Dexcom vs Steris
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KIRA’s take AI analyst
I put Dexcom and Steris side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Dexcom turned more of its sales into free cash flow (23.1% FCF margin, against 16.4%).
- 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 31.2x against 27.9x for Steris.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Dexcom
DXCM
10/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Steris
STE
1/11
Piotroski F-score
Side by side
Best in the row
| Latest fiscal year | DXCM FY25 | STE FY26 |
|---|---|---|
| Size | ||
| Market cap | $30.6B | $22.4B |
| 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 | 31.2x | 27.9x |
| Piotroski F-score | 8 | 9 |
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.