A Business at a Glance
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DAVITA INC.
DVA
$17.9B
Mkt Cap
$235.44
+0.50%
DAVITA INC. (DVA) has a current P/E ratio of 23.9, compared to its historical median P/E of 14.3. The stock is currently considered Fair based on its historical valuation range.
DAVITA INC. (DVA) has a 5-year average return on invested capital (ROIC) of 13.7%. This indicates solid capital allocation.
DAVITA INC. (DVA) has a market capitalization of $16.3B. It is classified as a large-cap stock.
DAVITA INC. (DVA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.11%.
Based on historical P/E analysis, DAVITA INC. (DVA) appears fair. The current P/E of 23.9 is 68% above its historical median of 14.3. The estimated fair value CAGR (P/E method) is 17.1%.
DAVITA INC. (DVA) operates in the Services-Misc Health & Allied Services, Nec industry, within the Healthcare sector.
DAVITA INC. (DVA) reported annual revenue of $13.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
DaVita is a leading global kidney care provider delivering dialysis and integrated care services across the patient journey from early-stage chronic kidney disease through end-stage renal disease (ESRD) management and transplantation support. The company operates three primary business segments: U.S. dialysis services (the largest segment, treating approximately 200,500 patients as of December 31, 2025), U.S. integrated kidney care (IKC) serving approximately 75,400 patients in risk-based and other integrated care arrangements, and international operations providing dialysis services across 585 outpatient centers in 14 countries serving approximately 94,500 patients. DaVita's U.S. dialysis business generates revenue primarily through treatment fees for outpatient hemodialysis, peritoneal dialysis, and home hemodialysis services, supplemented by laboratory and administrative services, with a patient-centric care model emphasizing flexibility in treatment modalities and settings. The company's IKC segment operates under value-based payment arrangements including Medicare Advantage ESRD Chronic Special Needs Plans and participation in the Center for Medicare and Medicaid Innovation's Comprehensive Kidney Care Contracting model, combining shared savings, outcomes-based pay-for-performance, and other risk-based structures. DaVita's competitive moat is anchored in clinical excellence—maintaining industry-leading performance on the Centers for Medicare & Medicaid Services' Quality Incentive Program and Five-Star Quality Rating System for eleven and ten consecutive years respectively—supported by experienced clinical teams including registered nurses, nephrologists, dietitians, and biomedical technicians, alongside established relationships with nephrologists, payors, and transplant programs. The company serves a diverse patient population across commercial insurance, Medicare, and Medicaid, with geographic reach spanning the United States and international markets, positioning it to benefit from the aging U.S. population and growing prevalence of diabetes and hypertension that drive ESRD incidence.
【Strong operational momentum ahead】 Management expects continued clinical and financial progress in 2026 and beyond, with confidence in delivering adjusted operating income growth consistent with the company's long-term 3%-7% target and adjusted EPS growth that may exceed the long-term 8%-14% guidance range. The company is executing targeted initiatives to enhance patient care, reduce mortality and missed treatment rates, and support higher treatment volume growth, while technology investments in clinical platforms and center scheduling systems are expected to strengthen operations and clinical outcomes. DaVita anticipates modest volume growth of 25-50 basis points in 2026 (raised from flat guidance), with approximately half driven by underlying performance improvements and half from patient transfers related to competitor clinic closures, though the company faces headwinds from the expiration of enhanced premium tax credits for exchange plans estimated at approximately $40 million. The IKC business achieved profitability in 2025 ahead of schedule and is expected to contribute an incremental $20 million of operating income growth in 2026, while international operations are positioned to deliver approximately 1% contribution to enterprise adjusted operating income growth through continued organic expansion and recent Latin American acquisitions.
| Metric | Target | Period |
|---|---|---|
| Adjusted Operating Income | $2.15 billion–$2.25 billion | FY2026 |
| Adjusted EPS | $14.10–$15.20 per share | FY2026 |
| Free Cash Flow | $1 billion–$1.25 billion | FY2026 |
| Revenue Per Treatment Growth | 1%–2% | FY2026 |
Adjusted Operating Income (FY2026): “We're raising and narrowing our guidance for adjusted operating income to a range of $2.15 billion-$2.25 billion.”
Adjusted EPS (FY2026): “Similarly, we're raising our adjusted EPS guidance to a range of $14.10-$15.20 per share.”
Free Cash Flow (FY2026): “Finally, we expect to generate free cash flow between $1 billion and $1.25 billion.”
