DXCM
DexCom, Inc.
DXCM has the edge over NVO overall, supported by stronger valuation and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
DXCM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
DXCM's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over DXCM in the historical PE scenario, which offers more potential upside but is not a forecast.
DXCM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
DXCM has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO 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 NVO 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 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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 NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO'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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over DXCM on valuation relative to its sector.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.