DXCM
DexCom, Inc.
DXCM has the edge over LLY overall, supported by stronger valuation and stronger modeled upside.
LLY
Eli Lilly and Company
LLY offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
DXCM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
DXCM's revenue, profitability, cash flow and balance sheet are all currently healthy.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY'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 has the edge over LLY in the historical PE scenario, which offers more potential upside but is not a forecast.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
DXCM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for DXCM, with profitability improving.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, 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.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over DXCM on earnings, with more consistent year-over-year improvement.
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.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over DXCM on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over DXCM on profitability, with a higher operating margin.
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.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over DXCM on cash flow, with more consistent year-over-year improvement.
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 the edge over LLY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $400M |
| Q4 2025 | $312.8M |
| Q4 2024 | — |
| Q3 2024 | $750M |
| Q4 2023 | $500M |
| Q3 2023 | — |
| Q4 2022 | — |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has 893M diluted shares, down 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
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 has the edge over LLY on leverage, with a lower net debt burden relative to earnings.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
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).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
DXCM PE vs Healthcare Sector
| Metric | DXCM | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 26x | 24% above |
| PE % | 6 | 29 | 23 pts below |
DXCM has the edge over LLY on valuation relative to its sector.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% 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.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY has the edge over DXCM on trend strength, trading above more of its moving averages.
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.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has the edge over DXCM on returns for 2026, with the stronger performance.