Price to Earnings (P/E)
since 2005
Calculation
DexCom Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 121.45 | = | 107.24 | ÷ | 0.88 | 0.88 | = | 341,200 | ÷ | 386,413,690 | |
| Feb 14, 2022 | 255.37 | = | 101.75 | ÷ | 0.40 | 0.40 | = | 154,700 | ÷ | 388,262,536 | |
| Feb 11, 2021 | 79.93 | = | 102.55 | ÷ | 1.28 | 1.28 | = | 493,600 | ÷ | 384,709,452 | |
| Feb 13, 2020 | 228.49 | = | 63.05 | ÷ | 0.28 | 0.28 | = | 101,100 | ÷ | 366,376,568 | |
| Feb 21, 2019 | — | = | 36.56 | ÷ | -0.35 | -0.35 | = | -127,100 | ÷ | 360,007,068 | |
| Feb 27, 2018 | — | = | 13.93 | ÷ | -0.14 | -0.14 | = | -50,200 | ÷ | 347,988,632 | |
| Feb 28, 2017 | — | = | 19.54 | ÷ | -0.19 | -0.19 | = | -65,600 | ÷ | 339,260,156 | |
| Feb 23, 2016 | — | = | 15.82 | ÷ | -0.18 | -0.18 | = | -57,600 | ÷ | 326,963,308 | |
| Feb 25, 2015 | — | = | 15.84 | ÷ | -0.07 | -0.07 | = | -22,400 | ÷ | 310,058,540 | |
| Feb 20, 2014 | — | = | 10.86 | ÷ | -0.10 | -0.10 | = | -29,800 | ÷ | 291,241,584 | |
| Feb 21, 2013 | — | = | 3.53 | ÷ | -0.20 | -0.20 | = | -54,500 | ÷ | 278,319,536 | |
| Feb 23, 2012 | — | = | 2.80 | ÷ | -0.17 | -0.17 | = | -44,746 | ÷ | 270,520,700 | |
| Mar 3, 2011 | — | = | 3.65 | ÷ | -0.22 | -0.22 | = | -55,170 | ÷ | 248,832,636 | |
| Mar 9, 2010 | — | = | 2.42 | ÷ | -0.25 | -0.25 | = | -53,524 | ÷ | 211,020,844 | |
| Mar 5, 2009 | — | = | 0.82 | ÷ | -0.30 | -0.30 | = | -55,184 | ÷ | 183,631,844 | |
| Mar 11, 2008 | — | = | 1.42 | ÷ | -0.39 | -0.39 | = | -45,878 | ÷ | 118,154,984 | |
| Feb 27, 2007 | — | = | 2.12 | ÷ | -0.41 | -0.41 | = | -46,599 | ÷ | 112,948,312 | |
| Feb 27, 2006 | — | = | 4.25 | ÷ | -0.30 | -0.30 | = | -30,890 | ÷ | 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 financial trajectory exhibits a transition from a prolonged period of negative earnings to a phase of profitability characterized by high market valuation multiples. Share prices remained relatively low between 2006 and 2013, followed by a period of steady growth and an eventual exponential increase starting in 2019.
- Earnings Per Share (EPS) Trends
- Earnings per share remained consistently negative from 2006 through 2019, indicating a long-term phase of operational losses. A pivot to profitability occurred in 2020 with an EPS of 0.28. Performance peaked in 2021 at 1.28, followed by a contraction to 0.40 in 2022, before recovering to 0.88 in 2023.
- Share Price Evolution
- The share price showed significant long-term appreciation, moving from a period of volatility and lows—reaching 0.82 in 2009—to a sustained upward trend. The most rapid acceleration is observed between 2018 and 2021, during which the price rose from 13.93 to 102.55, eventually stabilizing above 100.00 through 2023.
- Price to Earnings (P/E) Ratio Analysis
- P/E ratios are only observable from 2020 onward, coinciding with the transition to positive earnings. The ratios are characterized by high volatility and aggressive valuation multiples. A peak of 228.49 was recorded in 2020, which declined to 79.93 in 2021 as EPS increased. A subsequent spike to 255.37 occurred in 2022, driven by a decrease in EPS while the share price remained high. The ratio moderated to 121.45 in 2023 as earnings improved.
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Comparison to Competitors
DexCom Inc., P/E, long-term trends, comparison to competitors
| DexCom Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 9, 2023 | 121.45 | 26.76 | 9,358,713.46 | 64.99 | 23.38 | 22.46 |
| Feb 14, 2022 | 255.37 | 29.13 | 18.13 | 59.94 | 46.56 | 26.03 |
| Feb 11, 2021 | 79.93 | 48.49 | 15.87 | 87.47 | 26.30 | 20.54 |
| Feb 13, 2020 | 228.49 | 41.83 | 15.96 | 48.72 | 28.78 | 20.48 |
| Feb 21, 2019 | — | 56.47 | 21.45 | 53.03 | 37.80 | 21.09 |
| Feb 27, 2018 | — | 220.29 | 15.44 | 70.95 | 29.96 | 20.77 |
| Feb 28, 2017 | — | 55.16 | 17.48 | 37.16 | 33.17 | 21.73 |
| Feb 23, 2016 | — | 12.83 | 12.99 | 34.24 | 40.56 | 18.18 |
| Feb 25, 2015 | — | 31.30 | 15.29 | 44.77 | 20.75 | 18.50 |
| Feb 20, 2014 | — | 23.25 | 9.95 | 22.82 | 14.99 | 12.35 |
| Feb 21, 2013 | — | 9.24 | 7.09 | 35.05 | 10.57 | 10.58 |
| Feb 23, 2012 | — | 18.67 | 8.36 | 39.05 | 13.37 | 10.78 |
| Mar 3, 2011 | — | 15.68 | 8.74 | 33.85 | 12.65 | 10.01 |
| Mar 9, 2010 | — | 14.69 | 5.53 | 54.30 | 17.11 | 9.91 |
| Mar 5, 2009 | — | 17.11 | 8.26 | 21.99 | 26.02 | 11.66 |
| Mar 11, 2008 | — | 23.82 | 12.02 | 79.87 | 20.81 | 12.85 |
| Feb 27, 2007 | — | 48.17 | 16.05 | 58.08 | 21.31 | 17.58 |
| Feb 27, 2006 | — | 20.03 | 20.66 | 36.68 | 35.12 | 24.20 |
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/E, long-term trends, comparison to sector (health care equipment & services)
| DexCom Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 9, 2023 | 121.45 | 1,429,718.32 |
| Feb 14, 2022 | 255.37 | 28.98 |
| Feb 11, 2021 | 79.93 | 27.23 |
| Feb 13, 2020 | 228.49 | 25.22 |
| Feb 21, 2019 | — | 28.84 |
| Feb 27, 2018 | — | 28.17 |
| Feb 28, 2017 | — | 27.54 |
| Feb 23, 2016 | — | 20.20 |
| Feb 25, 2015 | — | 21.28 |
| Feb 20, 2014 | — | 14.93 |
| Feb 21, 2013 | — | 10.51 |
| Feb 23, 2012 | — | 14.07 |
| Mar 3, 2011 | — | 12.56 |
| Mar 9, 2010 | — | 11.86 |
| Mar 5, 2009 | — | 15.75 |
| Mar 11, 2008 | — | 17.58 |
| Feb 27, 2007 | — | 22.77 |
| Feb 27, 2006 | — | 24.03 |
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/E, long-term trends, comparison to industry (health care)
| DexCom Inc. | Health Care | |
|---|---|---|
| Feb 9, 2023 | 121.45 | 351,256.81 |
| Feb 14, 2022 | 255.37 | 21.55 |
| Feb 11, 2021 | 79.93 | 32.22 |
| Feb 13, 2020 | 228.49 | 22.09 |
| Feb 21, 2019 | — | 24.32 |
| Feb 27, 2018 | — | 33.04 |
| Feb 28, 2017 | — | 21.90 |
| Feb 23, 2016 | — | 19.53 |
| Feb 25, 2015 | — | 21.38 |
| Feb 20, 2014 | — | 18.67 |
| Feb 21, 2013 | — | 15.77 |
| Feb 23, 2012 | — | 15.79 |
| Mar 3, 2011 | — | 15.12 |
| Mar 9, 2010 | — | 11.71 |
| Mar 5, 2009 | — | 13.07 |
| Mar 11, 2008 | — | 19.29 |
| Feb 27, 2007 | — | 18.61 |
| Feb 27, 2006 | — | 21.71 |
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).