NASDAQ: DXCM
Dexcom
Health Care · Surgical & Medical Instruments & Apparatus
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$32.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.06B |
| FY2017, ended Dec 31, 2017 | $4.99B |
| FY2018, ended Dec 31, 2018 | $10.8B |
| FY2019, ended Dec 31, 2019 | $20.0B |
| FY2020, ended Dec 31, 2020 | $35.6B |
| FY2021, ended Dec 31, 2021 | $52.1B |
| FY2022, ended Dec 31, 2022 | $43.8B |
| FY2023, ended Dec 31, 2023 | $47.8B |
| FY2024, ended Dec 31, 2024 | $30.4B |
| FY2025, ended Dec 31, 2025 | $25.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $32.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.10B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $573M |
| FY2017, ended Dec 31, 2017 | $719M |
| FY2018, ended Dec 31, 2018 | $1.03B |
| FY2019, ended Dec 31, 2019 | $1.48B |
| FY2020, ended Dec 31, 2020 | $1.93B |
| FY2021, ended Dec 31, 2021 | $2.45B |
| FY2022, ended Dec 31, 2022 | $2.91B |
| FY2023, ended Dec 31, 2023 | $3.62B |
| FY2024, ended Dec 31, 2024 | $4.03B |
| FY2025, ended Dec 31, 2025 | $4.66B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.10B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$65.6M | $500K |
| FY2017, ended Dec 31, 2017 | −$50.2M | $26.0M |
| FY2018, ended Dec 31, 2018 | −$127M | $56.1M |
| FY2019, ended Dec 31, 2019 | $101M | $135M |
| FY2020, ended Dec 31, 2020 | $550M | $277M |
| FY2021, ended Dec 31, 2021 | $217M | $53.3M |
| FY2022, ended Dec 31, 2022 | $341M | $305M |
| FY2023, ended Dec 31, 2023 | $542M | $512M |
| FY2024, ended Dec 31, 2024 | $576M | $631M |
| FY2025, ended Dec 31, 2025 | $836M | $1.08B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $991M | $1.10B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$961M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $94.5M |
| FY2017, ended Dec 31, 2017 | $442M |
| FY2018, ended Dec 31, 2018 | $1.14B |
| FY2019, ended Dec 31, 2019 | $446M |
| FY2020, ended Dec 31, 2020 | $818M |
| FY2021, ended Dec 31, 2021 | $1.05B |
| FY2022, ended Dec 31, 2022 | $642M |
| FY2023, ended Dec 31, 2023 | $566M |
| FY2024, ended Dec 31, 2024 | $606M |
| FY2025, ended Dec 31, 2025 | $918M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $961M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.24B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $0 |
| FY2017, ended Dec 31, 2017 | $328M |
| FY2018, ended Dec 31, 2018 | $1.01B |
| FY2019, ended Dec 31, 2019 | $1.06B |
| FY2020, ended Dec 31, 2020 | $2.03B |
| FY2021, ended Dec 31, 2021 | $1.98B |
| FY2022, ended Dec 31, 2022 | $1.97B |
| FY2023, ended Dec 31, 2023 | $2.43B |
| FY2024, ended Dec 31, 2024 | $2.44B |
| FY2025, ended Dec 31, 2025 | $1.24B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.24B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 9.9% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.373M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 339M |
| FY2017, ended Dec 31, 2017 | 348M |
| FY2018, ended Dec 31, 2018 | 360M |
| FY2019, ended Dec 31, 2019 | 366M |
| FY2020, ended Dec 31, 2020 | 385M |
| FY2021, ended Dec 31, 2021 | 388M |
| FY2022, ended Dec 31, 2022 | 386M |
| FY2023, ended Dec 31, 2023 | 386M |
| FY2024, ended Dec 31, 2024 | 391M |
| FY2025, ended Dec 31, 2025 | 385M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 373M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.14B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $111M | $10.4M | $7.20M |
| FY2017, ended Dec 31, 2017 | $0 | $106M | $10.1M | — |
| FY2018, ended Dec 31, 2018 | $100M | $102M | $10.8M | — |
| FY2019, ended Dec 31, 2019 | $0 | $103M | $11.9M | — |
| FY2020, ended Dec 31, 2020 | $0 | $119M | $15.3M | — |
| FY2021, ended Dec 31, 2021 | $0 | $113M | $20.3M | — |
| FY2022, ended Dec 31, 2022 | $558M | $127M | $22.5M | — |
| FY2023, ended Dec 31, 2023 | $689M | $151M | $26.6M | — |
| FY2024, ended Dec 31, 2024 | $750M | $170M | $28.2M | — |
| FY2025, ended Dec 31, 2025 | $500M | $160M | $28.1M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.32B | $154M | $24.7M | — |
Revenue (TTM)
$5.10B
+13.0% YoY
Net income (TTM)
$991M
+37.5% YoY
Cash
$961M
−47.6% YoY
Total debt
$1.24B
−49.2% YoY
Valuation
At current price- Market Cap
- $30.7B
- P/E
- 31.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.0×
- Price / Book
- 12.1×
- EV / EBITDA
- 20.7×
Growth
Trailing 12 months- Revenue (TTM)
- $5.10B
- Revenue Growth YoY
- 13.0%
- Revenue CAGR 3Y
- 17.0%
- Revenue CAGR 5Y
- 19.3%
- EPS Growth YoY
- 41.1%
- Net Income Growth YoY
- 37.5%
Profitability
Trailing 12 months- Gross Margin
- 63.4%
- Operating Margin
- 24.0%
- Net Margin
- 19.4%
- FCF Margin
- 21.5%
- Return on Equity
- 37.7%
Earnings
Trailing 12 months- Net Income
- $991M
- EPS (diluted)
- $2.54
- EBITDA
- $1.50B
- Operating Income
- $1.22B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $961M
- Total Debt
- $1.24B
- Net Debt
- $282M
- Total Assets
- $6.24B
- Total Liabilities
- $3.70B
- Shareholders' Equity
- $2.54B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.41B
- Capital Expenditure
- $316M
- Free Cash Flow
- $1.10B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.48
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 13.0% year over year, at $5.10B.
