Name: DexCom Inc. (NASDAQ:DXCM) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

DexCom Inc., current enterprise value calculation

Current share price (P)	$81.09
No. shares of common stock outstanding	386,373,935
US$ in thousands
Common equity (market value)¹	31,331,062)
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (per books)	—)
Total equity	31,331,062)
Add: Short-term finance lease liabilities (per books)	4,200)
Add: Current portion of long-term senior convertible notes (per books)	772,600)
Add: Long-term senior convertible notes (per books)	1,197,700)
Add: Long-term finance lease liabilities (per books)	59,600)
Total equity and debt	33,365,162)
Less: Cash and cash equivalents	642,300)
Less: Short-term marketable securities	1,813,900)
Enterprise value (EV)	30,908,962)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 81.09 × 386,373,935

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DexCom Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$107.24	$101.75	$102.55	$63.05	$36.56
No. shares of common stock outstanding¹	386,413,690	388,262,536	384,709,452	366,376,568	360,007,068
US$ in thousands
Common equity (market value)³	41,439,004)	39,505,713)	39,451,954)	23,100,043)	13,161,858)
Add: Preferred stock, $0.001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	41,439,004)	39,505,713)	39,451,954)	23,100,043)	13,161,858)
Add: Short-term finance lease liabilities (book value)	4,200)	3,300)	8,800)	600)	—)
Add: Current portion of long-term senior convertible notes (book value)	772,600)	—)	—)	—)	—)
Add: Long-term senior convertible notes (book value)	1,197,700)	1,702,700)	1,667,200)	1,059,700)	1,010,300)
Add: Long-term finance lease liabilities (book value)	59,600)	57,000)	54,000)	14,400)	7,300)
Total equity and debt	43,473,104)	41,268,713)	41,181,954)	24,174,743)	14,179,458)
Less: Cash and cash equivalents	642,300)	1,052,600)	817,600)	446,200)	1,137,000)
Less: Short-term marketable securities	1,813,900)	1,678,600)	1,890,100)	1,087,100)	248,600)
Enterprise value (EV)	41,016,904)	38,537,513)	38,474,254)	22,641,443)	12,793,858)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of DexCom Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 107.24 × 386,413,690

The company exhibited a period of aggressive valuation growth between 2018 and 2020, which transitioned into a phase of stabilization from 2021 through 2022. The trajectory of the enterprise value reflects a strong expansion in market perception and capital scale over the five-year period.

Enterprise Value Growth Trends: The enterprise value increased from 12.79 billion US dollars in 2018 to 41.02 billion US dollars by the end of 2022. The most significant acceleration occurred between 2019 and 2020, where the value rose from 22.64 billion to 38.47 billion US dollars, representing an increase of approximately 70% in a single fiscal year. Growth rates decelerated sharply thereafter, with a marginal increase observed between 2020 and 2021, followed by a more modest climb to 41.02 billion US dollars in 2022.
Market Valuation and Equity Analysis: Common equity market value followed a nearly identical trajectory to the enterprise value, rising from 13.16 billion US dollars in 2018 to 41.44 billion US dollars in 2022. The alignment of common equity market value and total equity across all reported periods suggests that the company's valuation is primarily driven by equity market performance.
Capital Structure and Net Debt Implications: A consistent variance is observed between total equity and debt and the calculated enterprise value. Throughout the reported period, the enterprise value remained lower than the market value of common equity. For instance, in 2022, the enterprise value of 41.02 billion US dollars was lower than the common equity market value of 41.44 billion US dollars. This pattern indicates the maintenance of a net cash position, where cash and cash equivalents offset total debt, thereby reducing the total enterprise value relative to the market capitalization.

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DexCom Inc. (NASDAQ:DXCM)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)