DXCMDexcom

Health care · Medical Instruments · Nasdaq

We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world. 10-K, Item 1

Employees: 11,100
Headquarters: San Diego, CA
CEO: Jacob Steven Leach
Next results: around Jan 11, 2027

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DXCM and 9 peers, year by year

The 9 Health care companies closest to DXCM in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
DXCM Dexcom	FY2025	$4.7B	+15.6%	60.1%	19.6%	17.9%	23.1%	30.5%	-
IDXX Idexx Laboratories	FY2025	$4.3B	+10.4%	61.8%	31.6%	24.6%	24.6%	66.0%	0.28
WAT Waters Corporation	FY2025	$3.2B	+7.0%	-	25.4%	20.3%	17.1%	25.1%	0.55
ILMN Illumina, Inc.	FY2025	$4.3B	−0.7%	66.1%	18.6%	19.6%	21.4%	31.2%	0.73
RMD ResMed	FY2026	$5.7B	+9.9%	61.1%	33.4%	26.9%	29.2%	23.1%	0.10
COO Cooper Companies	FY2025	$4.1B	+5.1%	65.5%	16.7%	9.2%	10.6%	4.6%	0.30
MTD Mettler Toledo	FY2025	$4.0B	+4.0%	59.4%	-	21.6%	21.1%	n/m	n/m
INCY Incyte	FY2025	$5.1B	+21.2%	-	29.5%	25.0%	-	24.9%	-
ALGN Align Technology	FY2025	$4.0B	+0.9%	67.2%	13.5%	10.2%	12.2%	10.1%	-
STE Steris	FY2026	$5.9B	+8.7%	44.2%	18.6%	13.2%	16.4%	10.9%	0.27

