DexCom, Inc. (DXCM)
POSITIVEFondamental
77
Prix
$89.40
Capitalisation boursière
$34.36B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
DexCom makes continuous glucose monitors — small wearable sensors that track blood sugar every few minutes and send readings to a phone or an insulin pump, replacing the finger-prick test that diabetics used for decades. Its main product line is the G7 sensor and its Stelo variant for people not on insulin. It sells almost entirely one category of medical device, in two markets — the United States and abroad — rather than a diversified portfolio.
Comment l'entreprise gagne de l'argent
DexCom earns revenue mainly by selling a recurring supply: sensors that must be replaced every 10-15 days and transmitters replaced less often, so once a patient starts, the ongoing sensor purchases resemble a subscription even though they are billed per shipment. Sales flow largely through distributors and pharmacies who bill insurers or government payers on the patient's behalf, and reimbursement approval from insurance or Medicare, not the patient's own spending, determines whether a sale happens at all.
Chiffre d'affaires par segment
Sales to US patients, mostly billed through insurance or Medicare via distributors and pharmacies — where DexCom has been established longest.
Sales outside the US, growing faster than the domestic market as DexCom expands reimbursement coverage abroad.
Avantage concurrentiel
Coûts de changement · ÉtroitPatients build months or years of glucose history and habits around one sensor and app, and DexCom's sensors are integrated with several insulin pump makers' systems, so switching means a new prescription, a new pump pairing and relearning the device. That keeps most patients in place once started, but Abbott's FreeStyle Libre competes closely on price and features, so the advantage is not decisive.
Ce qui stimule la demande
DéfensifDemand is driven by the number of people with diabetes who are prescribed a continuous monitor, a population that grows steadily regardless of the economic cycle, plus the pace at which insurers extend reimbursement to more patient groups. Growth can still slow when a competitor cuts price or when a payer tightens coverage rules, but the underlying need for glucose monitoring does not disappear in a downturn.
Principaux risques
- Reliance on a small number of distributors — Most sales are routed through a handful of pharmacy and medical-supply distributors rather than direct to patients; losing one or a change in its terms would disrupt a large share of shipments.
- Single-source manufacturing and FDA oversight — Some components come from single-source suppliers, and DexCom's factories and any product change remain subject to FDA inspection and approval; a failed inspection or an unauthorized change can halt shipments.
- Reimbursement decisions by insurers and Medicare — A sale generally only happens if an insurer or government payer agrees to reimburse the device; a coverage cut or a slower approval process for new patient groups directly reduces revenue.
- Competition from Abbott and other monitor makers — Abbott's FreeStyle Libre and other continuous glucose monitors compete directly on price, accuracy and insurer coverage, and a lost contract with a major payer can shift patients to a rival overnight.
Concentration des clients
DexCom sells through a small number of large distributors and pharmacy partners rather than directly to most patients; the company has not disclosed a current percentage for its largest partners, but historically a handful of them each represented a meaningful share of revenue.
Les arguments en faveur
Buyers argue that the diabetic population needing continuous monitoring keeps growing, that recurring sensor purchases behave like a subscription once a patient is on the device, and that expanding international reimbursement gives DexCom years of runway outside its largest market.
