undamentalytics Newsletter
Sign in

Dexcom (DXCM) stock

Add to watchlist

Add holding +

NASDAQ: DXCM Nasdaq Health Care Equipment Next results ~February 11, 2027

B Fundamentals grade

Dexcom designs and sells continuous glucose monitoring (CGM) systems used by people with diabetes, their carers and clinicians to track blood sugar without finger-prick testing. Its current range includes the G7 and newer G7 15 Day sensors, the Dexcom ONE+ system sold in parts of Europe, and Stelo, a non-prescription biosensor aimed at adults with prediabetes or Type 2 diabetes who don't use insulin. A companion app, Dexcom Clarity, lets users and carers view and share glucose data.

Customers include people with Type 1 and Type 2 diabetes, healthcare professionals who prescribe the devices, and increasingly consumers seeking general metabolic-health insights. Revenue comes mainly from selling the hardware (sensors, transmitters and receivers) and recurring sensor replacements, with purchases reimbursed in many cases by Medicare, Medicaid or private insurers. The firm also earns income through partnerships that embed its sensor technology into insulin pumps and pens made by other manufacturers.

The business is not formally split into reporting segments but operates direct sales teams and distribution arrangements across North America, Europe, Africa, Asia Pacific, Latin America and the Middle East, though most sales still originate in the United States. It first gained US regulatory approval and launched its initial product in 2006, and manufactures largely at sites in Mesa, Arizona and Penang, Malaysia, with a new facility being built in Athenry, Ireland.

Based on Dexcom's 10-K filed February 12, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$70

Cash-flow model

Base case. Range ~$52–$92 across our lower- and higher-growth cases (8.8%–18.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 22% above our base value.

Price used: $84.76, November 2, 2026

Dexcom valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 9 selling2 purchases and 32 sales by directors and officers, last 12 monthsInsider trades
  • Funds504 adding, 443 cuttingOf 86 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Dexcom files

10-Q filed October 29: Dexcom

Dexcom's revenue for the twelve months to September 2026 reached $5.10bn, a 13.0% rise on the year before, though this marks a slowdown from the 15.5% growth recorded a quarter earlier. Free-cash-flow margin slipped to 21.5%, down from 23.5% a year earlier, even as operating margin widened sharply to 24.0% from 17.2%. Buybacks have also played a part: the diluted share count is down 3.9% on a year ago, boosting the value of each remaining share. Our model puts fair value at $71.03 a share, little changed, against a market price of $79.43. We keep the rating at Hold. At the current price, the market appears to be pricing in cash-flow growth of about 16.6% a year over five years, not far off the 15.8% a year revenue growth Dexcom has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Dexcom stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.97bn, up 15.5% on a year earlier, slower than 16.1% a quarter earlier. That growth ranks 3 of 15 among the health care equipment companies we cover. Free-cash-flow margin rose to 28.3% from 13.3% a year earlier. Operating margin widened to 22.9% from 16.0%. The diluted share count is down 2.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $77.32 a share, against a share price of $85.26.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Dexcom's trailing-twelve-month revenue grew 13.0% year on year, with a free-cash-flow margin of 21.5%. Where it stands out: operating margin of 24.0% ranks 8 of 132 health care equipment companies we cover. Where it lags: days sales outstanding of 85 days ranks 98 of 118 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$70 per share in the base case (~$52–$92 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 3.4% while net income grew 37.5%: a 34pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 6.8 points on a year ago.
  • Strong cash generation. 21.5% of revenue turned into free cash flow, against a median of -3.4% for health care equipment companies we cover.
  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth easing. The growth rate is 2.5 points lower than a quarter earlier.
  • Below peers: days sales outstanding. Days sales outstanding of 85 days ranks 98 of 118 health care equipment companies we cover (median 57 days).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.73 against an average estimate of $0.67: beat by 8.3%
Revenue
$1.34bn, up 11.2% on a year earlier
Share reaction
+4.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $5.2bn to $5.25bn (fiscal year 2026); non-GAAP Gross Profit Margin 64% (fiscal year 2026)
Next report
October 29, 2026; average EPS estimate $0.74

