Intrinsic Valuation of: DXCM
	Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF (FCF/Revenue)
	2020		-	-		EPS (FY)	2		Market Cap	$24B
	2021		-	- (-)		P/E Ratio	26		Total Asset	$6B
	2022		$305M	- (-)		Net Income	$836M		Total Debt	$1B
	2023		$512M	68.0% (35.0%)		EBITDA	$1B		Total Liab	$4B
	2024		$631M	23.2% (10.7%)		Opr Margin	19.56		Debt/Equity	0.45
	2025		$1B	70.8% (47.8%)		PreTax Margin	19.17		BV/Share	7
	5Y Average FCF		$631M	15.0% (31.2%)
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.0
	Perpetual Growth Rate (g):	2.48%				Historical US Bond Yield:			4.40%
	Discount Rate (WACC):	10.75%				Current US Bond Yield:			3.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection (15.0%)
	2026		$1B			MBG Intrinsic Value			$21
	2027		$1B
	2028		$1B
	2029		$1B
	2030		$2B
	2031		$2B
	Terminal Value		$19B			Net Worth/Share			$7
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$16B				Growth Rate
	(+) Cash & Cash Equivalents	$918M			$41	1.5%	2.0%	2.5%	3.0%	3.5%
	(-) Total Debt	$1B		WACC	8.8%	49	51	55	58	63
	Equity Value	$16B			9.8%	43	45	47	49	52
	Shares Outstanding	385,872,977			10.8%	38	39	41	43	45
					11.8%	34	35	36	38	39
	DCF Intrinsic Value	$41			12.8%	31	32	33	34	35
Analyzed by QuantJuice (2025)