Dexcom

Dexcom ended 2025 with about 2.0 billion dollars in cash and short‑term marketable securities, against 1.25 billion dollars of 2028 convertible notes, implying net cash near 0.75 billion dollars and ample liquidity.

TTM operating cash flow of about 1.44 billion dollars and capex of about 364 million dollars yield free cash flow near 1.08 billion dollars, a roughly 23 percent FCF margin. The revolver is undrawn. This balance sheet profile and cash generative model provide resilience through regulatory or competitive shocks.