DexCom Inc (DXCM)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business model demonstrably works: recurring sensor revenue, 15.6 percent growth in 2025, $836.3 million in net income, $1,440.7 million in operating cash flow and a balance sheet with $2,415.2 million in liquid assets, a 44.6 percent equity ratio and an undrawn credit facility. The convertible note maturing in November 2025 was repaid in cash, $1.21 billion of it — the kind of proof that ratios can only imply. There is no threat to the substance: no going-concern qualification, no negative equity, no interest coverage gap, no accounting or governance breach. But two material operational questions are open, and they hold the rating at yellow. First, customer concentration: the largest buyer accounted for 55 percent of revenue in 2025 after 40 percent in 2024 and 35 percent in 2023, and in the first quarter of 2026 roughly 85 percent of revenue ran through distributors. That is not an existential dependency — the customer is more replaceable than a single contract would be — but it shifts the bargaining position for good, and whoever negotiates the rebates negotiates the margin. Second, the FDA warning letter open since March 2025 covering the San Diego and Mesa plants: the company itself writes that it cannot give assurance as to when the items will be resolved. While both questions stand open, quality is not conclusively documented. A Piotroski score of 9 of 9 and an Altman Z of 8.71 argue the other way — and where the evidence sits between two levels, the more cautious level applies. That the stock trades roughly 57 percent below its all-time high is a price observation and plays no part in this rating. The decision is yours.
symbol.quality_note
The annual report for 2025 shows the best year in company history: $4,662.0 million in revenue, $836.3 million in net income, $1,440.7 million in operating cash flow. On our in-house stock scanner, DexCom earns 9 out of 9 possible balance-sheet points — the highest score in this analysis series (as of July 26, 2026). And still the stock trades roughly 57 percent below its all-time high. The notes to the very same report list three counterparties accounting for 55, 46 and 35 percent of revenue — in 2023 the figures were 35, 37 and 30 percent. Two numbers, one contradiction — and the resolution sits in a footnote.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at DXCM since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 83.50 $ — 100% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIDexcom baut KI-gestützte Funktionen in Produkte und Dienste ein und will Glukosedaten mit Vorhersagemodellen und maschinellem Lernen auswerten; eigene KI-Umsätze weist das Unternehmen nicht aus — es berichtet in einem einzigen Segment aus dem Verkauf von Einweg-Sensoren und wiederverwendbarer Hardware.
View the full file — quotes, sources, reviewed filings
„As part of our commitment to technological advancement, we have incorporated and will continue to explore and implement AI-enabled functions into our products and services. We continue to explore how best to leverage and harness the efficiency and innovation of AI-enabled and AI-empowered technology."
Als Teil unseres Bekenntnisses zum technologischen Fortschritt haben wir KI-gestützte Funktionen in unsere Produkte und Dienstleistungen integriert und werden dies weiter prüfen und umsetzen. Wir untersuchen weiterhin, wie sich die Effizienz und Innovationskraft KI-gestützter und KI-getriebener Technologie am besten nutzen lässt.
„We also intend to expand our efforts to accumulate CGM patient data and metrics and apply predictive modeling and machine learning to generate interactive CGM insights that can inform patient behavior."
Wir beabsichtigen außerdem, unsere Bemühungen auszuweiten, Patientendaten und Messwerte aus der kontinuierlichen Glukosemessung zu sammeln und mittels Vorhersagemodellen und maschinellem Lernen interaktive Erkenntnisse zu erzeugen, die das Verhalten von Patienten beeinflussen können.
„Moreover, we are subject to various operational, compliance, and reputational risks associated with our adoption and utilization of AI technologies, including inaccurate or unpredictable outputs, such as errors or hallucinations, that may impair decision‑making, disrupt operations, or expose sensitive information."
Darüber hinaus unterliegen wir verschiedenen operativen, aufsichtsrechtlichen und Reputationsrisiken im Zusammenhang mit der Einführung und Nutzung von KI-Technologien, darunter ungenaue oder unvorhersehbare Ergebnisse wie Fehler oder Halluzinationen, die Entscheidungen beeinträchtigen, den Betrieb stören oder sensible Informationen offenlegen können.
