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Accelerated CMS reimbursement coverage for Type 2 diabetes following validation from the CONNECT trial, paired with rapid commercial scaling at the automated Ireland production facility.
Pharmacy rebate escalation and intensifying pricing competition from alternative CGM systems compress non-GAAP operating margin below 20.5%.
DexCom Inc. (NASDAQ: DXCM) is assigned a Sell rating with a composite Fair value of $58.97 against a market price of $85.36, representing an implied downside of -30.9% and a 44.8% price premium to intrinsic value. While DexCom retains a wide economic moat in continuous glucose monitoring (CGM) through software algorithms and automated insulin delivery pump integrations, the stock's forward P/E multiple of 28.25x overly discounts operational execution and leaves investors exposed to significant multiple contraction.45
In the second quarter of 2026, DexCom demonstrated solid operational execution, generating 12% organic revenue growth and expanding new patient starts across core segments. Management raised full-year FY2026 revenue guidance to $5.18B-$5.25B (11%-13% growth) and non-GAAP operating margin guidance to 23.5%-24.0%, underpinned by line yield improvements, scrap reductions, and commercial scaling at its automated Ireland facility. For FY2025, DexCom generated $4,662.0M in revenue, $911.8M in GAAP EBIT (19.56% margin), and $1,077.2M in free cash flow.567
Our composite Fair value of $58.97 synthesizes co-primary models: forward earnings discounting ($66.90 midpoint) anchored on consensus FY2027 EPS of $3.12 and multi-stage moat fade ($62.17 midpoint) capturing DexCom's 15-year wide moat advantage. These are supported by owner earnings ($53.02 midpoint) and enterprise DCF ($38.97 midpoint) using a 9.99% WACC and 10.23% cost of equity. Current share prices ($85.36) exceed our highest model scenario ($74.00), demanding flawless execution without reflecting ongoing competitive and reimbursement hazards.1245
DexCom's current forward P/E of 28.25x trades at a steep premium to medtech comparables such as Edwards Lifesciences (25.21x), Stryker (16.47x), and Boston Scientific (12.49x). Our Fair value is 31.6% below the present-value equivalent of the analyst consensus 12-month price target ($86.26 present value, discounted at 10.23% from $95.08). External consensus overlooks the vulnerability of revenue growth to potential CMS coverage delays past mid-2027 and customer concentration across three major drug wholesalers (Customer A 55%, B 35%, C 46%). Consequently, we reiterate our Sell rating.23458
DexCom's continuous glucose monitoring sensors feature deep algorithmic integration with automated insulin delivery (AID) pump leaders like Tandem and Beta Bionics, creating durable patient retention and high clinical switching barriers.5
Compelling clinical data from the CONNECT study supports an impending CMS reimbursement coverage decision expected by late 2026, opening access to 9 million US patients with implementation targeted for mid-2027.5
Management raised full-year FY2026 non-GAAP gross margin guidance to ~64% and operating margin to 23.5%-24.0%, powered by line throughput gains and scrap reductions.
Sell. At $85.36 as of October 2, 2026, DexCom trades well above its composite Fair value of $58.97, leaving no margin of safety for investors despite strong underlying CGM technology and healthy free cash flow conversion.46
DexCom, Inc. is a medical technology company focused on the design, development, and commercialization of continuous glucose monitoring (CGM) systems for ambulatory use by people with diabetes and healthcare providers. The company's core platforms include the Dexcom G6, Dexcom G7, and Stello sensor systems, which eliminate routine fingersticks by measuring glucose levels continuously in interstitial fluid and wirelessly transmitting real-time values and trend rates to compatible display devices, smartphones, and automated insulin delivery (AID) pump algorithms.
The company operates in a single operating segment focused on diabetes management systems across two major geographic areas: the United States, which contributed $3,334.9M in revenue (71.5% of total) in FY2025, and international markets, which generated $1,327.1M (28.5% of total). Commercial distribution in the US is primarily conducted through major wholesale pharmaceutical distributors and retail pharmacy networks, serving an addressable domestic diabetes population of approximately 9 million individuals.
