Price to Book Value (P/BV)
since 2005
Calculation
DexCom Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 19.44 | = | 107.24 | ÷ | 5.52 | 5.52 | = | 2,131,800 | ÷ | 386,413,690 | |
| Feb 14, 2022 | 17.55 | = | 101.75 | ÷ | 5.80 | 5.80 | = | 2,251,500 | ÷ | 388,262,536 | |
| Feb 11, 2021 | 21.60 | = | 102.55 | ÷ | 4.75 | 4.75 | = | 1,826,500 | ÷ | 384,709,452 | |
| Feb 13, 2020 | 26.17 | = | 63.05 | ÷ | 2.41 | 2.41 | = | 882,600 | ÷ | 366,376,568 | |
| Feb 21, 2019 | 19.84 | = | 36.56 | ÷ | 1.84 | 1.84 | = | 663,300 | ÷ | 360,007,068 | |
| Feb 27, 2018 | 11.56 | = | 13.93 | ÷ | 1.21 | 1.21 | = | 419,400 | ÷ | 347,988,632 | |
| Feb 28, 2017 | 23.36 | = | 19.54 | ÷ | 0.84 | 0.84 | = | 283,800 | ÷ | 339,260,156 | |
| Feb 23, 2016 | 23.38 | = | 15.82 | ÷ | 0.68 | 0.68 | = | 221,200 | ÷ | 326,963,308 | |
| Feb 25, 2015 | 35.03 | = | 15.84 | ÷ | 0.45 | 0.45 | = | 140,200 | ÷ | 310,058,540 | |
| Feb 20, 2014 | 37.61 | = | 10.86 | ÷ | 0.29 | 0.29 | = | 84,100 | ÷ | 291,241,584 | |
| Feb 21, 2013 | 12.76 | = | 3.53 | ÷ | 0.28 | 0.28 | = | 77,000 | ÷ | 278,319,536 | |
| Feb 23, 2012 | 7.25 | = | 2.80 | ÷ | 0.39 | 0.39 | = | 104,490 | ÷ | 270,520,700 | |
| Mar 3, 2011 | 14.89 | = | 3.65 | ÷ | 0.25 | 0.25 | = | 60,993 | ÷ | 248,832,636 | |
| Mar 9, 2010 | — | = | 2.42 | ÷ | -0.09 | -0.09 | = | -18,445 | ÷ | 211,020,844 | |
| Mar 5, 2009 | — | = | 0.82 | ÷ | -0.21 | -0.21 | = | -38,613 | ÷ | 183,631,844 | |
| Mar 11, 2008 | 23.58 | = | 1.42 | ÷ | 0.06 | 0.06 | = | 7,115 | ÷ | 118,154,984 | |
| Feb 27, 2007 | 4.21 | = | 2.12 | ÷ | 0.50 | 0.50 | = | 56,828 | ÷ | 112,948,312 | |
| Feb 27, 2006 | 8.78 | = | 4.25 | ÷ | 0.48 | 0.48 | = | 49,412 | ÷ | 102,087,440 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of DexCom Inc. Annual Report.
The long-term trajectory of the share price demonstrates substantial growth, ascending from 4.25 USD in 2006 to 107.24 USD by 2023. This appreciation is mirrored by an eventual steady increase in book value per share, which recovered from negative territory in the late 2000s to reach 5.52 USD by 2023. The resulting price-to-book value (P/BV) ratio reveals a history of high market expectations and significant valuation volatility.
- Early Volatility and Equity Deficit
- Between 2006 and 2010, the P/BV ratio experienced extreme fluctuations, peaking at 23.58 in 2008 before becoming non-calculable in 2009 and 2010. This gap in the ratio corresponds with a period of negative book value per share, reaching a low of -0.21 USD in 2009, indicating a period of deficit in shareholders' equity.
- Valuation Expansion Phase
- A period of aggressive valuation expansion is observed between 2011 and 2016. The P/BV ratio climbed sharply, reaching a historical peak of 37.61 in 2014. This indicates that the market price grew at a rate vastly exceeding the growth of the company's underlying net asset value during this interval.
- Stabilization and Asset Growth
- From 2017 through 2023, the P/BV ratio exhibited a trend toward relative stabilization, fluctuating between a low of 11.56 and a high of 26.17. Although the share price continued to rise, the ratio was moderated by a consistent and significant increase in book value per share, which grew from 0.84 USD in 2017 to 5.52 USD in 2023, suggesting a strengthening of the company's balance sheet relative to its market valuation.
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Comparison to Competitors
DexCom Inc., P/BV, long-term trends, comparison to competitors
| DexCom Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 9, 2023 | 19.44 | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| Feb 14, 2022 | 17.55 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 11, 2021 | 21.60 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 13, 2020 | 26.17 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 21, 2019 | 19.84 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 27, 2018 | 11.56 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 28, 2017 | 23.36 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 23, 2016 | 23.38 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 25, 2015 | 35.03 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 20, 2014 | 37.61 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 21, 2013 | 12.76 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 23, 2012 | 7.25 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Mar 3, 2011 | 14.89 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Mar 9, 2010 | — | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Mar 5, 2009 | — | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Mar 11, 2008 | 23.58 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Feb 27, 2007 | 4.21 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Feb 27, 2006 | 8.78 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
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., P/BV, long-term trends, comparison to sector (health care equipment & services)
| DexCom Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 9, 2023 | 19.44 | 263,051.14 |
| Feb 14, 2022 | 17.55 | 5.01 |
| Feb 11, 2021 | 21.60 | 4.30 |
| Feb 13, 2020 | 26.17 | 4.00 |
| Feb 21, 2019 | 19.84 | 3.83 |
| Feb 27, 2018 | 11.56 | 3.44 |
| Feb 28, 2017 | 23.36 | 2.95 |
| Feb 23, 2016 | 23.38 | 2.39 |
| Feb 25, 2015 | 35.03 | 2.94 |
| Feb 20, 2014 | 37.61 | 2.12 |
| Feb 21, 2013 | 12.76 | 1.89 |
| Feb 23, 2012 | 7.25 | 2.39 |
| Mar 3, 2011 | 14.89 | 2.21 |
| Mar 9, 2010 | — | 2.31 |
| Mar 5, 2009 | — | 2.78 |
| Mar 11, 2008 | 23.58 | 3.52 |
| Feb 27, 2007 | 4.21 | 3.80 |
| Feb 27, 2006 | 8.78 | 3.90 |
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., P/BV, long-term trends, comparison to industry (health care)
| DexCom Inc. | Health Care | |
|---|---|---|
| Feb 9, 2023 | 19.44 | 87,112.79 |
| Feb 14, 2022 | 17.55 | 5.48 |
| Feb 11, 2021 | 21.60 | 5.37 |
| Feb 13, 2020 | 26.17 | 5.14 |
| Feb 21, 2019 | 19.84 | 5.17 |
| Feb 27, 2018 | 11.56 | 4.55 |
| Feb 28, 2017 | 23.36 | 4.06 |
| Feb 23, 2016 | 23.38 | 3.62 |
| Feb 25, 2015 | 35.03 | 4.10 |
| Feb 20, 2014 | 37.61 | 3.51 |
| Feb 21, 2013 | 12.76 | 2.87 |
| Feb 23, 2012 | 7.25 | 2.51 |
| Mar 3, 2011 | 14.89 | 2.24 |
| Mar 9, 2010 | — | 2.36 |
| Mar 5, 2009 | — | 2.65 |
| Mar 11, 2008 | 23.58 | 3.45 |
| Feb 27, 2007 | 4.21 | 3.81 |
| Feb 27, 2006 | 8.78 | 3.97 |
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).