| Intrinsic Valuation of: DXCM | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 1 | Market Cap | $33B | |||||
| 2021 | - | - (-) | P/E Ratio | 63 | Total Asset | $6B | |||||
| 2022 | $53M | - (-) | Net Income | $576M | Total Debt | $1B | |||||
| 2023 | $305M | 471.7% (381.0%) | EBITDA | $946M | Total Liab | $4B | |||||
| 2024 | $512M | 68.0% (35.0%) | Opr Margin | 0.15 | Debt/Equity | 0.59 | |||||
| 2025 | $631M | 23.2% (10.7%) | PreTax Margin | 14.41 | BV/Share | 5 | |||||
| 5Y Average FCF | $375M | 187.6% (142.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $788M | MBG Intrinsic Value | $12 | ||||||||
| 2027 | $985M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $50B | Net Worth/Share | $5 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $39B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $606M | $98 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $1B | WACC | 7.3% | 85 | 92 | 101 | 111 | 124 | |||
| Equity Value | $39B | 7.4% | 84 | 91 | 99 | 109 | 122 | ||||
| Shares Outstanding | 392,107,008 | 7.4% | 84 | 90 | 98 | 108 | 120 | ||||
| 7.9% | 76 | 82 | 88 | 96 | 106 | ||||||
| DCF Intrinsic Value | $98 | 8.4% | 70 | 75 | 80 | 86 | 94 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||