DexCom, Inc.

DXCM · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$25,885	$30,377	$47,362	$43,740	$52,042	$35,834	$21,201	$11,611	$5,562	$5,786	$7,938	$4,139	$2,517	$934	$611	$776	$358	$81	$250	$269	$283	–	–	$24	$22	$20
Enterprise value	$25,276	$30,628	$47,230	$43,433	$51,788	$34,966	$20,828	$11,399	$5,348	$5,669	$7,825	$4,060	$2,469	$893	$529	$730	$377	$98	$248	$218	$232	–	–	–	$15	$6
P/E (TTM) at period end	30.95×	52.72×	87.46×	128.19×	239.94×	65.19×	209.70×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	5.55×	7.53×	13.08×	15.03×	21.25×	18.60×	14.36×	11.26×	7.74×	10.09×	19.75×	15.97×	15.73×	9.35×	8.01×	15.97×	12.07×	8.27×	54.09×	124.02×	–	–	–	–	–	–
P/B at period end	9.43×	14.45×	22.90×	20.52×	25.48×	23.09×	24.02×	17.51×	13.26×	20.39×	35.89×	29.52×	29.93×	12.13×	5.85×	12.72×	–	–	35.18×	4.74×	5.72×	–	–	–	–	–
EV / EBITDA (TTM)	21.72×	37.46×	60.26×	79.39×	140.80×	95.38×	109.04×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.42×	7.59×	13.04×	14.93×	21.15×	18.15×	14.11×	11.05×	7.44×	9.89×	19.47×	15.66×	15.43×	8.94×	6.94×	15.01×	12.69×	9.97×	53.68×	100.29×	–	–	–	–	–	–
Returns
Return on equity	30.5%	27.4%	26.2%	16.0%	10.6%	35.4%	11.5%	(19.2%)	(12.0%)	(23.1%)	(26.0%)	(16.0%)	(35.4%)	(70.8%)	(42.8%)	(90.5%)	–	–	(644.8%)	(82.0%)	(62.3%)	–	–	–	–	–
Return on invested capital	21.8%	11.9%	11.1%	9.4%	7.1%	10.5%	8.6%	(34.3%)	(13.6%)	(32.6%)	(41.6%)	(29.5%)	(60.6%)	(71.7%)	(44.0%)	(80.0%)	(185.9%)	(457.0%)	(100.6%)	(118.3%)	(0.3%)	–	–	–	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.88×	1.47×	2.84×	1.99×	5.11×	5.58×	5.47×	7.64×	5.36×	2.73×	3.46×	3.59×	2.90×	3.98×	7.11×	4.32×	1.96×	2.14×	7.97×	10.97×	7.21×	17.39×	20.47×	–	–	–
Debt / equity	0.45×	1.16×	1.18×	0.92×	0.97×	1.07×	1.20×	1.52×	0.78×	–	0.01×	0.05×	0.11×	0.09×	–	0.01×	(2.53×)	(3.25×)	8.77×	37.29×	–	–	–	–	–	–
Effective tax rate	23.2%	18.7%	23.8%	12.7%	15.5%	(84.5%)	3.0%	(0.5%)	(3.3%)	(1.1%)	(0.2%)	(0.4%)	–	2.3%	–	–	–	(4.3%)	–	(0.0%)	99.9%	–	–	–	–	–
Share count
Diluted shares outstanding	406	413	426	428	429	420	369	353	345	334	319	301	284	275	262	228	177	118	113	109	76	9	9	8	8	7

