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Leading maker of continuous glucose monitoring (CGM) systems for people with diabetes.
Leading maker of continuous glucose monitoring (CGM) systems for people with diabetes.
Earns recurring revenue because a sensor lasts only about ten days and must be replaced, bought mostly through pharmacies and distributors and paid for by insurers. Stelo, launched in 2024, is sold directly to consumers without a prescription, opening a self-pay market beyond insulin users.
Moat: narrow (IP / patents, switching costs, brand). Strong CGM brand and patient habituation, though Abbott's FreeStyle Libre holds a larger share.
Headquarters: San Diego, California, USA · Founded: 1999 · Employees: 11,100
Size Dexcom (DXCM) is a United States Health Care company (Medical Specialties) with a market value of $29.6B, the 368th largest of 3,117 United States companies the cockpit tracks. Shares closed at $79.41 on 6 Nov 2026.
Performance Over six months the shares gained 31.0%, against +28.7% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 13.0% over the last twelve months (peer median +6.9%); the operating margin is 24.0% (peer median 20.1%).
Valuation It trades at 27.0× forward earnings against a peer median of 26.7× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 34.0 points above its cost of capital (11.8% WACC).
Credit Dexcom has 1 bond outstanding ($1.25B).
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.10B | $4.66B | $4.03B | $3.62B | $2.91B |
| Revenue growth | — | +16% | +11% | +24% | — |
| Gross profit | $3.28B | $2.80B | $2.43B | $2.28B | $1.88B |
| EBITDA | $1.50B | $1.16B | $818M | $784M | $547M |
| Net income | $991M | $836M | $576M | $542M | $341M |
| Free cash flow | $1.10B | $1.08B | $631M | $512M | $305M |
| Capital expenditure | $316M | $364M | $359M | $237M | $365M |
| Total debt | $1.39B | $1.39B | $2.59B | $2.59B | $2.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dexcom DXCM | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Insulet PODD | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DXCM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.9% | +11.3% | 4th lowest of 21 |
| 6-month return | +31.0% | +28.7% | 9th highest of 21 |
| Distance from 52-week high | -14.2% | -7.6% | 7th lowest of 21 |
| Revenue growth (TTM) | +13.0% | +6.9% | 4th highest of 21 |
| Operating margin | 24.0% | 20.1% | 7th highest of 21 |
| Forward P/E | 27.0× | 26.7× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 18.5% | 13.7% | 9th most demanding of 20 |
| Growth delivered (Del g) | +19.3% | +7.5% | highest of 20 |
| Hurdle (Req g minus delivered) | -0.8 pp | +2.4 pp | 6th least demanding of 20 |
| ROIC minus cost of capital | +34.0 pp | +4.1 pp | 2nd highest of 21 |
| EV / EBITDA | 19.5× | 19.7× | 10th cheapest of 19 |
| Net debt / EBITDA | -0.3× | 1.3× | 2nd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
Dexcom has 1 bond outstanding with $1.25B face value.