Strength
Operating margin widened 6.8 pts in a year, to 24.0%.
Note
Net debt of $282M is 0.2× EBITDA, a manageable load.
Strength
Turns 21.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K63Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Revenue rose 16% to $4.66 billion, and operating income jumped 52% to $911.8 million, helped by $87.2 million lower legal costs after the Abbott settlement.
- Dexcom received an FDA warning letter in March 2025 citing manufacturing and quality-system problems at its San Diego and Mesa sites.
- New lawsuits include six consumer class actions over G6 and G7 devices and a second securities class action about G7 reliability.
- Medicare will put glucose monitors under competitive bidding, and Dexcom expects lower Medicare payments from 2028.
Business momentum
Strong improvement
“The revenue increase was primarily driven by increased sales volume of our disposable sensors due to the continued growth of our worldwide customer base.”
Outlook
Cautious
“As a result, we expect that Medicare reimbursement for our CGM systems will decrease beginning in 2028.”
Financial stress
Low
“For the twelve months ended December 31, 2025, we had positive cash flows of $1.44 billion from operating activities.”
Tone against the previous report
About the same
Red flags
- Medium
Investigation
“In March 2025, we received an FDA warning letter following inspections of our facilities in San Diego, California, and Mesa, Arizona.”
- Medium
Major lawsuit
“various plaintiffs, purported users of G6 or G7 devices, filed six overlapping putative class action complaints against us”
Positives
Operating income rose 52% as costs grew slower than sales
“Operating income 911.8 20 % 600.0 15 % 311.8 52 %”
Customer base kept growing, adding 600,000 to 700,000 net users
“We added approximately 600,000 - 700,000 net customers, excluding Stelo customers, to our worldwide customer base in 2025.”
Strong liquidity after repaying the 2025 convertible notes
“Our cash, cash equivalents and short-term marketable securities totaled $2.00 billion as of December 31, 2025.”
Concerns
Gross margin slipped on manufacturing inefficiencies and replacement costs
“The decrease in gross profit margin percentage in 2025 compared to 2024 was primarily driven by inefficiencies associated with ensuring supply availability, build configurations that lowered production yield, and total replacement costs.”
Lower net prices are partly offsetting volume growth
“The increase was offset by pricing headwinds due to greater rebate eligibility and channel mix.”
Part of the profit jump came from lower legal costs
“offset by $87.2 million in lower legal expense primarily related to a patent infringement lawsuit that was settled in December 2024.”
New risks since the previous report
Medicare competitive bidding for glucose monitors
“In late 2025, CMS extended the DMEPOS competitive bidding program to include our CGMs and receivers, with contracting beginning in 2027 and payment changes taking effect in 2028.”
Unresolved FDA warning letter could lead to further action
“Until the issues cited in the warning letter are resolved to the FDA’s satisfaction, additional legal or regulatory action may be taken without further notice, including as described above.”
Medicaid cuts could shrink the number of covered users
“Decreased federal funding and stricter eligibility requirements may result in more restrictive Medicaid programs at the state level and fewer individuals eligible for coverage”
Looser FDA wellness rules may help wearable rivals
“Such competitors may benefit from guidance issued on January 6, 2026 by the FDA’s Center for Devices and Radiological Health that effectively broadens the range of products that may be considered “general wellness devices,””
Second securities class action over G7 claims
“allegedly making false and misleading statements between July 26, 2024 and September 17, 2025, with respect to the accuracy, reliability, and functionality of our G7 device”
Biggest risks named
- Medicare competitive bidding and falling prices
- FDA warning letter and possible enforcement
- G6 and G7 consumer and securities lawsuits
- Manufacturing, supply and new overseas plant problems
- Competition from larger rivals, wearables and GLP-1 drugs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −5.4 | |
| New risks | −2 | |
| Score | 63 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 63 | Strong improvement | 2 medium | |
| 10-K | Feb 18, 2025 | 58 | Improving | 2 medium | |
| 10-K | Feb 8, 2024 | 74 | Strong improvement | None | |
| 10-K | Feb 9, 2023 | 75 | Strong improvement | None | |
| 10-K | Feb 14, 2022 | 39 | Sharp deterioration | 1 medium | |
| 10-K | Feb 11, 2021 | 68 | Strong improvement | None | |
| 10-K | Feb 13, 2020 | 72 | Strong improvement | None | |
| 10-K | Feb 21, 2019 | 41 | Sharp deterioration | None | |
| 10-K | Feb 27, 2018 | 70 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR