.0% 12.8%
69th		 12.1%
Gross profit CAGR, 3 yr 14.9% 12.8%
65th		 10.6%
Operating income CAGR, 3 yr 36.5% 12.0%
76th		 11.7%
Net income growth (TTM YoY) 74.9% 8.7%
88th		 17.5%
Net income CAGR, 3 yr 40.9% 13.1%
80th		 11.3%
EPS growth (TTM YoY) 82.2% 7.8%
88th		 19.2%
EPS CAGR, 3 yr 45.5% 14.5%
80th		 14.0%
EPS CAGR, 5 yr 15.5% 9.1%
70th		 8.1%
FCF growth (TTM YoY) 146.1% 16.8%
87th		 18.6%
FCF CAGR, 3 yr 44.5% 32.2%
62nd		 15.4%
Operating cash flow CAGR, 3 yr 31.4% 18.3%
68th		 11.9%
Book value CAGR, 3 yr 11.2% 5.2%
65th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 38.5% 10.9%
100th		 12.2%

Margin history & stability

MeasureDXCMIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 61.3% 64.5%
43rd		 62.6%
Operating margin, 3-yr average 18.7% 4.3%
92nd		 1.0%
Net margin, 3-yr average 16.8% -5.8%
92nd		 -2.6%
FCF margin, 3-yr average 19.5% 2.8%
96th		 3.2%
Revenue stability (0-1) 0.99 0.90
96th		 0.80
Earnings stability (0-1) 0.54 0.30
70th		 0.37
Margin stability (0-1) 0.94 0.96
26th		 0.93

Liquidity (latest quarter)

MeasureDXCMIndustry medianIndustry percentileSector median
Cash & short-term investments $1.9B $184.9M
92nd		 $330.9M
Net cash (− = net debt) $548.6M −$37.3M
97th		 $8.4M
Working capital $1.7B $318.0M
85th		 $381.1M
Current ratio 1.73 3.35
20th		 3.02
Quick ratio 1.43 2.33
28th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.83 0.87
47th		 1.43
Defensive interval (days) 600 days 324 days
85th		 415 days

Leverage & solvency (latest quarter)

MeasureDXCMIndustry medianIndustry percentileSector median
Total debt $1.4B $263.7M
82nd		 $289.1M
Debt / equity 0.53 0.54
49th		 0.45
Net debt / equity −0.21 0.28
37th		 −0.13
Debt / assets 21.7% 27.9%
43rd		 24.4%
Debt / capital 34.8% 35.1%
49th		 31.1%
Debt / EBITDA 0.90 2.56
18th		 2.62
Net debt / EBITDA −0.35 2.08
32nd		 1.42
Interest coverage (EBIT / interest) 86.3x 0.4x
92nd		 2.1x
Cash interest coverage 116.6x 3.2x
92nd		 3.6x
Debt payback (years of OCF) 0.8 yrs 3.4 yrs
21st		 2.7 yrs
Liabilities / assets 59.4% 49.8%
70th		 49.8%
IS credit model rating AAA — —
Implied credit spread (bps) 50 225
0th		 225

Efficiency

MeasureDXCMIndustry medianIndustry percentileSector median
Asset turnover 0.72 0.60
62nd		 0.56
Fixed asset turnover 2.98 4.84
12th		 4.87
Inventory turnover 2.9 1.8
79th		 2.7
Receivables turnover 3.8 6.4
8th		 6.4
Days sales outstanding 96 days 57 days
92nd		 57 days
Days inventory outstanding 127 days 207 days
21st		 136 days
Days payables outstanding 88 days 59 days
78th		 59 days
Cash conversion cycle (days) 135 days 214 days
30th		 70 days
Capex / revenue 6.9% 3.6%
90th		 2.6%
Capex / depreciation 1.30 0.67
74th		 0.55
Operating expense ratio 39.1% 57.4%
10th		 56.5%

Cash flow & earnings quality

MeasureDXCMIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.75 1.65
63rd		 1.61
FCF / net income 1.41 1.30
59th		 1.36
FCF / operating cash flow 80.3% 63.6%
69th		 81.2%
Capex / operating cash flow 19.7% 36.4%
31st		 18.8%
Accruals ratio -10.9% -5.2%
22nd		 -5.4%
Sloan accruals ratio -3.7% -1.3%
38th		 -1.3%
Earnings quality score (0-1) 0.75 1.00
4th		 0.75

