DEXCOM INC
DXCM · Surgical & Medical Instruments & Apparatus · 385.9M shares · +47%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $538M (gross $689M, SBC $151M)
Reference price $75.55 · est. market cap ~$29.2B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A86Continuous-glucose-monitoring leader with elite margins, strong growth, and robust free cash flow.
Strengths
- Elite margins/returns — operating margin 20% (94th), net margin 18% (92nd), ROA 13% (93rd)
- Strong growth and FCF — revenue +16%, FCF $1.1B (95th), FCF margin 23%
Risks
- GLP-1/CGM-demand debate — per 10-K
- Competition (Abbott Libre) — per 10-K
- Tight quick liquidity — 1.6 (40th)
Notable findings
- Chronic dilutionShare count +47%/yr over 4y (dilution, book value/share -71%)
- Customer concentration~25% of revenue from one customer/distributor — Twelve Months Ended December 31, 2025 Compared to Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2025 - 2024 (In millions, except per share amounts) 2025 % of Revenue (1)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- FDA recallFDA recall (Class II) — Brand Name: Dexcom G7 Continuous Glucose Monitoring System Product Name: Dexcom (2026-04-14)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $1.1B cash & investments
- FDA approvalFDA clearance/approval — Stelo Glucose Biosensor System (2026-06-12)
- Insider sellingInsider selling — 11 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$4M, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
60.1%
Operating margin
19.6%
Net margin
17.9%
Return on equity
30.5%
Return on assets
13.2%
Revenue growth (QoQ)
-5.4%
Net-income growth
45.1%
Current ratio
1.9×
Free cash flow
$1.1B
EBITDA
$1.2B
Tangible book value
$2.7B
Cash & investments
$1.1B
Stock comp / revenue
3.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | FOLETTA MARK G | Sell | 199 | $74.82 |
| 2026-06-15 | Brown Michael Jon | Sell | 1.7K | $75.55 |
| 2026-06-15 | FOLETTA MARK G | Sell | 3.8K | $74.10 |
| 2026-06-04 | Coleman Jon | Sell | 4.9K | $74.13 |
| 2026-06-03 | Coleman Jon | Sell | 4.9K | $73.00 |
| 2026-05-28 | Heller Bridgette P | Grant | 5.6K | — |
| 2026-05-28 | Osterloh Albert Frederick IV | Grant | 1.6K | — |
| 2026-05-28 | Driscoll Rimma | Grant | 5.6K | — |
| 2026-05-28 | Ashley Euan A. | Grant | 5.6K | — |
| 2026-05-28 | Collins Richard Alexander | Grant | 5.6K | — |
| 2026-05-28 | GALA RENEE D | Grant | 5.6K | — |
| 2026-05-28 | ALTMAN STEVEN R | Grant | 5.6K | — |
| 2026-05-28 | Malady Kyle | Grant | 5.6K | — |
| 2026-05-28 | AUGUSTINOS NICHOLAS | Grant | 5.6K | — |
| 2026-05-28 | FOLETTA MARK G | Grant | 6.3K | — |
| 2026-05-22 | Brown Michael Jon | Tax withheld | 1.5K | $71.90 |
| 2026-05-22 | Leach Jacob Steven | Tax withheld | 1.5K | $71.90 |
| 2026-05-22 | Sylvain Jereme M | Tax withheld | 1.5K | $71.90 |
| 2026-05-22 | Stern Sadie | Tax withheld | 1.5K | $71.90 |
| 2026-05-22 | Coleman Jon | Tax withheld | 7.4K | $71.90 |
| 2026-05-21 | SAYER KEVIN R | Sell | 27K | $72.00 |
| 2026-05-15 | Brown Michael Jon | Sell | 1.7K | $59.91 |
| 2026-05-12 | Heller Bridgette P | Sell | 1.0K | $60.01 |
| 2026-05-08 | AUGUSTINOS NICHOLAS | Gift | 5.0K | — |
| 2026-05-08 | AUGUSTINOS NICHOLAS | Gift | 5.0K | — |
| 2026-05-08 | Collins Richard Alexander | Gift | 5.1K | — |
| 2026-05-08 | Collins Richard Alexander | Gift | 5.1K | — |
