DXCM (DexCom) Beneish M-Score: -3.16 (As of Jun. 24, 2026)

What is DexCom Beneish M-Score?

DexCom DXCM +1.18% 90 Beneish M-Score is -3.16 as of Jun. 24, 2026. GuruFocus rates DXCM with a GF Score™ of 90/100 and a GF Value™ of $103.50 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 765 Medical Devices & Instruments companies, DexCom ranks better than 82.48% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for DexCom's Beneish M-Score or its related term are showing as below:

DXCM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.71 Med: -2.53 Max: 0.26
Current: -3.16

During the past 13 years, the highest Beneish M-Score of DexCom was 0.26. The lowest was -3.71. And the median was -2.53.

DexCom Beneish M-Score Related Terms

DexCom Beneish M-Score Historical Data

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The historical data trend for DexCom's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

DexCom Beneish M-Score Chart

DexCom Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.45

-2.19

-2.41

-2.63

-2.75

DexCom Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-2.35	-2.84	-2.75	-3.16

DXCM vs GEHC, STE, ZBH: Beneish M-Score Comparison

For the Medical Devices subindustry, DexCom's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

DexCom Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, DexCom's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DexCom's Beneish M-Score falls into.

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DexCom Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of DexCom for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8133

0.528 * 0.9663

0.404 * 0.8794

0.892 * 1.1615

0.115 * 0.9979

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8974

4.679 * -0.141001

0.327 * 0.8315

-3.16

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $1,105 Mil.
Revenue was 1191.9 + 1259.6 + 1209.3 + 1157.1 = $4,818 Mil.
Gross Profit was 750.3 + 792.7 + 731.4 + 688.8 = $2,963 Mil.
Total Current Assets was $4,332 Mil.
Total Assets was $6,633 Mil.
Property, Plant and Equipment(Net PPE) was $1,633 Mil.
Depreciation, Depletion and Amortization(DDA) was $259 Mil.
Selling, General, & Admin. Expense(SGA) was $1,331 Mil.
Total Current Liabilities was $2,224 Mil.
Long-Term Debt & Capital Lease Obligation was $1,364 Mil.
Net Income was 199.5 + 267.3 + 283.8 + 179.8 = $930 Mil.
Non Operating Income was -2.2 + -1.6 + 81.8 + 5.2 = $83 Mil.
Cash Flow from Operations was 525.6 + 294 + 659.9 + 303 = $1,783 Mil.

Total Receivables was $1,170 Mil.
Revenue was 1036 + 1113.5 + 994.2 + 1004.3 = $4,148 Mil.
Gross Profit was 589 + 655.8 + 593.8 + 626.7 = $2,465 Mil.
Total Current Assets was $4,554 Mil.
Total Assets was $6,752 Mil.
Property, Plant and Equipment(Net PPE) was $1,424 Mil.
Depreciation, Depletion and Amortization(DDA) was $225 Mil.
Selling, General, & Admin. Expense(SGA) was $1,277 Mil.
Total Current Liabilities was $3,037 Mil.
Long-Term Debt & Capital Lease Obligation was $1,355 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1105.2 / 4817.9)	/	(1169.9 / 4148)
	=	0.229395	/	0.28204
	=	0.8133

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(2465.3 / 4148)	/	(2963.2 / 4817.9)
	=	0.594335	/	0.61504
	=	0.9663

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (4331.7 + 1632.8) / 6633.3)	/	(1 - (4553.8 + 1423.8) / 6751.7)
	=	0.100825	/	0.114653
	=	0.8794

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	4817.9	/	4148
	=	1.1615

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(225.2 / (225.2 + 1423.8))	/	(258.9 / (258.9 + 1632.8))
	=	0.136568	/	0.136861
	=	0.9979

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1330.6 / 4817.9)	/	(1276.6 / 4148)
	=	0.276178	/	0.307763
	=	0.8974

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1364.3 + 2223.8) / 6633.3)	/	((1355.3 + 3037.1) / 6751.7)
	=	0.540922	/	0.650562
	=	0.8315

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(930.4 - 83.2	-	1782.5)	/	6633.3
	=	-0.141001

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

DexCom has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.16 mean?

DexCom (DXCM) has a Beneish M-Score of -3.16 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DexCom and its competitors. According to the industry distribution chart, DexCom ranks #134 out of 765 companies in the Medical Devices & Instruments industry, placing it in the top 17.5%.

Is DexCom's Beneish M-Score too high?

DexCom's current Beneish M-Score is -3.16. Based on the distribution chart, DexCom ranks #134 out of 765 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, DexCom has a GF Score™ of 90/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does DexCom's Beneish M-Score compare to GEHC and STE?

According to the Medical Devices & Instruments industry distribution chart, DexCom ranks #134 out of 765 companies for Beneish M-Score. This places DexCom in the top 18% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Medical Devices & Instruments company?

A good Beneish M-Score depends on the Medical Devices & Instruments industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DexCom and its competitors. DexCom's current Beneish M-Score is -3.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is DexCom stock overvalued right now?

Based on GuruFocus' analysis, DexCom (DXCM) is currently considered Significantly Undervalued. The stock's GF Value™ is $103.50, compared to a current price of $69.75 — trading 32.6% below its estimated fair value. The current Beneish M-Score is -3.16. DexCom's overall GF Score™ is 90/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For DexCom (DXCM), the current Beneish M-Score is -3.16 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is DexCom (DXCM) Overvalued in 2026?

Based on GuruFocus' analysis, DexCom stock appears to be undervalued. The current stock price of $69.75 is trading 32.6% below its estimated GF Value™ of $103.50. GuruFocus considers DexCom to be Significantly Undervalued.

Key valuation signals for DXCM:

Beneish M-Score: -3.16
GF Value™: $103.50 vs. price of $69.75 (32.6% below fair value)
GF Score™: 90/100 with 3 warning signs

No single metric tells the full story. See the DXCM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

DexCom Business Description

Industry Healthcare Medical Devices & Instruments

Comparable Companies GEHC STE ZBH PEN GMED PODD MASI BRKR BIO EW ABT SYK MDT BSX XTER:SHL SZSE:300760 XAMS:PHIA XSWX:SOON SHSE:688271 LSE:SN.

Other Exchanges DXCM:Mexico 1DXCM:Italy 0A4M:UK D1EX34:Brazil DXCM:Austria

Address 6340 Sequence Drive, San Diego, CA, USA, 92121

Website https://www.dexcom.com

DexCom designs and commercializes continuous glucose monitoring systems for diabetic patients. CGM systems serve as an alternative to the traditional blood glucose meter process, and the company is evolving its CGM systems to provide integration with insulin pumps from Insulet and Tandem for automatic insulin delivery. DexCom's CGMs are available through medical equipment distributors as well as retail pharmacies.

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$69.75

Price

$103.50

GF Value

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