Under a compounding stress scenario where intense continuous glucose monitoring competition compresses non-GAAP operating margins below 20.5% (reversing progress from FY2025 GAAP EBIT of $911.8M and FY2026 guidance of 23.5%-24.0%), CMS delays type 2 non-intensive coverage decisions past mid-2027, and market multiples contract toward peer medians (16.47x for SYK), intrinsic equity value contracts toward the $47.95 lower bound of our fair value envelope. At the current trading price of $85.36, equity holders face substantial valuation downside with zero safety buffer against negative operational surprises.
DexCom warrants a Wide economic moat rating (moat score 9.0) based on deep patient switching costs and proprietary intangible assets. As a pioneer in continuous glucose monitoring (CGM), the company has embedded its sensors into closed-loop automated insulin delivery (AID) algorithms with leading pump manufacturers, including Tandem and Beta Bionics. For intensive insulin users, moving away from DexCom disrupts calibrated dosing automation and requires clinical retraining, creating formidable barriers to churn.
The company's platform moat is further protected by proprietary sensor chemistry, manufacturing automation, and clinical dataset moats. Results from the CONNECT study demonstrated robust A1C reduction and high patient engagement across type 2 diabetes users on diverse regimens, providing the clinical foundation for an expected CMS reimbursement coverage determination before year-end taking effect in mid-2027. Concurrently, transitioning users to 15-day sensor platforms and developing G8 will provide continuous manufacturing scrap reductions and structural cost advantages over competitors.
The highlighted cell is Fair value when every assumption sits at its base level ($58.97). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $755.0M after modeled reinvestment of $212.9M, with terminal value at 75.3% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to , reinvestment, or resets materially.
A beat exceeding the upper bounds of FY2026 guidance ($5.25B revenue and 24.0% non-GAAP operating margin) would demonstrate faster-than-modeled Ireland line absorption, narrowing the valuation gap sufficiently to warrant moving from Sell to Reduce.
The medical equipment sector benchmark operates with an average capex-to-revenue ratio of 4.5% and capex-to-depreciation ratio of 0.80x. In contrast, DexCom is investing above industry norms: FY2025 capex was $363.5M on $4,662.0M in revenue (7.8% capex/revenue) and capex-to-depreciation stood at 1.44x ($363.5M / $251.8M) as the company constructs its automated manufacturing plant in Ireland.57
Rapid continuous glucose monitoring adoption across 9 million US diabetes patients, positive CMS coverage for type 2 non-intensive diabetes taking effect in mid-2027, and international tender wins drive sustained double-digit revenue expansion that fully utilizes automated manufacturing scale.
Payer consolidation, intensified pricing pressure from Abbott FreeStyle Libre, or delays in Medicare coverage expansion for type 2 diabetes lead to erosion below the guided 64% level, leaving newly added manufacturing capacity underabsorbed.
Under our Sell rating, recommended equity weighting is 0%. DexCom trades at $85.36, representing a 44.75% premium over our synthesized fair value of $58.97. The unfavorable risk-reward asymmetry and negative implied return of -30.92% warrant a complete absence from the portfolio until market pricing aligns with intrinsic fundamentals.4
Risk management is anchored in capital preservation given the stock's 44.75% premium over intrinsic fair value ($85.36 price vs $58.97 fair value). Investors holding existing long positions should execute an orderly, staged liquidation into prevailing market liquidity. Any residual exposure should be strictly hedged with a trailing stop or protective put options.
DexCom trades at a 44.8% premium to its Fair value of $58.97 and a forward P/E of 28.25x, well above established medtech peers such as BSX (12.49x) and SYK (16.47x). With zero margin of safety and supporting models yielding cash flow values as low as $38.97, value-oriented investors should avoid the stock.34
Growth investors may note solid top-line momentum with FY2026 guided revenue growth of 11%-13% ($5.18B-$5.25B) and expansion into Type 2 diabetes via CONNECT trial data. However, with the October 2, 2026 share price of $85.36 surpassing even our optimistic bull-case valuation of $74.00, new capital allocation cannot be justified.
