DexCom (DXCM)


Market Price (7/23/2026): $71.6 | Market Cap: $27.6 BilInvestor Relations Sector: Health Care | Industry: Health Care Equipment

DexCom (DXCM)


Market Price (7/23/2026): $71.6
Market Cap: $27.6 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%

Attractive yield
FCF Yield is 5.2%

Stock buyback support
Stock Buyback 3Y Total is 1.6 Bil

Low stock price volatility
Vol 12M is 41%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Diabetes Management, Wearable Health Devices, Show more.

Weak multi-year price returns
2Y Excs Rtn is -72%, 3Y Excs Rtn is -114%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 30x

Key risks
DXCM key risks include [1] heightened regulatory scrutiny, Show more.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
2 Attractive yield
FCF Yield is 5.2%
3 Stock buyback support
Stock Buyback 3Y Total is 1.6 Bil
4 Low stock price volatility
Vol 12M is 41%
5 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Diabetes Management, Wearable Health Devices, Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -72%, 3Y Excs Rtn is -114%
7 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 30x
8 Key risks
DXCM key risks include [1] heightened regulatory scrutiny, Show more.

DXCM in ETFs

Weight = DXCM's share of each fund

SPY0.05%
VOO0.04%
IVV0.05%
VTI0.04%
ITOT0.04%
QQQ0.13%
QQQM0.13%
IWB0.04%
+35 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/22/2026

DexCom (DXCM) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. DexCom exceeded fiscal Q1 2026 financial expectations and raised profitability guidance.

On April 30, 2026, DexCom reported adjusted earnings per share of $0.56 for fiscal Q1 2026, surpassing analyst expectations of $0.47 by 19.15%. Quarterly revenue also increased 15% year-over-year to $1.192 billion, exceeding the consensus estimate of $1.17 billion. Following these strong results, the company raised its fiscal year 2026 guidance for Non-GAAP Operating Margin to approximately 23-23.5% and Adjusted EBITDA Margin to approximately 31-31.5%, signaling increased profitability.

2. Key product advancements and expanded market access for its continuous glucose monitoring (CGM) systems.

DexCom expanded the launch of its G7 15 Day Continuous Glucose Monitoring (CGM) system across all U.S. channels and secured Health Canada authorization for the G7 15 Day system for adults with diabetes on July 13, 2026. Additionally, the company presented positive one-year registry data at ATTD 2026 and released the CONNECT study results in June 2026, both demonstrating significant A1C improvement with G7 for people with Type 2 diabetes not on insulin therapy. This evidence is crucial for seeking expanded reimbursement coverage from CMS, opening a large, previously untapped market segment.

Show more
Updated on 7/22/2026

DexCom (DXCM) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. DexCom exceeded fiscal Q1 2026 financial expectations and raised profitability guidance.

On April 30, 2026, DexCom reported adjusted earnings per share of $0.56 for fiscal Q1 2026, surpassing analyst expectations of $0.47 by 19.15%. Quarterly revenue also increased 15% year-over-year to $1.192 billion, exceeding the consensus estimate of $1.17 billion. Following these strong results, the company raised its fiscal year 2026 guidance for Non-GAAP Operating Margin to approximately 23-23.5% and Adjusted EBITDA Margin to approximately 31-31.5%, signaling increased profitability.

2. Key product advancements and expanded market access for its continuous glucose monitoring (CGM) systems.

DexCom expanded the launch of its G7 15 Day Continuous Glucose Monitoring (CGM) system across all U.S. channels and secured Health Canada authorization for the G7 15 Day system for adults with diabetes on July 13, 2026. Additionally, the company presented positive one-year registry data at ATTD 2026 and released the CONNECT study results in June 2026, both demonstrating significant A1C improvement with G7 for people with Type 2 diabetes not on insulin therapy. This evidence is crucial for seeking expanded reimbursement coverage from CMS, opening a large, previously untapped market segment.

3. Favorable analyst sentiment and selection for the FDA's TEMPO Pilot Program.

Analyst firms reiterated "Buy" ratings and increased price targets for DexCom in June 2026, with some targets reaching $95, reflecting optimism about the company's market expansion potential in the Type 2 non-insulin therapy (T2NIT) segment. Further bolstering investor confidence, DexCom announced on July 22, 2026, that it was the first company selected by the FDA to participate in the Technology-Enabled Meaningful Patient Outcomes (TEMPO) Pilot Program. This program will enable DexCom to implement an AI-powered glucose health initiative, integrating G7 and Stelo data for personalized insights, advancing earlier intervention and screening for prediabetes and Type 2 diabetes.