Dexcom's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.0%
  • 1 week+7.9%
  • 1 month-0.7%
  • This year+27.7%
  • 1 year+45.6%
  • 5 years-45.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.1B
Operating margin
24.0%
Net margin
19.4%
EPS (TTM, diluted)
$2.53

Growth

Revenue growth
+13.0%
Change in growth rate
−2.5 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
21.5%
Stock pay % of revenue
3.0%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Product
  4. Announcement
  5. Announcement
  6. Announcement
  7. Leadership
  8. Leadership
  9. Announcement
  10. Insider trade
  11. Results
  12. Regulatory
  13. Insider trade
  14. Announcement
  15. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dexcom valuation models and calculator

What the price is pricing in

The share price implies about 16.5% a year of cash-flow growth for five years.That is close to the 15.8% a year revenue growth Dexcom has delivered.

  • Priced in16.5%
  • Last 12 months13.0%
  • 3 years a year14.5%
  • 5 years a year15.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($84.28, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$70
Price used
$84.28close November 3, 2026
Implied change
▼ 17%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Dexcom's free cash flow after stock-based pay with after-tax interest added back ($846M, FY2026 Q3 TTM), growing 11.4% and 12.7% in the next two years (forecasts, guidance and its record), then back to 13.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$52–~$92 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Dexcom's free cash flow after stock-based pay ( $846M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Dexcom as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$70 ~$52–$92 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$51 ~$45–$80 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$45 ~$31–$65 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$25 ~$22–$30 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$52 ~$25–$70 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dexcom with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $32$44$59$80$106$141
8.5% $24$33$44$59$78$102
10% $20$26$35$46$60$79

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$20.48$14.93$14.35$29.95$54.69$92.43$134.24$113.24$124.09$77.77$66.37$84.76
Market value$6.5bn$5.0bn$5.0bn$10.6bn$20.2bn$38.9bn$57.6bn$48.4bn$52.8bn$32.1bn$26.9bn$33.2bn
+ Net debt (− = net cash)−$86m−$95m−$114m−$127m$614m$1.2bn$929m$1.3bn$1.9bn$1.8bn$323m$282m
Enterprise value$6.4bn$4.9bn$4.8bn$10.4bn$20.8bn$40.1bn$58.5bn$49.7bn$54.7bn$33.9bn$27.2bn$33.5bn
Multiples
Price / sales 16.3x8.7x6.9x10.2x13.7x20.2x23.5x16.6x14.6x8.0x5.8x6.5x
Price / earnings ————199.7x70.7xn/m141.9x97.5x55.7x32.2x33.5x
Price / free cash flow n/mn/m190.5x188.3x150.1x140.5xn/m158.9x103.1x50.9x25.0x30.2x
EV / EBITDA ————108.9x109.3x159.0x90.9x69.8x41.5x23.4x22.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

56 /100

Moderate moat

How hard Dexcom's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.9% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 64.4%, moving by 2.8 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 15.4%; its worst year was -9.2%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 10 years, at a median 11.4% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 8.8% over five years; stock-based pay has been a median 4.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.67 +28% $5.2bn +12%
Next $3.13 +17% $5.8bn +11%

Next year's EPS estimate has moved +1.5% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.0% on 90 days ago. In the last 30 days, 1 analyst raised Dexcom's forecast and 1 cut it.

Consensus EPS forecast Dexcom, last 90 days
$2.40 $2.60 $2.80 $3.00 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.59 Current fiscal year, 60 days ago: $2.66 Current fiscal year, 30 days ago: $2.66 Current fiscal year, 7 days ago: $2.67 Current fiscal year, Now: $2.67 $2.67 Next fiscal year, 90 days ago: $3.08 Next fiscal year, 60 days ago: $3.13 Next fiscal year, 30 days ago: $3.13 Next fiscal year, 7 days ago: $3.13 Next fiscal year, Now: $3.13 $3.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.59$3.08
60 days ago $2.66$3.13
30 days ago $2.66$3.13
7 days ago $2.67$3.13
Now $2.67$3.13