Dividends & buybacks

MeasureDXCMIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 3.4% 0.0%
95th		 0.0%
Shareholder yield (dividends + buybacks) 3.4% 0.0%
90th		 0.0%
Share count change (YoY) -4.0% 1.4%
5th		 2.0%
Buybacks, last 5 years $3.0B $0
97th		 $0

Scores & forensic checks

MeasureDXCMIndustry medianIndustry percentileSector median
IS score 81 41
98th		 46
IS profitability 83 20
98th		 22
IS growth 72 60
79th		 60
IS value 32 39
30th		 39
IS momentum 94 67
95th		 67
IS risk (safety) 100 65
62nd		 80
IS quality 91 49
98th		 49
IS balance sheet 86 50
80th		 55
IS earnings quality 53 56
37th		 56
IS cash flow 90 32
100th		 41
Piotroski F-score (0-9) 9 6
95th		 5
Altman Z-score 6.5 3.0
70th		 3.2
Beneish M-score −3.13 −2.67
14th		 −2.62
Ohlson O-score −8.62 −7.26
30th		 −7.16
IS credit score 95 62
93rd		 62

Per share

MeasureDXCMIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.55 −$0.07
72nd		 −$0.03
Book value per share $6.69 $10.13
42nd		 $7.10
Tangible book per share $6.50 $2.24
77th		 $1.91
Revenue per share $12.68 $12.68
50th		 $9.38
FCF per share $3.59 $0.62
75th		 $0.46
Operating cash flow per share $4.46 $1.25
72nd		 $0.93
Cash per share $4.97 $2.47
77th		 $3.51

Size (TTM)

MeasureDXCMIndustry medianIndustry percentileSector median
Market cap $32.5B $1.6B
92nd		 $2.4B
Revenue $5.0B $815.1M
87th		 $770.2M
EBITDA $1.6B $83.1M
87th		 $56.1M
Net income $999.7M −$7.2M
88th		 −$3.3M
Free cash flow $1.4B $38.8M
88th		 $41.2M
Total assets $6.5B $1.1B
83rd		 $1.3B
Shareholders' equity $2.6B $496.6M
80th		 $568.4M
Employees 11,050 1,800
82nd		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-28Stern Sadie
EVP Chief People & Culture Off
 Open-market sale 2,565$86.15$220,975123,478
2026-09-15Augustinos Nicholas
Director
 Open-market sale 6,539$84.04$549,53829,293
2026-09-15Brown Michael Jon
EVP Chief Legal Compliance Off
 Open-market sale 1,700$84.04$142,86899,885
2026-09-14Augustinos Nicholas
Director
 Open-market sale 1,550$84.02$130,23135,832
2026-09-10Sylvain Jereme M
EVP, Chief Financal Officer
 Open-market sale 3,638$83.27$302,936146,828
2026-09-10Boehnlein Glenn S
Director
 Award / grant 5,841——5,841
2026-08-27Stern Sadie
EVP Chief People & Culture Off
 Open-market sale 2,565$88.37$226,669126,043
2026-08-22Leach Jacob Steven
Director, President, CEO, and Director
 Tax withholding 1,451$92.34$133,985418,908
2026-08-22Sylvain Jereme M
EVP, Chief Financal Officer
 Tax withholding 1,451$92.34$133,985150,390
2026-08-22Brown Michael Jon
EVP Chief Legal Compliance Off
 Tax withholding 1,451$92.34$133,985101,502
2026-08-22Stern Sadie
EVP Chief People & Culture Off
 Tax withholding 1,451$92.34$133,985128,608
2026-08-20Sayer Kevin R
Director, Executive Chair
 Open-market sale 19,308$89.71$1.7M309,662