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Stock Movement Drivers

Fundamental Drivers

The 13.7% change in DXCM stock from 3/31/2026 to 7/22/2026 was primarily driven by a 7.7% change in the company's Net Income Margin (%).
(LTM values as of)33120267222026Change
Stock Price ($)62.8071.4313.7%
Change Contribution By: 
Total Revenues ($ Mil)4,6624,8183.3%
Net Income Margin (%)17.9%19.3%7.7%
P/E Multiple29.029.61.8%
Shares Outstanding (Mil)3873850.4%
Cumulative Contribution13.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/22/2026
ReturnCorrelation
DXCM13.7% 
Market (SPY)14.9%9.6%
Sector (XLV)8.7%38.3%

Fundamental Drivers

The 7.6% change in DXCM stock from 12/31/2025 to 7/22/2026 was primarily driven by a 21.0% change in the company's Net Income Margin (%).
(LTM values as of)123120257222026Change
Stock Price ($)66.3771.437.6%
Change Contribution By: 
Total Revenues ($ Mil)4,5164,8186.7%
Net Income Margin (%)16.0%19.3%21.0%
P/E Multiple36.029.6-17.9%
Shares Outstanding (Mil)3913851.6%
Cumulative Contribution7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/22/2026
ReturnCorrelation
DXCM7.6% 
Market (SPY)9.9%22.8%
Sector (XLV)3.4%39.7%

Fundamental Drivers

The -18.2% change in DXCM stock from 6/30/2025 to 7/22/2026 was primarily driven by a -53.7% change in the company's P/E Multiple.
(LTM values as of)63020257222026Change
Stock Price ($)87.2971.43-18.2%
Change Contribution By: 
Total Revenues ($ Mil)4,1484,81816.1%
Net Income Margin (%)12.9%19.3%49.7%
P/E Multiple63.829.6-53.7%
Shares Outstanding (Mil)3913851.6%
Cumulative Contribution-18.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/22/2026
ReturnCorrelation
DXCM-18.2% 
Market (SPY)22.0%21.5%
Sector (XLV)19.8%32.9%

Fundamental Drivers

The -44.4% change in DXCM stock from 6/30/2023 to 7/22/2026 was primarily driven by a -82.6% change in the company's P/E Multiple.
(LTM values as of)63020237222026Change
Stock Price ($)128.5171.43-44.4%
Change Contribution By: 
Total Revenues ($ Mil)3,0224,81859.4%
Net Income Margin (%)9.7%19.3%99.6%
P/E Multiple169.929.6-82.6%
Shares Outstanding (Mil)3873850.4%
Cumulative Contribution-44.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/22/2026
ReturnCorrelation
DXCM-44.4% 
Market (SPY)74.6%26.3%
Sector (XLV)25.8%25.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DXCM Return45%-16%10%-37%-15%13%-19%
Peers Return58%-33%-19%8%-8%-21%-32%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
DXCM Win Rate67%42%50%33%58%57% 
Peers Win Rate53%43%42%48%45%40% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
DXCM Max Drawdown-24%-49%-45%-54%-40%-23% 
Peers Max Drawdown-33%-49%-47%-34%-40%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABT, MDT, PODD, TNDM, SENS. See DXCM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/22/2026 (YTD)

How Low Can It Go

EventDXCMS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.9%-9.5%
  % Gain to Breakeven72.2%10.5%
  Time to Breakeven146 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-47.8%-24.5%
  % Gain to Breakeven91.5%32.4%
  Time to Breakeven364 days427 days
2020 COVID-19 Crash
  % Loss-34.5%-33.7%
  % Gain to Breakeven52.6%50.9%
  Time to Breakeven28 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-14.4%-19.2%
  % Gain to Breakeven16.8%23.8%
  Time to Breakeven14 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-35.1%-3.7%
  % Gain to Breakeven54.1%3.9%
  Time to Breakeven514 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-45.6%-12.2%
  % Gain to Breakeven83.8%13.9%
  Time to Breakeven854 days62 days

Compare to ABT, MDT, PODD, TNDM, SENS

In The Past

DexCom's stock fell -41.9% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 72.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDXCMS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.9%-9.5%
  % Gain to Breakeven72.2%10.5%
  Time to Breakeven146 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-47.8%-24.5%
  % Gain to Breakeven91.5%32.4%
  Time to Breakeven364 days427 days
2020 COVID-19 Crash
  % Loss-34.5%-33.7%
  % Gain to Breakeven52.6%50.9%
  Time to Breakeven28 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-35.1%-3.7%
  % Gain to Breakeven54.1%3.9%
  Time to Breakeven514 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-45.6%-12.2%
  % Gain to Breakeven83.8%13.9%
  Time to Breakeven854 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-39.1%-17.9%
  % Gain to Breakeven64.1%21.8%
  Time to Breakeven456 days123 days
2008-2009 Global Financial Crisis
  % Loss-85.0%-53.4%
  % Gain to Breakeven565.5%114.4%
  Time to Breakeven418 days1085 days
Summer 2007 Credit Crunch
  % Loss-21.0%-8.6%
  % Gain to Breakeven26.6%9.5%
  Time to Breakeven8 days47 days

Compare to ABT, MDT, PODD, TNDM, SENS

In The Past

DexCom's stock fell -41.9% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 72.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About DexCom (DXCM)

DexCom, Inc. (DXCM) is a medical device company focused on designing, developing, and commercializing continuous glucose monitoring (CGM) systems. These innovative systems are engineered to help individuals with diabetes manage their condition more effectively by continuously tracking glucose levels, aiming to reduce the reliance on traditional finger-stick blood glucose testing.