Revenue Per Treatment Growth (FY2026): “For 2026, we are forecasting growth of 1%-2%. The primary driver of this is typical rate increases.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Operating Segments | $10.64B | $10.58B | $10.91B | $11.37B | $11.77B | 49% |
Medicare and Medicare Advantage | $6.13B | $6.04B | $6.10B | $6.37B | $6.74B | 28% |
Commercial Payors | $3.40B | $3.44B | $3.62B | $3.78B | $3.81B | 16% |
Other Government Payors | $463M | $465M | $500M | $718M | $914M | 4% |
Medicaid and Managed Medicaid | $782M | $760M | $834M | $864M | $872M | 4% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.8B | 13.6B | 12.8B | 12.1B | 11.6B | 11.6B |
| Net Income | 781M | 747M | 936M | 692M | 560M | 978M |
| EPS | $11.08 | $9.84 | $10.73 | $7.42 | $5.85 | $8.90 |
| Free Cash Flow | 1.5B | 1.3B | 1.5B | 1.5B | 961M | 1.3B |
| ROIC | 16.3% | 15.8% | 16.8% | 12.4% | 10.0% | 13.4% |
| Gross Margin | - | 36.4% | 37.3% | 34.5% | 32.3% | 33.8% |
| Debt/Equity | 0.00 | -19.77 | 99.63 | 10.53 | 16.60 | 15.85 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 2.1B | 2.0B | 2.1B | 1.6B | 1.3B | 1.8B |
| Operating Margin | 15.1% | 15.0% | 16.3% | 13.2% | 11.5% | 15.5% |
| ROE | 0.0% | -281.8% | 159.1% | 78.2% | 76.4% | 91.5% |
| Shares Outstanding | 69M | 76M | 87M | 93M | 96M | 110M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 12.8B | 10.0B | 10.7B | 10.9B | 11.4B | 11.4B | 11.6B | 11.6B | 11.6B | 12.1B | 12.8B | 13.6B | 13.8B |
| Gross Margin | 30.4% | 30.1% | 37.3% | 35.2% | 32.4% | 33.1% | 33.3% | 33.8% | 32.3% | 34.5% | 37.3% | 36.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.3B | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B | 1.4B | 1.5B | 1.5B | 1.7B | 1.7B |
| EBIT | 1.8B | 1.1B | 2.0B | 1.8B | 1.5B | 1.6B | 1.7B | 1.8B | 1.3B | 1.6B | 2.1B | 2.0B | 2.1B |
| Op. Margin | 14.2% | 11.4% | 19.0% | 16.7% | 13.4% | 14.4% | 14.7% | 15.5% | 11.5% | 13.2% | 16.3% | 15.0% | 15.1% |
| Net Income | 723M | 270M | 880M | 664M | 159M | 811M | 774M | 978M | 560M | 692M | 936M | 747M | 781M |
| Net Margin | 5.7% | 2.7% | 8.2% | 6.1% | 1.4% | 7.1% | 6.7% | 8.4% | 4.8% | 5.7% | 7.3% | 5.5% | 5.6% |
| Non-Recurring | 1.0M | 4.1M | 403M | 42M | 64M | 125M | -16M | 0 | 0 | 26M | 109M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.8% | 6.5% | 10.7% | 11.2% | 8.5% | 9.8% | 12.1% | 13.4% | 10.0% | 12.4% | 16.8% | 15.8% | 16.3% |
| ROE | 15.1% | 5.4% | 18.5% | 14.2% | 3.8% | 27.8% | 44.0% | 91.5% | 76.4% | 78.2% | 159.1% | -281.8% | 0.0% |
| ROA | 4.2% | 1.5% | 4.7% | 3.5% | 0.8% | 4.5% | 4.5% | 5.7% | 3.3% | 4.1% | 5.5% | 4.3% | 4.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.6B | 2.0B | 1.9B | 1.8B | 2.1B | 2.0B | 1.9B | 1.6B | 2.1B | 2.0B | 1.9B | 2.0B |
| Free Cash Flow | 818M | 849M | 1.1B | 1.0B | 785M | 1.3B | 1.3B | 1.3B | 961M | 1.5B | 1.5B | 1.3B | 1.5B |
| Owner Earnings | 974M | 1.1B | 1.4B | 1.3B | 1.1B | 1.4B | 1.3B | 1.2B | 748M | 1.2B | 1.2B | 1.0B | 1.2B |
| CapEx | 641M | 708M | 829M | 905M | 987M | 767M | 675M | 641M | 603M | 568M | 555M | 576M | 535M |
| Maint. CapEx | 428M | 445M | 495M | 544M | 575M | 601M | 617M | 668M | 721M | 736M | 716M | 708M | 710M |
