DexCom, Inc. (DXCM)
DexCom makes continuous glucose monitoring systems that help people with diabetes track blood sugar.
DXCM vs WST: how the two businesses compare
- Bigger business: DXCM, with $4.7B of yearly revenue, about 1.5× WST's $3.1B.
- More profitable: DXCM keeps 18 cents of each sales dollar as profit, against 16 cents at WST.
- More cash from each sale: DXCM turns 31 cents of each sales dollar into operating cash flow, against 25 cents at WST.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
DexCom (DXCM) is the larger business by reported revenue: $4.7B in its fiscal year ended Dec 2025, about 1.5× WST's $3.1B (fiscal year ended Dec 2025). DXCM's net margin was 17.9% and WST's 16.1%. Both file with the SEC under the same industry code, SIC 3841 (Surgical & Medical Instruments & Apparatus).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Surgical & Medical Instruments & Apparatus
- Same classification
- December 31
- Same calendar
- Feb 17, 2026
DXCM vs WST: quick comparison
| Company fact | DXCM | WST |
|---|---|---|
| Company | DexCom, Inc. | West Pharmaceutical Services, Inc. |
| Exchange | NASDAQ | NYSE |
| SEC industry | Surgical & Medical Instruments & Apparatus | Surgical & Medical Instruments & Apparatus |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-12 | 10-K · 2026-02-17 |
DXCM vs WST: audited financials
- Scale: DXCM's $4.7B of revenue is about 1.5× WST's $3.1B.
- Net margin: DXCM kept 17.9% of revenue as net income versus 16.1% at WST.
- Cash conversion: operating cash flow equalled DXCM 30.9% of revenue, or 1.72× net income; WST 24.6% of revenue, or 1.53× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | DXCM | WST |
|---|---|---|
| Revenue | $4.7B2025-01-01 to 2025-12-31 · SEC filing | $3.1B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $836M2025-01-01 to 2025-12-31 · SEC filing | $494M2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.4B2025-01-01 to 2025-12-31 · SEC filing | $755M2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $2.092025-01-01 to 2025-12-31 · SEC filing | $6.792025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 17.9%2025-01-01 to 2025-12-31 · SEC filing | 16.1%2025-01-01 to 2025-12-31 · SEC filing |
DXCM: FY ending 2025-12-31 · WST: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where DXCM and WST overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3841, Surgical & Medical Instruments & Apparatus.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Scale: DXCM reported about 1.5× the annual revenue of WST.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
West Pharmaceutical Services, Inc. (WST)
West Pharmaceutical Services makes injectable-drug packaging and delivery components for pharma companies.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves DXCM
We have not yet published a company-specific driver list for DXCM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-12.
What moves WST
We have not yet published a company-specific driver list for WST. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
The investment question
You now know DXCM reports about 1.5× WST's revenue, and DXCM keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the surgical & medical instruments & apparatus cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 10 matched transaction rows for DXCM and 5 matched transaction rows for WST. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
DXCM primary filings
WST primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving DXCM or WST
DXCM vs WST FAQs
Are DXCM and WST direct competitors?
DexCom and West Pharmaceutical Services share the SEC industry classification “Surgical & Medical Instruments & Apparatus.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is DXCM or WST the bigger company by revenue?
DexCom (DXCM) is the larger business by reported revenue: $4.7B in its fiscal year ended Dec 2025, about 1.5× WST's $3.1B (fiscal year ended Dec 2025). DXCM's net margin was 17.9% and WST's 16.1%. Both file with the SEC under the same industry code, SIC 3841 (Surgical & Medical Instruments & Apparatus). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, DXCM or WST?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this DXCM vs WST comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers DexCom, Inc. and West Pharmaceutical Services, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
DXCM vs WST compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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