Stock Analysis on Net
Stock Analysis on Net

DexCom Inc. (NASDAQ:DXCM)

This company has been moved to the archive! The financial data has not been updated since October 26, 2023.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

DexCom Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2023 16.62% = 5.72% × 2.91
Jun 30, 2023 17.02% = 5.24% × 3.25
Mar 31, 2023 13.10% = 5.30% × 2.47
Dec 31, 2022 16.01% = 6.33% × 2.53
Sep 30, 2022 12.61% = 4.69% × 2.69
Jun 30, 2022 8.85% = 3.83% × 2.31
Mar 31, 2022 9.67% = 4.19% × 2.31
Dec 31, 2021 6.87% = 3.18% × 2.16
Sep 30, 2021 24.78% = 11.08% × 2.24
Jun 30, 2021 26.56% = 11.78% × 2.25
Mar 31, 2021 27.01% = 11.71% × 2.31
Dec 31, 2020 27.02% = 11.50% × 2.35
Sep 30, 2020 15.41% = 6.03% × 2.56
Jun 30, 2020 15.12% = 5.81% × 2.60
Mar 31, 2020 15.83% = 6.04% × 2.62
Dec 31, 2019 11.45% = 4.22% × 2.71
Sep 30, 2019 -22.41% = -7.84% × 2.86
Jun 30, 2019 -24.77% = -8.25% × 3.00
Mar 31, 2019 -19.41% = -6.58% × 2.95
Dec 31, 2018 -19.16% = -6.63% × 2.89
Sep 30, 2018 — = — × 1.98
Jun 30, 2018 — = — × 2.09
Mar 31, 2018 — = — × 2.13

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

DexCom Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 16.62% = 11.08% × 0.52 × 2.91
Jun 30, 2023 17.02% = 11.18% × 0.47 × 3.25
Mar 31, 2023 13.10% = 9.68% × 0.55 × 2.47
Dec 31, 2022 16.01% = 11.73% × 0.54 × 2.53
Sep 30, 2022 12.61% = 8.24% × 0.57 × 2.69
Jun 30, 2022 8.85% = 7.47% × 0.51 × 2.31
Mar 31, 2022 9.67% = 8.23% × 0.51 × 2.31
Dec 31, 2021 6.87% = 6.32% × 0.50 × 2.16
Sep 30, 2021 24.78% = 22.82% × 0.49 × 2.24
Jun 30, 2021 26.56% = 24.45% × 0.48 × 2.25
Mar 31, 2021 27.01% = 25.36% × 0.46 × 2.31
Dec 31, 2020 27.02% = 25.62% × 0.45 × 2.35
Sep 30, 2020 15.41% = 12.69% × 0.47 × 2.56
Jun 30, 2020 15.12% = 11.93% × 0.49 × 2.60
Mar 31, 2020 15.83% = 9.24% × 0.65 × 2.62
Dec 31, 2019 11.45% = 6.85% × 0.62 × 2.71
Sep 30, 2019 -22.41% = -12.68% × 0.62 × 2.86
Jun 30, 2019 -24.77% = -13.96% × 0.59 × 3.00
Mar 31, 2019 -19.41% = -11.51% × 0.57 × 2.95
Dec 31, 2018 -19.16% = -12.32% × 0.54 × 2.89
Sep 30, 2018 — = — × — × 1.98
Jun 30, 2018 — = — × — × 2.09
Mar 31, 2018 — = — × — × 2.13

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

DexCom Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 16.62% = 0.63 × 0.99 × 17.69% × 0.52 × 2.91
Jun 30, 2023 17.02% = 0.71 × 0.98 × 16.03% × 0.47 × 3.25
Mar 31, 2023 13.10% = 0.70 × 0.97 × 14.33% × 0.55 × 2.47
Dec 31, 2022 16.01% = 0.87 × 0.95 × 14.07% × 0.54 × 2.53
Sep 30, 2022 12.61% = 0.95 × 0.86 × 10.10% × 0.57 × 2.69
Jun 30, 2022 8.85% = 1.07 × 0.76 × 9.24% × 0.51 × 2.31
Mar 31, 2022 9.67% = 1.12 × 0.70 × 10.45% × 0.51 × 2.31
Dec 31, 2021 6.87% = 0.89 × 0.63 × 11.20% × 0.50 × 2.16
Sep 30, 2021 24.78% = 1.96 × 0.73 × 15.94% × 0.49 × 2.24
Jun 30, 2021 26.56% = 2.09 × 0.72 × 16.28% × 0.48 × 2.25
Mar 31, 2021 27.01% = 2.30 × 0.70 × 15.69% × 0.46 × 2.31
Dec 31, 2020 27.02% = 2.19 × 0.73 × 16.07% × 0.45 × 2.35
Sep 30, 2020 15.41% = 0.97 × 0.76 × 17.21% × 0.47 × 2.56
Jun 30, 2020 15.12% = 0.98 × 0.76 × 16.01% × 0.49 × 2.60
Mar 31, 2020 15.83% = 0.97 × 0.72 × 13.37% × 0.65 × 2.62
Dec 31, 2019 11.45% = 0.97 × 0.63 × 11.14% × 0.62 × 2.71
Sep 30, 2019 -22.41% = — × — × -8.42% × 0.62 × 2.86
Jun 30, 2019 -24.77% = — × — × -10.23% × 0.59 × 3.00
Mar 31, 2019 -19.41% = — × — × -8.54% × 0.57 × 2.95
Dec 31, 2018 -19.16% = — × — × -10.06% × 0.54 × 2.89
Sep 30, 2018 — = — × — × — × — × 1.98
Jun 30, 2018 — = — × — × — × — × 2.09
Mar 31, 2018 — = — × — × — × — × 2.13

