Dexcom Inc. (DXCM) intrinsic value & 10-year financials
Dexcom Inc. (DXCM) has a Graham intrinsic value of $69.42 per share. At $86.04 on Oct 17, 2026, the stock trades 24% above that value. Over the last 10 fiscal years revenue grew 26.2% a year to $4.7B, with an average return on invested capital of 73.6%.
- Graham intrinsic value
- $69.42
- Share price (Oct 17, 2026)
- $86.04
- Price vs Graham value
- 24% above
- Market cap
- $34.9B
- Revenue (FY2025)
- $4.7B
- Revenue growth (10-yr CAGR)
- 26.2%
- ROIC (10-yr avg)
- 73.6%
- Free cash flow (FY2025)
- $1.1B
DXCM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.7B | $836.3M | $2.09 | $1.1B | 19.6% | 39.2% |
| FY2024 | $4.0B | $576.2M | $1.42 | $630.7M | 14.9% | 29.9% |
| FY2023 | $3.6B | $541.5M | $1.30 | $511.9M | 16.5% | 27.7% |
| FY2022 | $2.9B | $341.2M | $0.82 | $304.7M | 13.4% | 22.8% |
| FY2021 | $2.4B | $154.7M | $1.55 | $53.3M | 10.9% | 18.8% |
| FY2020 | $1.9B | $493.6M | $5.06 | $276.6M | 15.5% | 35.5% |
| FY2019 | $1.5B | $101.1M | $1.10 | $134.5M | 9.6% | 557.8% |
| FY2018 | $1.0B | -$127.1M | -$1.44 | $56.1M | -18.1% | 39.3% |
| FY2017 | $718.5M | -$50.2M | -$0.58 | $26.0M | -5.9% | -12.1% |
| FY2016 | $573.3M | -$65.6M | — | $500.0K | -11.1% | -22.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Dexcom is a consistent compounder, expanding top-line revenue at 26.2% annually over the past decade.
Dexcom has earned high returns on invested capital, averaging 27.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Dexcom capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Dexcom is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $69.42 per share.