Dexcom
DXCM · Health Care Equipment
$77.94
0.5%Steris
STE · Health Care Equipment
$232.15
0.0%The short version
- Steris is the larger business, with $5.9B of revenue in fiscal 2026 against $4.7B for Dexcom.
- Dexcom grew revenue faster (15.6%, against 8.7%).
- Dexcom kept more of each dollar of sales as operating profit (19.6% operating margin, against 18.6% operating margin).
- Dexcom turned more of its sales into free cash flow (23.1% FCF margin, against 16.4% FCF margin).
- Dexcom earned a higher return on the capital invested in it (44.9%, against 9.6%).
- Investors pay more for each dollar of Dexcom’s earnings: a P/E of 30.9x against 28.4x for Steris.
| Latest fiscal year | DXCM · FY25 | STE · FY26 |
|---|---|---|
| Size | ||
| Market cap | $30.4B | $22.7B |
| Revenue | $4.7B | $5.9B |
| Free cash flow | $1.1B | $972M |
| Net income | $836M | $782M |
| Growth | ||
| Revenue growth | 15.6% | 8.7% |
| 5-year growth | 19.3% | 13.8% |
| Share count change | −1.7% | −0.4% |
| Profitability | ||
| Gross margin | 60.1% | 44.3% |
| Operating margin | 19.6% | 18.6% |
| Net margin | 17.9% | 13.2% |
| FCF margin | 23.1% | 16.4% |
| Return on capital | 44.9% | 9.6% |
| Return on equity | 34.5% | 11.4% |
| Balance sheet | ||
| Net debt | −$696M | $1.5B |
| Net debt / EBITDA | −0.6x | 0.9x |
| Dividends and buybacks | $500M | $477M |
| Valuation & quality | ||
| P/E | 30.9x | 28.4x |
| Piotroski F-score | 8 | 9 |
FY17
DXCM $719M
STE $2.6B
FY18
DXCM $1.0B
STE $2.6B
FY19
DXCM $1.5B
STE $2.8B
FY20
DXCM $1.9B
STE $3.0B
FY21
DXCM $2.4B
STE $3.1B
FY22
DXCM $2.9B
STE $4.2B
FY23
DXCM $3.6B
STE $4.5B
FY24
DXCM $4.0B
STE $5.1B
FY25
DXCM $4.7B
STE $5.5B
FY26
DXCM —
STE $5.9B
DXCM
STE
FY17
DXCM −5.9%
STE 8.7%
FY18
DXCM −18.1%
STE 15.3%
FY19
DXCM 9.6%
STE 14.8%
FY20
DXCM 15.5%
STE 17.7%
FY21
DXCM 10.9%
STE 17.7%
FY22
DXCM 13.4%
STE 11.3%
FY23
DXCM 16.5%
STE 17.4%
FY24
DXCM 14.9%
STE 16.3%
FY25
DXCM 19.6%
STE 15.9%
FY26
DXCM —
STE 18.6%
DXCM
STE
FY17
DXCM $26.0M
STE $251M
FY18
DXCM $56.1M
STE $292M
FY19
DXCM $135M
STE $350M
FY20
DXCM $277M
STE $376M
FY21
DXCM $53.3M
STE $450M
FY22
DXCM $305M
STE $397M
FY23
DXCM $512M
STE $395M
FY24
DXCM $631M
STE $613M
FY25
DXCM $1.1B
STE $778M
FY26
DXCM —
STE $972M
DXCM
STE
FY17
DXCM −18.7%
STE —
FY18
DXCM −45.8%
STE —
FY19
DXCM —
STE 8.0%
FY20
DXCM —
STE 10.5%
FY21
DXCM 9.4%
STE 8.8%
FY22
DXCM 26.2%
STE 5.1%
FY23
DXCM 32.8%
STE 7.1%
FY24
DXCM 33.5%
STE 7.2%
FY25
DXCM 44.9%
STE 7.5%
FY26
DXCM —
STE 9.6%
DXCM
STE
Add another company
Compare up to four at once.
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.