At the October 2, 2026 share price of $85.36, DexCom shares trade at a 44.8% premium to our composite Fair value of $58.97, implying -30.9% downside. While DexCom maintains a strong continuous glucose monitoring platform moat and expanding Type 2 diabetes opportunities, its forward P/E of 28.25x trades at an excessive premium to diversified medtech peers (EW at 25.21x, SYK at 16.47x, BSX at 12.49x).345
Valuation models anchoring on forward earnings ($66.90 midpoint) and multi-stage fade ($62.17 midpoint), alongside enterprise ($38.97 midpoint) and ($53.02 midpoint), indicate that current market pricing leaves zero against potential CMS coverage delays past mid-2027 or compression from pharmacy rebate pressure. We recommend liquidating or trimming positions to reallocate capital into assets offering an appropriate margin of safety.
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The records this analysis drew on, as they stood when it was run.
In the bear path, competitive pressure forces higher formulary rebate concessions while the lack of near-term basal diabetes reimbursement constrains addressable market growth. Ireland startup costs temporarily dilute operating margins, causing growth to slow toward broader medical device sector averages.
Management guided FY2026 non-GAAP operating margin to 23.5%-24.0% with gross margin at ~64%. An erosion of operating margin below 20.5% would reverse operational leverage gains achieved over FY2025 GAAP EBIT margin of 19.56% ($911.8M on $4,662.0M revenue).57
Current consensus models FY2026 revenue of $5,230.1M (12.19% growth) and FY2027 revenue of $5,799.8M (10.89% growth), heavily reliant on CMS basal T2 coverage taking effect in mid-2027 and international revenue expansion beyond $1,327.1M.158
DexCom currently trades at a forward P/E of 28.25x, well above diversified medtech peers SYK (16.47x) and BSX (12.49x). If terminal multiple derates by 20% from 24.0x to 19.2x, composite fair value contracts significantly.34
The five developments that would weaken our investment case.
Intensified price competition or pharmacy channel rebate escalation compresses gross margin below 62.0%, proving that operational throughput gains and 15-day sensor platform transitions fail to defend unit pricing.
Current:64.0% non-GAAP gross margin (FY2026 guidance target)
Alert if< 62.0%
Lumpiness in international government procurement tenders and national reimbursement timing causes non-US revenue growth to decelerate below 8.0%, undermining geographic expansion assumptions.
Current:28.5% of FY2025 revenue ($1,327.1M)
Alert if< 8.0% YoY revenue growth
Operating leverage unwinds toward the FY2025 GAAP EBIT margin baseline of 19.56% ($911.8M on $4,662.0M revenue) due to unabsorbed startup costs at the Ireland manufacturing plant.
Current:23.75% (midpoint of FY2026 guidance 23.5%-24.0%)
Alert if< 20.5%
Inventory de-stocking or contractual dispute by a key national pharmaceutical wholesaler disrupts quarterly product fulfillment, causing sudden revenue drag and working capital expansion.
Current:Customer A 55%, Customer B 35%, Customer C 46% share of FY2025 revenue
Alert ifQuarterly revenue contraction > 5% or DSO increase > 20%
Operating cash conversion erodes under unbudgeted capital expenditure overruns at the Ireland plant or working capital stretch, undermining organic selffinancing capability.
Current:$1,077.2M FCF (23.1% FCF margin in FY2025)
Alert if
Despite this wide economic moat, economic rent sustainability must be distinguished from equity valuation. While the moat defends operating margins at 23.5%-24.0% and delivers an ROIC of 16.43% that easily outpaces the 9.99% WACC, the prevailing equity valuation of $85.36 prices in uninterrupted perpetual growth, leaving the stock vulnerable to any compression in forward multiples.
DexCom generates a return on invested capital of 16.43%, which comfortably exceeds its moderate cost of capital (WACC of 9.99% and moderate cost of equity of 10.23%), delivering an excess economic spread of 644 bps. In FY2025, operating profit was $911.8M on revenue of $4,662.0M, generating $1,077.2M of free cash flow and confirming durable economic rent extraction across a 15-year horizon.267
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and at , then adjust for signed per current share.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Project SBC-adjusted EPS, discount each year's earnings at cost of equity, then add a Gordon-growth terminal value.
The modal base case incorporates solid commercial execution, gradual adoption across core diabetes segments, and successful integration with automated insulin delivery partners Tandem and Beta Bionics. Operating leverage advances steadily as manufacturing line efficiencies offset competitive pricing pressures, yielding a present intrinsic fair value of $58.97.5
Under the bull scenario, favorable reimbursement expansion into non-intensive diabetes broadens the accessible patient population significantly, while automated manufacturing yields at the newly commissioned Ireland facility accelerate operating leverage. Sensor migration to extended-wear formats lowers unit production costs, expanding free cash flow generation annually.
Results within guidance confirm ongoing operational progress but leave the stock overvalued at 28.25x forward earnings, keeping the share price well above the house fair value of $58.97 and maintaining the Sell stance.
A shortfall below guidance implies that pricing competition or international tender delays are impairing fundamentals, accelerating multiple derating toward mature peer levels and reinforcing our Sell rating.
Earnings quality is exceptionally clean, supported by high cash conversion where FY2025 operating cash flow of $1,440.7M exceeded GAAP net income of $836.3M. Free cash flow conversion stood at $1,077.2M after $363.5M of capital expenditures. Stock-based compensation of $159.6M represents 3.4% of revenue, well aligned with medtech norms. High reported customer concentration reflects major wholesale distributors (Customer A 55%, Customer B 35%, Customer C 46%) facilitating fulfillment rather than aggressive channel financing.678
Consensus estimate momentum has stabilized following the Q2 earnings release. Revisions for FY2026 EPS settled at $2.66 and FY2027 EPS at $3.12, while full-year FY2026 revenue consensus adjusted to $5,230.1M, mirroring management's raised guidance range of $5.18B-$5.25B.15
Securing Medicare coverage for basal-only non-intensive diabetes unlocks an addressable pool of millions of US patients, representing the primary catalyst for top-line expansion in FY2027 and FY2028.
Serves as proof that automated manufacturing throughput gains and scrap reductions are overcoming raw material inflation and competitive pricing friction.
Expands manufacturing capacity to serve European and international markets locally, reducing cross-border freight costs and improving gross margin leverage.
Longer sensor duration reduces annual sensor unit requirements per patient, structurally lowering cost of sales and supporting gross margin expansion toward management guidance targets.
| $2.45B |
| $2.91B |
| $3.62B |
| $4.03B |
| $4.66B |
| +17.5% |
| Gross profit | $1.68B | $1.88B | $2.29B | $2.44B | $2.80B | +13.6% |
| Operating income | $265.8M | $391.2M | $597.7M | $600.0M | $911.8M | +36.1% |
| Net income | $216.9M | $341.2M | $541.5M | $576.2M | $836.3M | +40.1% |
| EPS (diluted) | $0.53 | $0.82 | $1.30 | $1.42 | $2.09 | +40.9% |
| EBITDA | $377.5M | $565.3M | $916.7M | $945.7M | $1.36B | +37.7% |
| R&D | $517.1M | $484.2M | $505.8M | $552.4M | $599.1M | +3.7% |
| SG&A | $810.5M | $1.01B | $1.19B | $1.29B | $1.29B | +12.3% |
Cash flow generation is structurally robust: FY2025 operating cash flow reached $1,440.7M, delivering $1,077.2M of free cash flow on revenue of $4,662.0M. Working capital efficiency benefits from established wholesale pharmaceutical distributor partnerships (Customer A 55%, Customer B 35%, Customer C 46%), which insulate operating cash conversion from fragmented pharmacy collection terms. High cash conversion supports self-financed expansion of the Ireland plant.5678
DexCom maintains a disciplined capital allocation strategy focused on high-return organic manufacturing investments, R&D for next-generation platforms (15-day sensors and G8), and strategic software capabilities such as Nutrisense. In FY2025, capex was $363.5M alongside stock-based compensation of $159.6M. Balance sheet liquidity is healthy, with $917.7M in cash against $1,389.7M in total debt as of year-end FY2025. The company pays no dividend, utilizing free cash flow to self-fund international manufacturing capacity and offset share dilution.
DexCom extracts substantial economic rents due to proprietary sensor technology and manufacturing automation. While initial startup absorption in Ireland and 15-day sensor conversion temporarily constrain capital turnover, line throughput improvements, scrap reductions, and expanding non-GAAP operating margins to 23.5%-24.0% sustain durable returns above capital costs.
ROIC of 16.43% comfortably exceeds WACC of 9.99% and moderate cost of equity of 10.23%, generating an excess return spread of 644 bps.
FY2025 GAAP operating income was $911.8M (19.56% margin) on $4,662.0M revenue, while management raised full-year FY2026 non-GAAP operating margin guidance to 23.5%-24.0%.
Manufacturing scrap reductions and automated throughput improvements are successfully expanding operating margins ahead of original baseline plans.
Operating cash flow of $1,440.7M and free cash flow of $1,077.2M in FY2025 easily absorbed $363.5M of capital expenditures.
DexCom possesses ample organic liquidity ($917.7M cash) to complete European capacity additions without external equity dilution.
Customer A, Customer B, and Customer C represent 55%, 35%, and 46% of reported revenue respectively.
Reported customer concentration reflects centralized logistics intermediaries rather than concentrated single-buyer credit risk, though wholesale inventory timing can induce quarterly revenue noise.
| Revenue | $1,157,100,000 |
|---|---|
| Cost of revenue | $468,300,000 |
| Gross profit | $688,800,000 |
| Operating expenses | $476,200,000 |
| Operating income | $212,600,000 |
| Non-operating items and tax | -$32,800,000 |
| Net income | $179,800,000 |
| Total assets | $6,339,900,000 |
|---|---|
| Cash | $917,700,000 |
| Current assets | $4,033,300,000 |
| Total liabilities | $3,593,900,000 |
| Current liabilities | $2,142,500,000 |
| Shareholders’ equity | $2,746,000,000 |
| Net income | $836,300,000 |
|---|---|
| Operating inflow | $1,440,700,000 |
| Depreciation and amortization | $251,800,000 |
| Stock-based compensation | $159,600,000 |
| Other operating adjustments | $193,000,000 |
| Operating cash flow | $1,440,700,000 |
| Cash available | $2,605,500,000 |
| Beginning cash | $607,300,000 |
| Investing inflow | $536,000,000 |
| Exchange-rate effect | $21,500,000 |
| Financing outflow | $1,686,400,000 |
| Ending cash | $919,100,000 |
| Investing cash flow | $536,000,000 |
| Financing cash flow | -$1,686,400,000 |
Point-in-time financial data used in the 2026-10-04 analysis.
| Period | Revenue | EBITDA | Net income | Operating cash flow | Free cash flow | Capex | Depreciation and amortization | Stock-based compensation | Share repurchases | Dividends paid | Net debt issuance | Investing cash flow | Financing cash flow | Beginning cash | Ending cash | Cash and investments | Total debt | Operating margin | ROIC | WACC | ROIC − WACC spread |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | $573.3M | -$49.2M | -$65.6M | $56.2M | $500K | $55.7M | $15M | $110.8M | $0 | $0 | — | -$55.9M | $8.1M | — | $94.5M | $123.7M | $45.1M | -11.1% | — | 6.2% | — |
| 2017-12-31 | $718.5M | -$19.7M | -$50.2M | $92M | $26M | $66M | $16.1M | $106.2M | $0 | $0 | — | -$144.4M | $399.1M | $94.5M | $441.5M | $548.6M | $361M | -5.9% | — | 4.7% | — |
| 2018-12-31 | $1B | -$74.7M | -$127.1M | $123.2M | $56.1M | $67.1M | $29.1M | $101.9M | $100M | — | — | -$139.8M | $710.4M | $441.5M | $1.1B | $1.4B | $1B | -18.1% | — | 5.8% | — |
| 2019-12-31 | $1.5B | $213.2M | $101.1M | $314.5M | $134.5M | $180M | $48.7M | $102.7M | $0 | — | — | -$1B | $10.7M | $1.1B | $446.4M | $1.5B | $1.2B | 9.6% | — | 5.2% | — |