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-12 · 10-Q 2025-10-30 · 10-Q 2025-07-30 · 10-Q 2025-05-01 · 10-K 2025-02-18
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 11.1% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 27
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.65 | 2.45 – 2.71 | 5,230 | 26.9% | 25 |
| 12/31/2027 | 3.11 | 2.83 – 3.29 | 5,815 | 17.5% | 25 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.37 | -39.50 | 1,114 | 7.60 | 13.60 | 301 | 177 |
| 2025: Q1 | 0.26 | -26.40 | 1,036 | 12.50 | 10.20 | 184 | 97 |
| 2025: Q2 | 0.44 | 27.90 | 1,157 | 15.20 | 15.50 | 303 | 209 |
| 2025: Q3 | 0.70 | 112.30 | 1,209 | 21.60 | 23.50 | 660 | 579 |
| 2025: Q4 | 0.67 | 79.60 | 1,260 | 13.10 | 21.20 | 294 | 192 |
| 2026: Q1 | 0.51 | 96.00 | 1,192 | 15.00 | 16.70 | 526 | 449 |
| 2026: Q2 | 0.64 | 45.50 | 1,308 | 13.10 | 19.00 | 269 | 185 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 573 | -64 | -66 | -0.20 | 56 | 284 | 403 |
| 2017 | 719 | -43 | -50 | -0.15 | 92 | 419 | 904 |
| 2018 | 1,032 | -186 | -127 | -0.36 | 123 | 663 | 1,916 |
| 2019 | 1,476 | 142 | 101 | 0.27 | 315 | 883 | 2,395 |
| 2020 | 1,927 | 300 | 494 | 1.27 | 476 | 1,827 | 4,291 |
| 2021 | 2,449 | 266 | 217 | 0.51 | 443 | 2,042 | 4,933 |
| 2022 | 2,910 | 391 | 341 | 0.80 | 670 | 2,132 | 5,392 |
| 2023 | 3,622 | 598 | 542 | 1.27 | 749 | 2,069 | 6,265 |
| 2024 | 4,033 | 600 | 576 | 1.40 | 990 | 2,103 | 6,485 |
| 2025 | 4,662 | 912 | 836 | 2.06 | 1,441 | 2,746 | 6,340 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose 15.6 percent in 2025 to $4,662.0 million (2024: $4,033.0 million; 2023: $3,622.3 million), an acceleration from the 11.3 percent posted in 2024. The first quarter of 2026 brought in $1,191.9 million, up 15.1 percent. The engine is recurring sensor sales: the company added roughly 600,000 to 700,000 net customers in 2025, excluding Stelo.
Net income rose 45.1 percent in 2025 to $836.3 million and operating cash flow to $1,440.7 million (2024: $989.5 million). As of March 31, 2026 the balance sheet carried $2,415.2 million in cash and short-term marketable securities, an equity ratio of 44.6 percent and an undrawn credit facility. The convertible note maturing in November 2025 was repaid in full in cash, $1.21 billion of it. Piotroski 9 of 9, Altman Z 8.71 (data as of July 24, 2026).
The 2025 annual report names three buyers at 55, 46 and 35 percent of revenue; per the footnote the shares overlap. The largest customer moved from 35 to 55 percent in two years. In the first quarter of 2026, $1,010.3 million of $1,191.9 million in revenue ran through distributors — roughly 85 percent. Whoever negotiates the rebates negotiates the margin, and the company itself names pricing headwinds from channel mix and rebate eligibility as a brake.
An FDA warning letter covering the San Diego and Mesa plants has been open since March 2025; in the annual report filed February 12, 2026 Dexcom states it can give no assurance as to when the matters will be resolved, and the quarterly report filed April 30, 2026 reports no material change. In parallel, two securities class actions, a stockholder derivative action filed March 24, 2026 and six consumer class actions over the G6 and G7 are pending; the company says it cannot reasonably estimate the outcome.
The largest liability item as of March 31, 2026 is $1,546.7 million of accrued rebates (December 31, 2025: $1,487.6 million) — more than the $1,241.8 million carrying amount of the convertible notes and roughly 52 percent of stockholders equity. The report explicitly lists pharmacy rebates among the areas requiring significant estimates. That is not an accusation, but it is a lever: rebates reduce reported revenue.
