Health Care · Health Care Equipment · US stock · price as of 22 Oct 2026
Key indicators
Price
$78.32
52-week range
$54.11 – $92.59
Market cap
$30.6B
P/E (trailing)
31.3×
EV / EBITDA
21.0×
Free-cash-flow yield
4.6%
Dividend yield
–
Revenue (last 12 months)
$5.0B
Revenue growth (3y a year)
17.0%
Operating margin
22.9%
Return on invested capital
58.7%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$95.36 middle half of models $94 – $106
Versus priceUndervalued+22% to fair value
P/E multiple
$102.69
P/B multiple
$99.57
P/S multiple
$101.45
EV/EBITDA multiple
$101.73
EV/EBIT multiple
$144.92
EV/revenue multiple
$94.04
10-year DCF, EBITDA exit
$112.72
5-year DCF, EBITDA exit
$118.65
10-year DCF, revenue exit
$103.60
5-year DCF, revenue exit
$106.26
10-year DCF, growth exit
$55.07
5-year DCF, growth exit
$52.05
Earnings power value
$46.98
Model uncertainty
High
X-Ray Score
78/ 100 · High confidence · ahead of 97% of sector peers
Valuation67
Growth87
Profitability80
Financial health83
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Dexcom develops and sells continuous glucose monitoring systems for people with diabetes. A small sensor worn on the body sends glucose readings to a smartphone or receiver, helping users and clinicians track levels without frequent finger pricks. Revenue comes from selling sensors and related hardware through pharmacies and distributors, and it depends on insurance coverage and reimbursement.
The company reported revenue of $5.0 billion for the last twelve months at Dexcom Inc. Revenue growth over the past three years averaged 17.0% a year. It kept an operating margin of 22.9%. The return on invested capital reached 59%, a measure of profit earned on the money invested in the business. The company does not pay a dividend.
StocksXray gives Dexcom Inc an X-Ray Score of 78 out of 100 (high confidence), ahead of 97% of the S&P 500 stocks in its sector. Its strongest lens is growth (87) and its weakest is valuation (67).
Our fair value (the average of the valid models) is $95.36 (range $94.04 to $106.26). At $78.32 the stock trades 18% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Dexcom Inc (DXCM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$134.24
$113.24
$124.09
$77.77
$66.37
$78.32
Market cap
$57.6B
$48.4B
$52.8B
$32.1B
$26.9B
$30.6B
P/E
253.3×
138.1×
95.5×
54.8×
31.8×
31.3×
EV / revenue
22.5×
15.8×
13.8×
7.4×
5.6×
5.9×
EV / EBITDA
149.9×
84.0×
63.9×
36.4×
22.3×
21.0×
Price / free cash flow
1,080.0×
158.9×
103.1×
50.9×
25.0×
21.7×
Free-cash-flow yield
0.1%
0.6%
1.0%
2.0%
4.0%
4.6%
Price / book
28.2×
22.7×
25.5×
15.3×
9.8×
11.7×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 12 Good · ● 3 Average · ● 0 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−11.6%Good
Free-cash-flow yield4.6%Average
Risk models
Altman Z score5.1×Good
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)36.6%Good
Free-cash-flow growth (3y)52.3%Good
Revenue growth (3y)17.0%Good
Growth consistency100%Good
Balance sheet
Current ratio1.7×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.2×Good
EBIT / EV yield3.9%Average
Profitability
Return on invested capital58.7%Good
Operating margin22.9%Good
Gross profitability48.1%Good
XStocksXray
Dexcom Inc (DXCM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,449
2,910
3,622
4,033
4,662
4,969
Gross profit
1,681
1,883
2,289
2,438
2,802
3,104
Operating income
266
391
598
600
912
1,139
Net income
217
341
542
576
836
1,000
Diluted EPS ($)
0.53
0.82
1.30
1.42
2.09
2.50
Free cash flow
53
305
512
631
1,077
1,405
Gross margin
68.6%
64.7%
63.2%
60.5%
60.1%
62.5%
Operating margin
10.9%
13.4%
16.5%
14.9%
19.6%
22.9%
Net margin
8.9%
11.7%
14.9%
14.3%
17.9%
20.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,933
5,392
6,265
6,485
6,340
6,455
Cash
1,053
642
566
606
918
1,105
Total debt
–
–
–
–
–
–
Equity
2,042
2,132
2,069
2,103
2,746
2,621
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
