DXCMDEXCOM INC

Surgical & Medical Instruments & Apparatus

Revenue: $4.7B; 16% YoY
Operating margin: 19.6%; 31% YoY
EBITDA: $1.2B; 42% YoY
Market cap: $30.7B
Employees: 11,100; $420K revenue each
Net debt / EBITDA: -0.8×; −$959M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
172% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
35% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$420K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$30.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.4B	$2.9B	$3.6B	$4.0B	$4.7B	16%
Operating income	$266M	$391M	$598M	$600M	$912M	52%
Net income	$217M	$341M	$542M	$576M	$836M	45%
Operating cash flow	$443M	$670M	$749M	$990M	$1.4B	46%
Capex	$389M	$365M	$237M	$359M	$364M	1.3%
Stock-based comp	$113M	$127M	$151M	$170M	$160M	6.3%
Buybacks	$0	$558M	$689M	$750M	$500M	33%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $13M · 32
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	72	79
FY2024	—	—	84	79
FY2023	—	—	134	75
FY2022	—	—	123	79
FY2021	—	—	145	104