| 2020-12-31 | $1.9B | $376.8M | $549.7M | $475.6M | $276.6M | $199M | $67.1M | $119.4M | $0 | — | — | -$1B | $912.1M | $446.4M | $818.2M | $2.7B | $1.8B | 15.5% | — | 4.2% | — |
| 2021-12-31 | $2.4B | $377.5M | $216.9M | $442.5M | $53.3M | $389.2M | $102M | $113.4M | $0 | — | — | -$216.1M | $10.4M | $818.2M | $1.1B | $2.7B | $2.2B | 10.9% | — | 4.6% | — |
| 2022-12-31 | $2.9B | $565.3M | $341.2M | $669.5M | $304.7M | $364.8M | $155.9M | $126.5M | $557.7M | — | $0 | -$521.5M | -$552.5M | $1.1B | $643.3M | $2.5B | $2.1B | 13.4% | — | 7.6% | — |
| 2023-12-31 | $3.6B | $916.7M | $541.5M | $748.5M | $511.9M | $236.6M | $186M | $150.8M | $688.7M | $1.2B | $443.3M | -$507.2M | -$318.6M | $643.3M | $567.5M | $2.7B | $2.6B | 16.5% | — | 7.4% | — |
| 2024-12-31 | $4B | $945.7M | $576.2M | $989.5M | $630.7M | $358.8M | $217.7M | $170.4M | $750M | — | $0 | -$207.5M | -$734.8M | $567.5M | $607.3M | $2.6B | $2.6B | 14.9% | — | 8.0% | — |
| 2025-12-31 | $4.7B | $1.4B | $836.3M | $1.4B | $1.1B | $363.5M | $251.8M | $159.6M | $500M | — | -$1.2B | $536M | -$1.7B | $607.3M | $919.1M | $2B | $1.4B | 19.6% | — | 9.3% | — |
DexCom Inc. (DXCM) trades at 28.3x forward earnings against a peer median of 14.9x. Its EV/EBITDA of 22.6x compares with a peer median of 14.5x. The comparison uses 4 peers: Edwards Lifesciences Corporation, Boston Scientific Corporation, Stryker Corporation and Biogen Inc., as of 2026-10-04.
DexCom occupies a premium position in specialized diabetes medtech, generating an FY2025 GAAP EBIT margin of 19.56% ($911.8M) that outperforms the industry average operating margin of 15.5%. Furthermore, management has guided FY2026 non-GAAP operating margin to 23.5%-24.0%. However, with the stock trading at a forward P/E of 28.25x versus medtech peers SYK (16.47x) and BSX (12.49x), the market has aggressively priced in successful capital cycle execution.3457
| Why |
|---|
| $85.36 (October 2, 2026 share price)4 | Monitor only / no buying at prevailing levels | The stock trades at an elevated forward P/E of 28.25x, offering no margin of safety against competitive pricing shocks. |
| $58.97 (house base fair value) | Initial reassessment threshold | Price parity with base fair value where risk-reward approaches balance, subject to confirming non-GAAP operating margin sustainability at 23.5%-24.0%. |
| Potential value entry consideration | Deep discount level reflecting full absorption of competitive price erosion and terminal multiple derating to 18.0x. |
DexCom pays no dividend and allocates capital toward factory expansion and automated line investments ($363.5M capex in FY2025). Combined with an adjusted beta of 1.2043 and high revenue concentration through three wholesale distributors, the shares offer no yield and carry substantial multiple compression risk.2578
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Discounted forecast-period cash flows ($9.24) plus discounted terminal value ($28.12) minus signed net debt per current share (-$1.61) equals the $38.97 lens value shown above. Negative net debt is net cash, so subtracting it raises value.
Under the moderate discount rate, $11.38 comes from forecast-period earnings and $40.80 from the long-term value, totaling $52.18.
Solve for the growth rate that makes the model value equal the report-date share price.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
| BSX |
| Boston Scientific Corporation |
| $61.7B |
| 12.5x |
| 2.9x |
| 13.0x |
| 15.3% |
| 22.9% |
| SYK | Stryker Corporation | $105.6B | 16.5x | 4.1x | 15.9x | 16.5% | 27.0% |
| BIIB | Biogen Inc. | $32.5B | 13.3x | 3.2x | 11.8x | 4.6% | 25.1% |
