Dexcom vs Edwards Lifesciences
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Dexcom and Edwards Lifesciences side by side, using each one’s latest annual report. Here is what stands out:
- 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 52.0x against 31.2x for Dexcom.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Dexcom
DXCM
7/11
Revenue growth5-year growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
Edwards Lifesciences
EW
4/11
Gross marginOperating marginNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | DXCM FY25 | EW FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.7B | $52.3B |
| 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 | 31.2x | 52.0x |
| Piotroski F-score | 8 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.