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.67 $0.73 +8.3%
Jun 2026 $0.61 $0.70 +15.1%
Mar 2026 $0.47 $0.56 +19.0%
Dec 2025 $0.65 $0.68 +4.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenue fiscal year 2026 $5.2bn to $5.25bn Raised
    “Revenue of $5.20 - $5.25 billion (approximately 12-13% growth)” source
  • Non-GAAP Gross Profit Margin fiscal year 2026 about 64% Non-GAAP Maintained
    “Non-GAAP Gross Profit Margin of approximately 64%” source
  • Non-GAAP Operating Margin fiscal year 2026 about 24% Non-GAAP Raised
    “Non-GAAP Operating Margin of approximately 24%” source
  • Adjusted EBITDA Margin fiscal year 2026 about 32% Non-GAAP Raised
    “Adjusted EBITDA Margin of approximately 32%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Dexcom's revenue by +11.4% next year and +12.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.8%, weight 48%) , management guidance (+10.7%, weight 31%) and the company's own record (+13.8%, weight 21%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy2690%
Hold310%
Sell00%

Monthly trend

  1. Oct 2026422329
  2. Sep 2026322328
  3. Aug 2026322328
  4. Jul 2026322328

Counts of recommendations published by analysts covering Dexcom, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
3.91
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
11,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +45.6%

$58.22 on October 31, 2025 to $84.76

ThenNowEffect
Revenue (last 12 months) $4.3bn $5.0bn +15.5%
Net margin 13.3% 20.1% +51.4%
P/E multiple 41.6x 33.7x −19.0%
Share count 408m 398m +2.7%

Biggest factor: net margin.

Last 3 years −13.0%

$97.46 on November 3, 2023 to $84.76

ThenNowEffect
Revenue (last 12 months) $3.2bn $5.0bn +55.4%
Net margin 11.2% 20.1% +79.9%
P/E multiple 116.5x 33.7x −71.1%
Share count 427m 398m +7.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DXCM+45%−16%+10%−37%−15%+28%
Industry peers (median)−9%−37%−9%−19%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DXCM67%42%50%33%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DXCM−24%−49%−45%−54%−40%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 66% from November 17, 2021 to November 10, 2025. Getting back needed a 197% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$54.84 – $92.34
From 52-week high
−8.2%
vs 50-day average
−1.1%
vs 200-day average
+13.6%
Volatility (1 year)
38%
Beta vs S&P 500
0.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±10.0%
After a week
7 up, 4 down
typical move ±12.2%
After a month
6 up, 5 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.7% −2.1% — —
July 30, 2026 +11.1% +2.4% +10.5% +20.9%
April 30, 2026 +6.6% +1.3% +5.8% +30.1%
February 12, 2026 +2.7% −1.5% +7.2% −2.7%
January 12, 2026 +4.2% 0.0% +4.9% +1.1%
October 30, 2025 −14.6% −0.8% −14.9% −6.8%
July 30, 2025 −9.6% −0.5% −14.5% −16.0%
May 1, 2025 +14.3% +2.2% +19.6% +19.8%
February 13, 2025 +6.2% +1.1% +5.9% −14.9%
January 13, 2025 +1.8% +0.3% +11.0% +7.9%
October 24, 2024 +1.3% +0.2% −2.8% +0.5%
July 25, 2024 −42.8% +0.6% −37.2% −33.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Dexcom’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.35× the last 60 days’ realised volatility , richer than 79% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DXCM Dexcom Grade B $84.36

Own 100 shares, sell the $95.00 call expiring December 18, 2026 (46 days) for $1.30 a share — $130 per contract.

Previous session · Bid $1.30, ask $1.65, quoted Mon 2 Nov, 17:21 New York time with DXCM at $84.36. Option prices move with the shares: check the live chain at your broker before trading.

  • If DXCM ends below $95.00: you keep your shares and the $130 — 1.5% extra on the position, 12.2% a year at that pace.
  • If it ends above $95.00: your shares are sold at $95.00, a total return of 14.2% including the premium — at or above our value of ~$70.
$1.2k $0 −$1.7k Our value $70.00 Break-even $83.06 Price $84.36
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$130
Annualised
12.2%
Break-even
$83.06
Max gain
$1,194
Chance of selling
~24%

Collar

Own the shares, buy the $80.00 put and sell the $95.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.35 a share ($135 per contract of 100 shares).
  • Worst case at expiry: -6.8%, if the shares fall below $80.00 (-5.2% from today).
  • Best case at expiry: +11.0%, if the shares rise above $95.00 (+12.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $70.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Dexcom in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dexcom
$3.5B $4B $4.5B $5B $5.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.6B Revenue (TTM), FY24 Q1: $3.8B Revenue (TTM), FY24 Q2: $3.9B Revenue (TTM), FY24 Q3: $4B Revenue (TTM), FY24 Q4: $4B Revenue (TTM), FY25 Q1: $4.1B Revenue (TTM), FY25 Q2: $4.3B Revenue (TTM), FY25 Q3: $4.5B Revenue (TTM), FY25 Q4: $4.7B Revenue (TTM), FY26 Q1: $4.8B Revenue (TTM), FY26 Q2: $5B Revenue (TTM), FY26 Q3: $5.1B $5.1B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.6B
FY24 Q1 $3.8B
FY24 Q2 $3.9B
FY24 Q3 $4B
FY24 Q4 $4B
FY25 Q1 $4.1B
FY25 Q2 $4.3B
FY25 Q3 $4.5B
FY25 Q4 $4.7B
FY26 Q1 $4.8B
FY26 Q2 $5B
FY26 Q3 $5.1B
Revenue growth, TTM YoY Dexcom
5% 10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 24.5% Revenue growth, TTM YoY, FY24 Q1: 25.8% Revenue growth, TTM YoY, FY24 Q2: 23.1% Revenue growth, TTM YoY, FY24 Q3: 16.2% Revenue growth, TTM YoY, FY24 Q4: 11.3% Revenue growth, TTM YoY, FY25 Q1: 9.1% Revenue growth, TTM YoY, FY25 Q2: 9.3% Revenue growth, TTM YoY, FY25 Q3: 14.2% Revenue growth, TTM YoY, FY25 Q4: 15.6% Revenue growth, TTM YoY, FY26 Q1: 16.1% Revenue growth, TTM YoY, FY26 Q2: 15.5% Revenue growth, TTM YoY, FY26 Q3: 13.0% 13.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 24.5%
FY24 Q1 25.8%
FY24 Q2 23.1%
FY24 Q3 16.2%
FY24 Q4 11.3%
FY25 Q1 9.1%
FY25 Q2 9.3%
FY25 Q3 14.2%
FY25 Q4 15.6%
FY26 Q1 16.1%
FY26 Q2 15.5%
FY26 Q3 13.0%
Operating margin (TTM) Dexcom
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.5% Operating margin (TTM), FY24 Q1: 17.1% Operating margin (TTM), FY24 Q2: 17.3% Operating margin (TTM), FY24 Q3: 15.9% Operating margin (TTM), FY24 Q4: 14.9% Operating margin (TTM), FY25 Q1: 15.3% Operating margin (TTM), FY25 Q2: 16.0% Operating margin (TTM), FY25 Q3: 17.2% Operating margin (TTM), FY25 Q4: 19.6% Operating margin (TTM), FY26 Q1: 21.4% Operating margin (TTM), FY26 Q2: 22.9% Operating margin (TTM), FY26 Q3: 24.0% 24.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.5%
FY24 Q1 17.1%
FY24 Q2 17.3%
FY24 Q3 15.9%
FY24 Q4 14.9%
FY25 Q1 15.3%
FY25 Q2 16.0%
FY25 Q3 17.2%
FY25 Q4 19.6%
FY26 Q1 21.4%
FY26 Q2 22.9%
FY26 Q3 24.0%
FCF margin (TTM) Dexcom
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.1% FCF margin (TTM), FY24 Q1: 15.3% FCF margin (TTM), FY24 Q2: 16.9% FCF margin (TTM), FY24 Q3: 13.5% FCF margin (TTM), FY24 Q4: 15.6% FCF margin (TTM), FY25 Q1: 13.9% FCF margin (TTM), FY25 Q2: 13.3% FCF margin (TTM), FY25 Q3: 23.5% FCF margin (TTM), FY25 Q4: 23.1% FCF margin (TTM), FY26 Q1: 29.7% FCF margin (TTM), FY26 Q2: 28.3% FCF margin (TTM), FY26 Q3: 21.5% 21.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.1%
FY24 Q1 15.3%
FY24 Q2 16.9%
FY24 Q3 13.5%
FY24 Q4 15.6%
FY25 Q1 13.9%
FY25 Q2 13.3%
FY25 Q3 23.5%
FY25 Q4 23.1%
FY26 Q1 29.7%
FY26 Q2 28.3%
FY26 Q3 21.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Dexcom took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4.7B
  2. Other income $177M · 3.8%
  3. Cost of revenue $1.9B · 39.9%
  4. Gross profit $2.8B · 60.1%
  5. Research and development $599M · 12.9%
  6. Selling, general and admin $1.3B · 27.7%
  7. Operating income $912M · 19.6%
  8. Income tax $252M · 5.4%
  9. Net income $836M · 17.9%

