Dexcom vs Edwards Lifesciences
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The short version
- Edwards Lifesciences is the larger business, with $6.1B of revenue in fiscal 2025 against $4.7B for Dexcom.
- Dexcom grew revenue faster (15.6%, against 11.6%).
- Edwards Lifesciences kept more of each dollar of sales as operating profit (20.8% operating margin, against 19.6%).
- Dexcom turned more of its sales into free cash flow (23.1% FCF margin, against 22.0%).
- Dexcom earned a higher return on the capital invested in it (44.9%, against 15.7%).
- Investors pay more for each dollar of Edwards Lifesciences’s earnings: a P/E of 51.2x against 30.9x for Dexcom.
| Latest fiscal year | DXCM · FY25 | EW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.4B | $51.4B |
| Revenue | $4.7B | $6.1B |
| Free cash flow | $1.1B | $1.3B |
| Net income | $836M | $1.1B |
| Growth | ||
| Revenue growth | 15.6% | 11.6% |
| 5-year growth | 19.3% | 6.7% |
| Share count change | −1.7% | −2.3% |
| Profitability | ||
| Gross margin | 60.1% | 78.0% |
| Operating margin | 19.6% | 20.8% |
| Net margin | 17.9% | 17.7% |
| FCF margin | 23.1% | 22.0% |
| Return on capital | 44.9% | 15.7% |
| Return on equity | 34.5% | 10.6% |
| Balance sheet | ||
| Net debt | −$696M | −$3.6B |
| Net debt / EBITDA | −0.6x | −2.6x |
| Dividends and buybacks | $500M | $893M |
| Valuation & quality | ||
| P/E | 30.9x | 51.2x |
| Piotroski F-score | 8 | 5 |
Revenue
FY16
DXCM $573M
EW $3.0B
FY17
DXCM $719M
EW $3.4B
FY18
DXCM $1.0B
EW $3.7B
FY19
DXCM $1.5B
EW $4.3B
FY20
DXCM $1.9B
EW $4.4B
FY21
DXCM $2.4B
EW $5.2B
FY22
DXCM $2.9B
EW $4.5B
FY23
DXCM $3.6B
EW $5.0B
FY24
DXCM $4.0B
EW $5.4B
FY25
DXCM $4.7B
EW $6.1B
DXCM
EW
Operating margin
FY16
DXCM −11.2%
EW 25.4%
FY17
DXCM −5.9%
EW 31.7%
FY18
DXCM −18.1%
EW 20.1%
FY19
DXCM 9.6%
EW 26.4%
FY20
DXCM 15.5%
EW 20.5%
FY21
DXCM 10.9%
EW 32.3%
FY22
DXCM 13.4%
EW 33.6%
FY23
DXCM 16.5%
EW 26.1%
FY24
DXCM 14.9%
EW 25.4%
FY25
DXCM 19.6%
EW 20.8%
DXCM
EW
Free cash flow
FY16
DXCM $0.5M
EW $528M
FY17
DXCM $26.0M
EW $833M
FY18
DXCM $56.1M
EW $688M
FY19
DXCM $135M
EW $929M
FY20
DXCM $277M
EW $647M
FY21
DXCM $53.3M
EW $1.4B
FY22
DXCM $305M
EW $974M
FY23
DXCM $512M
EW $643M
FY24
DXCM $631M
EW $290M
FY25
DXCM $1.1B
EW $1.3B
DXCM
EW
Return on capital
FY16
DXCM —
EW 28.7%
FY17
DXCM −18.7%
EW 25.5%
FY18
DXCM −45.8%
EW 26.1%
FY19
DXCM —
EW 34.3%
FY20
DXCM —
EW 23.1%
FY21
DXCM 9.4%
EW 34.2%
FY22
DXCM 26.2%
EW 25.7%
FY23
DXCM 32.8%
EW 21.4%
FY24
DXCM 33.5%
EW 20.1%
FY25
DXCM 44.9%
EW 15.7%
DXCM
EW
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.