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1158,472—
GiftDisposed521,963—
GiftAcquired420,888—
Open-market saleDisposed24152,231$11.9M
Tax withholdingDisposed918,970$1.5M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 26 notices · 162,509 shares · $12.5M
FiledFilerShares proposedEst. proceeds
2026-10-15Michael Brown1,700$145,316
2026-09-28Sadie Stern2,565$220,975
2026-09-15Augustinos Nicholas6,539$549,538
2026-09-15Michael Brown1,700$142,868
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 3 trades (3 purchases) · Senate 3 (3 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-01-29Ro KhannaHousePurchase$1,001 - $15,0002026-02-10
2026-01-26John BoozmanSenatePurchase$1,001 - $15,0002026-02-15
2026-01-26John BoozmanSenatePurchase$1,001 - $15,0002026-02-14
2026-01-26John BoozmanSenatePurchase$1,001 - $15,0002026-02-14
2025-09-29Ro KhannaHouseSale$1,001 - $15,0002025-10-03
2020-03-17Tina SmithSenateSale (Partial)$250,001 - $500,0002020-04-16
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.38,244,137$2.6B10.13%
VANGUARD CAPITAL MANAGEMENT LLC25,209,752$1.7B6.68%
VANGUARD PORTFOLIO MANAGEMENT LLC19,656,540$1.3B5.21%
STATE STREET CORP18,380,806$1.2B4.87%
Invesco Ltd.15,288,133$1.0B4.05%
BAILLIE GIFFORD & CO14,801,590$996.9M3.92%
GEODE CAPITAL MANAGEMENT, LLC12,426,515$834.2M3.29%
WELLINGTON MANAGEMENT GROUP LLP8,527,471$574.3M2.26%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP6,873,273$462.9M1.82%
NORGES BANK6,868,090$462.6M1.82%
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC6,256,447$421.4M1.66%
UBS Group AG6,012,173$404.9M1.59%
Amundi5,603,490$377.4M1.48%
AMERIPRISE FINANCIAL INC4,820,775$324.7M1.28%
MORGAN STANLEY4,586,888$308.9M1.22%

Institutional ownership by quarter

2023-092026-06101.5%
% of shares held by 13F filers
2023-092026-06977
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30977101.5%125398348100
2026-03-3196395.5%14837832591
2025-12-3192696.4%164348316131
2025-09-30914114.2%110340345130
2025-06-3094596.5%124342353102
2025-03-3193695.0%109376314114
2024-12-3195493.5%196332334114
2024-09-3089294.2%99331356200
2024-06-301,00397.6%109446309135
2024-03-311,04296.1%15940834783
2023-12-3198098.6%200325359112
2023-09-3090396.1%112347333152

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.0%19,322,566
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%28,848,218
2025-10-30SCHEDULE 13G/AThe Vanguard Group12.6%49,455,578
2025-04-24SCHEDULE 13G/ABlackRock, Inc.8.3%32,504,140
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$1.0B
VTSAX0.04%$1.0B
VSMPX0.04%$1.0B
VTI0.04%$1.0B
VFFSX0.05%$854.9M
VFIAX0.05%$854.9M

