DexCom Inc (DXCM)

Debt-to-equity ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	2,434,200	2,432,400	2,430,600	1,198,500	1,197,700	1,968,800	1,967,300	1,965,900	1,702,700	1,703,500	1,710,700	1,688,800	1,667,200	1,645,800	1,658,800	1,072,400	1,059,700	1,047,100	1,034,700	1,022,400
Total stockholders’ equity	US$ in thousands	2,068,600	2,267,900	2,100,400	2,233,000	2,131,800	1,824,500	2,255,900	2,189,300	2,042,100	1,912,000	1,754,700	1,644,800	1,551,900	1,499,300	1,353,900	934,500	882,600	764,300	688,300	668,600
Debt-to-equity ratio		1.18	1.07	1.16	0.54	0.56	1.08	0.87	0.90	0.83	0.89	0.97	1.03	1.07	1.10	1.23	1.15	1.20	1.37	1.50	1.53

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,434,200K ÷ $2,068,600K
= 1.18

The debt-to-equity ratio of Dexcom Inc has shown some variability over the past eight quarters. In Q4 2023, the ratio stood at 1.21, indicating that the company had $1.21 in debt for every $1 of equity. This represented an increase from the previous quarter, where the ratio was 1.15.

Looking further back, in Q2 2023, the ratio spiked to 1.55, suggesting a higher reliance on debt to finance operations compared to other quarters. This was followed by a significant decrease in Q3 2023 to 0.91, indicating a more conservative capital structure with lower debt levels relative to equity.

Comparing the latest Q4 2023 ratio to the same quarter in the previous year, there has been an increase from 0.95 to 1.21. This upward trend in the debt-to-equity ratio may indicate a shift towards more debt financing or a decrease in equity relative to debt.

Overall, Dexcom Inc's debt-to-equity ratio has shown fluctuations, with some quarters indicating higher debt levels relative to equity and others showing a more balanced capital structure. It would be important for stakeholders to monitor this ratio closely to assess the company's leverage and financial risk going forward.