Instruments and medical devices · 24/36 against 25/36 checks · to 2026-09-08
DXCM vs TMO.
DexComMakes continuous glucose monitors for people with diabetes.
Thermo Fisher ScientificSells instruments, consumables and services to laboratories and drug developers.→Thermo Fisher Scientific (TMO) is 7.0 times the size of DexCom (DXCM) at $223.0B against $31.9B, and on the filings Thermo Fisher Scientific passes more, 25 checks of 36 against 24.
Which passes more checks?
widest gap first→No axis separates them by more than 2 of six checks, and the widest is Growth.
| DXCM | TMO | |
|---|---|---|
| Growth | 5/6 | 3/6 |
| Health | 4/6 | 6/6 |
| Shareholder returns | 4/6 | 6/6 |
| Value | 2/6 | 1/6 |
| Quality | 5/6 | 4/6 |
| Trend analysis | 4/6 | 5/6 |
| All checks | 24/36 | 25/36 |
→Thermo Fisher Scientific turns over $46.3B to DexCom's $5.0B, 9.3 times as much. DexCom keeps 20.1% of revenue as profit against 15.1% at Thermo Fisher Scientific.
Which is growing faster, DXCM or TMO?
→DexCom grew revenue faster last year, +15.5% against +7.2% at Thermo Fisher Scientific - 8 points apart. Over three years the order is the same, DexCom at +17.0% and Thermo Fisher Scientific at -0.3%.
| DXCM | TMO | |
|---|---|---|
| Revenue (TTM) | $5.0B | $46.3B |
| Revenue growth, 1 year | +15.5% | +7.2% |
| Revenue CAGR, 3 years | +17.0% | -0.3% |
| Net income (TTM) | $1000M | $7.0B |
| Free cash flow (TTM) | $1.4B | $7.3B |
Which balance sheet is stronger?
| DXCM | TMO | |
|---|---|---|
| Debt / equity | - | 0.87x |
| Interest coverage | 102.6x | 5.5x |
| Cash and short-term investments | $1.1B | $4.1B |
Which hands more back to owners?
→Thermo Fisher Scientific pays 0.3% at today's price and DexCom effectively pays nothing, which is the clearest difference in what each hands back.
| DXCM | TMO | |
|---|---|---|
| Dividend yield | - | 0.3% |
| Payout ratio | - | 9.1% |
| Years of unbroken dividend | - | - |
Which is cheaper?
→Thermo Fisher Scientific is the cheaper of the two on earnings, 32.6x against 34.3x. Against their own histories, DexCom is below its 87.9x median and Thermo Fisher Scientific is above its 29.8x.
| DXCM | TMO | |
|---|---|---|
| Share price | $84.53 | $603.02 |
| Market cap | $31.9B | $223.0B |
| P/E | 34.3x | 32.6x |
| P/E, own median own 7-year median / own 11-year median | 87.9x | 29.8x |
| P/S | 6.4x | 4.8x |
| Free cash flow yield | 4.4% | 3.3% |
Which keeps more of each sale?
→DexCom keeps more of each sale: gross margin of 62.5% against 24.4%, a gap of 38 points that flows into everything below it.
| DXCM | TMO | |
|---|---|---|
| Gross margin | 62.5% | 24.4% |
| Operating margin | 22.9% | 17.6% |
| Return on equity | 38.1% | 13.3% |
Where they differ most
the checks behind the gapGrowth: DexCom 2 ahead
- Outgrew its sector last year 15.5% vs 13.6% (sector 70th pct, n=154)
- Sustained growth beats its sector (3 years) 17.0% vs 12.4% (sector 70th pct, n=146)
- Profits grew last year 74.9% vs 0.0%
- Outgrew its sector last year 7.2% vs 13.6% (sector 70th pct, n=154)
- Sustained growth beats its sector (3 years) -0.3% vs 12.4% (sector 70th pct, n=146)
- Profit growth beats its peers 0.2% vs 18.2% (sector 70th pct, n=71)
Health: Thermo Fisher Scientific 2 ahead
- Comfortable near-term liquidity 1.55 vs 1.50
- Debt isn't dominating 0.87 vs 1.00
- Debt trending the right way debt/equity 0.87 now vs 0.91 five years ago
- Less levered than its peers 0.59 vs 0.34 (sector 30th pct, n=132)
- Debt trending the right way liabilities are 59.4% of assets vs 58.6% five years ago