As of July 24, 2026 the stock traded at roughly 30 times trailing twelve-month earnings, roughly 28 times the current-year estimate, roughly 5.5 times sales and roughly 18 times EBITDA on an enterprise value basis; the PEG ratio sits near 1.3. For a company earning a 35.6 percent return on equity that is a normal quality valuation — no bargain, but no excess either. Twenty-seven analysts carry a mean price target of $85.24.
Dexcom is not a turnaround story in the usual sense: operationally the company has never been stronger. 2025 delivered $4,662.0 million in revenue (up 15.6 percent), $836.3 million in net income (up 45.1 percent) and $1,440.7 million in operating cash flow; the balance sheet carries $2,415.2 million in cash and securities at a 44.6 percent equity ratio, and the balance-sheet screen returns 9 out of 9 points. Against that stand three buyers at 55, 46 and 35 percent of revenue, an FDA warning letter open since March 2025 covering two plants, four legal strands with no quantifiable provision, and $1,546.7 million of accrued rebates resting on an estimate. Buying here means buying a very good company at a normal price — along with two open questions that never appear in the earnings line. Not investment advice.
- Dexcom reached our research list through our in-house stock scanner: the stock appears in the U.S. selection of “Fundamental Rank (A / A+)” — 38 U.S. names met the criteria on July 26, 2026, and the page shows the 25 best placed — and additionally under “Turnaround candidates.” In total DXCM appears in 16 scanner lists, among them the Altman-Z balance-sheet fortress, Terry Smith quality (Fundsmith criteria) and quality growth. The lists are recalculated daily.
- Identity verified against EDGAR: DexCom, Inc., CIK 0001093557, no former names, listed on the Nasdaq Global Select Market, large accelerated filer, fiscal year ending December 31. Note the spelling: the company files with the SEC as “DexCom, Inc.” but goes to market as “Dexcom.” Not to be confused with other CGM suppliers; Dexcom reports in a single segment.
- Valuation figures are dated and evergreen: metrics and market capitalization carry a cut-off date of July 24, 2026. Price anchors documented in filings are $118.12 (closing price on May 2, 2023, cited in connection with the capped calls on the convertible notes), $87.29 (closing price on June 30, 2025, from the cover page of the 2025 annual report) and $76.32 (weighted average sale price in an insider filing dated July 20, 2026). Daily prices are not a reason to buy.
About the Company
DexCom, Inc. ist ein Medizinproduktunternehmen, das sich auf die Entwicklung und Kommerzialisierung von Systemen zur kontinuierlichen Glukosemessung (CGM) für das Management von Diabetes und Stoffwechselgesundheit in den USA und international konzentriert.
| CEO Insider Trades (12 Mo.) | buying own stock |
|---|---|
| Employees | 11,000 |
| Headquarters | San Diego, CA |
| Address | 6340 Sequence Drive, 92121 San Diego, United States |
| Phone | 858 200 0200 |
| Website | dexcom.com |
| IPO Date | 14. Apr 2005 |
| ISIN | US2521311074 |
| Stock Split | 4:1 on 06/13/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Kevin Ronald Sayer | Executive Chairman of the Board | 1958 |
| Jacob Steven Leach | President, CEO & Director | 1978 |
| Jereme M. Sylvain CPA | Executive VP, CFO & Chief Accounting Officer | 1980 |
| Michael Jon Brown J.D. | Executive VP, Chief Legal & Compliance Officer | 1970 |
| Sadie M. Stern | Executive VP, Chief People & Culture Officer | 1975 |
| Jon Coleman | Executive VP & Chief Commercial Officer | 1964 |
| Peter Simpson | Executive VP & CTO | – |
| Sean Christensen | Vice President of Finance and Investor Relations | – |
| Matthew Dolan | Executive Vice President of Strategy & Corporate Development | 1981 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 20. Jul 2026 | Sayer Kevin R | Executive Chair | Sell | 26,756 | 76.32 | 2,041,999 |
| 15. Jul 2026 | Brown Michael Jon | EVP Chief Legal Compliance Off | Sell | 1,700 | 74.42 | 126,514 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.