Shares of revenue. Source: Dexcom's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 30 49 76 100 160 259 402 573 719 1,032 1,476 1,927 2,449 2,910 3,622 4,033 4,662 5,104
Gross profit 4 18 36 47 100 176 278 378 492 664 932 1,280 1,681 1,883 2,289 2,438 2,802 3,237
EBITDA −43 −43 −41 −49 −22 −13 −46 −49 −26 −157 191 367 368 547 784 818 1,164 1,499
Operating income −46 −45 −45 −56 −29 −22 −57 −64 −43 −186 142 300 266 391 598 600 912 1,224
Net income −54 −55 −45 −55 −30 −22 −58 −66 −50 −127 101 550 217 341 542 576 836 991
Diluted EPS −$1.21 −$0.24 −$0.17 −$0.20 −$0.10 −$0.07 −$0.18 −$0.20 −$0.14 −$0.36 $0.28 $1.33 $0.53 $0.82 $1.30 $1.42 $2.09 $2.53
Growth (year on year)
Revenue — +63.7% +57.0% +30.9% +60.2% +62.0% +55.1% +42.6% +25.3% +43.6% +43.1% +30.5% +27.1% +18.8% +24.5% +11.3% +15.6% +13.0%
EBITDA — — — — — — — — — — — +91.9% +0.3% +48.7% +43.2% +4.3% +42.3% +46.6%
Operating income — — — — — — — — — — — +110.5% −11.3% +47.2% +52.8% +0.4% +52.0% +57.4%
Net income — — — — — — — — — — — +443.7% −60.5% +57.3% +58.7% +6.4% +45.1% +37.5%
Diluted EPS — — — — — — — — — — — +383.6% −60.2% +54.7% +58.5% +9.2% +47.2% +43.1%
Margins
Gross margin 12.3% 37.9% 47.1% 46.6% 62.6% 68.0% 69.3% 66.0% 68.5% 64.4% 63.1% 66.4% 68.6% 64.7% 63.2% 60.5% 60.1% 63.4%
EBITDA margin −146.4% −88.3% −53.7% −49.1% −13.7% −5.1% −11.5% −8.5% −3.7% −15.2% 12.9% 19.0% 15.0% 18.8% 21.6% 20.3% 25.0% 29.4%
Operating margin −154.4% −93.2% −58.7% −55.8% −18.1% −8.3% −14.2% −11.1% −5.9% −18.1% 9.6% 15.5% 10.9% 13.4% 16.5% 14.9% 19.6% 24.0%
Net margin −180.3% −113.6% −58.6% −54.6% −18.6% −8.6% −14.3% −11.4% −7.0% −12.3% 6.8% 28.5% 8.9% 11.7% 14.9% 14.3% 17.9% 19.4%
Free-cash-flow margin −142.7% −102.1% −49.9% −42.6% −3.4% 2.9% 3.9% 0.1% 3.6% 5.4% 9.1% 14.4% 2.2% 10.5% 14.1% 15.6% 23.1% 21.5%
Cash flow
Cash from operations −39 −43 −30 −33 2 24 49 56 92 123 315 476 443 670 749 990 1,441 1,414
Capital spending 3 7 8 10 8 16 33 56 66 67 180 199 389 365 237 359 364 316
Free cash flow −42 −50 −38 −43 −6 7 16 1 26 56 135 277 53 305 512 631 1,077 1,098
Stock-based pay 8 9 14 18 25 50 83 111 106 102 103 119 113 127 151 170 160 154
Free cash flow after stock pay −51 −59 −52 −61 −30 −43 −67 −110 −80 −46 32 157 −60 178 361 460 918 944
Balance sheet
Cash 4 5 3 8 43 72 86 95 442 1,137 446 818 1,053 642 566 606 918 961
Total debt 0 1 0 7 7 5 0 0 328 1,010 1,060 2,033 1,982 1,970 2,434 2,441 1,241 1,244
Net debt (negative = net cash) −4 −4 −3 −1 −36 −67 −86 −95 −114 −127 614 1,216 929 1,328 1,868 1,835 323 282
Diluted shares — 228m 262m 275m 284m 301m 319m 334m 345m 353m 369m 420m 429m 428m 426m 413m 406m 392m
Returned to shareholders
Buybacks — — — — — — — 0 0 100 0 0 0 558 689 750 500 —
Total returned — — — — — — — 0 0 100 0 0 0 558 689 750 500 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $6.2bn
Short-term assets $3.9bnLonger-term assets $2.3bn
What it owes, and who funded it · $6.2bn
Short-term liabilities $2.3bnLonger-term liabilities $1.5bnShareholders' equity $2.5bn
  • Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $2.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.9bn short-term assets against $1.5bn of longer-dated liabilities.
  • More cash than debt $961m of cash against $1.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 49% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 90% to 49% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $1.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $13m of interest.

From Dexcom's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$1.9B
Diluted share count
−3.9%
year over year
R&D spending
11.9%
of revenue
Sales & admin spending
27.5%
of revenue
Days sales outstanding
85 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated DXCM BLCO IDXX RMD STE EW Median
Revenue, last 12 months $5.1bn $5.4bn $4.7bn $5.7bn $6.0bn $6.5bn $99m
Revenue growth, last 12 months 13.0% 8.9% 11.9% 9.0% 8.4% 14.6% 9.2%
Revenue growth, 3-year average 14.5% 10.9% 9.1% 9.4% 9.0% 15.3% 13.5%
Revenue growth, latest quarter 11.2% 7.3% 9.9% 5.9% 7.3% 13.6% 10.2%
Gross margin 63.4% — 62.7% 61.1% 44.4% 77.8% 61.2%
Operating margin 24.0% 7.1% 32.3% 33.0% 18.9% 22.3% −8.5%
Operating margin, 3-year average 19.0% 3.8% 30.9% 31.9% 17.1% 25.2% −17.9%
Net margin 19.4% −2.0% 25.4% 27.8% 13.3% 15.4% −12.0%
Cash from operations / revenue 27.7% 10.2% 30.4% 30.9% 21.3% 26.4% −1.9%
Free-cash-flow margin 21.5% 4.7% 28.0% 28.1% 15.3% 22.0% −3.9%
Free-cash-flow margin, 3-year average 19.5% −0.2% 23.9% 29.9% 14.3% 14.4% −7.0%
Stock pay / revenue 3.0% 3.2% 1.4% 2.0% 1.0% 2.6% 6.1%
Change in share count −3.9% 1.2% −2.2% −1.3% −0.5% −1.6% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 13.0% 9.1% 54 of 129
Change in growth rate Growth -2.5pp -0.6pp 88 of 129
Gross margin Profitability 63.4% 61.9% 57 of 123
Operating margin Profitability 24.0% -8.3% 8 of 132
Net margin Profitability 19.4% -12.0% 12 of 133
Free-cash-flow margin Cash generation 21.5% -3.4% 12 of 128
Stock pay as % of revenue Cash generation 3.0% 6.1% 41 of 123
Long-term debt as % of assets Balance sheet 19.9% 24.2% 39 of 87
Change in share count Balance sheet -3.9% 3.3% 10 of 115
Days sales outstanding Balance sheet 85 days 57 days 98 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $3.3B 71.5% ▲ 15.4%
Outside the US $1.3B 28.5% ▲ 16.1%

From Dexcom's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$26B
Institutions reporting
968
Shares held vs prior quarter
▲ 4.1%
Positions opened / closed
109 / 100