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

DexCom Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2023 5.72% = 11.08% × 0.52
Jun 30, 2023 5.24% = 11.18% × 0.47
Mar 31, 2023 5.30% = 9.68% × 0.55
Dec 31, 2022 6.33% = 11.73% × 0.54
Sep 30, 2022 4.69% = 8.24% × 0.57
Jun 30, 2022 3.83% = 7.47% × 0.51
Mar 31, 2022 4.19% = 8.23% × 0.51
Dec 31, 2021 3.18% = 6.32% × 0.50
Sep 30, 2021 11.08% = 22.82% × 0.49
Jun 30, 2021 11.78% = 24.45% × 0.48
Mar 31, 2021 11.71% = 25.36% × 0.46
Dec 31, 2020 11.50% = 25.62% × 0.45
Sep 30, 2020 6.03% = 12.69% × 0.47
Jun 30, 2020 5.81% = 11.93% × 0.49
Mar 31, 2020 6.04% = 9.24% × 0.65
Dec 31, 2019 4.22% = 6.85% × 0.62
Sep 30, 2019 -7.84% = -12.68% × 0.62
Jun 30, 2019 -8.25% = -13.96% × 0.59
Mar 31, 2019 -6.58% = -11.51% × 0.57
Dec 31, 2018 -6.63% = -12.32% × 0.54
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2023 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

DexCom Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2023 5.72% = 0.63 × 0.99 × 17.69% × 0.52
Jun 30, 2023 5.24% = 0.71 × 0.98 × 16.03% × 0.47
Mar 31, 2023 5.30% = 0.70 × 0.97 × 14.33% × 0.55
Dec 31, 2022 6.33% = 0.87 × 0.95 × 14.07% × 0.54
Sep 30, 2022 4.69% = 0.95 × 0.86 × 10.10% × 0.57
Jun 30, 2022 3.83% = 1.07 × 0.76 × 9.24% × 0.51
Mar 31, 2022 4.19% = 1.12 × 0.70 × 10.45% × 0.51
Dec 31, 2021 3.18% = 0.89 × 0.63 × 11.20% × 0.50
Sep 30, 2021 11.08% = 1.96 × 0.73 × 15.94% × 0.49
Jun 30, 2021 11.78% = 2.09 × 0.72 × 16.28% × 0.48
Mar 31, 2021 11.71% = 2.30 × 0.70 × 15.69% × 0.46
Dec 31, 2020 11.50% = 2.19 × 0.73 × 16.07% × 0.45
Sep 30, 2020 6.03% = 0.97 × 0.76 × 17.21% × 0.47
Jun 30, 2020 5.81% = 0.98 × 0.76 × 16.01% × 0.49
Mar 31, 2020 6.04% = 0.97 × 0.72 × 13.37% × 0.65
Dec 31, 2019 4.22% = 0.97 × 0.63 × 11.14% × 0.62
Sep 30, 2019 -7.84% = — × — × -8.42% × 0.62
Jun 30, 2019 -8.25% = — × — × -10.23% × 0.59
Mar 31, 2019 -6.58% = — × — × -8.54% × 0.57
Dec 31, 2018 -6.63% = — × — × -10.06% × 0.54
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2023 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

DexCom Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2023 11.08% = 0.63 × 0.99 × 17.69%
Jun 30, 2023 11.18% = 0.71 × 0.98 × 16.03%
Mar 31, 2023 9.68% = 0.70 × 0.97 × 14.33%
Dec 31, 2022 11.73% = 0.87 × 0.95 × 14.07%
Sep 30, 2022 8.24% = 0.95 × 0.86 × 10.10%
Jun 30, 2022 7.47% = 1.07 × 0.76 × 9.24%
Mar 31, 2022 8.23% = 1.12 × 0.70 × 10.45%
Dec 31, 2021 6.32% = 0.89 × 0.63 × 11.20%
Sep 30, 2021 22.82% = 1.96 × 0.73 × 15.94%
Jun 30, 2021 24.45% = 2.09 × 0.72 × 16.28%
Mar 31, 2021 25.36% = 2.30 × 0.70 × 15.69%
Dec 31, 2020 25.62% = 2.19 × 0.73 × 16.07%
Sep 30, 2020 12.69% = 0.97 × 0.76 × 17.21%
Jun 30, 2020 11.93% = 0.98 × 0.76 × 16.01%
Mar 31, 2020 9.24% = 0.97 × 0.72 × 13.37%
Dec 31, 2019 6.85% = 0.97 × 0.63 × 11.14%
Sep 30, 2019 -12.68% = — × — × -8.42%
Jun 30, 2019 -13.96% = — × — × -10.23%
Mar 31, 2019 -11.51% = — × — × -8.54%
Dec 31, 2018 -12.32% = — × — × -10.06%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in net profit margin ratio over Q3 2023 is the decrease in effect of taxes measured by tax burden ratio.