DexCom, Inc. (DXCM)
被高估基本面
75
价格
$85.48
市值
$33.01B
第一部分 · 这家公司值多少
概览
DexCom makes continuous glucose monitors — small wearable sensors that track blood sugar every few minutes and send readings to a phone or an insulin pump, replacing the finger-prick test that diabetics used for decades. Its main product line is the G7 sensor and its Stelo variant for people not on insulin. It sells almost entirely one category of medical device, in two markets — the United States and abroad — rather than a diversified portfolio.
盈利方式
DexCom earns revenue mainly by selling a recurring supply: sensors that must be replaced every 10-15 days and transmitters replaced less often, so once a patient starts, the ongoing sensor purchases resemble a subscription even though they are billed per shipment. Sales flow largely through distributors and pharmacies who bill insurers or government payers on the patient's behalf, and reimbursement approval from insurance or Medicare, not the patient's own spending, determines whether a sale happens at all.
分部营收
Sales to US patients, mostly billed through insurance or Medicare via distributors and pharmacies — where DexCom has been established longest.
Sales outside the US, growing faster than the domestic market as DexCom expands reimbursement coverage abroad.
护城河
转换成本 · 狭窄Patients build months or years of glucose history and habits around one sensor and app, and DexCom's sensors are integrated with several insulin pump makers' systems, so switching means a new prescription, a new pump pairing and relearning the device. That keeps most patients in place once started, but Abbott's FreeStyle Libre competes closely on price and features, so the advantage is not decisive.
需求驱动因素
防御型Demand is driven by the number of people with diabetes who are prescribed a continuous monitor, a population that grows steadily regardless of the economic cycle, plus the pace at which insurers extend reimbursement to more patient groups. Growth can still slow when a competitor cuts price or when a payer tightens coverage rules, but the underlying need for glucose monitoring does not disappear in a downturn.
主要风险
- Reliance on a small number of distributors — Most sales are routed through a handful of pharmacy and medical-supply distributors rather than direct to patients; losing one or a change in its terms would disrupt a large share of shipments.
- Single-source manufacturing and FDA oversight — Some components come from single-source suppliers, and DexCom's factories and any product change remain subject to FDA inspection and approval; a failed inspection or an unauthorized change can halt shipments.
- Reimbursement decisions by insurers and Medicare — A sale generally only happens if an insurer or government payer agrees to reimburse the device; a coverage cut or a slower approval process for new patient groups directly reduces revenue.
- Competition from Abbott and other monitor makers — Abbott's FreeStyle Libre and other continuous glucose monitors compete directly on price, accuracy and insurer coverage, and a lost contract with a major payer can shift patients to a rival overnight.
客户集中度
DexCom sells through a small number of large distributors and pharmacy partners rather than directly to most patients; the company has not disclosed a current percentage for its largest partners, but historically a handful of them each represented a meaningful share of revenue.
看多理由
Buyers argue that the diabetic population needing continuous monitoring keeps growing, that recurring sensor purchases behave like a subscription once a patient is on the device, and that expanding international reimbursement gives DexCom years of runway outside its largest market.
看空理由
Sellers fear that Abbott's Libre competes aggressively on price, that reimbursement decisions outside the company's control can cut off whole patient groups, and that dependence on a handful of distributors and single-source suppliers leaves little room for a manufacturing or regulatory setback.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Abbott's FreeStyle Libre sensors are the direct rival to Dexcom's G7 and Stelo, sold to the same people with diabetes through the same pharmacies, prescriptions and over-the-counter channels worldwide.
Medtronic sells its own glucose sensors (Guardian and Simplera) bundled with its insulin pumps, competing for the insulin-dependent patients who are Dexcom's core customers.
Senseonics offers Eversense, an implantable sensor that lasts up to a year, as an alternative to Dexcom's disposable adhesive sensors for the same continuous-monitoring patients.
Roche's diabetes care division sells glucose monitoring products to the same patients and health systems, and is named by Dexcom itself among its competitors in its annual report.
Ascensia, the privately held owner of the Contour brand, competes for the same diabetes monitoring customers and pharmacy shelf space, in the United States and abroad.
LifeScan, the private company behind the OneTouch brand, sells glucose monitoring products to the same people with diabetes and is listed by Dexcom among its competitors.
资产负债表与流动性
营收
$4.97B
最近12个月（截至2026/6/30）
净利润
$1000M
最近12个月（截至2026/6/30）
自由现金流
$1.08B
股东权益合计
$2.75B
负债合计
$3.59B
流动比率
1.73
利息覆盖率
75.94
债务/EBITDA
1.20
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$67.58
当前价格
$85.48
安全边际
-26.5%
公允价值区间
$43.93 - $91.23
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
34.22
ROE
30.5%
市净率（P/B）
12.41
P/FCF
23.16
毛利率
62.5%
ROIC
22.0%
盈利能力雷达图
价值创造（经济护城河）
ROIC
22.0%
WACC
12.0%
ROIC − WACC
+9.9 pp
ROIC 超过资本成本：公司正在为股东创造价值。
基本面分析标准
通过（22）
- EPS shows upward trend
- Price CAGR 19.38%
- ROIC 22.0%
- Gross Margin 62.5%
- P/FCF 23.16
- Debt/Equity ratio
- Operating Margin 22.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 36.2%
- Revenue Growth 5Y 19.3%
- Analyst Consensus 86% Buy
- Earnings Surprise avg 12.9%
- Earnings Quality (OCF/NI) 1.75
- Share Dilution -1.4%
- Net Margin Trend 20.1% vs 13.3%
- Piotroski F-Score 8/9
未通过（4）
- P/B Ratio 12.41
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 3.46
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Kevin Ronald Sayer | Executive Chairman of the Board | 67 |
| Mr. Jacob Steven Leach | President, CEO & Director | 47 |
| Mr. Michael Jon Brown J.D. | Executive VP, Chief Legal & Compliance Officer | 55 |
| Ms. Sadie M. Stern | Executive VP, Chief People & Culture Officer | 50 |
| Mr. Jon Coleman | Executive VP & Chief Commercial Officer | 61 |
| Mr. Peter Simpson | Executive VP & CTO | - |
| Mr. Sean Christensen | Vice President of Finance and Investor Relations | - |
| Mr. Matthew Dolan | Executive Vice President of Strategy & Corporate Development | 44 |
| Keri Leone | Senior Director of Global Medical Science & Education | - |
| Christine Pospisil | Director of Medical Science & Education | - |
审计风险
2
董事会风险
7
薪酬风险
5
股东权利风险
6
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for DXCM, sourced from Markets Gazette.
- 5/22/2026POSITIVEHere's How Much You Would Have Made Owning DexCom Stock In The Last 15 Years
An analysis of DexCom Inc. stock reveals a substantial return for long-term investors over the past 15 years. While specific figures are not provided in this snippet, the title implies significant capital appreciation, likely driven by the company's innovative continuous glucose monitoring (CGM) devices. For investors, this historical performance suggests strong market positioning and successful product adoption in the diabetes technology sector, potentially indicating continued growth prospects. The article likely details the key milestones and market factors contributing to this impressive investor return.
- 5/15/2026POSITIVEDexcom’s Bet Beyond Diabetes
Dexcom CEO Jake Leach highlighted the expanding market for continuous glucose monitors (CGMs) beyond diabetes management during a Bloomberg interview. He stated that GLP-1 drug approvals are accelerating CGM adoption and reaffirmed the company's robust growth projections. Leach also detailed Dexcom's strategic expansion into the broader metabolic health and wellness sector. This diversification strategy, coupled with the positive impact of GLP-1 drugs, suggests a significant untapped market potential, positioning Dexcom for sustained revenue growth and market share expansion.
- 3/2/2026POSITIVEHere's How Much You Would Have Made Owning DexCom Stock In The Last 10 Years
DexCom Inc.'s historical stock performance over the past ten years has proven exceptionally profitable for investors. While specific return details were not disclosed in this update, the headline strongly implies that the company, a leader in diabetes management technologies, has generated substantial gains. This information is critical for investors assessing a company's long-term growth potential and stability within the healthcare sector. DexCom's ability to sustain a positive growth trajectory for a decade underscores the strength of its innovation and the increasing demand for its continuous glucose monitoring systems, positioning it as an attractive option for growth-oriented portfolios.
- 2/25/2026POSITIVEGot $10,000? I Think DexCom Stock Could Be a Quiet Winner of the GLP‑1 Wars
DexCom Inc. emerges as a compelling investment opportunity, positioned as a potential 'quiet winner' amidst the competitive landscape of GLP-1 medications. While the focus often remains on pharmaceutical giants, DexCom's innovative medical devices, particularly its continuous glucose monitoring (CGM) systems, are crucial for managing conditions like diabetes, which are intrinsically linked to the GLP-1 drug market. The increasing adoption of GLP-1s could inadvertently boost demand for DexCom's monitoring solutions, as patients and healthcare providers seek better ways to track health outcomes. This synergy presents a robust case for investors looking beyond direct drug manufacturers, highlighting DexCom's strategic importance in the evolving healthcare sector.
via Markets Gazette