Return on Equity (ROE)
since 2005
Calculation
DexCom Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 16.01% | = | 100 | × | 341,200) | ÷ | 2,131,800) |
| Dec 31, 2021 | 6.87% | = | 100 | × | 154,700) | ÷ | 2,251,500) |
| Dec 31, 2020 | 27.02% | = | 100 | × | 493,600) | ÷ | 1,826,500) |
| Dec 31, 2019 | 11.45% | = | 100 | × | 101,100) | ÷ | 882,600) |
| Dec 31, 2018 | -19.16% | = | 100 | × | (127,100) | ÷ | 663,300) |
| Dec 31, 2017 | -11.97% | = | 100 | × | (50,200) | ÷ | 419,400) |
| Dec 31, 2016 | -23.11% | = | 100 | × | (65,600) | ÷ | 283,800) |
| Dec 31, 2015 | -26.04% | = | 100 | × | (57,600) | ÷ | 221,200) |
| Dec 31, 2014 | -15.98% | = | 100 | × | (22,400) | ÷ | 140,200) |
| Dec 31, 2013 | -35.43% | = | 100 | × | (29,800) | ÷ | 84,100) |
| Dec 31, 2012 | -70.78% | = | 100 | × | (54,500) | ÷ | 77,000) |
| Dec 31, 2011 | -42.82% | = | 100 | × | (44,746) | ÷ | 104,490) |
| Dec 31, 2010 | -90.45% | = | 100 | × | (55,170) | ÷ | 60,993) |
| Dec 31, 2009 | — | = | 100 | × | (53,524) | ÷ | (18,445) |
| Dec 31, 2008 | — | = | 100 | × | (55,184) | ÷ | (38,613) |
| Dec 31, 2007 | -644.81% | = | 100 | × | (45,878) | ÷ | 7,115) |
| Dec 31, 2006 | -82.00% | = | 100 | × | (46,599) | ÷ | 56,828) |
| Dec 31, 2005 | -62.52% | = | 100 | × | (30,890) | ÷ | 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 financial trajectory from 2005 to 2022 is characterized by a prolonged period of operational losses followed by a decisive transition to profitability and significant equity expansion.
- Profitability and Net Income Trends
- Net income remained negative for fourteen consecutive years between 2005 and 2018, with losses reaching a peak of US$127.1 million in 2018. A fundamental shift occurred in 2019, marking the first instance of positive net income at US$101.1 million. This growth culminated in a peak of US$493.6 million in 2020, and while income fluctuated in 2021 and 2022, it remained consistently positive.
- Stockholders' Equity Evolution
- Equity experienced significant instability in the early analyzed period, including a period of deficit between 2008 and 2009. Starting in 2010, a sustained upward trend is observed, with equity growing from US$60.99 million in 2010 to US$2.25 billion by 2021. This expansion indicates a substantial increase in the company's book value, coinciding with the shift toward profitability.
- Return on Equity (ROE) Analysis
- ROE remained negative from 2005 through 2018, reflecting the continued net losses. The ratio was highly volatile during the early years, most notably in 2007 when it reached -644.81%. A gradual improvement in the ratio is evident starting in 2013, as losses narrowed relative to the growing equity base. The transition to a positive ROE occurred in 2019 at 11.45%, peaking at 27.02% in 2020 before moderating to 16.01% by the end of 2022.
