DexCom, Inc. (DXCM) Financial Ratios
23 years of historical data (2003–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
20.13
↓-74% vs avg
5yr avg: 77.19
30Y Low23.5·High91.2
P/FCF
↓
21.31
↓-92% vs avg
5yr avg: 283.57
30Y Low25.0·High190.5
P/B Ratio
↓
8.78
↓-57% vs avg
5yr avg: 20.30
30Y Low4.7·High35.2
ROE
↑
34.5%
↓+49% vs avg
5yr avg: 23.1%
30Y Low-259%·High36%
Debt/EBITDA
↓
1.19
↓-66% vs avg
5yr avg: 3.49
30Y Low1.2·High6.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DXCM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
DexCom, Inc. trades at 28.5x earnings, 76% below its 5-year average of 117.3x, sitting at the 0th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a premium of 28%. On a free-cash-flow basis, the stock trades at 21.3x P/FCF, 92% below the 5-year average of 283.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.0B | $26.9B | $32.1B | $52.8B | $48.4B | $57.6B | $36.0B | $20.2B | $10.6B | $5.0B | $5.0B |
| Enterprise Value | $23.4B | $27.4B | $34.1B | $54.8B | $49.9B | $58.7B | $37.1B | $20.9B | $10.4B | $4.8B | $4.9B |
| P/E Ratio → | 28.46 | 31.76 | 54.77 | 95.45 | 141.55 | 263.22 | 72.78 | 202.56 | — | — | — |
| P/S Ratio | 4.92 | 5.77 | 7.96 | 14.58 | 16.64 | 23.51 | 18.71 | 13.68 | 10.24 | 6.89 | 8.71 |
| P/B Ratio | 8.78 | 9.80 | 15.26 | 25.52 | 22.71 | 28.19 | 19.74 | 22.88 | 15.93 | 11.81 | 17.59 |
| P/FCF | 21.31 | 24.98 | 50.89 | 103.15 | 158.88 | 1079.96 | 130.32 | 150.12 | 188.35 | 190.52 | 9985.18 |
| P/OCF | 15.93 | 18.68 | 32.44 | 70.54 | 72.31 | 130.08 | 75.79 | 64.20 | 85.77 | 53.84 | 88.84 |
P/E links to full P/E history page with 30-year chart
DXCM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
DexCom, Inc.'s enterprise value stands at 20.1x EBITDA, 74% below its 5-year average of 77.2x. The Healthcare sector median is 14.0x, placing the stock at a 44% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.87 | 8.45 | 15.14 | 17.15 | 23.96 | 19.24 | 14.16 | 10.13 | 6.75 | 8.56 |
| EV / EBITDA | 20.13 | 23.53 | 41.67 | 69.96 | 91.23 | 159.55 | 101.12 | 109.45 | — | — | — |
| EV / EBIT | 25.69 | 30.03 | 46.81 | 75.03 | 121.92 | 212.87 | 119.70 | 127.08 | — | — | — |
| EV / FCF | — | 25.42 | 54.03 | 107.11 | 163.81 | 1100.70 | 134.02 | 155.43 | 186.22 | 186.40 | 9809.58 |
DXCM Profitability
Margins and return-on-capital ratios measuring operating efficiency
DexCom, Inc. earns an operating margin of 19.6%. Operating margins have expanded from 16.5% to 19.6% over the past 3 years, signaling improving operational efficiency. Return on equity of 34.5% is exceptionally high. ROIC of 18.7% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.0% | 60.0% | 60.5% | 63.2% | 64.7% | 68.6% | 66.4% | 63.1% | 64.4% | 68.5% | 66.0% |
| Operating Margin | 19.6% | 19.6% | 14.9% | 16.5% | 13.4% | 10.9% | 15.5% | 9.6% | -18.1% | -5.9% | -11.1% |
| Net Profit Margin | 17.9% | 17.9% | 14.3% | 14.9% | 11.7% | 8.9% | 25.6% | 6.8% | -12.3% | -7.0% | -11.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 34.5% | 34.5% | 27.6% | 25.8% | 16.3% | 11.2% | 36.4% | 13.1% | -23.5% | -14.3% | -26.0% |
| ROA | 13.0% | 13.0% | 9.0% | 9.3% | 6.6% | 4.7% | 14.8% | 4.7% | -9.0% | -7.7% | -18.9% |
| ROIC | 18.7% | 18.7% | 11.0% | 11.6% | 8.7% | 6.6% | 10.1% | 10.0% | -32.6% | -12.5% | -28.7% |
| ROCE | 23.5% | 23.5% | 14.5% | 14.5% | 10.1% | 6.7% | 10.5% | 7.6% | -15.2% | -8.0% | -24.3% |
DXCM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
DexCom, Inc. carries a Debt/EBITDA ratio of 1.2x, which is manageable (62% below the sector average of 3.1x). Net debt stands at $472M ($1.4B total debt minus $918M cash). Interest coverage of 49.8x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 1.23 | 1.25 | 1.01 | 1.06 | 1.01 | 1.31 | 1.53 | 0.80 | 0.02 |
