DexCom Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Business and growth
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.
Earnings quality and balance sheet
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).
Customer concentration
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.
Regulation and litigation
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.
Accounting
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.
Valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at DXCM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 54.80 $ to 92.30 $ · Last price: 87.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/17/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Devices
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| DexCom Inc DXCM | 33.9 | 37.1 | 20.1 | 62.5 | 21.4 | 15.6 | 14.1 |
| Abbott Laboratories ABT | 173.9 | 29.8 | 17.4 | 56.9 | 13.5 | 5.7 | -22.0 |
| Medtronic PLC MDT | 117.8 | 25.8 | 13.2 | 65.3 | 22.1 | 8.4 | 1.3 |
| Stryker Corporation SYK | 105.8 | 35.0 | 16.8 | 65.6 | 17.8 | 11.2 | -24.9 |
| Boston Scientific Corp BSX | 63.0 | 18.8 | 13.2 | 69.2 | 20.6 | 19.9 | -55.8 |
| Edwards Lifesciences Corp EW | 50.8 | 48.2 | 27.7 | 77.8 | 31.2 | 11.6 | 18.9 |
| GE HealthCare Technologies Inc. GEHC | 27.9 | 15.8 | 10.1 | 39.5 | 11.1 | 4.8 | -17.9 |
| STERIS plc STE | 20.3 | 27.3 | 13.7 | 44.4 | 20.0 | 8.7 | -15.5 |
| Zimmer Biomet Holdings Inc ZBH | 18.3 | 24.9 | 10.9 | 69.5 | 19.7 | 7.2 | -4.7 |
| Median of companies shown | 50.8 | 27.3 | 13.7 | 65.3 | 20.0 | 8.7 | -15.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
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
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The figures could not be loaded right now.
Source: fundamental data
| 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 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
- Buffett Criteria (Buffettology)
- CEO Buys
- Institutional Accumulation
- Institutions + CEO Buying
- Levermann
- Pros 80%
- Terry Smith: Quality (Fundsmith Criteria)
Breakout & Setup
Momentum & Trend
- Above the 50- & 200-SMA
- Oliver Kell: Strength on Down Day
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.66 | 2.45 – 2.75 | 5,230 | 27.4% | 25 |
| 12/31/2027 | 3.12 | 2.83 – 3.29 | 5,800 | 17.3% | 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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 10.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.41B |
|---|---|
| Market cap | $33.92B |
| Free cash flow in year ten | $3.73B |
| Terminal value as a share of market value | 58.0% |
For comparison: over the past five years free cash flow grew by 31.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Dexcom 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.
10-K · 2026-02-12 · View SEC filing
„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.
10-Q · 2026-04-30 · View SEC filing
„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.
10-K · 2026-02-12 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 17.0%
- More than 10% revenue growth is expected for the coming year 11.6%
- Share count grows by less than 3% a year -1.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 38.7%
- Gross margin at 40% or higher and without meaningful erosion 60.1%
- Goodwill from acquisitions does not grow faster than revenue 0.4%
- Net debt below twice EBITDA 609 m net cash
- Operating cash flow covers the profits of the last three years 1,225 m
- Return on capital at 15% or higher, or up versus two years ago 21.7%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 26.2%
- Exp. sales growth 3Y > 5% 11.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 23.1%
- Net debt < 4x EBIT -0.7x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 11.3%
- Return on equity > 15% 31.5%
- ROCE > 15% 21.7%
- Expected return > 10% 27.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Augustinos Nicholas | Director | Sell | 6,539 | 84.04 | 549,538 |
| Sep 15, 2026 | Brown Michael Jon | EVP Chief Legal Compliance Off | Sell | 1,700 | 84.04 | 142,868 |
| Sep 14, 2026 | Augustinos Nicholas | Director | Sell | 1,550 | 84.02 | 130,231 |
| Sep 10, 2026 | Sylvain Jereme M | EVP, Chief Financal Officer | Sell | 3,638 | 83.27 | 302,936 |
| Sep 10, 2026 | Boehnlein Glenn S | Director | Other | 5,841 | 0.00 | – |
| Aug 27, 2026 | Stern Sadie | EVP Chief People & Culture Off | Sell | 2,565 | 88.37 | 226,669 |
| Aug 22, 2026 | Leach Jacob Steven | President, CEO, and Director | Other | 1,451 | 92.34 | 133,985 |
| Aug 22, 2026 | Sylvain Jereme M | EVP, Chief Financal Officer | Other | 1,451 | 92.34 | 133,985 |
| Aug 22, 2026 | Brown Michael Jon | EVP Chief Legal Compliance Off | Other | 1,451 | 92.34 | 133,985 |
| Aug 22, 2026 | Stern Sadie | EVP Chief People & Culture Off | Other | 1,451 | 92.34 | 133,985 |
The company
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
- 04/14/2005
- 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 |
| Keri Leone | Senior Director of Global Medical Science & Education | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/14/2026 DEXCOM INC (DXCM): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/10/2026 DEXCOM INC (DXCM): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 DEXCOM INC (DXCM): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.