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Comparison to Competitors
DexCom Inc., ROE, long-term trends, comparison to competitors
| DexCom Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 16.01% | 18.90% | 16.59% | 11.98% | 9.59% | 25.87% |
| Dec 31, 2021 | 6.87% | 19.75% | 16.93% | 14.32% | 7.01% | 24.09% |
| Dec 31, 2020 | 27.02% | 13.71% | 13.77% | 10.90% | 9.44% | 23.52% |
| Dec 31, 2019 | 11.45% | 11.86% | 15.15% | 16.69% | 9.25% | 24.02% |
| Dec 31, 2018 | -19.16% | 7.76% | 13.14% | 16.89% | 6.12% | 23.19% |
| Dec 31, 2017 | -11.97% | 1.54% | 14.50% | 13.97% | 8.01% | 22.10% |
| Dec 31, 2016 | -23.11% | 6.82% | 9.84% | 12.74% | 6.80% | 18.33% |
| Dec 31, 2015 | -26.04% | 20.85% | 11.11% | 13.63% | 5.03% | 17.18% |
| Dec 31, 2014 | -15.98% | 10.61% | 10.60% | 12.39% | 15.76% | 17.31% |
| Dec 31, 2013 | -35.43% | 10.23% | 10.05% | 19.16% | 18.57% | 17.50% |
| Dec 31, 2012 | -70.78% | 22.32% | 11.16% | 18.34% | 21.14% | 17.72% |
| Dec 31, 2011 | -42.82% | 19.35% | 11.36% | 18.71% | 19.39% | 18.17% |
| Dec 31, 2010 | -90.45% | 20.66% | 12.12% | 18.74% | 21.18% | 17.94% |
| Dec 31, 2009 | — | 25.14% | 19.09% | 15.13% | 16.88% | 16.19% |
| Dec 31, 2008 | — | 27.92% | 11.62% | 16.13% | 19.34% | 14.33% |
| Dec 31, 2007 | -644.81% | 20.28% | 14.55% | 16.26% | 25.53% | 23.20% |
| Dec 31, 2006 | -82.00% | 12.22% | 12.59% | 12.22% | 27.14% | 19.99% |
| Dec 31, 2005 | -62.52% | 23.39% | 9.86% | 21.27% | 17.26% | 18.61% |
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., ROE, long-term trends, comparison to sector (health care equipment & services)
| DexCom Inc. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2022 | 16.01% | 18.40% |
| Dec 31, 2021 | 6.87% | 17.28% |
| Dec 31, 2020 | 27.02% | 15.80% |
| Dec 31, 2019 | 11.45% | 15.85% |
| Dec 31, 2018 | -19.16% | 13.28% |
| Dec 31, 2017 | -11.97% | 12.21% |
| Dec 31, 2016 | -23.11% | 10.70% |
| Dec 31, 2015 | -26.04% | 11.84% |
| Dec 31, 2014 | -15.98% | 13.81% |
| Dec 31, 2013 | -35.43% | 14.22% |
| Dec 31, 2012 | -70.78% | 17.99% |
| Dec 31, 2011 | -42.82% | 17.02% |
| Dec 31, 2010 | -90.45% | 17.62% |
| Dec 31, 2009 | — | 19.50% |
| Dec 31, 2008 | — | 17.63% |
| Dec 31, 2007 | -644.81% | 20.02% |
| Dec 31, 2006 | -82.00% | 16.70% |
| Dec 31, 2005 | -62.52% | 16.22% |
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., ROE, long-term trends, comparison to industry (health care)
| DexCom Inc. | Health Care | |
|---|---|---|
| Dec 31, 2022 | 16.01% | 24.82% |
| Dec 31, 2021 | 6.87% | 25.44% |
| Dec 31, 2020 | 27.02% | 16.70% |
| Dec 31, 2019 | 11.45% | 23.30% |
| Dec 31, 2018 | -19.16% | 21.27% |
| Dec 31, 2017 | -11.97% | 13.77% |
| Dec 31, 2016 | -23.11% | 18.53% |
| Dec 31, 2015 | -26.04% | 18.52% |
| Dec 31, 2014 | -15.98% | 19.17% |
| Dec 31, 2013 | -35.43% | 18.81% |
| Dec 31, 2012 | -70.78% | 18.20% |
| Dec 31, 2011 | -42.82% | 15.90% |
| Dec 31, 2010 | -90.45% | 14.85% |
| Dec 31, 2009 | — | 20.14% |
| Dec 31, 2008 | — | 20.29% |
| Dec 31, 2007 | -644.81% | 17.87% |
| Dec 31, 2006 | -82.00% | 20.49% |
| Dec 31, 2005 | -62.52% | 18.28% |
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).