| Debt / EBITDA | 1.19 | 1.19 | 3.16 | 3.31 | 3.92 | 5.87 | 5.02 | 6.07 | — | — | — |
| Net Debt / Equity | — | 0.17 | 0.94 | 0.98 | 0.70 | 0.54 | 0.56 | 0.81 | -0.18 | -0.26 | -0.31 |
| Net Debt / EBITDA | 0.41 | 0.41 | 2.42 | 2.59 | 2.75 | 3.01 | 2.79 | 3.74 | — | — | — |
| Debt / FCF | — | 0.44 | 3.14 | 3.96 | 4.93 | 20.74 | 3.69 | 5.31 | -2.13 | -4.12 | -175.60 |
| Interest Coverage | 49.83 | 49.83 | 38.32 | 36.00 | 22.01 | 14.66 | 3.66 | 2.73 | -4.57 | -2.80 | -91.71 |
DXCM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.88x means DexCom, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.84x to 1.88x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.88 | 1.88 | 1.47 | 2.84 | 1.99 | 5.11 | 5.58 | 5.47 | 7.64 | 5.36 | 2.73 |
| Quick Ratio | 1.59 | 1.59 | 1.28 | 2.48 | 1.83 | 4.62 | 5.19 | 5.13 | 7.32 | 5.04 | 2.29 |
| Cash Ratio | 0.93 | 0.93 | 0.88 | 1.75 | 1.34 | 3.79 | 4.41 | 4.26 | 6.23 | 3.95 | 1.21 |
| Asset Turnover | — | 0.74 | 0.62 | 0.58 | 0.54 | 0.50 | 0.45 | 0.62 | 0.54 | 0.79 | 1.42 |
| Inventory Turnover | 2.96 | 2.96 | 2.94 | 2.38 | 3.35 | 2.15 | 2.76 | 4.55 | 5.20 | 5.01 | 4.29 |
| Days Sales Outstanding | — | 100.99 | 93.54 | 99.51 | 94.35 | 77.01 | 81.18 | 70.80 | 80.21 | 68.22 | 64.75 |
DXCM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
DexCom, Inc. returns 2.2% to shareholders annually primarily through share buybacks. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 3.1% | 1.8% | 1.0% | 0.7% | 0.4% | 1.4% | 0.5% | — | — | — |
| FCF Yield | 4.7% | 4.0% | 2.0% | 1.0% | 0.6% | 0.1% | 0.8% | 0.7% | 0.5% | 0.5% | 0.0% |
| Buyback Yield | 2.2% | 1.9% | 2.3% | 1.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 1.9% | 2.3% | 1.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% |
| Shares Outstanding | — | $406M | $413M | $426M | $428M | $429M | $390M | $369M | $353M | $345M | $334M |
Peer Comparison
Compare DXCM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DXCMYou | $23B | 28.5 | 20.1 | 21.3 | 60.0% | 19.6% | 34.5% | 18.7% | 1.2 |
 ABT | $152B | 11.4 | 15.9 | 23.9 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 PODD | $12B | 48.1 | 23.4 | 31.2 | 71.6% | 17.5% | 18.1% | 28.5% | 0.0 |
 TNDM | $1B | -6.4 | — | — | 52.3% | -7.7% | -97.9% | -10.0% | — |
 NVCR | $2B | -13.0 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 INVA | $2B | 6.9 | 5.6 | 8.6 | 72.3% | 38.5% | 29.1% | 16.8% | — |
 MDT | $100B | 21.5 | 14.3 | 19.2 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 PHG | $25B | 24.2 | 10.5 | 24.0 | 45.2% | 8.0% | 7.8% | 6.4% | 3.2 |
 ITGR | $3B | 29.7 | 12.9 | 28.1 | 23.1% | 11.3% | 6.1% | 5.4% | 4.2 |
 SENS | $206M | -3.0 | — | — | 44.7% | -193.8% | -310.7% | -324.5% | — |
 BDX | $52B | 24.7 | 14.0 | 19.6 | 45.4% | 11.8% | 6.5% | 4.3% | 3.8 |
| Healthcare Median | — | 22.2 | 14.0 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDXCM — Frequently Asked Questions
Quick answers to the most common questions about buying DXCM stock.
What is DexCom, Inc.'s P/E ratio?
DexCom, Inc.'s current P/E ratio is 28.5x. The historical average is 79.3x.
What is DexCom, Inc.'s EV/EBITDA?
DexCom, Inc.'s current EV/EBITDA is 20.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 56.6x.
What is DexCom, Inc.'s ROE?
DexCom, Inc.'s return on equity (ROE) is 34.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -32.9%.
Is DXCM stock overvalued?
Based on historical data, DexCom, Inc. is trading at a P/E of 28.5x. Compare with industry peers and growth rates for a complete picture.
What are DexCom, Inc.'s profit margins?
DexCom, Inc. has 60.0% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does DexCom, Inc. have?
DexCom, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.