DXCM DXCM

Name: DXCM Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 31, 2026

Price at analysis: $62.22

Crucible Score

64.9

B-

Quality × Value Composite

KQI — Quality

66.0

B-

Fundamental Quality Index

KVI — Value

63.5

C+

Valuation Attractiveness Index

Crucible Verdict — DXCM

DexCom earns a solid B- rating driven by strong financial quality (82) and market position (79), though constrained by weak growth prospects (40) and limited diversification (41). DXCM trades at a 26% discount to fair value despite an 85% earnings beat rate and performance-aligned leadership. The valuation gap suggests the market has overcorrected on growth concerns in this specialized medical device leader.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

81.8

Growth Profile⚠

40.3

Moat Durability

75.0

Management Effectiveness

58.8

Diversification & Resilience⚠

41.0

Market Position

79.0

Weakest dimension: Growth Profile (40.3)

◆ KVI Value Dimensions

DCF Margin of Safety

70.3

FCF Yield & Cash Returns

44.4

Relative Valuation

46.5

Growth-Adjusted Value

79.4

Historical Valuation

94.5

Macro Context

48.8

◆ DCF Valuation Scenarios

Bear Case

$48.73

Base Case

$78.52

Bull Case

$119.84

Price at Analysis

$62.22

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$48.73	8.0%	20.0%	12.7%
🟢 Base	$78.52	11.0%	23.0%	11.9%
🟢 Bull	$119.84	14.0%	26.0%	11.1%

Key Assumptions: DXCM has demonstrated strong revenue growth (~17% 5-yr CAGR) with improving margins (operating margin expanding from ~11% to ~20%) and declining capex intensity. WACC calculated using CAPM with 5.5% ERP and beta of 1.56, yielding ~12.9% base cost of equity; scenarios vary WACC by ~80bps reflecting different risk assessments. Operating margins are anchored to the 13-20% historical range with modest expansion given scale benefits, while revenue growth decelerates from recent levels toward high-single to low-teens rates as the CGM market matures.

◆ Financial Snapshot

Profitability

Gross Margin60.1%

Operating Margin19.6%

Net Margin17.9%

ROIC15.3%

ROE9.5%

Balance Sheet

Balance SheetCR: 1.88

Cash ConversionFCF/EPS: 1.29x

Capital IntensityCapex/Rev: 7.8%

Altman Z-Score6.23 (Safe)

Piotroski F-Score8/9 (Strong)

Growth

Revenue CAGR-33.9% CAGR (suspect)

Earnings CAGR-21.2% CAGR

Growth ConsistencyCV: 2.45

Segment BreadthInsufficient segments

Quarterly TrendRev∆, Margin↑, WC↓, Exp↓

Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOKevin Sayer · 14 years

CEO Ownership< 1%

Compensation92% performance-based

Insider ActivitySelling

Capital AllocationROIC 15.3% vs WACC 12.9%

Earnings Beat Rate85% (19/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 31, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.