DEXCOM, INC.

DXCM · Healthcare · $29.3B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power98

Median gross margin 64.5% over 10y, very stable.

Returns on capital96

Median ROIC 31.0%, above the 9% hurdle in 88% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 50x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

200% above value

Owner earnings (normalized): $541.5M
Est. intrinsic value / share: $25.33
Recent price: $76.06
Discount to value: 200% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DXCM. See the disclaimer.