Revenuepeer median $4.3B

Sales growthpeer median +7.0%

Gross marginpeer median 61.8%

Operating marginpeer median 22.0%

Net marginpeer median 20.3%

FCF marginpeer median 19.1%

Return on equitypeer median 24.0%

Debt / equitypeer median 0.29

ILMN 0.73
WAT 0.55
COO 0.30
IDXX 0.28
STE 0.27
RMD 0.10
DXCM -
MTD n/m
INCY -
ALGN -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	$573.3M	$718.5M	$1.0B	$1.5B	$1.9B	$2.4B	$2.9B	$3.6B	$4.0B	$4.7B
IDXX Dec	$1.8B	$2.0B	$2.2B	$2.4B	$2.7B	$3.2B	$3.4B	$3.7B	$3.9B	$4.3B
WAT Dec	$2.2B	$2.3B	$2.4B	$2.4B	$2.4B	$2.8B	$3.0B	$3.0B	$3.0B	$3.2B
ILMN Dec	$2.4B	$2.8B	$3.3B	$3.5B	$3.2B	$4.5B	$4.6B	$4.5B	$4.4B	$4.3B
RMD Jun	$1.8B	$2.1B	$2.3B	$2.6B	$3.0B	$3.2B	$3.6B	$4.2B	$4.7B	$5.1B
COO Oct	$2.0B	$2.1B	$2.5B	$2.7B	$2.4B	$2.9B	$3.3B	$3.6B	$3.9B	$4.1B
MTD Dec	$2.5B	$2.7B	$2.9B	$3.0B	$3.1B	$3.7B	$3.9B	$3.8B	$3.9B	$4.0B
INCY Dec	$1.1B	$1.5B	$1.9B	$2.2B	$2.7B	$3.0B	$3.4B	$3.7B	$4.2B	$5.1B
ALGN Dec	$1.1B	$1.5B	$2.0B	$2.4B	$2.5B	$4.0B	$3.7B	$3.9B	$4.0B	$4.0B
STE Mar	-	$2.6B	$2.6B	$2.8B	$3.0B	$3.1B	$4.2B	$4.5B	$5.1B	$5.5B
Peer median	$1.9B	$2.1B	$2.4B	$2.6B	$2.7B	$3.2B	$3.6B	$3.8B	$4.0B	$4.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	+42.6%	+25.3%	+43.6%	+43.1%	+30.5%	+27.1%	+18.8%	+24.5%	+11.3%	+15.6%
IDXX Dec	+10.8%	+10.9%	+12.4%	+8.8%	+12.5%	+18.8%	+4.7%	+8.7%	+6.5%	+10.4%
WAT Dec	+6.1%	+6.5%	+4.8%	−0.6%	−1.7%	+17.8%	+6.7%	−0.5%	+0.1%	+7.0%
ILMN Dec	+8.0%	+14.8%	+21.1%	+6.3%	−8.6%	+39.7%	+1.3%	−1.7%	−2.9%	−0.7%
RMD Jun	-	+12.4%	+13.2%	+11.4%	+13.4%	+8.1%	+11.9%	+18.0%	+10.9%	+9.8%
COO Oct	+9.4%	+8.8%	+18.4%	+4.8%	−8.4%	+20.2%	+13.2%	+8.6%	+8.4%	+5.1%
MTD Dec	+4.7%	+8.6%	+7.7%	+2.5%	+2.5%	+20.5%	+5.4%	−3.4%	+2.2%	+4.0%
INCY Dec	+46.7%	+38.9%	+22.5%	+14.7%	+23.5%	+12.0%	+13.7%	+8.9%	+14.8%	+21.2%
ALGN Dec	+27.7%	+36.4%	+33.5%	+22.4%	+2.7%	+59.9%	−5.5%	+3.4%	+3.5%	+0.9%
STE Mar	-	-	+0.3%	+6.2%	+8.9%	+2.5%	+47.5%	+7.4%	+13.3%	+6.2%
Peer median	+9.4%	+11.7%	+13.2%	+6.3%	+2.7%	+18.8%	+6.7%	+7.4%	+6.5%	+6.2%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	66.0%	68.5%	64.4%	63.1%	66.4%	68.6%	64.7%	63.2%	60.5%	60.1%
IDXX Dec	54.9%	55.7%	56.1%	56.7%	58.0%	58.8%	59.5%	59.8%	61.0%	61.8%
WAT Dec	-	-	-	-	-	-	-	-	-	-
ILMN Dec	69.5%	66.4%	69.0%	69.6%	68.0%	69.7%	64.8%	60.9%	65.4%	66.1%
RMD Jun	58.0%	58.1%	57.0%	57.3%	58.1%	57.5%	56.6%	55.8%	56.7%	59.4%
COO Oct	59.6%	63.9%	64.4%	66.2%	63.1%	66.9%	64.7%	65.6%	66.6%	65.5%
MTD Dec	57.3%	57.8%	57.4%	57.9%	58.4%	58.4%	58.9%	59.2%	60.1%	59.4%
INCY Dec	-	-	-	-	-	-	-	-	-	-
ALGN Dec	75.5%	75.8%	73.6%	72.5%	71.3%	74.3%	70.5%	70.1%	70.0%	67.2%
STE Mar	-	39.3%	41.7%	42.2%	43.6%	43.2%	44.6%	43.7%	43.2%	44.0%
Peer median	58.8%	58.1%	57.4%	57.9%	58.4%	58.8%	59.5%	59.8%	61.0%	61.8%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	−11.1%	−5.9%	−18.1%	9.6%	15.5%	10.9%	13.4%	16.5%	14.9%	19.6%
IDXX Dec	19.7%	21.0%	22.2%	23.0%	25.7%	29.0%	26.7%	30.0%	29.0%	31.6%
WAT Dec	28.8%	28.7%	30.6%	29.4%	27.3%	29.5%	29.4%	27.7%	27.9%	25.4%
ILMN Dec	24.5%	22.0%	26.5%	27.8%	17.9%	−2.7%	−91.2%	−23.7%	−19.1%	18.6%
RMD Jun	23.3%	20.6%	23.2%	22.2%	27.4%	28.3%	28.0%	26.8%	28.2%	32.7%
COO Oct	16.5%	20.1%	15.9%	20.6%	12.8%	17.3%	15.3%	14.8%	18.1%	16.7%
MTD Dec	-	-	-	-	-	-	-	-	-	-
INCY Dec	13.1%	−15.8%	6.9%	18.6%	−9.9%	19.6%	17.1%	16.8%	1.4%	29.5%
ALGN Dec	23.1%	24.0%	23.7%	22.5%	15.7%	24.7%	17.2%	16.7%	15.2%	13.5%
STE Mar	-	8.7%	15.3%	14.8%	17.7%	17.6%	11.3%	17.4%	16.3%	15.9%
Peer median	23.1%	20.8%	22.7%	22.4%	17.8%	22.2%	17.1%	17.1%	17.2%	22.0%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	−11.4%	−7.0%	−12.3%	6.8%	28.5%	8.9%	11.7%	14.9%	14.3%	17.9%
IDXX Dec	12.5%	13.4%	17.0%	17.8%	21.5%	23.2%	20.2%	23.1%	22.8%	24.6%
WAT Dec	24.1%	0.9%	24.5%	24.6%	22.1%	24.9%	23.8%	21.7%	21.6%	20.3%
ILMN Dec	19.3%	26.4%	24.8%	28.3%	20.3%	16.8%	−96.1%	−25.8%	−28.0%	19.6%
RMD Jun	19.2%	16.6%	13.5%	15.5%	21.0%	14.8%	21.8%	21.3%	21.8%	27.2%
COO Oct	13.9%	17.4%	5.5%	17.6%	9.8%	100.8%	11.7%	8.2%	10.1%	9.2%
MTD Dec	15.3%	13.8%	17.5%	18.6%	19.5%	20.7%	22.3%	20.8%	22.3%	21.6%
INCY Dec	9.4%	−20.4%	5.8%	20.7%	−11.1%	31.8%	10.0%	16.2%	0.8%	25.0%
ALGN Dec	17.6%	15.7%	20.4%	18.4%	71.8%	19.5%	9.7%	11.5%	10.5%	10.2%
STE Mar	-	4.2%	11.1%	10.9%	13.5%	12.8%	5.8%	2.4%	7.4%	11.3%
Peer median	16.4%	13.8%	17.0%	18.4%	20.3%	20.7%	11.7%	16.2%	10.5%	20.3%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	$500K	$26.0M	$56.1M	$134.5M	$276.6M	$53.3M	$304.7M	$511.9M	$630.7M	$1.1B
IDXX Dec	$274.2M	$298.9M	$284.3M	$304.2M	$541.1M	$636.0M	$394.1M	$772.9M	$808.1M	$1.1B
WAT Dec	-	-	-	-	-	-	-	$442.2M	$619.6M	$539.8M
ILMN Dec	$519.0M	$565.0M	$846.0M	$842.0M	$891.0M	$337.0M	$106.0M	$283.0M	$709.0M	$931.0M
RMD Jun	$489.4M	$351.8M	$442.4M	$390.3M	$706.9M	$634.0M	$216.3M	$573.6M	$1.3B	$1.7B
COO Oct	$357.0M	$466.4M	$475.3M	$421.1M	$176.2M	$524.2M	$450.4M	$215.0M	$288.1M	$433.7M
MTD Dec	$336.8M	$388.9M	$422.3M	$506.1M	$632.2M	$801.2M	$737.8M	$860.6M	$864.4M	$848.6M
INCY Dec	$184.5M	−$204.0M	$262.7M	$632.6M	−$312.0M	$568.5M	$892.1M	-	-	-
ALGN Dec	$177.1M	$242.8M	$331.4M	$597.6M	$507.3M	$771.4M	$276.8M	$608.1M	$622.7M	$490.8M
STE Mar	-	$251.2M	$292.2M	$349.8M	$376.0M	$450.4M	$397.2M	$395.0M	$613.0M	$778.0M
Peer median	$336.8M	$325.4M	$376.8M	$463.6M	$524.2M	$601.2M	$395.7M	$507.9M	$665.8M	$813.3M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	0.1%	3.6%	5.4%	9.1%	14.4%	2.2%	10.5%	14.1%	15.6%	23.1%
IDXX Dec	15.4%	15.2%	12.8%	12.6%	20.0%	19.8%	11.7%	21.1%	20.7%	24.6%
WAT Dec	-	-	-	-	-	-	-	15.0%	20.9%	17.1%
ILMN Dec	21.6%	20.5%	25.4%	23.8%	27.5%	7.4%	2.3%	6.3%	16.2%	21.4%
RMD Jun	26.6%	17.0%	18.9%	15.0%	23.9%	19.8%	6.0%	13.6%	27.8%	32.3%
COO Oct	18.2%	21.8%	18.8%	15.9%	7.2%	17.9%	13.6%	6.0%	7.4%	10.6%
MTD Dec	13.4%	14.3%	14.4%	16.8%	20.5%	21.6%	18.8%	22.7%	22.3%	21.1%
INCY Dec	16.7%	−13.3%	14.0%	29.3%	−11.7%	19.0%	26.3%	-	-	-
ALGN Dec	16.4%	16.5%	16.9%	24.8%	20.5%	19.5%	7.4%	15.7%	15.6%	12.2%
STE Mar	-	9.6%	11.2%	12.6%	12.4%	14.5%	9.4%	8.7%	11.9%	14.3%
Peer median	16.7%	15.8%	15.6%	16.3%	20.2%	19.3%	10.6%	14.3%	18.5%	19.1%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	−23.1%	−12.0%	−19.2%	11.5%	35.4%	10.6%	16.0%	26.2%	27.4%	30.5%
IDXX Dec	n/m	n/m	n/m	n/m	92.0%	107.9%	111.6%	56.9%	55.7%	66.0%
WAT Dec	22.7%	0.9%	37.9%	n/m	n/m	188.5%	140.3%	55.8%	34.9%	25.1%
ILMN Dec	21.1%	26.4%	22.0%	21.7%	14.0%	7.1%	−66.7%	−20.2%	−51.5%	31.2%
RMD Jun	20.8%	17.5%	15.3%	19.5%	24.9%	16.4%	23.2%	21.7%	21.0%	23.5%
COO Oct	10.2%	11.7%	4.2%	12.9%	6.2%	42.4%	5.4%	3.9%	4.9%	4.6%
MTD Dec	88.4%	68.7%	86.9%	133.3%	n/m	n/m	n/m	n/m	n/m	n/m
INCY Dec	24.8%	−19.2%	5.7%	17.2%	−11.3%	25.2%	7.8%	11.5%	0.9%	24.9%
ALGN Dec	19.0%	20.0%	31.9%	32.9%	54.9%	21.3%	10.0%	12.3%	10.9%	10.1%
STE Mar	-	3.9%	9.1%	9.6%	12.0%	10.2%	3.7%	1.8%	6.0%	9.3%
Peer median	21.1%	14.6%	18.7%	19.5%	14.0%	23.2%	8.9%	11.9%	8.5%	24.2%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	-	-	-	-	-	-	-	-	-	-
IDXX Dec	n/m	n/m	n/m	3.94	1.44	1.23	1.26	0.47	0.39	0.28
WAT Dec	0.85	0.89	0.73	n/m	5.86	4.14	3.13	2.05	0.89	0.55
ILMN Dec	0.48	0.43	0.22	0.25	0.25	0.09	0.30	0.26	0.84	0.73
RMD Jun	0.69	0.55	0.14	0.61	0.47	0.23	0.23	0.35	0.15	0.11
COO Oct	0.57	0.37	0.61	0.50	0.47	0.21	0.38	0.34	0.32	0.30
MTD Dec	2.06	1.79	1.75	3.07	4.72	9.81	n/m	n/m	n/m	n/m
INCY Dec	1.79	0.02	9.91	-	-	-	-	-	-	-
ALGN Dec	-	-	-	-	-	-	-	-	-	-
STE Mar	-	-	0.41	0.37	0.34	0.43	0.47	0.51	0.51	0.31
Peer median	0.77	0.49	0.61	0.56	0.47	0.43	0.43	0.41	0.45	0.31

