Debt to Equity
since 2005
Calculation
DexCom Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term senior convertible notes, including current portion1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.92 | = | 1,970,300) | ÷ | 2,131,800) |
| Dec 31, 2021 | 0.76 | = | 1,702,700) | ÷ | 2,251,500) |
| Dec 31, 2020 | 0.91 | = | 1,667,200) | ÷ | 1,826,500) |
| Dec 31, 2019 | 1.20 | = | 1,059,700) | ÷ | 882,600) |
| Dec 31, 2018 | 1.52 | = | 1,010,300) | ÷ | 663,300) |
| Dec 31, 2017 | 0.78 | = | 327,600) | ÷ | 419,400) |
| Dec 31, 2016 | 0.00 | = | —) | ÷ | 283,800) |
| Dec 31, 2015 | 0.01 | = | 2,300) | ÷ | 221,200) |
| Dec 31, 2014 | 0.03 | = | 4,600) | ÷ | 140,200) |
| Dec 31, 2013 | 0.08 | = | 6,800) | ÷ | 84,100) |
| Dec 31, 2012 | 0.09 | = | 7,000) | ÷ | 77,000) |
| Dec 31, 2011 | 0.00 | = | —) | ÷ | 104,490) |
| Dec 31, 2010 | 0.01 | = | 525) | ÷ | 60,993) |
| Dec 31, 2009 | — | = | 46,657) | ÷ | (18,445) |
| Dec 31, 2008 | — | = | 63,356) | ÷ | (38,613) |
| Dec 31, 2007 | 8.77 | = | 62,406) | ÷ | 7,115) |
| Dec 31, 2006 | 0.05 | = | 3,026) | ÷ | 56,828) |
| Dec 31, 2005 | 0.00 | = | —) | ÷ | 49,412) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The capital structure exhibits three distinct phases: an early period of high volatility and equity deficits, a subsequent phase of extreme deleveraging and organic equity growth, and a final stage of strategic expansion funded by significant convertible debt.
- Initial Volatility and Capital Instability (2005–2010)
- The period began with relatively low leverage, but a sharp increase in long-term senior convertible notes to over 62 million USD by 2007, coupled with a simultaneous decline in stockholders' equity, resulted in a peak debt-to-equity ratio of 8.77. Financial instability is further evidenced by equity deficits recorded in 2008 and 2009, during which the debt-to-equity ratio was not calculable. A recovery occurred by 2010, with equity returning to a positive position and debt levels dropping significantly.
- Phase of Minimal Leverage (2011–2016)
- From 2011 through 2016, a trend of conservative financing was maintained. Debt levels remained minimal, generally staying below 10 million USD, while stockholders' equity grew steadily from 104.5 million USD to 283.8 million USD. Consequently, the debt-to-equity ratio remained consistently low, fluctuating between 0.01 and 0.09, indicating a reliance on equity rather than borrowed capital to fund operations.
- Strategic Debt Scaling and Stabilization (2017–2022)
- A fundamental shift in financing strategy occurred in 2017 with a substantial increase in long-term senior convertible notes, which rose from negligible amounts to approximately 327.6 million USD. This upward trajectory continued aggressively, with debt exceeding 1 billion USD in 2018 and reaching 1.97 billion USD by 2022. While this led to a temporary spike in the debt-to-equity ratio to 1.52 in 2018, the ratio subsequently moderated and stabilized between 0.76 and 0.92. This stabilization was driven by a massive expansion of stockholders' equity, which peaked at 2.25 billion USD in 2021, ensuring that the increase in debt was balanced by a corresponding increase in the equity base.
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Comparison to Competitors
DexCom Inc., debt to equity, long-term trends, comparison to competitors
| DexCom Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 0.92 | 0.46 | 0.66 | 0.00 | 0.46 | 0.74 |
| Dec 31, 2021 | 0.76 | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Dec 31, 2020 | 0.91 | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Dec 31, 2019 | 1.20 | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2018 | 1.52 | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2017 | 0.78 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Dec 31, 2016 | 0.00 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Dec 31, 2015 | 0.01 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Dec 31, 2014 | 0.03 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Dec 31, 2013 | 0.08 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Dec 31, 2012 | 0.09 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Dec 31, 2011 | 0.00 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Dec 31, 2010 | 0.01 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Dec 31, 2009 | — | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Dec 31, 2008 | — | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Dec 31, 2007 | 8.77 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Dec 31, 2006 | 0.05 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Dec 31, 2005 | 0.00 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
DexCom Inc., debt to equity, long-term trends, comparison to sector (health care equipment & services)
| DexCom Inc. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2022 | 0.92 | 0.57 |
| Dec 31, 2021 | 0.76 | 0.55 |
| Dec 31, 2020 | 0.91 | 0.56 |
| Dec 31, 2019 | 1.20 | 0.58 |
| Dec 31, 2018 | 1.52 | 0.60 |
| Dec 31, 2017 | 0.78 | 0.71 |
| Dec 31, 2016 | 0.00 | 0.72 |
| Dec 31, 2015 | 0.01 | 0.69 |
| Dec 31, 2014 | 0.03 | 0.52 |
| Dec 31, 2013 | 0.08 | 0.47 |
| Dec 31, 2012 | 0.09 | 0.61 |
| Dec 31, 2011 | 0.00 | 0.49 |
| Dec 31, 2010 | 0.01 | 0.55 |
| Dec 31, 2009 | — | 0.51 |
| Dec 31, 2008 | — | 0.55 |
| Dec 31, 2007 | 8.77 | 0.53 |
| Dec 31, 2006 | 0.05 | 0.50 |
| Dec 31, 2005 | 0.00 | 0.34 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
DexCom Inc., debt to equity, long-term trends, comparison to industry (health care)
| DexCom Inc. | Health Care | |
|---|---|---|
| Dec 31, 2022 | 0.92 | 0.72 |
| Dec 31, 2021 | 0.76 | 0.80 |
| Dec 31, 2020 | 0.91 | 0.92 |
| Dec 31, 2019 | 1.20 | 0.90 |
| Dec 31, 2018 | 1.52 | 0.80 |
| Dec 31, 2017 | 0.78 | 0.82 |
| Dec 31, 2016 | 0.00 | 0.77 |
| Dec 31, 2015 | 0.01 | 0.69 |
| Dec 31, 2014 | 0.03 | 0.54 |
| Dec 31, 2013 | 0.08 | 0.50 |
| Dec 31, 2012 | 0.09 | 0.54 |
| Dec 31, 2011 | 0.00 | 0.47 |
| Dec 31, 2010 | 0.01 | 0.43 |
| Dec 31, 2009 | — | 0.42 |
| Dec 31, 2008 | — | 0.42 |
| Dec 31, 2007 | 8.77 | 0.36 |
| Dec 31, 2006 | 0.05 | 0.32 |
| Dec 31, 2005 | 0.00 | 0.30 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).