Dexcom DXCM

Nasdaq · Surgical & Medical Instruments & Apparatus · $33.4B

$84.46−4.54%Nov 5 close · Databento

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DXCM Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $84.461D −4.54%3M −3.64%SMA20 $82.96SMA50 $85.40RSI(14) 51.8

84.46

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 51.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$33.4B

EV / True FCF35.4x

Revenue$4.7B +15.6%

True FCF (ex-SBC)$917.6M +70.8%

Rule of 4038.7%

ROIC38.3%

True FCF Yield2.7%

EPS, diluted$2.09 +47.2%

Modern Valuation (EOD)

Market Cap$33.4B

Enterprise Value$32.5B

EV / True FCF35.39

EV / FCF30.15

EV / Gross Profit11.59

EV / EBIT35.61

EV / Sales6.97

P / E (GAAP)39.92

P / FCF31.00

P / Oper. CF23.18

P / Book12.16

Owner & Cash Yields

True FCF Yield2.7%

FCF Yield3.2%

Owner Earn. Yield1.7%

Earnings Yield2.5%

Shareholder Yield+1.0%

Buyback Yield1.5%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$2.89

EPS (diluted)$2.09

Compounder & Returns

Rule of 4038.7%

ROIC38.3%

Cash ROIC (CROIC)58.9%

GP / Assets44.2%

ROE30.5%

ROA13.2%

Gross Margin60.1%

Oper. Margin19.6%

Net Margin17.9%

FCF Margin23.1%

True FCF Margin19.7%

Quality & Dilution

Cash Conversion129%

Accrual Ratio−9.5%

SBC % of FCF14.8%

SBC % of Rev3.4%

Reinvest. Rate67%

Sales Growth Y/Y+15.6%

Sales 3Y CAGR+17.0%

EPS Growth Y/Y+47.2%

FCF Growth Y/Y+70.8%

FCF 3Y CAGR+52.3%

Share Change Y/Y−1.7%

Balance Sheet & Scale

Revenue (FY)$4.7B

Gross Profit (FY)$2.8B

Oper. Income (FY)$911.8M

GAAP Net Income$836.3M

True FCF (ex-SBC)$917.6M

Cash & Equiv$919.1M

Total Debt$2.9M

Net Cash (Debt)$916.2M

Net Cash % MCap+2.7%

Debt / FCF (yrs)0.0y

Current Ratio1.88372.95M sh

Price & Technicals (EOD)

Perf Week+5.67%

Perf Month+0.19%

Perf Quarter−0.34%

Perf Half Y+38.66%

Perf YTD+30.70%

SMA 20 Dist+1.81%$82.96

SMA 50 Dist−1.11%$85.40

SMA 100 Dist+3.05%$81.96

Window High−8.53%$92.34

Window Low+46.73%$57.56

RSI (14) · Vol51.848%v

Income Distribution & Cash Flow ConversionHow every dollar of DXCM revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.9B ($39.9 / $100)

R&D Reinvestment$599.1M ($12.9 / $100)

SG&A & Other OpEx$1.3B ($27.7 / $100)

Tax & Non-Operating$75.5M ($1.6 / $100)

Net Profit Kept$836.3M ($17.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$836.3M (17.9% margin)

Operating Cash Flow (OCF)$1.4B(30.9% of rev)

Less: Capital Expenditures−$363.5M(7.8% of rev)

Standard Free Cash Flow (FCF)$1.1B(23.1% margin)

Less: Stock-Based Comp (SBC)−$159.6M(14.8% of FCF)

True FCF (Owner Cash ex-SBC)$917.6M(19.7% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$2.4B	$2.9B	$3.6B	$4.0B	$4.7B	+15.6%	+17.5%
Cost of Revenue (COGS)	$768.0M	$1.0B	$1.3B	$1.6B	$1.9B	+16.6%	+24.8%
Gross Profit	$1.7B	$1.9B	$2.3B	$2.4B	$2.8B	+14.9%	+13.6%
Research & Development (R&D)	$517.1M	$484.2M	$505.8M	$552.4M	$599.1M	+8.5%	+3.7%
Selling, General & Admin (SG&A)	$810.5M	$1.0B	$1.2B	$1.3B	$1.3B	+0.4%	+12.3%
Total Operating Expenses	$1.4B	$1.5B	$1.7B	$1.8B	$1.9B	+2.8%	+7.5%
Operating Income (EBIT)	$265.8M	$391.2M	$597.7M	$600.0M	$911.8M	+52.0%	+36.1%
Interest Expense	$18.8M	$18.6M	$20.3M	$19.0M	$18.3M	−3.7%	−0.7%
Income Tax Expense	$39.9M	$49.6M	$168.9M	$132.8M	$252.1M	+89.8%	+58.5%
GAAP Net Income	$216.9M	$341.2M	$541.5M	$576.2M	$836.3M	+45.1%	+40.1%
Diluted EPS	$0.53	$0.82	$1.30	$1.42	$2.09	+47.2%	+40.9%
Diluted Shares	428.8M	427.5M	425.5M	412.7M	405.5M	−1.7%	−1.4%
Balance Sheet
Cash & Equivalents	$1.1B	$643.3M	$567.5M	$607.3M	$919.1M	+51.3%	−3.4%
Inventory	$357.3M	$306.7M	$559.6M	$542.6M	$629.1M	+15.9%	+15.2%
Total Current Assets	$3.7B	$3.7B	$4.4B	$4.3B	$4.0B	−6.2%	+2.3%
Total Assets	$4.9B	$5.4B	$6.3B	$6.5B	$6.3B	−2.2%	+6.5%
Total Current Liabilities	$720.8M	$1.8B	$1.6B	$2.9B	$2.1B	−26.9%	+31.3%
Total Debt (Short + Long Term)	$2.9M	$2.9M	$2.9M	$2.9M	$2.9M	+0.0%	+0.0%
Total Liabilities	$2.9B	$3.3B	$4.2B	$4.4B	$3.6B	−18.0%	+5.6%
Stockholders' Equity	$2.0B	$2.1B	$2.1B	$2.1B	$2.7B	+30.6%	+7.7%
Net Cash / (Net Debt)	$1.1B	$640.4M	$564.6M	$604.4M	$916.2M	+51.6%	−3.4%
Invested Capital	$991.4M	$1.5B	$1.5B	$1.5B	$1.8B	+22.1%	+16.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$442.5M	$669.5M	$748.5M	$989.5M	$1.4B	+45.6%	+34.3%
Depreciation & Amortization (D&A)	$102.0M	$155.9M	$186.0M	$217.7M	$251.8M	+15.7%	+25.3%
Stock-Based Compensation (SBC)	$113.4M	$126.5M	$150.8M	$170.4M	$159.6M	−6.3%	+8.9%
Capital Expenditures (CapEx)	$389.2M	$364.8M	$236.6M	$358.8M	$363.5M	+1.3%	−1.7%
Free Cash Flow (FCF)	$53.3M	$304.7M	$511.9M	$630.7M	$1.1B	+70.8%	+112.0%
True FCF (ex-SBC Owner Cash)	$-60.1M	$178.2M	$361.1M	$460.3M	$917.6M	+99.3%	—
Share Repurchases (Buybacks)	$0	$557.7M	$688.7M	$750.0M	$500.0M	−33.3%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what DXCM did at the next close after each story

No Wire story has named DXCM yet.

What happened · big days

24 big days in a year, and what we hold on each

A big day is a close more than 4.15% from the one before, three times DXCM’s median day (1.38%). On 4 of the 24, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.15%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayDXCMWhat we hold that dayGroup (median of 4) · each

1 Nov 7, 2025−5.21%
Before our storiesgroup +0.6%, did not move with it
1Nov 7, 2025−5.21%
Before our stories
+0.6% did not move with itBDX +0.3 · MMM +0.6 · SYK +0.6 · BSX +1.0
2 Nov 11, 2025+6.00%
Before our storiesgroup +2.0%, did not move with it
2Nov 11, 2025+6.00%
Before our stories
+2.0% did not move with itBDX +4.1 · SYK +2.4 · BSX +1.6 · MMM +0.6
3 Jan 12, 2026+5.31%
Before our storiesgroup −0.8%, did not move with it
3Jan 12, 2026+5.31%
Before our stories
−0.8% did not move with itMMM +1.6 · BDX 0.0 · SYK −1.7 · BSX −2.0
4 Feb 12, 2026−4.50%
Before our storiesgroup +0.7%, did not move with it
4Feb 12, 2026−4.50%
Before our stories
+0.7% did not move with itBDX −1.6 · SYK +0.6 · BSX +0.9 · MMM +1.0
5 Feb 13, 2026+7.59%
Resultsgroup −0.5%, did not move with it
5Feb 13, 2026+7.59%
ResultsFirst close after the Feb 12 results filing
−0.5% did not move with itBSX +0.8 · SYK +0.1 · BDX −1.1 · MMM −1.6
6 Mar 27, 2026−5.81%
Before our storiesgroup −1.5%, did not move with it
6Mar 27, 2026−5.81%
Before our stories
−1.5% did not move with itBDX −1.8 · SYK −1.6 · BSX −1.4 · MMM −0.7
7 Apr 8, 2026+4.26%
Before our storiesgroup +1.9%, did not move with it
7Apr 8, 2026+4.26%
Before our stories
+1.9% did not move with itMMM +3.3 · SYK +2.4 · BDX +1.4 · BSX +1.1
8 Apr 17, 2026+4.49%
Before our storiesgroup +1.9%, did not move with it
8Apr 17, 2026+4.49%
Before our stories
+1.9% did not move with itMMM +2.7 · BDX +2.4 · SYK +1.5 · BSX +1.3
9 May 13, 2026−4.20%
Before our storiesgroup +0.3%, did not move with it
9May 13, 2026−4.20%
Before our stories
+0.3% did not move with itBDX −2.3 · BSX −1.9 · SYK +2.6 · MMM +2.7
10 May 15, 2026+6.59%
Before our storiesgroup −0.1%, did not move with it
10May 15, 2026+6.59%
Before our stories
−0.1% did not move with itMMM +0.8 · SYK +0.4 · BDX −0.7 · BSX −1.6
11 May 18, 2026+5.61%
Before our storiesgroup +3.2%, moved with DXCM
11May 18, 2026+5.61%
Before our stories
+3.2% moved with DXCMBSX +6.2 · MMM +4.3 · SYK +2.1 · BDX −0.8
12 May 20, 2026+6.71%
Before our storiesgroup +0.1%, did not move with it
12May 20, 2026+6.71%
Before our stories
+0.1% did not move with itSYK +1.2 · MMM +0.3 · BDX 0.0 · BSX −0.3
13 Jun 8, 2026+5.16%
Before our storiesgroup −0.3%, did not move with it
13Jun 8, 2026+5.16%
Before our stories
−0.3% did not move with itBSX +0.3 · MMM +0.1 · BDX −0.8 · SYK −1.4
14 Jun 10, 2026−4.37%
Nothing on DXCMgroup −1.5%, did not move with it
14Jun 10, 2026−4.37%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
−1.5% did not move with itBDX −2.8 · SYK −1.6 · BSX −1.3 · MMM +0.3
15 Jun 22, 2026−4.69%
Nothing on DXCMgroup −1.6%, did not move with it
15Jun 22, 2026−4.69%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
−1.6% did not move with itBDX −2.3 · BSX −2.1 · SYK −1.0 · MMM +1.6
16 Jul 16, 2026+7.22%
Nothing on DXCMgroup +3.5%, did not move with it