The company's primary product offerings include the DexCom G6, an integrated CGM system central to diabetes management, and Dexcom ONE, specifically designed to replace finger-stick blood glucose testing for treatment decisions. DexCom also provides the Dexcom Share system for remote monitoring and the Dexcom Real-Time API, which enables third-party developers to integrate live CGM data into their digital health applications. Its next-generation system, Dexcom G7, is currently a key product candidate.

DexCom primarily serves two main customer groups: people with diabetes who directly use their devices, and healthcare professionals such as endocrinologists, physicians, and diabetes educators who prescribe and manage these systems for patient care. The company markets and distributes its products directly across the United States and internationally, providing essential real-time glucose data for improved diabetes management.

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Here are 1-2 brief analogies for DexCom (DXCM):

  • Fitbit for blood sugar: Like how Fitbit continuously tracks activity and heart rate, DexCom continuously monitors glucose levels for people with diabetes.

  • Apple for diabetes management devices: DexCom provides sleek, user-friendly, and integrated continuous glucose monitoring systems that simplify a complex health condition, much like Apple simplifies technology.

AI Analysis | Feedback

  • DexCom G6: An integrated continuous glucose monitoring (CGM) system used for diabetes management.
  • Dexcom Real-Time API: An interface that enables third-party developers to integrate real-time CGM data into their digital health applications.
  • Dexcom ONE: A continuous glucose monitoring system designed to replace finger stick blood glucose testing for diabetes treatment decisions.
  • Dexcom Share: A remote monitoring system that allows for sharing of continuous glucose monitoring data.
  • Dexcom G7: A next-generation continuous glucose monitoring (CGM) system that is part of the company's product candidature.

AI Analysis | Feedback

DexCom (symbol: DXCM) sells primarily to individuals, specifically people with diabetes, through prescriptions facilitated by healthcare providers. The company also states that its systems are "for use by healthcare providers." Based on the provided background information, the major categories of customers it serves are:

  • Individuals with Type 1 Diabetes: These patients often require continuous and precise glucose monitoring for intensive insulin management.
  • Individuals with Type 2 Diabetes: This includes patients who use insulin or require close glucose monitoring to manage their condition effectively.
  • Healthcare Providers: This category encompasses endocrinologists, physicians, and diabetes educators. While not always the direct purchasers, these professionals are crucial customers for DexCom as they prescribe the devices to patients and are the direct recipients of the company's marketing efforts. DexCom also provides its systems for use by these providers, implying direct engagement and support for their clinical practice.

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Here is the management team for DexCom (DXCM):

Jacob Leach – President and Chief Executive Officer

Jacob "Jake" Leach is the President and Chief Executive Officer at Dexcom, a role he assumed effective January 1, 2026, succeeding Kevin R. Sayer. He joined Dexcom in 2004 and has over 20 years of experience in the continuous glucose monitoring industry. Prior to becoming CEO, he served as President and Chief Operating Officer, and before that, as Chief Technology Officer. Mr. Leach has been instrumental in supporting all major technology advancements at Dexcom, including the development of the first commercial Dexcom CGM system and all subsequent generations. He holds a Bachelor of Science degree in Electrical Engineering with a minor in Biomedical Engineering from the University of California, Los Angeles. He also serves on the Board of Directors at AdvaMed and is an Executive Committee member for the San Diego Economic Development Corporation.

Jereme Sylvain – Executive Vice President and Chief Financial Officer

Jereme Sylvain is the Executive Vice President and Chief Financial Officer at Dexcom, a position to which he was promoted in March 2021. In this role, he is responsible for Dexcom's finance organization and investor relations. Mr. Sylvain joined Dexcom in September 2018 as Vice President, Finance and Corporate Controller, and later served as Senior Vice President, Finance and Chief Accounting Officer. Before joining Dexcom, he held various positions at NuVasive, Inc., including Chief Accounting Officer and Vice President, Corporate Controller. His career also includes leadership roles at Thermo Fisher Scientific and experience with the public accounting firm Ernst & Young LLP. Mr. Sylvain received a Bachelor of Science degree in Finance from Arizona State University and a Master of Science in Accountancy from the University of Notre Dame, and is a Certified Public Accountant.

