DexCom, Inc. (DXCM)

NASDAQ: DXCM · USD

$78.5

-0.06 (-0.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-04

Our latest published analysis: DXCM rated Sell

DexCom, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$59.0 / share

Potential value

$74.0 / share

Upside to FV

-30.9%

from $78.5

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$32.2B
Revenue (ttm)	5B
Net income (ttm)	999.7M
EPS (ttm)	$2.54
Shares out	377.4M
P/E (trailing)	30.9x
P/E (forward)	28.3x
Volume	3,965,269
Beta	1.48

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5B
Net income (ttm): 999.7M
EPS (ttm): $2.54
P/E (trailing): 30.9x
P/E (forward): 28.3x
Market cap: $32.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$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%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	売り
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	売り
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	強い買い
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	売り
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	縮小
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	縮小

Base and Bull scenarios

Base55%

Price target

$58.97

-30.9% from spot

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.

FY2026 revenue of $5,230.1M (12.19% growth) aligning with guidance of $5.18B-$5.25B.
FY2026 non-GAAP operating margin reaches 23.75% (midpoint of guided 23.5%-24.0%), rising to 25.0% by FY2030.
FY2027 revenue growth moderates to 10.89% ($5,799.8M) with EPS of $3.12.
Terminal growth rate reflects long-term economic expansion with the terminal valuation multiple maintaining a sustainable premium to mature medtech peers.
Discount rate reflects moderate cost of equity of 10.23% and WACC of 9.99%.

Bull20%

Price target

$74.00

-13.3% from spot

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.

CMS grants broad type 2 basal reimbursement coverage in mid-2027 following CONNECT trial validation.
Gross margin expands to ~66% and non-GAAP operating margin exceeds 26% driven by automated manufacturing at the Ireland plant and 15-day sensor platform migration.
FY2027 revenue approaches the high end of consensus at $5.94B.
Terminal P/E multiple sustains premium valuation levels reflecting sustained continuous glucose monitoring market leadership.

Sensitivity: Ke × terminal growth

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.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
9.2%	$63.0	$63.8	$64.7	$65.7	$66.8
9.7%	$60.2	$60.9	$61.7	$62.5	$63.4
10.2%	$57.7	$58.3	$59.0	$59.7	$60.4
10.7%	$55.5	$56.0	$56.6	$57.2	$57.8
11.2%	$53.5	$54.0	$54.5	$55.0	$55.5

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E28.3

P25 n/aP50 n/aP75 n/a

Trailing P/E33.7

P25 n/aP50 n/aP75 n/a

ROE38.5

P25 n/aP50 n/aP75 n/a

ROIC44.5

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All DXCM indicators

Market & fundamental data

Available fields

280

Groups with data

Currency

USD

Showing 280 of 280 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001093557
Company name	DexCom, Inc.
Country	United States
Country code	US
CUSIP number	252131107
Earnings date	2026-10-29
Earnings time	amc
Employees	11,100
Employees change	800
Employees growth	7.77%
Enterprise value	$29.1B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1999
In index	SP500, NASDAQ100
Industry	Medical Devices
IPO date	2005-04-14
Is primary listing	Yes
Is SPAC	No
ISIN number	US2521311074
Last 10-K release date	2026-02-12
Last earnings date	2026-07-30
Last refreshed	2026-10-28
Last stock split date	2022-06-13
Last stock split type	Forward
Market cap	$29.6B
Market cap category	Large-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$78.50
Price currency	USD
Sector	Healthcare
SIC code	3841
Stock price date	2026-10-28
Symbol	DXCM
U.S. state	California
Website	https://www.dexcom.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	30.78x
Average P/E ratio (10Y)	109.76x
Average P/E ratio (3Y)	54.77x
Average P/E ratio (5Y)	92.96x
Earnings yield	3.23%
EV/Earnings	29.25x
EV/EBIT	25.67x
EV/EBITDA	20.84x
EV/FCF	20.81x
EV/Sales	5.88x
FCF / EV yield	4.81%
FCF yield	4.72%
Forward EV/Sales	5.33x
Forward P/E	27.77x
Forward P/S	5.43x
Graham number	19.90956
Graham upside	-74.78%
Industry forward P/E	19.81x
Industry P/E	39.28x
Lynch fair value	$30.94
Lynch upside	-60.81%
P/(FCF - SBC) ratio	23.97x
P/(OCF - SBC) ratio	18.78x
P/B ratio	11.31x
P/E ratio	30.95x
P/FCF ratio	21.2x
P/OCF ratio	17.03x
P/S ratio	5.99x
PEG ratio	1.31x
Price / tangible book value	11.94x
Price/EBITDA ratio	21.23x
Sector forward P/E	23.56x
Sector P/E	50.13x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	22.92%
EBITDA margin	28.24%
Effective tax rate	21.9%
FCF margin	28.27%
Gross margin	62.47%
Operating margin	22.92%
Pretax margin	25.76%
Profit margin	20.12%
Profit per employee	$90,063
Profitable quarters	18
Profitable years	7
Revenue per employee	$447,676
ROA	10.33%
ROA (5Y)	5.9%
ROCE	27.8%
ROE	38.49%
ROE (5Y)	23.09%
ROIC	44.49%
ROIC (5Y)	24.11%
SBC / revenue	3.27%
Tax / revenue	5.64%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	77.35%
EPS growth (Q)	43.64%
EPS growth (QoQ)	25.83%
EPS growth 3Y	43.16%
EPS growth 5Y	12.97%
EPS growth quarters	5
EPS growth years	4
FCF growth	146.15%
FCF growth (Q)	-11.68%
FCF growth (QoQ)	-58.91%
FCF growth 3Y	44.47%
FCF growth 5Y	69.47%
Gross profit growth	22.83%
Gross profit growth (Q)	20.5%
Gross profit growth 3Y	14.94%
Gross profit growth 5Y	15.65%
Net income growth	74.93%
Net income growth (Q)	38.54%
Net income growth (QoQ)	24.86%
Net income growth 3Y	40.88%
Net income growth 5Y	12.2%
Net income growth quarters	5
Net income growth years	4
OCF growth	77.05%
OCF growth (Q)	-11.16%
OCF growth (QoQ)	-48.78%
OCF growth 10Y	42.94%
OCF growth 3Y	31.36%
OCF growth 5Y	33.72%
Operating income growth	65.76%
Operating income growth (Q)	49.72%
Operating income growth 3Y	36.47%
Operating income growth 5Y	26.98%
Revenue growth	15.54%
Revenue growth (Q)	13.08%
Revenue growth (QoQ)	9.77%
Revenue growth 10Y	26.08%
Revenue growth 3Y	15.83%
Revenue growth 5Y	18.02%
Revenue growth quarters	78
Revenue growth years	19

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-343.7M
Depreciation and amortization	$264.1M
EBIT	$1.1B
EBITDA	$1.4B
EPS	$2.54
FCF per share	$3.72
Financing cash flow	$-2.3B
Free cash flow	$1.4B
Free cash flow minus SBC	$1.2B
Gross profit	$3.1B
Income taxes	$280.3M
Investing cash flow	$530.7M
Net borrowing	$-1.2B
Net cash flow	$-55.1M
Net income	$999.7M
Operating cash flow minus SBC	$1.6B
Operating income	$1.1B
Revenue	$5B
Stock-based compensation	$162.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	6.56
Book value per share	$6.95
Debt / EBITDA	0.97
Debt / equity	0.53
Debt / FCF	1
Goodwill	$24.1M
Interest coverage	75.94
Long-term assets	$2.4B
Long-term liabilities	$1.5B
Net cash (debt)	$548.6M
Net cash / market cap	1.84%
Net cash growth	56.74%
Net debt / EBITDA	-0.39
Net debt / equity	-0.21
Net debt / FCF	-0.39
Piotroski F-Score	7
Property, plant and equipment	$1.7B
Shareholders' equity	$2.6B
Tangible book value	$2.5B
Tangible book value per share	$6.61
Total assets	$6.5B
Total cash	$1.9B
Total debt	$1.4B
Total liabilities	$3.8B
WACC	11.86%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.72
Current assets	$4.1B
Current liabilities	$2.4B
Current ratio	1.73
Inventory turnover	2.88
Net working capital	$-197.4M
Quick ratio	1.37
Working capital	$1.7B
Working capital turnover	2.88

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	2.61%
Dividend yield	0%
Shareholder yield	2.61%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	315.65%
10Y return CAGR	15.31%
10Y total return	315.65%
150-day SMA	$75.84
15Y price change	3,234.89%
15Y return CAGR	26.34%
15Y total return	3,234.89%
1D price change	-0.08%
1M price change	-9.52%
1M total return	-9.52%
1W price change	-8.6%
1W total return	-8.6%
1Y price change	10.96%
1Y return CAGR	10.97%
1Y total return	10.96%
20-day SMA	$83.33
200-day SMA	$74.45
20Y price change	3,325.26%
20Y return CAGR	19.33%
20Y total return	3,326.01%
3M price change	6.82%
3M total return	6.82%
3Y price change	-12.23%
3Y return CAGR	-4.25%
3Y total return	-12.23%
50-day SMA	$86.17
50-day SMA vs 200-day SMA	50over200
52-week high	$92.59
52-week high date	2026-08-24
52-week low	$54.11
52-week low date	2025-11-07
5Y price change	-43.88%
5Y return CAGR	-10.91%
5Y total return	-43.88%
6M price change	27.62%
6M total return	27.62%
All-time high	$164.86
All-time high date	2021-11-18
All-time low	$0.34
All-time low date	2008-11-20
Average true range (ATR)	$2.46
Average volume	4.2M
Beta (1Y)	0.75
Beta (2Y)	1.11
Beta (5Y)	1.48
Change from 52-week high	-15.22%
Change from 52-week low	45.08%
Change from all-time high	-52.46%
Change from all-time low	22,950%
Change from open	0.45%
Day's gap	-0.52%
Dollar volume	$311.3M
High price	$79.39
Low price	$77.93
Monthly RSI	49.41
Open price	$78.15
Position in 52-week range	39.04%
Premarket change	-0.94%
Premarket close	$78.56
Premarket price	$77.82
Premarket volume	446
Previous close	$78.56
Price vs 150-day SMA	3.34%
Price vs 20-day SMA	-5.95%
Price vs 200-day SMA	5.27%
Price vs 50-day SMA	-9.06%
Relative volume	0.95
RSI	33.9
Sharpe ratio	0.36
Sharpe ratio (3Y)	0.11
Sharpe ratio (5Y)	-0.08
Sortino ratio	0.68
Sortino ratio (3Y)	0.25
Sortino ratio (5Y)	0.01
Volume	4M
Weekly RSI	48.66
YTD price change	18.08%
YTD total return	18.08%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	376M
Float percentage	99.64%
Shares change (QoQ)	-0.89%
Shares change (YoY)	-2.61%
Shares held by insiders	0.24%
Shares held by institutions	104.45%
Shares outstanding	377.4M
Short % of float	4.17%
Short % of shares	4.16%
Short ratio	3.5 days

Deeper analysis on DXCM

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this DXCM report

What is the latest published DXCM stock rating?

DexCom, Inc. is shown with Sell in the latest published report, analyzed 2026-10-04. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full DXCM analysis?

The full latest published report, analyzed 2026-10-04, lives at /stocks/DXCM/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for DXCM?

The latest published report analyzed 2026-10-04 gives DXCM a fair value of USD 59 and a potential value of USD 74. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the DXCM page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-04). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellDXCM · Fair value $59.0-30.9%

Read full analysis →

DexCom, Inc. (DXCM)

Our latest published analysis: DXCM rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · DXCM

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All DXCM indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on DXCM

Frequently asked questions

レーティング履歴

Category	Score	Reading
Valuation	1.5
Management	6.5
Balance Sheet	7.0
Profitability	7.5
Revenue Growth	6.0
Risk Assessment	6.5
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	7.5