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$4,969	$4,662	$4,033	$3,622	$2,910	$2,448	$1,927	$1,476	$1,032	$718	$573	$402	$259	$160	$100	$76	$49	$30	$10	$5	$2	–	–	–	–	–	–
Cost of revenue	($1,865)	($1,860)	($1,595)	($1,333)	($1,027)	($768)	($647)	($544)	($368)	($226)	($195)	($124)	($83)	($60)	($53)	($40)	($30)	($26)	($15)	($13)	($11)	–	–	–	–	–	–
Gross profit	$3,104	$2,802	$2,438	$2,289	$1,883	$1,680	$1,280	$932	$664	$492	$378	$278	$176	$100	$47	$36	$18	$4	($6)	($8)	($9)	–	–	–	–	–	–
Operating expenses
Research and development	($604)	($599)	($552)	($506)	($484)	($517)	($360)	($274)	($200)	($185)	($156)	($138)	($69)	($45)	($38)	($30)	($23)	($14)	($20)	($16)	($19)	($27)	($12)	($9)	($6)	($5)	($3)
Selling, general and administrative	($1,361)	($1,291)	($1,286)	($1,185)	($1,008)	($810)	($618)	($516)	($433)	($349)	($286)	($198)	($128)	($84)	($64)	($51)	($40)	($35)	($28)	($22)	($21)	($6)	($2)	($1)	–	($2)	($1)
Total operating expenses	($1,965)	($1,890)	($1,838)	($1,691)	($1,492)	($1,415)	($981)	($789)	($850)	($535)	($442)	($336)	($198)	($129)	($102)	($81)	($64)	($49)	($47)	($39)	($41)	–	–	–	–	–	–
Total costs and expenses	($3,830)	($3,750)	($3,433)	($3,025)	($2,519)	($2,183)	($1,627)	($1,334)	($1,218)	($761)	($637)	($459)	($281)	($189)	($156)	($121)	($94)	($76)	($63)	($51)	($51)	($32)	($14)	($10)	($6)	($7)	($4)
Operating income	$1,139	$912	$600	$598	$391	$266	$300	$142	($186)	($42)	($64)	($57)	($22)	($29)	($56)	($45)	($45)	($46)	($53)	($47)	($49)	($32)	($14)	($10)	($6)	($7)	($4)
Earnings
EBITDA	$1,403	$1,164	$818	$784	$547	$368	$367	$191	($157)	($26)	($49)	($46)	($13)	($22)	($49)	($41)	($43)	($43)	($49)	($43)	($47)	($31)	($13)	($10)	–	–	–
Interest income	$93	$113	$134	$135	$24	$2	$16	$26	$2	$3	$0	–	–	–	$0	$0	$0	$0	$1	–	–	–	–	–	–	–	–
Interest expense	($15)	($18)	($19)	($20)	($19)	($19)	($18)	($60)	($23)	($13)	($1)	($0)	($1)	($1)	($0)	–	($2)	($8)	($7)	–	–	–	–	–	–	–	–
Pre-tax income	$1,280	$1,088	$709	$710	$391	$257	$298	$104	($126)	($49)	($65)	($58)	($22)	($30)	($56)	($45)	($55)	($54)	($55)	($46)	($47)	($30,890)	–	–	–	–	–
Income tax expense	($280)	($252)	($133)	($169)	($50)	($40)	$252	($3)	($1)	($2)	($1)	($0)	($0)	–	$1	–	–	–	($2)	–	($0)	$30,859	$0	$0	($8)	($6)	($4)
Net income	$1,000	$836	$576	$542	$341	$217	$550	$101	($127)	($50)	($66)	($58)	($22)	($30)	($54)	($45)	($55)	($54)	($55)	($46)	($47)	($31)	($14)	($10)	($8)	($6)	($4)
Per share
Diluted EPS (GAAP)	$2.53	$2.09	$1.42	$1.30	$0.82	$0.53	$1.33	$0.275	($0.36)	($0.145)	($0.195)	($0.18)	($0.075)	($0.105)	($0.1975)	($0.17)	($0.2425)	($0.3025)	($0.47)	($0.41)	($0.43)	($0.41)	($1.53)	($1.14)	($0.94)	($0.83)	($0.57)
Basic EPS (GAAP)	$2.59	$2.14	$1.46	$1.40	$0.88	$0.56	$1.46	$0.2775	($0.36)	($0.145)	($0.195)	($0.18)	($0.075)	($0.105)	($0.1975)	($0.17)	($0.2425)	($0.3025)	($0.47)	($0.41)	($0.43)	($0.41)	($1.53)	($1.14)	($0.94)	($0.83)	($0.57)
Basic shares outstanding	386	390	394	386	389	387	378	364	353	345	334	319	301	284	275	262	228	177	118	113	109	76	9	9	8	8	7
Margins
Gross margin	62.5%	60.1%	60.5%	63.2%	64.7%	68.6%	66.4%	63.1%	64.4%	68.5%	66.0%	69.3%	68.0%	62.6%	46.6%	47.1%	37.9%	12.3%	(56.2%)	(175.3%)	(405.1%)	–	–	–	–	–	–
Operating margin	22.9%	19.6%	14.9%	16.5%	13.4%	10.9%	15.5%	9.6%	(18.1%)	(5.9%)	(11.1%)	(14.2%)	(8.3%)	(18.1%)	(55.8%)	(58.7%)	(93.2%)	(154.4%)	(537.0%)	(1008.8%)	(2273.0%)	–	–	–	–	–	–
Net margin	20.1%	17.9%	14.3%	14.9%	11.7%	8.9%	28.5%	6.8%	(12.3%)	(7.0%)	(11.4%)	(14.3%)	(8.6%)	(18.6%)	(54.6%)	(58.6%)	(113.6%)	(180.3%)	(560.9%)	(991.5%)	(2147.6%)	–	–	–	–	–	–

Analyst consensus

Buy52 analysts

Bearish · 2 · Hold · 8 · Bullish · 42

Earnings history

	EPS	Estimate
Q3 2024	$0.45	$0.44	Beat
Q4 2024	$0.45	$0.48	Miss
Q1 2025	$0.32	$0.33	Miss
Q2 2025	$0.48	$0.44	Beat
Q3 2025	$0.61	$0.58	Beat
Q4 2025	$0.68	$0.65	Beat
Q1 2026	$0.56	$0.47	Beat
Q2 2026	$0.70	$0.61	Beat

Peers

Company overview

IPO dateApr 14, 2005

CEOJacob Steven Leach

Employees11,050

SectorHealthcare

IndustryMedical - Devices

CountryUS

ExchangeNASDAQ Global Select

Websitewww.dexcom.com

DexCom, Inc. is a medical technology company primarily focused on innovating, developing, and marketing continuous glucose monitoring (CGM) systems. Operating across the United States and internationally, the firm provides its solutions for individuals managing diabetes as well as for healthcare practitioners. Its product portfolio features the DexCom G6, a comprehensive CGM system for diabetes management; the Dexcom Real-Time API, enabling authorized third-party developers to integrate live CGM data into their digital health applications; the Dexcom ONE, which aims to supersede traditional finger-prick blood glucose testing for treatment decisions; and Dexcom Share, a remote monitoring platform. The company is also developing the Dexcom G7, its next-generation CGM system. Furthermore, DexCom, Inc. has a licensing and collaboration agreement with Verily Life Sciences LLC and Verily Ireland Limited to advance blood-based or interstitial glucose monitoring products. The company directly sells its offerings to specialists such as endocrinologists, physicians, and diabetes educators. DexCom, Inc. was founded in 1999 and maintains its headquarters in San Diego, California.

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