# DexCom, Inc. (DXCM)

> Source: Nexqual · https://nexqual.com/DXCM · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, DexCom, Inc. (DXCM), nexqual.com/DXCM" · informational, not investment advice.

**Price:** USD 79.93 (+1.67% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 78.62 · day 78.59–80.01 · 52w 54.11–92.59 · market cap $30.2B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.97B, net income $1000M (20.1% margin), free cash flow $1.41B (SEC filings).
- Valuation: P/E 30.2x (avg 61.8x at the last 3 fiscal year-ends), EV/EBITDA 21.1x, net cash $567M.
- Analysts: Buy (mean 1.97 on a 1–5 scale) (29 analysts), mean target USD 96.19 (range 79–115).
- Total return with dividends: 1Y +17.2% vs S&P 500 +14.4%; 5Y -48.7% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 0.67, revenue estimate $1.33B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.91B | $3.62B | $4.03B | $4.66B | $4.97B |
| Gross profit | $1.68B | $1.88B | $2.29B | $2.44B | $2.80B | — |
| Operating income | $266M | $391M | $598M | $600M | $912M | $1.14B |
| Net income | $217M | $341M | $542M | $576M | $836M | $1000M |
| EPS (diluted) | $0.53 | $0.82 | $1.30 | $1.42 | $2.09 | — |
| Free cash flow | $53.3M | $305M | $512M | $631M | $1.08B | $1.41B |
| Gross margin | 68.6% | 64.7% | 63.2% | 60.5% | 60.1% | — |
| 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% |
| Revenue growth | +27.1% | +18.8% | +24.5% | +11.3% | +15.6% | — |
| Cash + short-term investments | $2.41B | $2.45B | $2.73B | $2.34B | $2.00B | — |
| Total debt | $1.98B | $1.20B | $2.43B | $1.24B | $1.24B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.2x · P/S 6.1x · EV/EBITDA 21.1x · EV/Sales 6.0x · P/FCF 21.5x · P/B 11.5x · FCF yield 4.66% · Earnings yield 3.31% · Net cash $567M · EV $29.6B
P/E at fiscal year-ends: Dec 2025 32.2x, Dec 2024 55.7x, Dec 2023 97.5x.

## Analysts
Consensus Buy (mean 1.97 on a 1–5 scale), 29 analysts; mean target USD 96.19 (low 79, high 115).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | BTIG | Target raised | Buy | $90 → $96 |
| 2026-10-07 | Barclays | Initiated | Overweight | $115 |
| 2026-10-01 | RBC Capital | Target raised | Outperform | $90 → $105 |
| 2026-09-18 | Truist Securities | Target raised | Buy | $93 → $102 |
| 2026-09-18 | TD Cowen | Reiterated | Buy | $95 |
| 2026-08-04 | Argus Research | Target raised | Buy | $86 → $96 |
| 2026-08-03 | Canaccord Genuity | Target raised | Buy | $82 → $90 |
| 2026-07-31 | Citigroup | Target raised | Buy | $84 → $88 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $85 → $90 |
| 2026-07-31 | Mizuho | Target raised | Outperform | $90 → $95 |
| 2026-07-31 | JP Morgan | Target raised | Neutral | $65 → $82 |
| 2026-07-31 | Piper Sandler | Target raised | Overweight | $88 → $95 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +17.2% | -48.7% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +17.3% | -12.5% |
| Volatility (annualized) | 40.5% | 50.2% |
| Max drawdown | -22.6% (Feb 2026→Apr 2026) | -66.0% (Nov 2021→Nov 2025) |

## Peers (Medical Devices)
PHG (Koninklijke Philips N.V. NY Reg) USD 27.13 +0.37% · GEHC (GE HealthCare Technologies Inc.) USD 76.42 +0.79% · STE (STERIS plc (Ireland)) USD 232.24 +1.51% · ZBH (Zimmer Biomet Holdings, Inc.) USD 97.47 +1.12% · EW (Edwards Lifesciences Corporatio) USD 94.4 +2.85% · BSX (Boston Scientific Corporation) USD 42.68 +0.59%

## More
Full page: https://nexqual.com/DXCM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DXCM's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1093557/000109355726000027/dxcm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Such | "Such incidents may impact the integrity, availability or privacy of personal health information or other data subject to privacy laws or disrupt our information systems, devices or business, including our ability to deli…" |

Other companies that name DXCM in their own reports (relationship from DXCM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Beta Bionics, Inc. (BBNX) | 10-K 2026-02-24 | "Commercialization Agreement with DexCom, Inc." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.67 | $0.67 | +0.0% | $1.33B | 23 |
| Next quarter (ends 2026-12-31) | $0.74 | $0.75 | -1.9% | $1.40B | 22 |
| Current fiscal year (ends 2026-12-31) | $2.66 | $2.59 | +2.9% | $5.23B | 26 |
| Next fiscal year (ends 2027-12-31) | $3.12 | $3.08 | +1.5% | $5.79B | 26 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.70 | $0.61 | Beat +14.8% | — |
| — | Quarter ended Mar 31, 2026 | $0.56 | $0.47 | Beat +19.1% | — |
| — | Quarter ended Dec 31, 2025 | $0.68 | $0.65 | Beat +4.6% | — |
| — | Quarter ended Sep 30, 2025 | $0.61 | $0.57 | Beat +7.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results; Other material event — “On October 29, 2026, Dexcom announced that its Board of Directors authorized and approved a share repurchase program of up to $1.0 billion of Dexcom's outstanding common stock, par value $0.001 per share ("Common Stock"), with a repurchase period ending no later than December 31, 2027 (the "Share Repurchase Program"). Repurchases of Common Stock under the Share Repurchase Program may be made from time to time in the open market, in privately negotiated transactions or by other methods, including through the use of…” | https://www.sec.gov/Archives/edgar/data/1093557/000109355726000193/0001093557-26-000193-index.htm |
| 2026-09-14 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On September 10, 2026, the Board of Directors (the "Board") of DexCom, Inc. ("Dexcom" or the "Company") appointed Jereme Sylvain, the Company's EVP, Chief Financial Officer, to the role of EVP, Chief Operating Officer and Chief Financial Officer, effective September 14, 2026. In connection with Mr. Sylvain's promotion, on September 11, 2026, Mr. Sylvain entered into an offer letter with the Company (the "Offer Letter") providing for an annual base salary of $767,000 and annual target bonus opportunity equal to 75%…” | https://www.sec.gov/Archives/edgar/data/1093557/000109355726000175/0001093557-26-000175-index.htm |
| 2026-09-10 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On September 10, 2026, the Board of Directors (the "Board") of DexCom, Inc. ("Dexcom" or the "Company"), pursuant to the Amended and Restated Bylaws of the Company, increased the size of the Board to thirteen directors and appointed Glenn S. Boehnlein as a director, effective immediately. Mr. Boehnlein will hold office for a term expiring at the 2027 annual meeting of Dexcom's stockholders (the "2027 Annual Meeting"). The Board also appointed Mr. Boehnlein to serve as a member of the Operations & Innovation…” | https://www.sec.gov/Archives/edgar/data/1093557/000109355726000167/0001093557-26-000167-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1093557/000109355726000143/0001093557-26-000143-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1093557/000109355726000142/0001093557-26-000142-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.