Les arguments contre
Sellers fear that Abbott's Libre competes aggressively on price, that reimbursement decisions outside the company's control can cut off whole patient groups, and that dependence on a handful of distributors and single-source suppliers leaves little room for a manufacturing or regulatory setback.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
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Bilan & Liquidités
Chiffre d'affaires
$4.97B
12 derniers mois (au 30/06/2026)
Résultat net
$1000M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$1.08B
Capitaux propres totaux
$2.75B
Passif total
$3.59B
Ratio de liquidité général
1.73
Couverture des intérêts
75.94
Dette/EBITDA
1.20
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$64.89
Prix actuel
$89.40
Marge de sécurité
-37.8%
Fourchette de juste valeur
$42.18 - $87.60
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
36.13
ROE
30.5%
Ratio P/B
13.11
P/FCF
24.46
Marge brute
62.5%
ROIC
22.0%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
22.0%
WACC
12.2%
ROIC − WACC
+9.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Critères d'analyse fondamentale
Réussi (22)
- EPS shows upward trend
- Price CAGR 19.99%
- ROIC 22.0%
- Gross Margin 62.5%
- P/FCF 24.46
- Debt/Equity ratio
- Operating Margin 22.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 36.2%
- Revenue Growth 5Y 19.3%
- Analyst Consensus 86% Buy
- Earnings Surprise avg 12.9%
- Earnings Quality (OCF/NI) 1.75
- Share Dilution -1.4%
- Net Margin Trend 20.1% vs 13.3%
- Piotroski F-Score 8/9
Échoué (4)
- P/B Ratio 13.11
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 3.62
Indisponible (1)
- Dividend Payout NaN%
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Kevin Ronald Sayer | Executive Chairman of the Board | 67 |
| Mr. Jacob Steven Leach | President, CEO & Director | 47 |
| Mr. Jereme M. Sylvain CPA | Executive VP, CFO & Chief Accounting Officer | 45 |
| Mr. Michael Jon Brown J.D. | Executive VP, Chief Legal & Compliance Officer | 55 |
| Ms. Sadie M. Stern | Executive VP, Chief People & Culture Officer | 50 |
| Mr. Jon Coleman | Executive VP & Chief Commercial Officer | 61 |
| Mr. Peter Simpson | Executive VP & CTO | - |
| Mr. Sean Christensen | Vice President of Finance and Investor Relations | - |
| Mr. Matthew Dolan | Executive Vice President of Strategy & Corporate Development | 44 |
| Keri Leone | Senior Director of Global Medical Science & Education | - |
Risque d'audit
2
Risque du conseil
7
Risque de rémunération
5
Risque droits des actionnaires
6
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for DXCM, sourced from Markets Gazette.
- 5/22/2026POSITIVEHere's How Much You Would Have Made Owning DexCom Stock In The Last 15 Years
An analysis of DexCom Inc. stock reveals a substantial return for long-term investors over the past 15 years. While specific figures are not provided in this snippet, the title implies significant capital appreciation, likely driven by the company's innovative continuous glucose monitoring (CGM) devices. For investors, this historical performance suggests strong market positioning and successful product adoption in the diabetes technology sector, potentially indicating continued growth prospects. The article likely details the key milestones and market factors contributing to this impressive investor return.
- 5/15/2026POSITIVEDexcom’s Bet Beyond Diabetes
Dexcom CEO Jake Leach highlighted the expanding market for continuous glucose monitors (CGMs) beyond diabetes management during a Bloomberg interview. He stated that GLP-1 drug approvals are accelerating CGM adoption and reaffirmed the company's robust growth projections. Leach also detailed Dexcom's strategic expansion into the broader metabolic health and wellness sector. This diversification strategy, coupled with the positive impact of GLP-1 drugs, suggests a significant untapped market potential, positioning Dexcom for sustained revenue growth and market share expansion.
- 3/2/2026POSITIVEHere's How Much You Would Have Made Owning DexCom Stock In The Last 10 Years
DexCom Inc.'s historical stock performance over the past ten years has proven exceptionally profitable for investors. While specific return details were not disclosed in this update, the headline strongly implies that the company, a leader in diabetes management technologies, has generated substantial gains. This information is critical for investors assessing a company's long-term growth potential and stability within the healthcare sector. DexCom's ability to sustain a positive growth trajectory for a decade underscores the strength of its innovation and the increasing demand for its continuous glucose monitoring systems, positioning it as an attractive option for growth-oriented portfolios.
- 2/25/2026POSITIVEGot $10,000? I Think DexCom Stock Could Be a Quiet Winner of the GLP‑1 Wars
DexCom Inc. emerges as a compelling investment opportunity, positioned as a potential 'quiet winner' amidst the competitive landscape of GLP-1 medications. While the focus often remains on pharmaceutical giants, DexCom's innovative medical devices, particularly its continuous glucose monitoring (CGM) systems, are crucial for managing conditions like diabetes, which are intrinsically linked to the GLP-1 drug market. The increasing adoption of GLP-1s could inadvertently boost demand for DexCom's monitoring solutions, as patients and healthcare providers seek better ways to track health outcomes. This synergy presents a robust case for investors looking beyond direct drug manufacturers, highlighting DexCom's strategic importance in the evolving healthcare sector.
via Markets Gazette