Stock Analysis on Net
Stock Analysis on Net

DexCom Inc. (NASDAQ:DXCM)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 26, 2023.

Debt to Equity
since 2005

Microsoft Excel

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Calculation

DexCom Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Long-term senior convertible notes, including current portion1 ÷ Stockholders’ equity (deficit)1
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Dec 31, 2005 = ÷

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 financial data reveals several notable trends and shifts over the observed period, particularly in the areas of long-term senior convertible notes, stockholders’ equity, and the debt to equity ratio.

Long-term senior convertible notes, including current portion
This liability category shows a marked increase beginning in 2016. Prior to this year, amounts were either absent or relatively low, often under $10 million. Starting in 2016, the balance jumps significantly to $327.6 million and continues to escalate in subsequent years, reaching approximately $1.97 billion by the end of 2022. This sharp rise indicates a substantial issuance or accumulation of convertible notes, highlighting an increasing reliance on this form of debt financing.
Stockholders’ equity (deficit)
The company's stockholders’ equity experiences considerable volatility across the timeline. Initially positive at approximately $49.4 million in 2005, equity dips sharply into negative territory between 2007 and 2009, reaching a low near -$38.6 million. Recovery begins in 2010 with a rebound to positive equity of roughly $60.9 million, followed by steady growth through 2015. From 2015 onwards, equity increases consistently, peaking around $2.25 billion in 2021 before declining slightly to approximately $2.13 billion in 2022. This pattern suggests periods of financial stress followed by substantial capital strengthening and value creation for shareholders.
Debt to equity ratio
The debt to equity ratio exhibits wide fluctuations aligned with the changes in debt levels and equity value. In the early years, the ratio is quite low, often below 0.1, reflecting minimal debt compared to equity. By 2007, the ratio spikes to 8.77, corresponding with the equity deficit observed during that period, indicating heavy leverage. After 2007, data for this ratio is incomplete until 2013 when it stabilizes between 0.03 and 0.09, signifying moderate leverage. From 2016 onwards, the ratio rises noticeably, peaking at 1.52 in 2017 and then gradually declining but remaining elevated near 0.9 by 2022. This movement corresponds with the increased convertible notes issuance and the growth in equity, suggesting a recalibration of the company’s capital structure with increased debt financing balanced by significant equity growth.

Comparison to Competitors

DexCom Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
DexCom Inc. Abbott Laboratories CVS Health Corp. Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC UnitedHealth Group Inc.
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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)

Microsoft Excel
DexCom Inc. Health Care Equipment & Services
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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)

Microsoft Excel
DexCom Inc. Health Care
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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).