DexCom, Inc. (DXCM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-50.0%

$42.11

vs $84.19 price

Levered DCF

$64.83

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

7.49

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.01×	53.27×	86.17×	128.68×	239.71×	70.56×	195.32×	-83.19×
P/B	9.43×	14.97×	23.16×	20.68×	25.43×	19.11×	22.58×	15.93×
P/S	5.56×	7.8×	13.22×	15.15×	21.21×	18.11×	13.5×	10.24×
EV / EBITDA	19.41×	35.37×	54.46×	80.66×	140.47×	95.34×	96.82×	-139.85×
Gross margin	60.1%	60.5%	63.2%	64.7%	68.6%	66.4%	63.1%	64.4%
Operating margin	19.6%	14.9%	16.5%	13.4%	10.9%	15.5%	9.6%	-18.1%
Net margin	17.9%	14.3%	14.9%	11.7%	8.9%	25.6%	6.8%	-12.3%
Current ratio	1.88×	1.47×	2.84×	1.99×	5.11×	5.58×	5.47×	7.64×
Debt / equity	0.51×	1.23×	1.25×	1.01×	1.06×	1.01×	1.31×	1.53×
Interest coverage	49.83×	31.58×	29.44×	21.03×	14.14×	3.54×	2.36×	-8.21×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.5%	27.4%	26.2%	16.0%	10.6%	27.0%	11.5%	-19.2%
Return on invested capital	16.6%	10.2%	9.6%	7.9%	5.3%	8.1%	6.7%	-11.0%
Return on assets	13.2%	8.9%	8.6%	6.3%	4.4%	11.5%	4.2%	-6.6%
Free cash flow yield	4.2%	2.0%	1.1%	0.7%	0.1%	0.8%	0.7%	0.5%
Earnings yield	3.2%	1.8%	1.1%	0.8%	0.4%	1.4%	0.5%	-1.2%
Enterprise value	$26.4B	$33.4B	$49.9B	$45.6B	$53B	$35.9B	$20.6B	$10.4B
Net debt / EBITDA	0.35×	2.1×	2.21×	2.66×	2.93×	2.71×	3.35×	1.6×
Cash conversion cycle (days)	157	139	177	119	157	121	83	75