Top buyers and sellers, Q2 2026: 504 institutions bought and 443 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+4.3M shares) and the biggest seller Jpmorgan Chase & Co (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 38.2M 9.9% ▼ 1.8%
Vanguard Capital Management LLC $1.7B 25.2M 6.5% ▲ 0.8%
Vanguard Portfolio Management LLC $1.3B 19.7M 5.1% ▲ 2.3%
State Street Corp $1.2B 18.4M 4.8% ▲ 2.5%
Invesco Ltd. $1B 15.3M 4.0% ▲ 11.8%
Baillie Gifford & Co $997M 14.8M 3.8% ▼ 5.1%
Geode Capital Management, LLC $834M 12.4M 3.2% ▲ 0.6%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $758M 11.3M 2.9% ▲ 15.6%
Alliancebernstein L.P. $734M 11.7M 2.8% ▼ 9.5%
Wellington Management Group LLP $574M 8.5M 2.2% ▼ 8.6%
Arrowstreet Capital, Limited Partnership $463M 6.9M 1.8% ▲ 170.1%
Norges Bank $463M 6.9M 1.8% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dexcom's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 2 trades by 1 insider, last 12 months Insider sales History → $13M 32 trades by 9 insiders · 100% under pre-set plans
Net ▼ $12M net selling
Insider Date Trade Shares Price Value
Stern Sadie EVP Chief People & Culture Off October 27, 2026 Sell pre-set plan 2,565 $78.62 $201,660
Brown Michael Jon EVP Chief Legal Compliance Off October 15, 2026 Sell pre-set plan 1,700 $85.48 $145,316
Stern Sadie EVP Chief People & Culture Off September 28, 2026 Sell pre-set plan 2,565 $86.15 $220,975
Brown Michael Jon EVP Chief Legal Compliance Off September 15, 2026 Sell pre-set plan 1,700 $84.04 $142,868
Augustinos Nicholas Director September 15, 2026 Sell pre-set plan 6,539 $84.04 $549,538
Augustinos Nicholas Director September 14, 2026 Sell pre-set plan 1,550 $84.02 $130,231
Sylvain Jereme M EVP, Chief Financal Officer September 10, 2026 Sell pre-set plan 3,638 $83.27 $302,936
Stern Sadie EVP Chief People & Culture Off August 27, 2026 Sell pre-set plan 2,565 $88.37 $226,669
Sayer Kevin R Executive Chair August 20, 2026 Sell pre-set plan 97 $91.41 $8,867
Sayer Kevin R Executive Chair August 20, 2026 Sell pre-set plan 7,351 $90.78 $667,332
Sayer Kevin R Executive Chair August 20, 2026 Sell pre-set plan 19,308 $89.71 $1.7M
Brown Michael Jon EVP Chief Legal Compliance Off August 14, 2026 Sell pre-set plan 1,700 $91.93 $156,281

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 27 trades and filings

No trades in Dexcom disclosed in the last 12 months; 27 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded May 15, 2025, filed June 9, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025
  • Jefferson Shreve(R-IN 6):Purchase, $15,001 - $50,000, traded May 8, 2025, filed June 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • January 12, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Dexcom was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dexcom in brief

What does Dexcom do?
Dexcom is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Dexcom's stock ticker?
Dexcom trades under the ticker DXCM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dexcom's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dexcom reported revenue of $5.1B, 13.0% higher than a year earlier, according to its SEC filings.
What is Dexcom's free cash flow?
Dexcom's free-cash-flow margin is 21.5% of revenue over the trailing twelve months, ranking 12 of the 128 health care equipment companies we cover.
What is Dexcom's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Dexcom's free cash flow after stock-based pay gives ~$70 per share in the base case, and ~$52–$92 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Dexcom's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Dexcom's market cap?
On November 2, 2026, Dexcom's market capitalisation was about $33.2B, with a price-to-earnings ratio of 33.5 and net debt of $282M. Market figures come from third-party market data and may be delayed.
How much debt does Dexcom have?
Dexcom's debt-to-equity ratio is 49.1%, from its latest balance sheet (89.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Dexcom's competitors?
In our Health Care Equipment peer group, the companies closest to Dexcom are Bausch & Lomb Corp, Idexx Laboratories, ResMed|, Steris and Edwards Lifesciences. The side-by-side comparison below sets their revenue, margins and growth against Dexcom's.
Are insiders buying or selling Dexcom stock?
Over the last 12 months, Dexcom's directors and officers reported 2 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is Dexcom's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dexcom announces its own schedule.