DexCom Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	341,200)	154,700)	493,600)	101,100)	(127,100)
Net noncash charges	301,600)	419,800)	2,800)	207,300)	291,200)
Changes in operating assets and liabilities	26,700)	(132,000)	(20,800)	6,100)	(40,900)
Net cash provided by operating activities	669,500)	442,500)	475,600)	314,500)	123,200)
Cash paid during the year for interest, net of tax¹	10,652)	10,319)	8,374)	10,090)	2,844)
Purchases of property and equipment	(364,800)	(389,200)	(199,000)	(180,000)	(67,100)
Free cash flow to the firm (FCFF)	315,352)	63,619)	284,974)	144,590)	58,944)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the DexCom Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	DexCom Inc. FCFF decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

DexCom Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	12.69%	11.04%	21.00%	2.98%	21.00%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	12,200)	11,600)	10,600)	10,400)	3,600)
Less: Cash paid during the year for interest, tax²	1,548)	1,281)	2,226)	310)	756)
Cash paid during the year for interest, net of tax	10,652)	10,319)	8,374)	10,090)	2,844)

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).

¹ See details »

² 2022 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 12,200 × 12.69% = 1,548

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DexCom Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	30,908,961)
Free cash flow to the firm (FCFF)	315,352)
Valuation Ratio
EV/FCFF	98.01
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	33.53
Cigna Group	10.27
CVS Health Corp.	10.06
Elevance Health Inc.	15.35
Humana Inc.	9.67
Intuitive Surgical Inc.	181.87
Medtronic PLC	26.10
UnitedHealth Group Inc.	18.43
EV/FCFF, Sector
Health Care Equipment & Services	17.76
EV/FCFF, Industry
Health Care	19.92

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

DexCom Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	41,016,904)	38,537,513)	38,474,254)	22,641,443)	12,793,858)
Free cash flow to the firm (FCFF)²	315,352)	63,619)	284,974)	144,590)	58,944)
Valuation Ratio
EV/FCFF³	130.07	605.75	135.01	156.59	217.05
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	23.24	23.47	36.94	33.05	—
Cigna Group	13.38	14.17	9.16	10.24	—
CVS Health Corp.	10.00	10.30	9.42	12.30	—
Elevance Health Inc.	13.32	12.74	6.04	12.73	—
Humana Inc.	14.88	42.03	7.92	8.46	—
Intuitive Surgical Inc.	85.45	56.01	76.70	54.58	—
Medtronic PLC	20.32	33.84	21.43	22.07	27.88
UnitedHealth Group Inc.	19.30	22.21	15.82	17.51	—
EV/FCFF, Sector
Health Care Equipment & Services	17.28	19.60	14.85	16.66	—
EV/FCFF, Industry
Health Care	17.99	17.44	18.06	18.43	—

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).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 41,016,904 ÷ 315,352 = 130.07

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	DexCom Inc. EV/FCFF ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

DexCom Inc. (NASDAQ:DXCM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical