DexCom Inc., FCFE 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)
Purchases of property and equipment	(364,800)	(389,200)	(199,000)	(180,000)	(67,100)
Proceeds from issuance of convertible notes, net of issuance costs	—)	—)	1,188,800)	—)	836,600)
Repurchase of convertible notes	—)	—)	(282,600)	—)	—)
Free cash flow to equity (FCFE)	304,700)	53,300)	1,182,800)	134,500)	892,700)

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
FCFE	Free cash flow to equity is the cash flow available to DexCom Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	DexCom Inc. FCFE decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

DexCom Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	386,373,935
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	304,700)
FCFE per share	0.79
Current share price (P)	81.09
Valuation Ratio
P/FCFE	102.83
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	78.40
Cigna Group	8.80
CVS Health Corp.	4.23
Elevance Health Inc.	13.46
Humana Inc.	9.50
Intuitive Surgical Inc.	244.97
Medtronic PLC	18.42
UnitedHealth Group Inc.	18.33
P/FCFE, Sector
Health Care Equipment & Services	18.21
P/FCFE, Industry
Health Care	20.50

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

¹ Click competitor name to see calculations.

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

DexCom Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	386,413,690	388,262,536	384,709,452	366,376,568	360,007,068
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	304,700)	53,300)	1,182,800)	134,500)	892,700)
FCFE per share³	0.79	0.14	3.07	0.37	2.48
Share price^1, 4	107.24	101.75	102.55	63.05	36.56
Valuation Ratio
P/FCFE⁵	136.00	741.20	33.35	171.75	14.74
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	26.11	24.52	38.42	53.19	—
Cigna Group	18.23	10.98	16.30	20.76	—
CVS Health Corp.	12.36	21.23	11.93	18.52	—
Elevance Health Inc.	14.26	11.07	7.75	13.72	—
Humana Inc.	30.99	11.49	8.47	11.73	—
Intuitive Surgical Inc.	89.67	58.39	81.15	57.31	—
Medtronic PLC	19.71	38.91	23.06	26.62	—
UnitedHealth Group Inc.	12.57	20.11	13.93	13.90	—
P/FCFE, Sector
Health Care Equipment & Services	16.47	20.14	16.68	19.46	—
P/FCFE, Industry
Health Care	18.08	16.76	17.08	13.39	—

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 See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 304,700,000 ÷ 386,413,690 = 0.79

⁴ Closing price as at the filing date of DexCom Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 107.24 ÷ 0.79 = 136.00

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	DexCom Inc. P/FCFE ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

DexCom Inc. (NASDAQ:DXCM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical