Price to Sales (P/S)
since 2005
Calculation
DexCom Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 14.24 | = | 107.24 | ÷ | 7.53 | 7.53 | = | 2,909,800 | ÷ | 386,413,690 | |
| Feb 14, 2022 | 16.13 | = | 101.75 | ÷ | 6.31 | 6.31 | = | 2,448,500 | ÷ | 388,262,536 | |
| Feb 11, 2021 | 20.48 | = | 102.55 | ÷ | 5.01 | 5.01 | = | 1,926,700 | ÷ | 384,709,452 | |
| Feb 13, 2020 | 15.65 | = | 63.05 | ÷ | 4.03 | 4.03 | = | 1,476,000 | ÷ | 366,376,568 | |
| Feb 21, 2019 | 12.76 | = | 36.56 | ÷ | 2.87 | 2.87 | = | 1,031,600 | ÷ | 360,007,068 | |
| Feb 27, 2018 | 6.75 | = | 13.93 | ÷ | 2.06 | 2.06 | = | 718,500 | ÷ | 347,988,632 | |
| Feb 28, 2017 | 11.56 | = | 19.54 | ÷ | 1.69 | 1.69 | = | 573,300 | ÷ | 339,260,156 | |
| Feb 23, 2016 | 12.87 | = | 15.82 | ÷ | 1.23 | 1.23 | = | 402,000 | ÷ | 326,963,308 | |
| Feb 25, 2015 | 18.95 | = | 15.84 | ÷ | 0.84 | 0.84 | = | 259,200 | ÷ | 310,058,540 | |
| Feb 20, 2014 | 19.77 | = | 10.86 | ÷ | 0.55 | 0.55 | = | 160,000 | ÷ | 291,241,584 | |
| Feb 21, 2013 | 9.83 | = | 3.53 | ÷ | 0.36 | 0.36 | = | 99,900 | ÷ | 278,319,536 | |
| Feb 23, 2012 | 9.93 | = | 2.80 | ÷ | 0.28 | 0.28 | = | 76,266 | ÷ | 270,520,700 | |
| Mar 3, 2011 | 18.68 | = | 3.65 | ÷ | 0.20 | 0.20 | = | 48,631 | ÷ | 248,832,636 | |
| Mar 9, 2010 | 17.20 | = | 2.42 | ÷ | 0.14 | 0.14 | = | 29,693 | ÷ | 211,020,844 | |
| Mar 5, 2009 | 15.31 | = | 0.82 | ÷ | 0.05 | 0.05 | = | 9,838 | ÷ | 183,631,844 | |
| Mar 11, 2008 | 36.26 | = | 1.42 | ÷ | 0.04 | 0.04 | = | 4,627 | ÷ | 118,154,984 | |
| Feb 27, 2007 | 110.35 | = | 2.12 | ÷ | 0.02 | 0.02 | = | 2,170 | ÷ | 112,948,312 | |
| Feb 27, 2006 | — | = | 4.25 | ÷ | 0.00 | 0.00 | = | 0 | ÷ | 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 data reveals a significant evolution in the valuation of the company from 2007 to 2023, characterized by an initial period of extreme volatility in the price-to-sales (P/S) ratio followed by a phase of relative stabilization and growth.
- Early Valuation Volatility (2007–2010)
- An exceptionally high P/S ratio of 110.35 was recorded in 2007, which is attributed to a very low sales per share base of 0.02 US$. As sales per share increased to 0.14 US$ by 2010, the P/S ratio underwent a rapid correction, descending to 17.20. This period indicates a transition from speculative valuation to a more fundamental-based pricing model.
- Stabilization and Valuation Dip (2011–2018)
- Between 2011 and 2018, the P/S ratio largely fluctuated within a range of 6.75 to 19.77. Despite a steady climb in sales per share from 0.20 US$ to 2.06 US$, the valuation reached its lowest point in 2018 with a P/S ratio of 6.75. This divergence suggests a period where share price growth lagged behind the expansion of top-line revenue.
- Expansion and Modern Valuation (2019–2023)
- A marked acceleration in share price is observed from 2019 onwards, rising from 36.56 US$ to a peak of 107.24 US$ in 2023. The P/S ratio responded with an upward trend, peaking at 20.48 in 2021. By 2023, the ratio moderated to 14.24, reflecting a balance between the substantial growth in sales per share—which reached 7.53 US$—and the sustained high market valuation of the equity.
Overall, the data demonstrates a consistent and accelerating growth trajectory in sales per share over the 17-year period. The P/S ratio has evolved from an unsustainable peak driven by minimal revenue to a more stable premium valuation, reflecting the market's ongoing assessment of the company's revenue-generating capacity.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
DexCom Inc., P/S, long-term trends, comparison to competitors
| DexCom Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 9, 2023 | 14.24 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| Feb 14, 2022 | 16.13 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Feb 11, 2021 | 20.48 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Feb 13, 2020 | 15.65 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Feb 21, 2019 | 12.76 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Feb 27, 2018 | 6.75 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Feb 28, 2017 | 11.56 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Feb 23, 2016 | 12.87 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Feb 25, 2015 | 18.95 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Feb 20, 2014 | 19.77 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Feb 21, 2013 | 9.83 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Feb 23, 2012 | 9.93 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Mar 3, 2011 | 18.68 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Mar 9, 2010 | 17.20 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Mar 5, 2009 | 15.31 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Mar 11, 2008 | 36.26 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Feb 27, 2007 | 110.35 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Feb 27, 2006 | — | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| DexCom Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 9, 2023 | 14.24 | 100,807.66 |
| Feb 14, 2022 | 16.13 | 2.07 |
| Feb 11, 2021 | 20.48 | 1.86 |
| Feb 13, 2020 | 15.65 | 1.74 |
| Feb 21, 2019 | 12.76 | 1.69 |
| Feb 27, 2018 | 6.75 | 1.58 |
| Feb 28, 2017 | 11.56 | 1.30 |
| Feb 23, 2016 | 12.87 | 1.17 |
| Feb 25, 2015 | 18.95 | 1.23 |
| Feb 20, 2014 | 19.77 | 0.95 |
| Feb 21, 2013 | 9.83 | 0.85 |
| Feb 23, 2012 | 9.93 | 1.04 |
| Mar 3, 2011 | 18.68 | 0.96 |
| Mar 9, 2010 | 17.20 | 1.02 |
| Mar 5, 2009 | 15.31 | 1.08 |
| Mar 11, 2008 | 36.26 | 1.48 |
| Feb 27, 2007 | 110.35 | 1.64 |
| Feb 27, 2006 | — | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| DexCom Inc. | Health Care | |
|---|---|---|
| Feb 9, 2023 | 14.24 | 51,413.66 |
| Feb 14, 2022 | 16.13 | 3.28 |
| Feb 11, 2021 | 20.48 | 3.31 |
| Feb 13, 2020 | 15.65 | 3.21 |
| Feb 21, 2019 | 12.76 | 3.07 |
| Feb 27, 2018 | 6.75 | 3.06 |
| Feb 28, 2017 | 11.56 | 2.80 |
| Feb 23, 2016 | 12.87 | 2.72 |
| Feb 25, 2015 | 18.95 | 3.08 |
| Feb 20, 2014 | 19.77 | 2.81 |
| Feb 21, 2013 | 9.83 | 2.20 |
| Feb 23, 2012 | 9.93 | 1.90 |
| Mar 3, 2011 | 18.68 | 1.80 |
| Mar 9, 2010 | 17.20 | 2.08 |
| Mar 5, 2009 | 15.31 | 1.70 |
| Mar 11, 2008 | 36.26 | 2.42 |
| Feb 27, 2007 | 110.35 | 2.85 |
| Feb 27, 2006 | — | 3.17 |
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).