Michael Brown – Executive Vice President and Chief Legal Officer

Michael Brown serves as the Executive Vice President and Chief Legal Officer at Dexcom.

Jon Coleman – EVP, Chief Commercial Officer

Jon Coleman holds the position of Executive Vice President and Chief Commercial Officer at Dexcom.

Matthew Dolan – Executive Vice President, Strategy & Corporate Development & Dexcom Labs

Matthew Dolan is the Executive Vice President, Strategy & Corporate Development & Dexcom Labs at Dexcom.

AI Analysis | Feedback

Here are the key risks to DexCom's business:

  1. Regulatory Scrutiny and Product Quality/Reliability Issues: DexCom faces significant risks related to regulatory compliance and the quality and reliability of its continuous glucose monitoring (CGM) systems. The U.S. FDA issued a warning letter to DexCom for unauthorized changes to a key sensor coating without submitting a premarket notification, which could increase risks for patients relying on CGMs for insulin dosing. Furthermore, FDA inspectors observed several quality control and process issues at DexCom's San Diego facility. There have been multiple recalls of DexCom G6 and G7 receivers due to defective foam or assembly errors that could lead to speaker malfunctions, preventing audible alerts for critical high or low blood glucose levels and potentially causing serious patient harm. DexCom's G7 system has also faced patient concerns regarding poor accuracy, failed sensor insertions, and abrupt stoppages. The company is currently facing class-action lawsuits alleging that it marketed defective G7 monitors, made unauthorized design changes, and that the devices provided inaccurate readings and failed to deliver critical alerts, leading to patient health risks and potentially severe consequences, including hospitalizations and alleged deaths.
  2. Intensifying Competition: The continuous glucose monitoring market is experiencing increasing competition, posing a formidable threat to DexCom's market share and pricing power. Competitors like Abbott Laboratories, with its FreeStyle Libre solutions, are often cited as a significant rival, offering more competitively priced products and gaining market share. Medtronic is also a notable competitor. The integration of competitors' glucose-ketone dual analyte sensors and pump systems could further complicate DexCom's gains in the Type 1 diabetes segment.
  3. Supply Chain and Manufacturing Challenges: DexCom relies on third-party suppliers and outsourced manufacturing, making its operations vulnerable to supply disruptions, quality issues, and price fluctuations. Manufacturing difficulties or disruptions at its facilities could adversely affect product sales and increase expenses. The company has experienced recent gross margin shortfalls and tempered margin forecasts due to supply issues, tariffs, foreign exchange headwinds, and increased scrap rates stemming from quality initiatives, highlighting vulnerabilities in its production and supply chain management.

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Addressable Markets for DexCom's Main Products and Services

DexCom, Inc. primarily operates within the continuous glucose monitoring (CGM) systems market. The addressable markets for their main products, such as Dexcom G6, Dexcom G7, Dexcom ONE, and Dexcom Stelo, are encompassed by the broader CGM market.

Global Continuous Glucose Monitoring (CGM) Market

The global continuous glucose monitoring market was valued at approximately USD 10.9 billion in 2024. This market is projected to grow significantly, with estimates suggesting it will reach between USD 47.1 billion by 2034 and USD 55.048 billion by 2035, demonstrating a compound annual growth rate (CAGR) ranging from 15.7% to 16% during the forecast periods.

U.S. Continuous Glucose Monitoring (CGM) Market

The U.S. continuous glucose monitoring market was valued at approximately USD 4.9 billion in 2024. Projections indicate robust growth, with the market expected to reach USD 22 billion by 2034, exhibiting a CAGR of 16.2% from 2025 to 2034. Another estimate places the U.S. market at USD 7.43 billion in 2026, growing to USD 17.16 billion by 2031 with an 18.23% CAGR.

Dexcom Stelo Addressable Market (U.S.)

Dexcom's Stelo sensor, an over-the-counter CGM, targets approximately 25 million Americans with Type 2 diabetes who do not use insulin.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for DexCom (DXCM)

Over the next 2-3 years, DexCom (DXCM) is expected to drive future revenue growth through several key initiatives and market expansions:

  • Continued Adoption and Rollout of Dexcom G7: The successful launch and ongoing uptake of the Dexcom G7 and the newer G7 15 Day system are anticipated to be significant contributors to revenue growth. Management projects 2026 revenue growth, in part, due to the broad launch of the G7 15 Day system.
  • Expansion into the Type 2 Non-Insulin Market with Stelo: DexCom plans to significantly expand its addressable market by targeting people with Type 2 diabetes who do not use insulin through its new product, Stelo. This product was submitted to the FDA in Q4 2023 and is expected to launch in the U.S. in summer 2024, aiming to diversify revenue beyond high-acuity patients.
  • International Market Expansion and Increased Access: A consistent driver of growth is DexCom's strategy to broaden its global footprint. The company is actively expanding access and securing reimbursement in various international markets, including strong performance noted in France, Germany, the United Kingdom, Japan, and Canada.
  • Growth in Customer Base and CGM Awareness: The overall increase in awareness of continuous glucose monitoring (CGM) technology and the addition of new customers are fundamental drivers. DexCom has consistently demonstrated an ability to attract new users, reporting over 600,000 new DexCom users in 2023.
  • Expanded Reimbursement and Pharmacy Channel Penetration: DexCom is focused on expanding coverage for its CGM systems globally, particularly for Type 2 non-insulin users. This includes efforts to secure additional access through Medicare and partnerships with Pharmacy Benefit Managers (PBMs) to shift CGM device access toward pharmacy benefits, thereby increasing patient access and adherence.

AI Analysis | Feedback

Capital Allocation Decisions (2021-2025)

Share Repurchases

  • DexCom announced a share repurchase program of up to $500 million on October 27, 2023, which was valid until October 31, 2024.
  • On May 1, 2025, the company announced a new $750 million share repurchase program.
  • Annual share repurchases amounted to $688.7 million in 2023, $750 million in 2024, and $500 million in 2025.

Capital Expenditures

  • DexCom's capital expenditures for fiscal years ending December 2020 to 2024 averaged $309.7 million, with a median of $358.8 million.
  • Capital expenditures were $389 million in 2021, $365 million in 2022, $237 million in 2023, $359 million in 2024, and approximately $364 million for 2025.
  • Projected capital expenditures are set to increase, with $507 million anticipated for 2026, and further increases to $556 million in 2027 and $623 million in 2028. The primary focus of these expenditures includes investments in manufacturing, software, and organic growth, particularly to expand global manufacturing capacity.

Better Bets vs. DexCom (DXCM)

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Peer Comparisons

Peers to compare with:

Financials

DXCMABTMDTPODDTNDMSENSMedian
NameDexCom Abbott L.MedtronicInsulet Tandem D.Senseoni. 
Mkt Price71.43100.5781.89158.9316.914.8676.66
Mkt Cap27.5175.2104.911.11.20.219.3
Rev LTM4,81845,13436,3632,9011,028413,859
Op Inc LTM1,0337,7056,827507-64-87770
FCF LTM1,4297,3785,426388-39-76909
FCF 3Y Avg8636,3195,270268-66-69566
CFO LTM1,7829,4647,33061920-751,201
CFO 3Y Avg1,1838,5197,0544204-67801

Growth & Margins

DXCMABTMDTPODDTNDMSENSMedian
NameDexCom Abbott L.MedtronicInsulet Tandem D.Senseoni. 
Rev Chg LTM16.1%6.6%8.4%31.9%4.5%71.9%12.3%
Rev Chg 3Y Avg17.0%2.9%5.2%28.5%9.7%34.2%13.4%
Rev Chg Q15.0%7.8%9.9%33.9%5.5%87.2%12.5%
QoQ Delta Rev Chg LTM3.3%1.8%2.5%7.1%1.3%15.5%2.9%
Op Inc Chg LTM63.4%8.0%4.4%48.9%64.2%-23.7%28.5%
Op Inc Chg 3Y Avg41.5%3.9%5.8%298.5%23.8%-6.5%14.8%
Op Mgn LTM21.4%17.1%18.8%17.5%-6.2%-213.0%17.3%
Op Mgn 3Y Avg17.9%16.6%18.4%15.7%-14.5%-275.7%16.1%
QoQ Delta Op Mgn LTM1.9%-1.1%0.1%-0.0%10.3%-19.1%0.1%
CFO/Rev LTM37.0%21.0%20.2%21.3%1.9%-184.4%20.6%
CFO/Rev 3Y Avg27.1%19.9%20.7%17.6%0.2%-241.7%18.8%
FCF/Rev LTM29.7%16.3%14.9%13.4%-3.8%-186.4%14.1%
FCF/Rev 3Y Avg19.6%14.8%15.5%11.3%-7.7%-246.8%13.0%

Valuation

DXCMABTMDTPODDTNDMSENSMedian
NameDexCom Abbott L.MedtronicInsulet Tandem D.Senseoni. 
Mkt Cap27.5175.2104.911.11.20.219.3
P/S5.73.92.93.81.15.53.9
P/Op Inc26.622.715.421.9-18.1-2.618.6
P/EBIT22.520.215.323.7-12.6-2.717.8
P/E29.627.921.836.7-12.2-2.624.9
P/CFO15.418.514.318.059.0-3.016.7
Total Yield3.4%6.0%8.0%2.7%-8.2%-39.2%3.1%
Dividend Yield0.0%2.4%3.5%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg2.8%3.4%5.0%2.0%-3.9%-25.1%2.4%
D/E0.10.20.30.10.60.20.2
Net D/E-0.00.20.20.00.1-0.10.1

