Dexcom

Capital is being directed to high‑return growth: scaling lower‑cost manufacturing in Malaysia and building a European plant in Ireland, which should support margins and regional access. Management has also returned cash via buybacks, repurchasing about 500 million dollars in 2025 while keeping net cash.

Stock‑based compensation was about 160 million dollars in 2025, reasonable for a firm of this scale but noted for ongoing monitoring. We view the balance between reinvestment, capacity expansion, and repurchases as disciplined.