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Dexcom

DXCM Nasdaq Health Care Equipment Financials FY2016–FY2025

Dexcom's revenue rose 15.6% to $4.7 billion in fiscal 2025. Its operating margin was 19.6%, up from 14.9% a year earlier. Free cash flow was $1.1 billion, up 70.8%. It paid out $500 million in dividends and buybacks, 46% of free cash flow. The diluted share count fell 1.7%.

Last close · Oct 23, 2026

$77.94

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
15.6% vs prior year
Operating margin Operating income as a share of revenue.
19.6%
4.7 pts
Net income Profit after all expenses, interest and tax.
$836M
45.1%
Free cash flow Cash from operations minus capital spending.
$1.1B
70.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
44.9%
11.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$30.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
30.9x
On $2.52 EPS (TTM)

What Dexcom does

No business description yet.

Legal name
DEXCOM, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001093557-26-000027
0001093557

Revenue and margins

Dexcom had $4.7B of revenue in fiscal 2025, up 15.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 23.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Dexcom returned $500M to shareholders in fiscal 2025, 46% of free cash flow. The diluted share count fell 1.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Dexcom yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $696M and divides by 405.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 30.9x · peers 33.9x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Dexcom can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.4B$2.5B$2.7B$2.3B$2.0B
Debt incl. finance leases $2.0B$1.3B$2.5B$1.3B$1.3B
Net debt / EBITDA −1.0x−2.2x−0.3x−1.3x−0.6x
Debt / equity 1.0x0.6x1.2x0.6x0.5x
Interest coverage 14.1x21.0x29.4x31.6x49.8x
Current ratio 5.1x2.0x2.8x1.5x1.9x
Quick ratio 4.6x1.8x2.5x1.3x1.6x
Total assets $4.9B$5.4B$6.3B$6.5B$6.3B
Total liabilities $2.9B$3.3B$4.2B$4.4B$3.6B
Shareholders' equity $2.0B$2.1B$2.1B$2.1B$2.7B
Net debt (− = net cash) −$371M−$1.2B−$229M−$1.0B−$696M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.7M

7 insiders

Of sales under plans

100%

$4.7M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Michael Jon BrownEVP Chief Legal Compliance Off Sold plan 1,700 $85.48 $0.1M Form 4
Sep 28, 2026 Sadie SternEVP Chief People & Culture Off Sold plan 2,565 $86.15 $0.2M Form 4
Sep 15, 2026 Michael Jon BrownEVP Chief Legal Compliance Off Sold plan 1,700 $84.04 $0.1M Form 4
Sep 15, 2026 Nicholas AugustinosDirector Sold plan 6,539 $84.04 $0.5M Form 4
Sep 14, 2026 Nicholas AugustinosDirector Sold plan 1,550 $84.02 $0.1M Form 4
Sep 10, 2026 Jereme M SylvainEVP, Chief Financal Officer Sold plan 3,638 $83.27 $0.3M Form 4
Aug 27, 2026 Sadie SternEVP Chief People & Culture Off Sold plan 2,565 $88.37 $0.2M Form 4
Aug 20, 2026 Kevin R SayerExecutive Chair, Director Sold plan 26,756 $90.01 $2.4M Form 4
Aug 14, 2026 Michael Jon BrownEVP Chief Legal Compliance Off Sold plan 1,700 $91.93 $0.2M Form 4
Aug 12, 2026 Bridgette P HellerDirector Sold plan 1,012 $88.29 $0.1M Form 4
Aug 3, 2026 Mark G FolettaDirector Sold plan 2,000 $85.32 $0.2M Form 4
Jul 31, 2026 Mark G FolettaDirector Sold plan 2,000 $80.00 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 95 / 98 / 9
Accruals ratio −3.6%−6.5%−9.4%
Altman Z'' 4.703.314.98

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Dexcom DXCM $30.4B 15.6% 19.6% 23.1% 44.9% 30.9x 8
Idexx Laboratories IDXX $44.4B 10.4% 31.6% 24.6% 57.3% 39.4x 8 Compare →
ResMed | RMD $36.9B 9.9% 33.4% 29.2% 26.7% 24.2x 6 Compare →
Steris STE $22.7B 8.7% 18.6% 16.4% 9.6% 28.4x 9 Compare →
Edwards Lifesciences EW $51.4B 11.6% 20.8% 22.0% 15.7% 51.2x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $573M $719M $1.0B $1.5B $1.9B $2.4B $2.9B $3.6B $4.0B $4.7B
Gross profit $378M $492M $664M $932M $1.3B $1.7B $1.9B $2.3B $2.4B $2.8B
Research and development $156M $185M $200M $274M $360M $517M $484M $506M $552M $599M
Operating income −$63.9M −$42.5M −$186M $142M $300M $266M $391M $598M $600M $912M
Interest expense $0.7M $12.8M $22.7M $60.3M $17.7M $18.8M $18.6M $20.3M $19.0M $18.3M
Pretax income −$64.9M −$48.6M −$127M $104M $298M $257M $391M $710M $709M $1.1B
Income tax $0.7M $1.6M $0.6M $3.1M −$252M $39.9M $49.6M $169M $133M $252M
Net income −$65.6M −$50.2M −$127M $101M $550M $217M $341M $542M $576M $836M
Diluted EPS −$0.78 −$0.58 −$1.44 $1.10 $1.33 $0.53 $0.82 $1.30 $1.42 $2.09
Diluted shares 0.08B 0.09B 0.09B 0.09B 0.42B 0.43B 0.43B 0.43B 0.41B 0.41B
Cash flow
Cash from operations $56.2M $92.0M $123M $315M $476M $443M $670M $749M $990M $1.4B
Capital expenditure $55.7M $66.0M $67.1M $180M $199M $389M $365M $237M $359M $364M
Free cash flow $0.5M $26.0M $56.1M $135M $277M $53.3M $305M $512M $631M $1.1B
Depreciation and amortization $15.0M $16.1M $29.1M $48.7M $67.1M $102M $156M $186M $218M $252M
Stock-based compensation $111M $106M $102M $103M $119M $113M $127M $151M $170M $160M
Acquisitions $0.3M $0.0M $11.3M $0.0M $0.0M $30.2M $3.9M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $100M $0.0M $0.0M $0.0M $558M $689M $750M $500M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $100M $0.0M $0.0M $0.0M $558M $689M $750M $500M
Balance sheet
Cash and short-term investments $124M $549M $1.2B — $818M $2.4B $2.5B $2.7B $2.3B $2.0B
Total debt $0.0M $328M $1.0B $1.1B $2.0B $2.0B $1.2B $2.4B $1.2B $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $15.0M $62.8M $60.3M $63.8M $63.3M $64.9M $60.5M
Current assets $280M $745M $1.7B $2.0B $3.4B $3.7B $3.7B $4.4B $4.3B $4.0B
Current liabilities $102M $139M $222M $360M $614M $721M $1.8B $1.6B $2.9B $2.1B
Inventory $45.4M $45.2M $70.7M $120M $235M $357M $307M $560M $543M $629M
Property and equipment, net $109M $146M $183M $321M $515M $802M $1.1B $1.1B $1.3B $1.6B
Total assets $403M $904M $1.9B $2.4B $4.3B $4.9B $5.4B $6.3B $6.5B $6.3B
Total liabilities $119M $485M $1.3B $1.5B $2.5B $2.9B $3.3B $4.2B $4.4B $3.6B
Shareholders' equity $284M $419M $663M $883M $1.6B $2.0B $2.1B $2.1B $2.1B $2.7B
Margins
Gross margin 66.0% 68.5% 64.4% 63.1% 66.4% 68.6% 64.7% 63.2% 60.5% 60.1%
Operating margin −11.2% −5.9% −18.1% 9.6% 15.5% 10.9% 13.4% 16.5% 14.9% 19.6%
EBITDA margin −8.5% −3.7% −15.2% 12.9% 19.0% 15.0% 18.8% 21.6% 20.3% 25.0%
Net margin −11.4% −7.0% −12.3% 6.9% 28.5% 8.9% 11.7% 15.0% 14.3% 17.9%
FCF margin 0.1% 3.6% 5.4% 9.1% 14.4% 2.2% 10.5% 14.1% 15.6% 23.1%
Returns
Return on capital — −18.7% −45.8% — — 9.4% 26.2% 32.8% 33.5% 44.9%
Return on capital employed −24.3% −8.0% −15.2% 7.6% 10.5% 6.7% 10.1% 14.5% 14.5% 23.5%
Return on equity −26.0% −14.3% −23.5% 13.1% 45.2% 12.1% 16.4% 25.8% 27.6% 34.5%
Return on assets −18.9% −7.7% −9.0% 4.7% 16.4% 4.7% 6.6% 9.3% 9.0% 13.0%
Growth
Revenue growth 42.6% 25.3% 43.6% 43.1% 30.5% 27.1% 18.8% 24.5% 11.3% 15.6%
Net income growth — — — — 443.7% −60.5% 57.3% 58.7% 6.4% 45.1%
EPS growth — — — — 20.9% −60.2% 54.7% 58.5% 9.2% 47.2%
FCF growth −96.8% 5,100.0% 115.8% 139.8% 105.7% −80.7% 471.7% 68.0% 23.2% 70.8%
Share count change 4.8% 3.2% 2.2% 4.7% 355.5% 2.0% −0.3% −0.5% −3.0% −1.7%
Financial health
Net debt / EBITDA — — — — 3.5x −1.0x −2.2x −0.3x −1.3x −0.6x
Debt / equity 0.0x 0.8x 1.5x 1.2x 1.4x 1.0x 0.6x 1.2x 0.6x 0.5x
Interest coverage −91.3x −3.3x −8.2x 2.4x 16.9x 14.1x 21.0x 29.4x 31.6x 49.8x
Current ratio 2.7x 5.4x 7.6x 5.5x 5.6x 5.1x 2.0x 2.8x 1.5x 1.9x
Quick ratio 2.3x 5.0x 7.3x 5.1x 5.2x 4.6x 1.8x 2.5x 1.3x 1.6x
Capital allocation
Capex / revenue 9.7% 9.2% 6.5% 12.2% 10.3% 15.9% 12.5% 6.5% 8.9% 7.8%
Stock comp / revenue 19.3% 14.8% 9.9% 7.0% 6.2% 4.6% 4.4% 4.2% 4.2% 3.4%
Payouts / FCF 0.0% 0.0% 178.3% 0.0% 0.0% 0.0% 183.0% 134.5% 118.9% 46.4%
Quality scores
Piotroski F-score — 5.0 3.0 5.0 6.0 5.0 7.0 7.0 5.0 8.0
Altman Z'' −0.7 2.6 3.6 4.5 5.5 5.1 3.7 4.7 3.3 5.0
Accruals ratio −35.1% −21.8% −17.8% −9.9% 2.2% −4.9% −6.4% −3.6% −6.5% −9.4%

Source: SEC EDGAR XBRL filings (CIK 0001093557). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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