VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Amgen Inc. vs DexCom, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Amgen Inc.

AMGN · Nasdaq Stock Market

Market cap (USD)$187.9B
Gross margin (TTM)70.5%
Operating margin (TTM)28%
Net margin (TTM)21%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2025-12-22
Moat score
70/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Amgen Inc.'s moat claims, evidence, and risks.

View AMGN analysis

DexCom, Inc.

DXCM · Nasdaq Global Select Market

Market cap (USD)$23.6B
Gross margin (TTM)60.1%
Operating margin (TTM)19.6%
Net margin (TTM)17.9%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2026-04-24
Moat score
82/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into DexCom, Inc.'s moat claims, evidence, and risks.

View DXCM analysis

Comparison highlights

  • Moat score gap: DexCom, Inc. leads (82 / 100 vs 70 / 100 for Amgen Inc.).
  • Segment focus: Amgen Inc. has 3 segments (80.1% in Core Innovative Medicines); DexCom, Inc. has 1 segment (100% in Continuous glucose monitoring systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Amgen Inc. has 5 moat types across 3 domains; DexCom, Inc. has 5 across 3.

Primary market context

Amgen Inc.

Core Innovative Medicines

Market

Branded biopharmaceutical therapies for common diseases (bone health, inflammation, oncology, cardiovascular and other specialty areas)

Geography

Global

Customer

Payers, providers, and pharmacies

Role

Drug developer/manufacturer

Revenue share

80.1%

DexCom, Inc.

Continuous glucose monitoring systems

Market

Global continuous glucose monitoring systems and glucose biosensing devices

Geography

Global, with FY2025 revenue 71.5% United States and 28.5% international

Customer

People with diabetes, metabolic-health users, caregivers, clinicians, payors, distributors and pharmacy channels

Role

CGM device manufacturer, disposable sensor supplier, software/data platform and distribution partner

Revenue share

100%

Side-by-side metrics

Amgen Inc.
DexCom, Inc.
Ticker / Exchange
AMGN - Nasdaq Stock Market
DXCM - Nasdaq Global Select Market
Market cap (USD)
$187.9B
$23.6B
Gross margin (TTM)
70.5%
60.1%
Operating margin (TTM)
28%
19.6%
Net margin (TTM)
21%
17.9%
Sector
Healthcare
Healthcare
Industry
Drug Manufacturers - General
Medical - Devices
HQ country
US
US
Primary segment
Core Innovative Medicines
Continuous glucose monitoring systems
Market structure
Competitive
Oligopoly
Market share
n/a
35.1% (estimated)
HHI estimate
n/a
4,452
Pricing power
Moderate
Moderate
Moat score
70 / 100
82 / 100
Moat domains
Legal, Supply, Demand
Demand, Network, Legal
Last update
2025-12-22
2026-04-24

Moat coverage

Shared moat types

Regulated Standards PipeBrand Trust

Amgen Inc. strengths

IP Choke PointCapex Knowhow ScaleLearning Curve Yield

DexCom, Inc. strengths

Installed Base ConsumablesEcosystem ComplementsData Workflow Lockin

Segment mix

Amgen Inc. segments

Full profile >

Core Innovative Medicines

Competitive

80.1%

Rare Disease Portfolio (Horizon + others)

Quasi-Monopoly

13.3%

Biosimilars

Oligopoly

6.6%

DexCom, Inc. segments

Full profile >

Continuous glucose monitoring systems

Oligopoly

100%

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.