DEXCOM, INC. vs ResMed Inc., two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
ResMed currently earns more on capital than Dexcom on assets, 17.3% against 14%, while Dexcom's 31.5% return on equity edges ResMed's 23.4%, both earned nearly debt-free, which makes this the rare device pair where the ratios need no forensic notes. The margin structures diverge more, ResMed's 34.9% operating against Dexcom's 21.4% on nearly identical gross margins near 62-63%, spend discipline against growth spend. The market prices Dexcom's diabetes-sensor growth at 30.1 times earnings and ResMed's sleep franchise at 19.3, the GLP-1 cloud parked over both but billed only to one. Free-cash yields sit at 5.2% and 6%. Two excellent monitors of chronic conditions, one priced with its anxiety included.
Comparison updated 2026-07-10.
| Metric | DXCM | RMD |
|---|---|---|
| Price | $70.09 | $200.28 |
| Market cap | $27.6B | $29.2B |
| Sector | Medical Devices | Medical Devices |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +4.3% |
| P/E | 30.1 | 19.3 |
| P/B | 9.33 | 4.50 |
| P/S | 5.73 | 5.27 |
| EV/EBITDA | 20.5 | 13.3 |
| Revenue growth | +16.3% | +10.3% |
| Gross margin | 63.0% | 62.3% |
| Operating margin | 21.4% | 34.9% |
| Net margin | 19.3% | 27.4% |
| Return on equity | 31.5% | 23.4% |
| Return on assets | 14.0% | 17.3% |
| Return on invested capital | 25.9% | 21.0% |
| FCF yield | 5.2% | 6.0% |
| Dividend yield | — | 1.1% |
| Debt / equity | 0.00 | 0.10 |
| Current ratio | 1.95 | 3.01 |
| Altman Z (solvency) | 6.29 | 8.30 |
| Piotroski F (quality) | 7 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.