Dexcom Inc (DXCM) is overvalued and Medtronic Plc (MDT) is overvalued.
Both trade above our estimate of their intrinsic value. MDT is the closer of the two: -25%, against -61% for DXCM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.4% (average of 3 methods) values the shares at $55.75; the price of $89.53 is 61% above that value, and 70% of that value comes from beyond year five.
Leak Score 68/100 on 9 of 12 signals
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $72.41; the price of $90.77 is 25% above that value, and 80% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | DXCM | MDT |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $89.53 | $90.77 |
| Intrinsic value | $55.75 | $72.41 |
| Margin of safety | -61% | -25% |
| Leak Score | 68/100 (9/12) | 27/100 (3/12) |
| Market cap | $33.8B | $116.1B |
| Revenue growth, 5 years | 19.3% | 3.8% |
| Operating margin | 22.9% | 19.9% |
| Net margin | 20.1% | 13.9% |
| Return on equity | 38.5% | 10.7% |
| Debt to equity | 0.53 | 0.56 |
| P/E | 35.3x | 22.4x |
| Forward P/E | 28.7x | 14.2x |
| P/B | 12.9x | 2.3x |
| Dividend yield | — | 3.1% |