Returns

DXCMABTMDTPODDTNDMSENSMedian
NameDexCom Abbott L.MedtronicInsulet Tandem D.Senseoni. 
1M Rtn3.4%15.3%4.2%14.4%17.9%-23.6%9.3%
3M Rtn12.6%10.5%-0.7%-17.9%-18.6%-30.1%-9.3%
6M Rtn-0.9%-15.6%-16.9%-44.2%-18.5%-32.8%-17.7%
12M Rtn-16.1%-18.2%-7.7%-44.3%10.5%-58.1%-17.1%
3Y Rtn-45.3%-6.3%1.6%-44.1%-48.9%-73.5%-44.7%
1M Excs Rtn3.1%15.0%3.9%14.0%17.6%-23.9%8.9%
3M Excs Rtn7.9%3.1%-5.4%-23.5%-21.7%-33.9%-13.6%
6M Excs Rtn-9.3%-26.2%-25.8%-54.4%-27.8%-41.9%-27.0%
12M Excs Rtn-33.9%-36.2%-24.7%-62.4%-3.3%-76.9%-35.1%
3Y Excs Rtn-113.8%-65.8%-61.6%-110.6%-110.5%-139.4%-110.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment4,6624,0333,6222,9102,448
Total4,6624,0333,6222,9102,448


Operating Income by Segment
$ Mil202520242023
Single Segment912600598
Total912600598


Net Income by Segment
$ Mil202520242023
Single Segment836576542
Total836576542


Price Behavior

Price Behavior
Market Price$71.43 
Market Cap ($ Bil)27.5 
First Trading Date04/14/2005 
Distance from 52W High-20.2% 
   50 Days200 Days
DMA Price$71.54$67.49
DMA Trendindeterminateup
Distance from DMA-0.2%5.8%
 3M1YR
Volatility44.2%41.2%
Downside Capture-40.1591.13
Upside Capture23.4351.00
Correlation (SPY)1.6%21.1%
DXCM Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.300.100.500.750.770.83
Up Beta-0.59-0.130.750.270.570.85
Down Beta0.420.590.060.390.600.75
Up Capture-3%42%47%95%52%30%
Bmk +ve Days11244067140429
Stock +ve Days9212856125375
Down Capture92%-45%52%114%113%102%
Bmk -ve Days10172358112321
Stock -ve Days12203569122370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DXCM
DXCM-15.0%41.2%-0.29-
Sector ETF (XLV)23.3%15.8%1.1334.4%
Equity (SPY)20.0%12.6%1.1621.2%
Gold (GLD)21.2%28.1%0.6710.7%
Commodities (DBC)33.0%19.1%1.36-6.8%
Real Estate (VNQ)13.9%14.0%0.7023.2%
Bitcoin (BTCUSD)-43.6%42.9%-1.2111.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DXCM
DXCM-8.2%47.3%-0.01-
Sector ETF (XLV)6.0%15.0%0.2237.8%
Equity (SPY)12.8%17.1%0.5839.9%
Gold (GLD)17.3%18.4%0.765.5%
Commodities (DBC)9.3%19.5%0.375.5%
Real Estate (VNQ)2.7%18.9%0.0431.0%
Bitcoin (BTCUSD)15.2%53.5%0.4618.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DXCM
DXCM13.7%48.5%0.46-
Sector ETF (XLV)9.8%16.6%0.4835.8%
Equity (SPY)15.1%17.9%0.7237.7%
Gold (GLD)11.5%16.1%0.585.3%
Commodities (DBC)7.1%17.9%0.319.8%
Real Estate (VNQ)5.0%20.7%0.2027.9%
Bitcoin (BTCUSD)58.5%66.2%0.9910.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity18.1 Mil
Short Interest: % Change Since 61520266.4%
Average Daily Volume5.0 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity385.1 Mil
Short % of Basic Shares4.7%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20263.0%2.3%25.7%
2/12/20267.6%12.3%1.9%
10/30/2025-14.6%-14.9%-5.5%
7/30/2025-9.3%-14.2%-15.7%
5/1/202516.2%21.5%21.7%
2/13/20255.9%5.6%-15.2%
10/24/2024-1.9%-5.8%-2.7%
7/25/2024-40.7%-34.8%-31.3%
...
SUMMARY STATS   
# Positive11119
# Negative121214
Median Positive9.3%10.4%11.2%
Median Negative-7.0%-10.3%-12.1%
Max Positive19.4%21.5%40.6%
Max Negative-40.7%-34.8%-31.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20263.0%2.3%25.7%
2/12/20267.6%12.3%1.9%
10/30/2025-14.6%-14.9%-5.5%
7/30/2025-9.3%-14.2%-15.7%
5/1/202516.2%21.5%21.7%
2/13/20255.9%5.6%-15.2%
10/24/2024-1.9%-5.8%-2.7%
7/25/2024-40.7%-34.8%-31.3%
4/25/2024-9.9%-8.2%-7.7%
2/8/2024-5.2%-7.4%4.7%
10/26/202310.1%15.5%40.6%
7/27/20232.3%-5.6%-22.1%
4/27/2023-1.8%-5.0%-6.9%
2/9/20239.9%9.3%3.2%
10/27/202219.4%11.2%11.2%
7/28/2022-5.6%2.9%-2.9%
4/28/2022-1.1%-8.2%-30.0%
2/10/2022-4.9%-12.4%-7.9%
10/28/20219.3%10.4%0.1%
7/29/202113.0%14.9%14.2%
4/29/2021-8.4%-15.3%-12.4%
2/11/20210.6%2.1%-11.8%
10/26/2020-8.9%-25.4%-25.0%
SUMMARY STATS   
# Positive11119
# Negative121214
Median Positive9.3%10.4%11.2%
Median Negative-7.0%-10.3%-12.1%
Max Positive19.4%21.5%40.6%
Max Negative-40.7%-34.8%-31.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/18/202510-K
09/30/202410/24/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/08/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/09/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/30/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/18/202510-K
09/30/202410/24/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/08/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/09/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202102/14/202210-K
09/30/202110/28/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202002/11/202110-K
09/30/202010/27/202010-Q
06/30/202007/28/202010-Q
03/31/202004/28/202010-Q
12/31/201902/13/202010-K
09/30/201911/06/201910-Q
06/30/201907/31/201910-Q

Recent Forward Guidance

Updated 7/8/2026

Latest: Q1 2026 Earnings Reported 4/30/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue5.16 Bil5.21 Bil5.25 Bil0 AffirmedGuidance: 5.21 Bil for 2026
2026 Revenue Growth11.0%12.0%13.0% 0AffirmedGuidance: 12.0% for 2026
2026 Non-GAAP Gross Profit Margin63.0%63.5%64.0% 0AffirmedGuidance: 63.5% for 2026
2026 Non-GAAP Operating Margin23.0%23.25%23.5% 0.8%RaisedGuidance: 22.5% for 2026
2026 Adjusted EBITDA Margin31.0%31.25%31.5% 0.8%RaisedGuidance: 30.5% for 2026

Prior: Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue5.16 Bil5.21 Bil5.25 Bil12.2% Higher NewGuidance: 4.64 Bil for 2025
2026 Revenue Growth11.0%12.0%13.0% -3.0%Lower NewGuidance: 15.0% for 2025
2026 Non-GAAP Gross Profit Margin63.0%63.5%64.0% 2.5%Higher NewGuidance: 61.0% for 2025
2026 Non-GAAP Operating Margin22.0%22.5%23.0% 2.0%Higher NewGuidance: 20.5% for 2025
2026 Adjusted EBITDA Margin30.0%30.5%31.0% 1.0%Higher NewGuidance: 29.5% for 2025

Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Revenue4.63 Bil4.64 Bil4.65 Bil0.6% RaisedGuidance: 4.61 Bil for 2025
2025 Revenue Growth 15.0%  0.5%RaisedGuidance: 14.5% for 2025
2025 Non-GAAP Gross Profit Margin 61.0%  -1.0%LoweredGuidance: 62.0% for 2025
2025 Non-GAAP Operating Margin20.0%20.5%21.0% -0.5%LoweredGuidance: 21.0% for 2025
2025 Adjusted EBITDA Margin29.0%29.5%30.0% -0.5%LoweredGuidance: 30.0% for 2025