16Jul 16, 2026+7.22%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
+3.5% did not move with itSYK +4.7 · BSX +3.7 · BDX +3.3 · MMM +0.8
17 Jul 22, 2026−4.44%
Nothing on DXCMgroup −0.5%, did not move with it
17Jul 22, 2026−4.44%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
−0.5% did not move with itSYK −1.7 · BSX −0.5 · BDX −0.4 · MMM 0.0
18 Jul 31, 2026+11.95%
Resultsgroup +0.1%, did not move with it
18Jul 31, 2026+11.95%
ResultsFirst close after the Jul 30 results filing
+0.1% did not move with itBSX +1.6 · MMM +0.1 · BDX +0.1 · SYK −6.4
19 Aug 3, 2026+4.63%
Nothing on DXCMgroup +3.2%, moved with DXCM
19Aug 3, 2026+4.63%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
+3.2% moved with DXCMSYK +4.8 · BSX +3.6 · BDX +2.8 · MMM +0.5
20 Aug 5, 2026−4.92%
Nothing on DXCMgroup +0.3%, did not move with it
20Aug 5, 2026−4.92%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
+0.3% did not move with itBSX −2.8 · SYK +0.3 · BDX +0.3 · MMM +0.3
21 Oct 15, 2026+5.08%
Nothing on DXCMgroup +2.6%, moved with DXCM
21Oct 15, 2026+5.08%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
+2.6% moved with DXCMSYK +4.1 · BSX +2.6 · BDX +2.6 · MMM +0.5
22 Oct 21, 2026−6.39%
Nothing on DXCMgroup −1.0%, did not move with it
22Oct 21, 2026−6.39%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
−1.0% did not move with itBSX −2.4 · SYK −2.2 · BDX +0.3 · MMM +2.0
23 Nov 4, 2026+6.64%
Nothing on DXCMgroup +7.5%, moved with DXCM
23Nov 4, 2026+6.64%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
+7.5% moved with DXCMMMM +9.6 · SYK +9.4 · BDX +5.6 · BSX +5.3
24 Nov 5, 2026−4.54%
Nothing on DXCMgroup −2.0%, did not move with it
24Nov 5, 2026−4.54%
Nothing on DXCMNo DXCM story, brief or results filing in our record that day
−2.0% did not move with itMMM −3.2 · BSX −2.6 · SYK −1.4 · BDX +2.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of SYK, MMM, BSX and BDX that day, the largest companies in DXCM’s SEC industry; “moved with DXCM” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). DXCM reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1−14.63%day 6−19.35%

Reported Feb 12, 2026

day 1+7.59%day 6+12.57%

Reported Apr 30, 2026

day 1+3.02%day 6+1.78%

Reported Jul 30, 2026

day 1+11.95%day 6+13.70%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +5.67%. Four reports is a small sample.

Every report since 2023 →

Each line is DXCM’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

DXCM against four medical device peers, a year at 100

DXCM is up 53.6% in a year. All four did less: Becton Dickinson (+20.1%), 3M (+13.9%), Stryker (−5.9%) and Boston Scientific (−55.4%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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DXCM +53.6%. Becton Dickinson +20.1%, 3M +13.9%, Stryker −5.9%, Boston Scientific −55.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in DXCM’s SEC industry (Surgical & Medical Instruments & Apparatus) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

SYK	Stryker	$130.3B	−1.35%
MMM	3M	$100.0B	−3.19%
BSX	Boston Scientific	$66.4B	−2.58%
BDX	Becton Dickinson	$57.0B	+2.08%
RMD	Resmed	$34.7B	−0.50%
MDLN	Medline	$32.7B	−1.46%
WST	West Pharmaceutical Services	$28.8B	−3.99%
SOLV	Solventum	$15.2B	−2.43%