Dexcom management check
DXCM · Health Care · Health Care Equipment · CEO Jacob Steven Leach
Filings as of
2 good · 4 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $72, against $79 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.70 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.9% of net income$16.3m of reported pay in fiscal 2025, against $836.3m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.4 years of payThe CEO holds 418,908 shares, directly or through trusts (unvested awards not counted): about 2.4 years of pay. Light activity: no buys, $12.0m sold in six months. 25 of 25 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.4% a year over the last three fiscal years. Stock-based pay was 3.4% of revenue in the latest year.
- Watch
Is leadership stable?
13 leadership filings in 3 years13 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file1 auditor change (8-K 4.01) since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 39 | 26 | |
| Pay for performance | 85 | 85 | |
| CEO cost | 26 | 44 | |
| Skin in the game | 54 | 46 | |
| Dilution | 80 | 68 | |
| Stable leadership | 60 | 70 | |
| Clean books | 30 | 100 |
Closest peers
Others in Health Care Equipment, by management score. Dexcom is 49th of 60 in its sector.
- 115ABTAbbott Laboratories75
- 149SYKStryker Corporation72
- 156ISRGIntuitive Surgical72
- 188IDXXIdexx Laboratories69
- 192BSXBoston Scientific69
- 246RVTYRevvity64
- 256GEHCGE HealthCare64
- 294RMDResMed62
- 321STESteris60
- 353BDXBecton Dickinson58
Pay versus performance
From the proxy statement filed April 15, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $16.3m | $13.0m | $6.6m | $72 | $79 | $836.3m |
| 2024 | — | $15.8m | −$8.7m | $5.6m | $84 | $79 | $576.2m |
| 2023 | — | $15.7m | $23.0m | $5.0m | $134 | $75 | $541.5m |
| 2022 | — | $15.4m | $5.7m | $4.4m | $123 | $79 | $341.2m |
| 2021 | — | $12.0m | $36.1m | $5.0m | $145 | $104 | $216.9m |
Its other key measures: 2025 Adjusted Revenue, Non-GAAP Operating Margin, Relative Total Shareholder Return.
Insiders and the CEO's stake
Jacob Steven Leach (President, CEO, and Director) held 418,908 shares directly after their latest Form 4 on Aug 22, 2026, roughly $38.7m at that filing's price.
Light activity: no buys, $12.0m sold in six months. 25 of 25 sales ran on pre-arranged 10b5-1 plans.
- SoldKevin R SayerExecutive Chair · 10b5-1 plan$8.3mAug 20, 2026
- SoldMichael Jon BrownEVP Chief Legal Compliance Off · 10b5-1 plan$801kOct 15, 2026
- SoldJon ColemanEVP, Chief Commercial Officer · 10b5-1 plan$723kJun 4, 2026
- SoldNicholas AugustinosDirector · 10b5-1 plan$680kSep 15, 2026
Leadership and governance on file
- Sep 14, 2026Leadership change8-K 5.02
- Sep 10, 2026Leadership change8-K 5.02
- Mar 2, 2026Leadership change8-K 5.02
- Feb 26, 2026Leadership change8-K 5.02
- Dec 22, 2025Leadership change8-K 5.02
- Oct 27, 2025Leadership change8-K 5.02
- Sep 16, 2025Leadership change8-K 5.02
- Jul 30, 2025Leadership change8-K 5.02
- May 13, 2025Leadership change8-K 5.02
- May 9, 2025Leadership change8-K/A 5.02
- May 9, 2025Leadership change8-K 5.02
- May 2, 2025Leadership change8-K 5.02
Latest shareholder vote results: May 28, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.5bn returned to owners in buybacks and dividends, 99% of net income, and $720.7m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.4bn | $2.9bn | $3.6bn | $4.0bn | $4.7bn |
| Net income | $216.9m | $341.2m | $541.5m | $576.2m | $836.3m |
| Stock-based pay | $113.4m | $126.5m | $150.8m | $170.4m | $159.6m |
| Buybacks | $0 | $557.7m | $688.7m | $750.0m | $500.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 429m | 428m | 426m | 413m | 406m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.