Insider Activity

Updated 7/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Sayer, Kevin RExecutive ChairDirectSell721202676.3226,7562,041,99925,106,760Form
2Brown, Michael JonEVP Chief Legal Compliance OffDirectSell716202674.421,700126,5147,788,276Form
3Sayer, Kevin RExecutive ChairDirectSell707202672.0026,7561,926,43225,612,272Form
4Brown, Michael JonEVP Chief Legal Compliance OffDirectSell617202675.551,700128,4358,034,969Form
5Foletta, Mark G by TrustSell617202674.134,000296,5403,918,178Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Sayer, Kevin RExecutive ChairDirectSell721202676.3226,7562,041,99925,106,760Form
2Brown, Michael JonEVP Chief Legal Compliance OffDirectSell716202674.421,700126,5147,788,276Form
3Sayer, Kevin RExecutive ChairDirectSell707202672.0026,7561,926,43225,612,272Form
4Brown, Michael JonEVP Chief Legal Compliance OffDirectSell617202675.551,700128,4358,034,969Form
5Foletta, Mark G by TrustSell617202674.134,000296,5403,918,178Form
6Coleman, JonEVP, Chief Commercial OfficerDirectSell605202674.134,911364,0527,075,708Form
7Coleman, JonEVP, Chief Commercial OfficerDirectSell605202673.004,912358,5767,326,353Form
8Sayer, Kevin RExecutive ChairDirectSell526202672.0026,7591,926,64827,538,704Form
9Brown, Michael JonEVP, Chief Legal OfficerDirectSell519202659.911,700101,8476,560,385Form
10Heller, Bridgette P DirectSell514202660.011,01260,7301,500,670Form
11Brown, Michael JonEVP, Chief Legal OfficerDirectSell416202663.041,700107,1687,010,300Form
12Brown, Michael JonEVP, Chief Legal OfficerDirectSell318202664.851,700110,2457,321,824Form
13Heller, Bridgette P DirectSell217202668.011,01268,8261,769,552Form
14Collins, Richard Alexander by TrustSell1118202559.052,906171,5992,071,946Form
15Heller, Bridgette P DirectSell1112202558.071,01258,7671,569,690Form
16Leach, Jacob StevenPresident & COODirectBuy1110202555.0418,2001,001,70218,256,127Form
17Collins, Richard Alexander by TrustSell1110202555.173,948217,8112,096,129Form
18Malady, Kyle DirectSell909202580.8666753,9341,832,854Form
19Stern, SadieEVP, Chief HR OfficerDirectSell908202580.001,466117,2808,417,840Form
20Sylvain, Jereme MEVP, Chief Financal OfficerDirectSell904202574.174,824357,7968,800,790Form
21Brown, Michael JonEVP, Chief Legal OfficerDirectSell818202580.2950040,1457,555,450Form
22Foletta, Mark G by TrustSell818202581.062,750222,9034,143,642Form
23Stern, SadieEVP, Chief HR OfficerDirectSell729202588.991,466130,4599,494,254Form
24Foletta, Mark G by TrustSell717202585.172,750234,2174,588,177Form
25Brown, Michael JonEVP, Chief Legal OfficerDirectSell717202586.0350043,0158,138,610Form
26Stern, SadieEVP, Chief HR OfficerDirectSell630202585.061,466124,6989,199,664Form

Investor Activity (13F)

Updated Jul 23, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Tri Locum Partners LP$43.8 Mil6.2%17ADD +65.6%13F
Steelhead Partners LLC$76.6 Mil5.5%24Hold13F
Defilade Capital Management, L.P.$33.8 Mil4.8%31ADD +120.0%13F
Opti Capital Management, LP$63.8 Mil4.6%36ADD +18.8%13F
MayTech Global Investments, LLC$18.8 Mil2.3%23Hold13F
2Xideas AG$5.7 Mil2.2%47Hold13F
DSM Capital Partners LLC$120.8 Mil2.1%44TRIM -18.3%13F
Ithaka Group LLC$6.6 Mil1.4%38Hold13F
Avidity Partners Management LP$5.7 Mil1.1%45New13F
Castle Hook Partners LP$50.4 Mil1.0%44TRIM -64.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Avidity Partners Management LP$5.7 Mil1.1%45New13F
Defilade Capital Management, L.P.$33.8 Mil4.8%31ADD +120.0%13F
Tri Locum Partners LP$43.8 Mil6.2%17ADD +65.6%13F
Opti Capital Management, LP$63.8 Mil4.6%36ADD +18.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Alphabet Inc.$68.8 Mil2.7%32ExitedDec 31, 202513F
MIG Capital, LLC$40.2 Mil6.8%43ExitedDec 31, 202513F
Casdin Capital, LLC$11.6 Mil0.7%38ExitedDec 31, 202513F
Castle Hook Partners LP$50.4 Mil1.0%44TRIM -64.4%Mar 31, 202613F
DSM Capital Partners LLC$120.8 Mil2.1%44TRIM -18.3%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
DSM Capital Partners LLC$120.8 Mil2.1%44TRIM -18.3%13F
Steelhead Partners LLC$76.6 Mil5.5%24Hold13F
Opti Capital Management, LP$63.8 Mil4.6%36ADD +18.8%13F
Castle Hook Partners LP$50.4 Mil1.0%44TRIM -64.4%13F
Tri Locum Partners LP$43.8 Mil6.2%17ADD +65.6%13F
Defilade Capital Management, L.P.$33.8 Mil4.8%31ADD +120.0%13F
MayTech Global Investments, LLC$18.8 Mil2.3%23Hold13F
Ithaka Group LLC$6.6 Mil1.4%38Hold13F
Avidity Partners Management LP$5.7 Mil1.1%45New13F
2Xideas AG$5.7 Mil2.2%47Hold13F
Core Cache Last Updated: 7/22/2026