| 2026-05-08 | FOLETTA MARK G | Gift | 5.7K | — |
| 2026-05-08 | FOLETTA MARK G | Gift | 5.7K | — |
| 2026-05-08 | ALTMAN STEVEN R | Gift | 5.0K | — |
| 2026-05-08 | ALTMAN STEVEN R | Gift | 5.0K | — |
| 2026-04-15 | Brown Michael Jon | Sell | 1.7K | $63.04 |
| 2026-03-16 | Brown Michael Jon | Sell | 1.7K | $64.85 |
| 2026-03-08 | SAYER KEVIN R | Grant | 33K | — |
| 2026-03-08 | SAYER KEVIN R | Tax withheld | 32K | $68.10 |
| 2026-03-08 | Sylvain Jereme M | Grant | 49K | — |
| 2026-03-08 | Sylvain Jereme M | Tax withheld | 19K | $68.10 |
| 2026-03-08 | Brown Michael Jon | Grant | 39K | — |
| 2026-03-08 | Brown Michael Jon | Tax withheld | 23K | $68.10 |
| 2026-03-08 | Stern Sadie | Grant | 39K | — |
| 2026-03-08 | Stern Sadie | Tax withheld | 17K | $68.10 |
| 2026-03-08 | Leach Jacob Steven | Grant | 105K | — |
| 2026-03-08 | Leach Jacob Steven | Tax withheld | 20K | $68.10 |
| 2026-03-08 | Coleman Jon | Grant | 44K | — |
| 2026-02-26 | Osterloh Albert Frederick IV | Grant | 7.1K | — |
| 2026-02-12 | Heller Bridgette P | Sell | 1.0K | $68.01 |
| 2026-01-29 | Leach Jacob Steven | Grant | 8.3K | — |
| 2026-01-29 | Leach Jacob Steven | Tax withheld | 3.1K | $73.36 |
| 2026-01-29 | Stern Sadie | Grant | 7.1K | — |
| 2026-01-29 | Stern Sadie | Tax withheld | 2.7K | $73.36 |
| 2026-01-29 | Sylvain Jereme M | Grant | 7.1K | — |
| 2026-01-29 | Sylvain Jereme M | Tax withheld | 2.7K | $73.36 |
| 2026-01-29 | Brown Michael Jon | Grant | 7.1K | — |
| 2026-01-29 | Brown Michael Jon | Tax withheld | 2.7K | $73.36 |
| 2026-01-29 | SAYER KEVIN R | Grant | 71K | — |
| 2026-01-29 | SAYER KEVIN R | Tax withheld | 34K | $73.36 |
| 2025-11-14 | Collins Richard Alexander | Sell | 2.9K | $59.05 |
| 2025-11-12 | Heller Bridgette P | Sell | 1.0K | $58.07 |
| 2025-11-10 | Leach Jacob Steven | Buy | 16K | $54.98 |
| 2025-11-10 | Leach Jacob Steven | Buy | 2.5K | $55.43 |
| 2025-11-10 | Collins Richard Alexander | Sell | 3.9K | $55.17 |
| 2025-10-24 | Ashley Euan A. | Grant | 7.2K | — |
| 2025-09-05 | Malady Kyle | Sell | 667 | $80.86 |
| 2025-09-04 | Stern Sadie | Sell | 1.5K | $80.00 |
| 2025-09-02 | Sylvain Jereme M | Sell | 4.8K | $74.17 |
| 2025-08-15 | Brown Michael Jon | Sell | 500 | $80.29 |
| 2025-08-15 | FOLETTA MARK G | Sell | 2.6K | $81.02 |
| 2025-08-15 | FOLETTA MARK G | Sell | 195 | $81.54 |
| 2025-07-28 | Stern Sadie | Sell | 1.5K | $88.99 |
| 2025-07-15 | Brown Michael Jon | Sell | 500 | $86.03 |
| 2025-07-15 | FOLETTA MARK G | Sell | 2.7K | $85.17 |
| 2025-07-15 | FOLETTA MARK G | Sell | 8 | $86.03 |
| 2025-06-26 | Stern Sadie | Sell | 1.5K | $85.06 |
| 2025-06-16 | AUGUSTINOS NICHOLAS | Sell | 3.7K | $82.80 |
| 2025-06-16 | FOLETTA MARK G | Sell | 2.8K | $83.13 |
| 2025-06-16 | Brown Michael Jon | Sell | 500 | $82.80 |
| 2025-06-13 | AUGUSTINOS NICHOLAS | Sell | 2.6K | $81.69 |
| 2025-05-27 | Stern Sadie | Sell | 6.2K | $85.11 |
| 2025-05-23 | Brown Michael Jon | Sell | 10K | $84.28 |
| 2025-05-22 | Coleman Jon | Grant | 69K | — |
| 2025-05-08 | FOLETTA MARK G | Gift | 3.0K | — |
| 2025-05-08 | Collins Richard Alexander | Gift | 2.6K | — |
| 2025-05-08 | Collins Richard Alexander | Gift | 2.6K | — |
| 2025-05-08 | Collins Richard Alexander | Grant | 5.1K | — |
| 2025-05-08 | ALTMAN STEVEN R | Gift | 2.6K | — |
| 2025-05-08 | ALTMAN STEVEN R | Gift | 2.6K | — |
