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DexCom

DXCM
73
Medical - Devices · Healthcare
Price
$86.04
-1.67 (-1.90%)
Market Cap
$32.47B
Exchange
NASDAQ
Winston Score
73
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
26/30
Growth
Strong
16/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

69 of 95 counted points = Winston Score 73. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 428.8M (2021) → 405.5M (2025)

§Winston Score History

The full picture

DexCom makes continuous glucose monitors (CGMs) — small wearable sensors that track blood sugar levels in real time without requiring finger pricks. Its main product, the Dexcom G7, is worn on the body and sends glucose readings directly to a smartphone or smartwatch. The company sells primarily to people with diabetes, both Type 1 and Type 2, and its devices are used by patients, caregivers, and healthcare providers.

DexCom earns revenue by selling the sensors and transmitters, which need to be replaced regularly, creating a steady stream of repeat purchases. It operates mainly in the United States but has been expanding in Europe and other international markets, with international sales now accounting for roughly a third of total revenue. The company's moat comes from its strong brand recognition among endocrinologists and patients, along with its integration into popular health platforms like Apple Health and Dexcom's own app. The key growth driver is expanding CGM use among the much larger Type 2 diabetes population, many of whom do not yet use the technology.

Politician Trades

27 trades / 12mo

12 Congressional buys and 15 sells on DXCM in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+41.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$599M/ year

↑ Rising (+8% vs prior year)

12.9% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

DexCom is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
63.4%
Premium pricing power — 63.4% gross margin
Profit after running costs
Operating Margin
24.3%
Excellent — 24.3% operating margin
Return on the money invested
ROCE
28.7%
Exceptional — 28.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+15.5%
Fast-growing sales (+15.5% YoY)
Profit growth
EPS YoY
+76.2%
Earnings growing fast (+76.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
175%
Turns 175% of profit into real cash
Spare cash per sale
FCF Margin
28.3%
Converts sales into free cash efficiently (28.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.51
Conservative — low debt load (0.51)
Covers its interest
Interest Cover
127.99x
Comfortably covers interest (128.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
33.2x
Pricey — P/E 33.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (33.2 → 23.4)

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Dividends

Not applicable for this business.
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