DXCM
DexCom, Inc.
DXCM's fundamentals are strong and it looks cheap: trading at 32x earnings, about a third of its usual 99x. Analysts expect strong earnings growth.
DXCM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
DXCM's revenue, profitability, cash flow and balance sheet are all currently healthy.
DXCM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 28x | $81.39 | — |
| Current | 32x | $81.39 | — |
| Cheap | 42x | $107 | +31% |
| Fair | 97x | $248 | +204% |
| Expensive | 192x | $487 | +498% |
Historical ranges are pointers, not guarantees.
DXCM's PE is in its cheap range at 32x. If earnings grow as analysts expect, today's price would be 28x next year's earnings.
DXCM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for DXCM, with profitability improving.
DXCM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.94 | +16% |
| Q3 2026 | $2.54 | +42% |
| Q2 2026 | $2.52 | +76% |
| Q1 2026 | $2.33 | +75% |
| Q4 2025 | $2.09 | +47% |
| Q3 2025 | $1.79 | +7.8% |
| Q2 2025 | $1.43 | -11% |
| Q1 2025 | $1.33 | -14% |
| Q4 2024 | $1.42 | +9.2% |
DXCM earned $2.54 per share over the past year, up 42% from the year before.
DXCM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +11% |
| Q2 2026 | $1.3B | +13% |
| Q1 2026 | $1.2B | +15% |
| Q4 2025 | $1.3B | +13% |
| Q3 2025 | $1.2B | +22% |
| Q2 2025 | $1.2B | +15% |
| Q1 2025 | $1B | +12% |
| Q4 2024 | $1.1B | +7.6% |
DXCM's revenue has grown year over year every quarter since late 2020: $1.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +4.3 points |
| Q2 2026 | 24% | +6 points |
| Q1 2026 | 21% | +8.5 points |
| Q4 2025 | 26% | +8.7 points |
| Q3 2025 | 20% | +4.8 points |
| Q2 2025 | 18% | +2.6 points |
| Q1 2025 | 13% | +1.9 points |
| Q4 2024 | 17% | -4 points |
DXCM's operating margin was 24% last quarter, up 4.3 points from the same quarter a year ago, near the top of its range since 2019.
DXCM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $272.7M | -53% |
| Q2 2026 | $184.5M | -12% |
| Q1 2026 | $449M | +364% |
| Q4 2025 | $192.1M | +8.7% |
| Q3 2025 | $579.4M | +556% |
| Q2 2025 | $208.9M | -2.1% |
| Q1 2025 | $96.8M | -36% |
| Q4 2024 | $176.8M | +118% |
DXCM generated $1.1B in free cash flow over the past year, up 3.4% from the year before.
DXCM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.7% | -6.6M shares |
| 1 year | -5.9% | -23.9M shares |
| 3 years | -10% | -43.3M shares |
| 5 years | -4.6% | -18.5M shares |
| Available history | +3.9% | +14.3M shares |
DXCM has 384M diluted shares, down 5.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $400M |
| Q4 2025 | $312.8M |
| Q4 2024 | — |
| Q3 2024 | $750M |
| Q4 2023 | $500M |
| Q3 2023 | — |
| Q4 2022 | — |
DXCM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.2x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.1x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.8x | Healthy |
| Q4 2024 | 2.2x | Moderate |
DXCM's net debt is less than a year of its operating earnings (EBITDA).
DXCM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.7 | Neutral |
| Stochastic | 32.8 | Neutral |
DXCM's weekly RSI is 52 (neutral) and its Stochastic is 33 (neutral).
DXCM PE vs Healthcare Sector
| Metric | DXCM | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 26x | 24% above |
| PE % | 6 | 29 | 23 pts below |
DXCM is trading at 32x earnings, a 24% premium to the Healthcare sector's median of 26x.
DXCM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $82.9 | 1.8% below |
| 20 week MA | $83.0 | 1.9% below |
| 50 week MA | $73.9 | 10% above |
| 100 week MA | $75.3 | 8.1% above |
| 200 week MA | $91.3 | 11% below |
DXCM's trend is mixed: it's above two of its five weekly moving averages, and 11% below its 200-week average.
DXCM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.5 | $88.8 | +63% |
| 2021 | $88.8 | $143.0 | +61% |
| 2022 | $143.0 | $111.4 | -22% |
| 2023 | $111.4 | $124.1 | +11% |
| 2024 | $124.1 | $80.2 | -35% |
| 2025 | $80.2 | $67.6 | -16% |
| 2026 YTD | $67.6 | $81.4 | +20% |
DXCM has finished lower in three of the last six years. It's up 20% so far in 2026.