| 2025-05-08 | ALTMAN STEVEN R | Grant | 5.0K | — |
| 2025-05-08 | TOPOL ERIC | Gift | 2.6K | — |
| 2025-05-08 | TOPOL ERIC | Gift | 2.6K | — |
| 2025-05-08 | FOLETTA MARK G | Grant | 5.7K | — |
| 2025-05-08 | GALA RENEE D | Grant | 1.2K | — |
| 2025-05-08 | Driscoll Rimma | Grant | 5.1K | — |
| 2025-05-08 | GALA RENEE D | Grant | 5.1K | — |
| 2025-05-08 | Malady Kyle | Grant | 5.2K | — |
| 2025-05-08 | Dahut Karen M | Gift | 2.6K | — |
| 2025-05-08 | Dahut Karen M | Gift | 2.6K | — |
| 2025-05-08 | Heller Bridgette P | Grant | 5.0K | — |
| 2025-05-08 | AUGUSTINOS NICHOLAS | Gift | 2.6K | — |
| 2025-05-08 | AUGUSTINOS NICHOLAS | Gift | 2.6K | — |
| 2025-05-08 | AUGUSTINOS NICHOLAS | Grant | 5.0K | — |
| 2025-05-08 | FOLETTA MARK G | Gift | 3.0K | — |
| 2025-03-17 | Heller Bridgette P | Sell | 352 | $70.33 |
| 2025-03-12 | SAYER KEVIN R | Sell | 32K | $70.38 |
| 2025-03-12 | Leach Jacob Steven | Sell | 14K | $70.38 |
| 2025-03-12 | Brown Michael Jon | Sell | 13K | $70.38 |
| 2025-03-12 | Sylvain Jereme M | Sell | 12K | $70.38 |
| 2025-03-12 | Stern Sadie | Sell | 11K | $70.38 |
| 2025-03-10 | Sylvain Jereme M | Sell | 2.7K | $73.22 |
| 2025-03-10 | Sylvain Jereme M | Sell | 3.2K | $74.04 |
| 2025-03-10 | Sylvain Jereme M | Sell | 1.1K | $74.70 |
| 2025-03-08 | Sylvain Jereme M | Grant | 23K | — |
| 2025-03-08 | SAYER KEVIN R | Grant | 85K | — |
| 2025-03-08 | Leach Jacob Steven | Grant | 36K | — |
| 2025-03-08 | Leach Jacob Steven | Grant | 23K | — |
| 2025-03-08 | Stern Sadie | Grant | 30K | — |
| 2025-03-08 | Stern Sadie | Grant | 23K | — |
| 2025-03-08 | Brown Michael Jon | Grant | 30K | — |
| 2025-03-08 | Brown Michael Jon | Grant | 23K | — |
| 2025-03-08 | Sylvain Jereme M | Grant | 36K | — |
| 2025-03-06 | GALA RENEE D | Grant | 5.7K | — |
| 2025-01-29 | Sylvain Jereme M | Sell | 2.1K | $86.91 |
| 2025-01-29 | SAYER KEVIN R | Sell | 33K | $86.91 |
| 2025-01-29 | Dolan Matthew Vincent | Sell | 1.2K | $86.91 |
| 2025-01-29 | Stern Sadie | Sell | 2.1K | $86.91 |
| 2025-01-29 | Leach Jacob Steven | Sell | 2.6K | $86.91 |
| 2025-01-28 | SAYER KEVIN R | Grant | 69K | — |
| 2025-01-28 | Leach Jacob Steven | Grant | 7.1K | — |
| 2025-01-28 | Dolan Matthew Vincent | Grant | 3.0K | — |
| 2025-01-28 | Sylvain Jereme M | Grant | 5.6K | — |
| 2025-01-28 | Stern Sadie | Grant | 5.6K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06483945 ↗ | Dexcom Continuous Glucose Monitoring System Use in aReal-World, Global Registry (Dexcom Global Registry) Diabetes | — | Recruiting | 2028-03-31 |
| NCT07603284 ↗ | Continuous Glucose Monitoring By DExcom iN PEople Followed for Type 2 DIabeTes on Insulin Therapy in the Kingdom of Saudi Arabia Type 2 Diabetes on Insulin | PHASE4 | Active Not Recruiting | 2026-11-02 |
| NCT03340831 ↗ | Continuous Monitoring and Control of Hypoglycemia Diabetes | — | Unknown | 2023-12-30 |
| NCT05746286 ↗ | Remote Monitoring of Vital Signs With Telehealth to Prevent Readmissions for Dysglycemia Dysglycemia | NA | Completed | 2023-11-29 |
| NCT04905628 ↗ | Performance of the Dexcom Continuous Glucose Monitoring (CGM) System in Pregnant Women With Diabetes Mellitus Diabetes Mellitus | — | Unknown | 2022-03-31 |
| NCT04503239 ↗ | Prediabetes and Type 2 Diabetes Data Collection Study Diabetes Mellitus, Type 2, Pre-diabetes | — | Unknown | 2022-02-27 |
| NCT04585139 ↗ | Assessing Non-adjunctive CGM Safety at Home and in New Markets Diabetes Mellitus | NA | Completed | 2022-02-07 |
| NCT04879693 ↗ | Effectiveness and Safety of the Dexcom G6 Continuous Glucose Monitoring System in Non-Critically Ill Patients in the Inpatient Setting Patients Needing Glucose Control | NA | Unknown | 2021-12-01 |
| NCT04794478 ↗ | Evaluation of the Safety and Effectiveness of the Dexcom Continuous Glucose Monitoring (CGM) System Diabetes Mellitus | NA | Completed | 2021-08-09 |
| NCT04840446 ↗ | Evaluation of Modified Adhesives With Dexcom G6 Sensor Diabetes | — | Completed | 2021-03-16 |
| NCT03566693 ↗ | Type 2 Diabetes (T2D) Basal Insulin Users: The Mobile Study (MOBILE) Diabetes Mellitus, Type 2 | NA | Completed | 2021-01-04 |
| NCT04645641 ↗ | Evaluation of the Safety and Effectiveness of the Dexcom Glucose Monitoring (CGM) System Diabetes Mellitus | NA | Unknown | 2020-12-01 |
| NCT03620357 ↗ | Continuous Glucose Monitoring & Management In Type 2 Diabetes (T2D) Diabetes Mellitus, Type 2 | NA | Completed | 2020-05-27 |
| NCT04529824 ↗ | Glucose Risk Assessment in Employer Populations Diabetes, Pre-diabetes | — | Completed | 2019-07-22 |
| NCT03935191 ↗ | Performance of the Dexcom G6 Continuous Glucose Monitoring (CGM) System in Pregnant Women With Diabetes Mellitus Diabetes | — | Unknown | 2019-05-31 |
| NCT02880267 ↗ | Effectiveness and Safety of the Dexcom™ G6 Continuous Glucose Monitoring System Diabetes Mellitus | NA | Completed | 2017-07-01 |
| NCT03087877 ↗ | Evaluation of the Dexcom G6 Continuous Glucose Monitoring System With a Non-Interferent Sensor Diabetes Mellitus | NA | Completed | 2017-03-04 |
| NCT02282397 ↗ | Multiple Daily Injections and Continuous Glucose Monitoring in Diabetes Diabetes Mellitus | NA | Completed | 2016-11-01 |
| NCT02696252 ↗ | G5® Mobile Continuous Glucose Monitoring System Automated vs. Manual Sensor Applicator Diabetes Mellitus | — | Completed | 2016-04-01 |
| NCT02087995 ↗ | Effectiveness and Safety Study of the Dexcom G4 Platinum With Modified Algorithm Diabetes Mellitus | NA | Completed | 2014-03-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (1)
- Verily
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-28 | Shareholder vote | filing ↗ |
| 2026-05-15 | Reg FDOther | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-03-02 | Exec/director changeExhibits | filing ↗ |
| 2026-02-26 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-12 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsExhibits | filing ↗ |
| 2025-12-22 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-28 | 2026-05-27 | 0001093557-26-000105 ↗ |
| 8-K | 2026-05-15 | 2026-05-14 | 0001093557-26-000085 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001093557-26-000072 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001093557-26-000073 ↗ |
| 8-K | 2026-03-02 | 2026-02-27 | 0001093557-26-000038 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001093557-26-000031 ↗ |
| 10-K | 2026-02-12 | 2025-12-31 | 0001093557-26-000027 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001093557-26-000025 ↗ |
| 8-K | 2026-01-12 | 2026-01-07 | 0001093557-26-000003 ↗ |
| 8-K | 2025-12-22 | 2025-12-19 | 0001093557-25-000291 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001093557-25-000278 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001093557-25-000280 ↗ |