Dexcom vs ResMed |
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The short version
- ResMed | is the larger business, with $5.7B of revenue in fiscal 2026 against $4.7B for Dexcom.
- Dexcom grew revenue faster (15.6%, against 9.9%).
- ResMed | kept more of each dollar of sales as operating profit (33.4% operating margin, against 19.6%).
- ResMed | turned more of its sales into free cash flow (29.2% FCF margin, against 23.1%).
- Dexcom earned a higher return on the capital invested in it (44.9%, against 26.7%).
| Latest fiscal year | DXCM · FY25 | RMD · FY26 |
|---|---|---|
| Size | ||
| Market cap | $30.4B | $36.9B |
| Revenue | $4.7B | $5.7B |
| Free cash flow | $1.1B | $1.6B |
| Net income | $836M | $1.5B |
| Growth | ||
| Revenue growth | 15.6% | 9.9% |
| 5-year growth | 19.3% | 12.1% |
| Share count change | −1.7% | −0.9% |
| Profitability | ||
| Gross margin | 60.1% | 61.1% |
| Operating margin | 19.6% | 33.4% |
| Net margin | 17.9% | 26.9% |
| FCF margin | 23.1% | 29.2% |
| Return on capital | 44.9% | 26.7% |
| Return on equity | 34.5% | 24.3% |
| Balance sheet | ||
| Net debt | −$696M | −$810M |
| Net debt / EBITDA | −0.6x | −0.4x |
| Dividends and buybacks | $500M | $1.0B |
| Valuation & quality | ||
| P/E | 30.9x | — |
| Piotroski F-score | 8 | 6 |
Revenue
FY17
DXCM $719M
RMD $2.1B
FY18
DXCM $1.0B
RMD $2.3B
FY19
DXCM $1.5B
RMD $2.6B
FY20
DXCM $1.9B
RMD $3.0B
FY21
DXCM $2.4B
RMD $3.2B
FY22
DXCM $2.9B
RMD $3.6B
FY23
DXCM $3.6B
RMD $4.2B
FY24
DXCM $4.0B
RMD $4.7B
FY25
DXCM $4.7B
RMD $5.1B
FY26
DXCM —
RMD $5.7B
DXCM
RMD
Operating margin
FY17
DXCM −5.9%
RMD 20.6%
FY18
DXCM −18.1%
RMD 23.2%
FY19
DXCM 9.6%
RMD 22.2%
FY20
DXCM 15.5%
RMD 27.4%
FY21
DXCM 10.9%
RMD 28.3%
FY22
DXCM 13.4%
RMD 28.0%
FY23
DXCM 16.5%
RMD 26.8%
FY24
DXCM 14.9%
RMD 28.2%
FY25
DXCM 19.6%
RMD 32.8%
FY26
DXCM —
RMD 33.4%
DXCM
RMD
Free cash flow
FY17
DXCM $26.0M
RMD $352M
FY18
DXCM $56.1M
RMD $442M
FY19
DXCM $135M
RMD $390M
FY20
DXCM $277M
RMD $707M
FY21
DXCM $53.3M
RMD $634M
FY22
DXCM $305M
RMD $216M
FY23
DXCM $512M
RMD $574M
FY24
DXCM $631M
RMD $1.3B
FY25
DXCM $1.1B
RMD $1.7B
FY26
DXCM —
RMD $1.6B
DXCM
RMD
Return on capital
FY17
DXCM −18.7%
RMD —
FY18
DXCM −45.8%
RMD —
FY19
DXCM —
RMD 16.9%
FY20
DXCM —
RMD 21.4%
FY21
DXCM 9.4%
RMD 15.0%
FY22
DXCM 26.2%
RMD 22.8%
FY23
DXCM 32.8%
RMD 20.0%
FY24
DXCM 33.5%
RMD 20.0%
FY25
DXCM 44.9%
RMD 26.2%
FY26
DXCM —
RMD 26.7%
DXCM
RMD
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.