Share structure

Shares outstanding377,361,000
Float375,998,493
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.4B$2.9B$3.6B$4.0B$4.7B
Cost of revenue$768.0M$1.0B$1.3B$1.6B$1.9B
Gross profit$1.7B$1.9B$2.3B$2.4B$2.8B
R&D$604.2M$484.2M$505.8M$552.4M$599.1M
SG&A$810.5M$1.0B$1.2B$1.3B$1.3B
Operating income$265.8M$391.2M$597.7M$600.0M$911.8M
EBITDA$377.5M$565.3M$916.7M$945.7M$1.2B
Pretax income$256.8M$390.8M$710.4M$709.0M$1.1B
Income tax$39.9M$49.6M$168.9M$132.8M$252.1M
Net income$216.9M$341.2M$541.5M$576.2M$836.3M
EPS, diluted$0.51$0.80$1.30$1.42$2.09
Diluted shares428.8M427.5M425.5M412.7M405.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.7B$2.5B$2.7B$2.6B$2.0B
Receivables$516.6M$752.2M$987.5M$1.0B$1.3B
Inventory$357.3M$306.7M$559.6M$542.6M$629.1M
Total current assets$3.7B$3.7B$4.4B$4.3B$4.0B
PP&E, net$889.9M$1.1B$1.2B$1.4B$1.6B
Goodwill & intangibles$58.0M$199.0M$159.7M$126.2M$95.0M
Total assets$4.9B$5.4B$6.3B$6.5B$6.3B
Accounts payable$189.4M$237.9M$276.4M$345.3M$344.3M
Total current liabilities$720.8M$1.8B$1.6B$2.9B$2.1B
Long-term debt$2.0B$1.2B$2.4B$1.2B$1.2B
Total liabilities$2.9B$3.3B$4.2B$4.4B$3.6B
Shareholders' equity$2.0B$2.1B$2.1B$2.1B$2.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$154.7M$341.2M$541.5M$576.2M$836.3M
Depreciation & amortization$102.0M$155.9M$186.0M$217.7M$251.8M
Stock-based compensation$113.4M$126.5M$150.8M$170.4M$159.6M
Change in working capital−$132.0M$27.7M$3.2M$108.8M$103.4M
Operating cash flow$442.5M$669.5M$748.5M$989.5M$1.4B
Capital expenditure−$389.2M−$364.8M−$236.6M−$358.8M−$363.5M
Free cash flow$53.3M$304.7M$511.9M$630.7M$1.1B
Investing cash flow−$216.1M−$521.5M−$507.2M−$207.5M$536.0M
Net debt issued / repaid$0$0$443.3M$0−$1.2B
Buybacks$0−$557.7M−$688.7M−$750.0M−$500.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin68.6%64.7%63.2%60.5%60.1%
Operating margin10.9%13.4%16.5%14.9%19.6%
Net margin6.3%11.7%14.9%14.3%17.9%
FCF margin2.2%10.5%14.1%15.6%23.1%
ROE8.0%16.3%25.8%27.6%34.5%
ROIC15.9%18.8%23.5%23.1%32.8%
ROA3.4%6.6%9.3%9.0%13.0%
Debt / equity1.061.011.251.230.51
Interest coverage14.8x21.1x36.0x38.3x60.5x
Current ratio5.111.992.841.471.88
Revenue growth+27.1%+18.8%+24.5%+11.3%+15.6%
EPS growth−68.5%+100.9%+62.5%+8.8%+48.0%
P/E at year end336.7x141.4x95.3x54.9x31.7x
EV / EBITDA at year end135.8x84.6x56.2x33.5x19.0x
FCF yield at year end0.10%0.63%0.99%1.99%4.07%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $0.67 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.2B$5.2B – $5.3B$2.67$2.48 – $2.731632.2x
2027$5.8B$5.7B – $5.9B$3.13$2.87 – $3.341627.5x
2028$6.5B$6.2B – $6.6B$3.73$2.95 – $4.07723.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$0.61$0.70+14.6%$1.3B$1.3B+1.4%
2026-04-30$0.47$0.56+20.3%$1.2B$1.2B+1.5%
2026-02-12$0.65$0.68+4.6%$1.2B$1.3B+0.9%
2025-10-30$0.58$0.61+5.9%$1.2B$1.2B+2.2%
2025-07-30$0.44$0.48+8.2%$1.1B$1.2B+2.9%
2025-05-01$0.33$0.32−2.2%$1.0B$1.0B+1.8%
2025-02-13$0.48$0.45−6.1%$1.1B$1.1B+0.4%
2024-10-24$0.44$0.45+2.3%$990.4M$994.2M+0.4%
2024-07-25$0.39$0.43+10.3%$1.0B$1.0B−3.2%
2024-04-25$0.27$0.32+18.5%$909.9M$921.0M+1.2%
2024-02-08$0.43$0.50+16.3%$1.0B$1.0B+2.0%
2023-10-26$0.34$0.50+47.1%$939.2M$975.0M+3.8%
2023-07-27$0.23$0.34+47.8%$841.6M$871.3M+3.5%
2023-04-27$0.15$0.17+13.3%$720.7M$741.5M+2.9%
2023-02-09$0.26$0.34+30.8%$810.1M$815.2M+0.6%
2022-10-27$0.24$0.28+16.7%$751.8M$769.6M+2.4%
2022-07-28$0.17$0.170.0%$697.5M$696.2M−0.2%
2022-04-28$0.13$0.08−38.5%$623.9M$628.8M+0.8%
2022-02-10$0.22$0.17−22.7%$697.5M$698.2M+0.1%
2021-10-28$0.16$0.22+37.5%$617.7M$650.2M+5.3%
2021-07-29$0.11$0.19+72.7%$513.8M$595.1M+15.8%
2021-04-29$0.08$0.080.0%$484.6M$505.0M+4.2%
2021-02-11$0.23$0.230.0%$575.1M$568.9M−1.1%
2020-10-27$0.16$0.24+50.0%$346.4M$500.9M+44.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.306-290.507-060.507-130.307-200.807-270.708-030.808-100.508-170.408-240.208-31
Week ofNotionalSharesTrades
2026-08-31$243.5M2,713,54265,907
2026-08-24$390.7M4,337,29676,265
2026-08-17$500.3M5,536,992102,472
2026-08-10$807.5M9,069,26493,510
2026-08-03$726.3M8,520,676100,783
2026-07-27$831.0M10,609,770138,403

