DXCM — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($73.78)
DCF	$1446.11	+1860.0%
Graham Number	$18.36	-75.1%
Reverse DCF	—	implied g: 18.6%
DDM	—	—
EV/EBITDA	$73.78	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $719.54M

Near-term growth (yrs 1–5)(%)Rev: 13.1% / EPS: 78.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.94%

Computed WACC: 11.94%

Cost of equity (Re)12.48%(Rf 4.30% + β 1.49 × ERP 5.50%)

Cost of debt (Rd)1.02%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)95.37%

Debt weight (D/V)4.63%

Results

Intrinsic Value / share$847.63

Current Price$73.78

Upside / Downside+1048.9%

Net Debt (used)-$602.30M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	70.0%	74.0%	78.0%	82.0%	86.0%
7.0%	$1864.45	$2092.82	$2343.12	$2616.87	$2915.69
8.0%	$1440.06	$1616.13	$1809.09	$2020.11	$2250.45
9.0%	$1151.59	$1292.12	$1446.11	$1614.51	$1798.30
10.0%	$944.28	$1059.27	$1185.27	$1323.04	$1473.40
11.0%	$789.16	$885.06	$990.12	$1104.99	$1230.34

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.10

Book Value / share($)Yahoo: $7.14

Results

Graham Number$18.36

Current Price$73.78

Margin of Safety-75.1%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.94%

Terminal growth rate(%)

Computed WACC: 11.94%

Cost of equity (Re)12.48%(Rf 4.30% + β 1.49 × ERP 5.50%)

Cost of debt (Rd)1.02%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)95.37%

Debt weight (D/V)4.63%

Results

Current Price$73.78

Implied Near-term FCF Growth26.8%

Historical Revenue Growth13.1%

Historical Earnings Growth78.0%

Base FCF (TTM)$719.54M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$73.78

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.16B

Target EV/EBITDA multipleCurrent: 23.9×

Net Debt($B)Default: -$602.30M

Results

Implied Equity Value / share$73.78

Current Price$73.78

Upside / Downside-0.0%

Implied EV$27.79B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$2.60B	-$1.60B	-$602.30M	$397.70M	$1.40B
19.9x	$66.88	$64.28	$61.69	$59.09	$56.49
21.9x	$72.93	$70.33	$67.73	$65.13	$62.54
23.9x	$78.98	$76.38	$73.78	$71.18	$68.58
25.9x	$85.02	$82.42	$79.83	$77.23	$74.63
27.9x	$91.07	$88.47	$85.87	$83.27	$80.68

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