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
DXCM Dec	−$0.78	−$0.58	−$1.44	$1.10	$1.33	$0.53	$0.82	$1.30	$1.42	$2.09
IDXX Dec	$2.44	$2.94	$4.26	$4.89	$6.71	$8.60	$8.03	$10.06	$10.67	$13.08
WAT Dec	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71	$10.76
ILMN Dec	$3.07	$4.92	$5.56	$6.74	$4.45	$5.04	−$28.00	−$7.34	−$7.69	$5.45
RMD Jun	$2.49	$2.40	$2.19	$2.80	$4.27	$3.24	$5.30	$6.09	$6.92	$9.51
COO Oct	$1.40	$1.88	$0.70	$2.33	$1.20	$14.79	$1.94	$1.48	$1.96	$1.87
MTD Dec	$14.22	$14.24	$19.88	$22.47	$24.91	$32.78	$38.41	$35.90	$40.48	$42.05
INCY Dec	$0.54	−$1.53	$0.51	$2.05	−$1.36	$4.27	$1.52	$2.65	$0.15	$6.41
ALGN Dec	$2.33	$2.83	$4.92	$5.53	$22.41	$9.69	$4.61	$5.81	$5.62	$5.65
STE Mar	-	$1.28	$3.39	$3.55	$4.76	$4.63	$2.48	$1.07	$3.81	$6.20
Peer median	$2.46	$2.40	$4.26	$4.89	$4.76	$8.60	$4.61	$5.81	$5.62	$6.41

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out DXCM and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on DXCM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DXCM/export.csv") into a cell.