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1571.3%
DateShort shareShort volumeTotal volume
2026-10-1571.3%1,280,5481,796,583
2026-10-1460.3%617,3871,024,396
2026-10-1363.3%740,3371,170,233
2026-10-1254.3%508,048935,970
2026-10-0956.8%543,219957,205
2026-10-0849.8%492,207989,067
2026-10-0754.1%497,615919,170
2026-10-0654.4%690,6861,268,747
2026-10-0561.9%555,753898,100
2026-10-0260.7%476,675785,591
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+6.1Jan+0.1Feb+0.8Mar+5.9Apr+1.3May+7.3Jun-1.2Jul+8.1Aug-3.7Sep-3.4Oct+3.0Nov+3.6Dec
MonthAvg returnUp yearsYears
Jan+6.1%70%20
Feb+0.1%40%20
Mar+0.8%57%21
Apr+5.9%60%20
May+1.3%45%20
Jun+7.3%80%20
Jul−1.2%40%20
Aug+8.1%60%20
Sep−3.7%35%20
Oct−3.4%35%20
Nov+3.0%50%20
Dec+3.6%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1450.3
MFI42.6
ADX11.2
Stochastic %K / %D54.0 / 45.8
Williams %R-47.1
CCI39
TSI / signal-4.5 / -3.9
Chaikin money flow0.01
ATR$2.47
Bollinger width7.8%
Volume vs 20-day avg1.02x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$86.15 (−0.1%)
SMA 50$87.55 (−1.7%)
SMA 200$73.97 (+16.3%)
EMA 21$85.90 (+0.2%)
EMA 50$85.00 (+1.2%)
EMA 200$77.42 (+11.1%)
Bollinger upper$89.49 (−3.9%)
Bollinger lower$82.81 (+3.9%)
Parabolic SAR$82.86 (+3.8%)
Open the live chart, 110+ indicators

About DexCom, Inc.

DexCom, Inc. is a medical technology company primarily focused on innovating, developing, and marketing continuous glucose monitoring (CGM) systems. Operating across the United States and internationally, the firm provides its solutions for individuals managing diabetes as well as for healthcare practitioners. Its product portfolio features the DexCom G6, a comprehensive CGM system for diabetes management; the Dexcom Real-Time API, enabling authorized third-party developers to integrate live CGM data into their digital health applications; the Dexcom ONE, which aims to supersede traditional finger-prick blood glucose testing for treatment decisions; and Dexcom Share, a remote monitoring platform. The company is also developing the Dexcom G7, its next-generation CGM system. Furthermore, DexCom, Inc. has a licensing and collaboration agreement with Verily Life Sciences LLC and Verily Ireland Limited to advance blood-based or interstitial glucose monitoring products. The company directly sells its offerings to specialists such as endocrinologists, physicians, and diabetes educators. DexCom, Inc. was founded in 1999 and maintains its headquarters in San Diego, California.

https://www.dexcom.com

Key executives

NameTitlePayBorn
Kevin Ronald SayerExecutive Chairman of the Board$2.4M1958
Jacob Steven LeachPresident, CEO & Director$2.0M1978
Jereme SylvainExecutive VP, CFO, COO & Chief Accounting Officer$1.1M1980
Michael BrownExecutive VP, Chief Legal & Compliance Officer$1.1M1970
Jon ColemanExecutive Vice President & Chief Commercial Officer$1.0M1964
Sadie SternExecutive VP, Chief People & Culture Officer$1.0M1975
Peter SimpsonExecutive Vice President & Chief Technology Officer$423,920—
Keri LeoneSenior Director of Global Medical Science & Education——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Kevin Sayer Executive Chairman2025$1.2M$13.9M$1.1M$16.3M
Jacob Leach President & Chief Executive Officer2025$768,962$5.9M$1.2M$8.0M
Jereme Sylvain EVP, Chief Financial Officer2025$646,623$5.9M$465,568$7.1M
Jon Coleman EVP, Chief Commercial Officer2025$491,507$5.8M$353,885$6.7M
Michael Brown EVP, Chief Legal Officer2025$631,627$5.2M$454,771$6.3M
Sadie Stern EVP, Chief Human Resources Officer2025$571,209$5.2M$411,270$6.3M

Employees

2k20173k20184k20196k20206k20218k202210k202311k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Cost Advantage · 2026-06-30
Cost advantage75
Intangibles46
Switching costs53
Network effect67
Efficient scale75
Our component scores (0-100) and overall 61.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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