At a glance
DexCom Inc is worth $31.61B, about 41 times its fiscal 2025 earnings. Revenue grew 15.6% to $4.66B in fiscal 2025, with 17.9% kept as profit; over 5 years it has grown 19.3% a year. It pays no dividend; it spent $2.50B buying back its shares over FY2021–FY2025. The stock returned +45.6% over the past year with dividends reinvested and −11.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 48.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 13 months after the lows.
The business in plain English
DexCom makes continuous glucose monitoring (CGM) systems. These are small sensors worn on the body that measure glucose, or blood sugar, and send a reading to a phone or receiver every five minutes. They help people with diabetes catch dangerous highs and lows without routine finger-stick tests. The main products are the Dexcom G7, launched in 2023, and the G7 15 Day, launched in late 2025, whose disposable sensor lasts 15.5 days. DexCom also sells Dexcom ONE+ in several European countries.
The sensors are disposable and last 10 to 15.5 days, so users need regular replacements. Most customers rely on Medicare, Medicaid or private insurers to cover the cost. In August 2024 DexCom launched Stelo, the first glucose biosensor sold in the US without a prescription. It is meant for adults with prediabetes or Type 2 diabetes who do not use insulin. DexCom also works with makers of insulin pumps and pens so their devices can use its glucose readings, in some cases to help automate insulin dosing.
In the fiscal year ended December 31, 2025, revenue was $4.66 billion, up 15.6% from the year before. The United States brought in $3.33 billion, or 71.5%, and international markets $1.33 billion, or 28.5%.
Price history
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DXCM +45.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $3.33B | 71.5% |
| International | $1.33B | 28.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.34B, up 11.2% from a year earlier, and net income was $275.1M (-3.1%).
- For fiscal 2025, revenue was $4.66B (+15.6% year over year; +19.3% a year from FY2020 to FY2025) with a 17.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.3% good |
|---|---|
| Operating margin | 19.6% good |
| Free cash flow margin | 23.1% good |
| Return on equity (FY2025) | 30.5% good |
| Return on assets (FY2025) | 13.2% good |
| Net cash (cash minus debt) | $-64.8M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.93B | $549.7M | $276.6M |
| FY2021 | $2.45B | $216.9M | $53.3M |
| FY2022 | $2.91B | $341.2M | $304.7M |
| FY2023 | $3.62B | $541.5M | $511.9M |
| FY2024 | $4.03B | $576.2M | $630.7M |
| FY2025 | $4.66B | $836.3M | $1.08B |
Valuation snapshot
| Market value | $31.61B |
|---|---|
| P/E ratio | 40.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
DexCom’s market value went from $5.05B at the end of 2016 to $31.61B on Nov 2, 2026, about 6.3 times as much; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $31.61B | +22.1% |
| 2025 | $25.89B | -14.8% |
| 2024 | $30.38B | -36.6% |
| 2023 | $47.95B | +9.6% |
| 2022 | $43.74B | -16.0% |
| 2021 | $52.04B | +46.6% |
| 2020 | $35.50B | +77.3% |
| 2019 | $20.02B | +88.1% |
| 2018 | $10.64B | +113.4% |
| 2017 | $4.99B | -1.2% |
| 2016 | $5.05B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DXCM price data to Nov 2, 2026 | +27.7% | +45.6% | -3.3% | -11.9% | +18.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +27.7% |
| 2025 | -14.7% |
| 2024 | -37.3% |
| 2023 | +9.6% |
| 2022 | -15.6% |
| 2021 | +45.2% |
| 2020 | +69.0% |
| 2019 | +82.6% |
| 2018 | +108.8% |
| 2017 | -3.9% |
| 2016 | -27.1% |
| 2015 | +48.8% |
| 2014 | +55.5% |
| 2013 | +160.6% |
| 2012 | +46.0% |
| 2011 | -31.8% |
| 2010 | +69.1% |
| 2009 | +192.4% |
| 2008 | -68.7% |
| 2007 | -10.4% |
| 2006 | -33.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.5% over that stretch · deepest drop along the way 87%, back to its old high 16 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.9% over that stretch · deepest drop along the way 36.8%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.5% over that stretch · deepest drop along the way 48.8%, back to its old high 12.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 23 sales ($10.1M), 23 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 20, 2026 | Kevin R Sayer Executive Chair, Director | sell (plan) | $2.0M |
| Jul 6, 2026 | Kevin R Sayer Executive Chair, Director | sell (plan) | $1.9M |
| Aug 20, 2026 | Kevin R Sayer Executive Chair, Director | sell (plan) | $1.7M |
| Aug 20, 2026 | Kevin R Sayer Executive Chair, Director | sell (plan) | $667K |
| Sep 15, 2026 | Nicholas Augustinos Director | sell (plan) | $550K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.3% | Mar 31, 2025 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.02% | Mar 31, 2026 |
ETFs with the most weight in DXCM
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 6.72% |
| SNSR Global X Internet of Things ETF | 5.86% |
| LGHT Langar Global HealthTech ETF | 5.64% |
| HEAL Global X HealthTech ETF | 4.38% |
| MEDI Harbor Health Care ETF | 4.16% |
| PINK Simplify Health Care ETF | 3.22% |
| TSEL Touchstone Sands Capital US Select Growth ETF | 3.21% |
| IHI iShares U.S. Medical Devices ETF | 3.14% |
What could go wrong
- Medicare bidding expected to cut prices. In late 2025, CMS (the agency that runs Medicare) added glucose monitors to its competitive bidding program, with contracts starting in 2027. DexCom expects Medicare payments for its systems to fall beginning in 2028.
- FDA warning letter and product quality. DexCom has received an FDA warning letter, a formal notice of regulatory problems. Failing to resolve it, or new quality issues, could lead to recalls, safety alerts or products being pulled from sale.
- Manufacturing and supply disruptions. DexCom must make large volumes of sensors at steady quality. Disruptions at its plants, including offshore sites, or problems at outside suppliers could limit sales and raise costs.
- Strong competition from large rivals. DexCom faces large, well-established rivals with significant resources. Sensors from rivals that cost less or work better could take customers or force price cuts.
- Dependence on insurers and government payers. Most users depend on Medicare, Medicaid or private insurers to pay. Insurer cost-cutting, Medicaid changes in a July 4, 2025 budget law, or other policy shifts could cut coverage or push costs onto patients.
- A highly volatile share price. The company calls its stock highly volatile. The shares fell 61% from peak to low in the three years to October 28, 2026, and lost 37% in 2024 alone.
Recent events
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
DexCom pays no dividend, and its annual report says it does not intend to pay one for the foreseeable future. Any return depends on the share price, and an investor who needs cash would have to sell shares. Instead, the company has bought back its own shares, spending about $2.5 billion from fiscal 2021 through 2025. The share count fell 2.7%, from about 387.7 million in October 2021 to about 377.4 million as of July 23, 2026.
The stock has fallen hard in past downturns. It dropped 87% between October 2007 and November 2008 and did not recover until March 2010. In the 2020 COVID crash it fell 36.8% but recovered within about a month. In the 2022 bear market it lost 48.8% between April and June and took about 13 months to recover. As a single stock, DexCom carries more risk than a diversified fund.
Questions investors ask
Does DexCom pay a dividend?
No. DexCom does not pay a dividend. Its annual report, filed February 12, 2026, says it does not intend to pay one for the foreseeable future. Instead it has bought back its own shares, spending about $2.5 billion from fiscal 2021 through 2025. For an income investor, that means the shares produce no regular cash payments. Any return comes from changes in the share price.
How does DexCom make money?
DexCom makes money selling continuous glucose monitoring systems. These use a disposable sensor worn on the body to read blood sugar every five minutes. Its main products are the G7 and G7 15 Day, plus Dexcom ONE+ in parts of Europe and Stelo, a sensor sold in the US without a prescription since August 2024. Most users rely on Medicare, Medicaid or private insurers to pay. In fiscal 2025, revenue was $4.66 billion, with 71.5% coming from the United States.
Is DexCom profitable?
Yes. In the fiscal year ended December 31, 2025, DexCom earned $836.3 million on revenue of $4.66 billion, a net profit margin of 17.9%. Net income rose 45.1% from the year before, and diluted earnings per share were $2.09. Free cash flow, the cash left after running the business and paying for equipment and facilities, was $1.08 billion. The annual report notes that the company has had significant losses in the past and may have losses again.
How will Medicare competitive bidding affect DexCom?
DexCom expects it to lower what Medicare pays for its glucose monitoring systems starting in 2028. In late 2025, CMS, the agency that runs Medicare, added these devices to its competitive bidding program, in which suppliers bid for Medicare contracts. Contracting begins in 2027, and CMS expects to award ten contracts. Payment will be set at the 75th percentile of winning bids rather than the highest one. The lower prices are also expected to spread to areas outside the bidding program.
How has DexCom stock performed over the long term?
Strongly over 10 years but poorly over five. As of October 28, 2026, the share price had gained 310% over 10 years, about 15.2% a year. Over five years it had lost 45%, about 11.2% a year. In the three years to that date, it fell as much as 61% from a peak. The stock fell 37.3% in 2024 and 14.7% in 2025, then rose 18.5% in 2026 through October 28. These figures cover price only, and DexCom pays no dividend to add to them.