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DexCom, Inc. — Intrinsic Value & Fair Price

DXCM
NASDAQHealthcareMedical - DevicesCIK 0001093557dexcom.comAbout DXCM
Last close · Oct 16, 202686.04−1.67 (−1.90%)
Market cap$32.5B
Model value · DCF · Perpetuity growth · 5y
26.38
Dexcom closed at $86.04 — overvalued by 226% vs model.
18.23the model's range47.40

DCF · Perpetuity growth · 5y leads for a high-growth company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
0.02 – 227.53
Wall St. target
96.00 10% below
Above model, 1y
19 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $86.04 · as of Oct 17, 2026

DCF · Perpetuity growth · 5y leads for a high-growth company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input. The price is 226% above the model value: the models see only the filed business, and a company priced on businesses with no revenue line yet is better taken apart, as Tesla is.

engine pkg:0.1.0

Research on DXCM

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How it is valued

Valued asHigh growth
Moderate growth (~13% recent)Moderate margins (18% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for high-growth companies
Price / sales
7.2×
Revenue growth
15.6%
Gross margin
60.0%
Operating margin
19.6%
FCF margin
23.1%
EV / EBITDA
28.2×
Full financials

Analyst actions

third-party, quoted
10-13Mizuho Securities · target100.00
10-06Barclays · target115.00
10-01RBC Capital · target105.00
01-12Barclays · “Underweight” from “Equal Weight”downgrade
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just DXCM. No account.

About Dexcom

DexCom, Inc. is a medical technology company primarily focused on innovating, developing, and marketing continuous glucose monitoring (CGM) systems. Operating across the United States and internationally, the firm provides its solutions for individuals managing diabetes as well as for healthcare practitioners. Its product portfolio features the DexCom G6, a comprehensive CGM system for diabetes management; the Dexcom Real-Time API, enabling authorized third-party developers to integrate live CGM data into their digital health applications; the Dexcom ONE, which aims to supersede traditional finger-prick blood glucose testing for treatment decisions; and Dexcom Share, a remote monitoring platform. The company is also developing the Dexcom G7, its next-generation CGM system. Furthermore, DexCom, Inc. has a licensing and collaboration agreement with Verily Life Sciences LLC and Verily Ireland Limited to advance blood-based or interstitial glucose monitoring products. The company directly sells its offerings to specialists such as endocrinologists, physicians, and diabetes educators. DexCom, Inc. was founded in 1999 and maintains its headquarters in San Diego, California.

CEO
Jacob Steven Leach
Headquarters
San Diego, CA
Employees
11,050
IPO
2005-04-14
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.