DexCom Inc (DXCM)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	2,434,200	1,197,700	1,702,700	1,667,200	1,059,700
Total stockholders’ equity	US$ in thousands	2,068,600	2,131,800	2,042,100	1,551,900	882,600
Debt-to-capital ratio		0.54	0.36	0.45	0.52	0.55

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,434,200K ÷ ($2,434,200K + $2,068,600K)
= 0.54

The debt-to-capital ratio of Dexcom Inc has fluctuated over the past five years, ranging from 0.44 to 0.55. This ratio represents the proportion of the company's total debt to its total capital, including both debt and equity.

In 2023, the debt-to-capital ratio increased to 0.55 compared to the previous year, indicating that Dexcom Inc relied more on debt financing relative to its total capital. This could suggest increased leverage and financial risk for the company.

In 2022, the ratio was at 0.49, showing a slight decrease from the prior year. This suggests a relative balance between debt and capital in the company's financial structure.

The ratio was at its lowest in 2021 at 0.44, indicating a lower reliance on debt compared to capital. This could imply a more conservative financing approach by Dexcom Inc during that year.

Overall, the trend in the debt-to-capital ratio for Dexcom Inc demonstrates some variability over the past five years, with fluctuations that may reflect changes in the company's financing strategy and capital structure. It is important for investors and stakeholders to monitor this ratio to assess the company's long-term financial health and risk profile.