| Growth CapEx | 213M | 263M | 334M | 361M | 412M | 166M | 58M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 428M | 445M | 495M | 544M | 575M | 601M | 617M | 668M | 721M | 736M | 716M | 708M | 710M |
| CapEx/OCF | 43.9% | 45.5% | 42.2% | 47.3% | 55.7% | 37.0% | 34.1% | 33.2% | 38.6% | 27.6% | 27.5% | 30.5% | 26.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 550M | 1.1B | 803M | 1.2B | 2.4B | 1.5B | 1.5B | 802M | 272M | 1.4B | 1.3B | 995M |
| Buyback Yield | N/A | 3.6% | 8.3% | 5.8% | 13.3% | 20.7% | 10.3% | 12.4% | 11.5% | 2.8% | 10.3% | 15.1% | 6.1% |
| Stock-Based Comp | 57M | 57M | 38M | 35M | 73M | 68M | 91M | 102M | 95M | 112M | 103M | 140M | 138M |
| Debt Repayment | 60.0B | 54.0B | 52.1B | 50.8B | 59.2B | 40.5B | 4.1B | 861M | 2.4B | 3.0B | 5.5B | 4.8B | 4.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 7.3B | 7.5B | 8.1B | 8.8B | 9.8B | 10.1B | 10.8B | 11.5B | 11.5B | 10.7B | 11.2B | 12.2B | 10.0B |
| Cash & Equiv. | 737M | 1.2B | 675M | 508M | 323M | 1.1B | 325M | 462M | 244M | 380M | 795M | 676M | 667M |
| Long-Term Debt | 8.3B | 9.0B | 8.9B | 9.2B | 8.2B | 8.0B | 7.9B | 8.7B | 8.7B | 8.3B | 9.2B | 10.2B | 10.5B |
| Debt/Equity | 1.63 | 1.87 | 1.96 | 1.99 | 2.73 | 5.24 | 8.09 | 15.85 | 16.60 | 10.53 | 99.63 | -19.77 | 0.00 |
| Interest Coverage | 4.7 | 2.9 | 5.2 | 4.5 | 3.3 | 3.9 | 6.0 | 6.7 | 3.9 | 4.3 | 4.8 | 3.8 | 109.5 |
| Equity | 5.2B | 4.9B | 4.6B | 4.7B | 3.7B | 2.1B | 1.4B | 756M | 712M | 1.1B | 121M | -651M | -755M |
| Total Assets | 17.6B | 18.5B | 18.8B | 19.0B | 19.1B | 17.3B | 17.0B | 17.1B | 16.9B | 16.9B | 17.3B | 17.5B | 17.5B |
| Total Liabilities | 11.4B | 12.6B | 12.9B | 13.1B | 14.1B | 13.8B | 14.1B | 14.8B | 14.7B | 14.2B | 15.2B | 16.3B | 16.5B |
| Intangibles | 1.9B | 1.7B | 74M | 114M | 119M | 136M | 167M | 178M | 183M | 203M | 197M | 222M | 229M |
| Retained Earnings | 4.1B | 4.4B | 3.7B | 3.6B | 2.7B | 1.4B | 853M | 354M | 174M | 598M | 1.5B | -328M | -179M |
| Working Capital | 1.5B | 2.1B | 1.3B | 5.7B | 3.5B | 1.3B | 673M | 769M | 536M | 496M | 773M | 916M | 1.2B |
| Current Assets | 3.6B | 4.5B | 4.0B | 8.8B | 8.4B | 3.7B | 3.1B | 3.2B | 3.2B | 3.1B | 3.7B | 4.1B | 4.1B |
| Current Liabilities | 2.1B | 2.4B | 2.7B | 3.1B | 4.9B | 2.4B | 2.5B | 2.4B | 2.6B | 2.6B | 3.0B | 3.1B | 2.9B |
| Per Share Data | |||||||||||||
| EPS | 3.33 | 1.25 | 4.29 | 3.47 | 0.92 | 5.27 | 6.31 | 8.90 | 5.85 | 7.42 | 10.73 | 9.84 | 11.08 |
| Owner EPS | 4.49 | 4.89 | 7.02 | 6.98 | 6.49 | 9.12 | 10.37 | 10.56 | 7.81 | 12.98 | 13.78 | 13.68 | 17.04 |
| Book Value | 23.81 | 22.57 | 22.66 | 24.52 | 21.38 | 13.86 | 11.28 | 6.87 | 7.44 | 11.33 | 1.39 | -8.58 | -10.92 |
| Cash Flow/Share | 6.72 | 7.22 | 9.62 | 10.00 | 10.23 | 13.47 | 16.14 | 17.56 | 16.33 | 22.09 | 23.17 | 24.86 | 21.55 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 217.2M | 215.8M | 205.1M | 191.2M | 173.3M | 153.9M | 122.6M | 109.9M | 95.8M | 93.2M | 87.3M | 75.9M | 69.2M |
| Valuation | |||||||||||||
| P/E Ratio | 22.9 | 56.2 | 15.0 | 20.9 | 54.7 | 14.2 | 18.3 | 12.6 | 12.4 | 14.1 | 14.4 | 11.6 | 21.3 |
| P/FCF | 20.2 | 17.8 | 11.5 | 13.7 | 11.1 | 8.8 | 10.9 | 9.6 | 7.3 | 6.5 | 9.2 | 6.6 | 10.9 |
| EV/EBIT | 13.2 | 19.2 | 10.6 | 12.6 | 13.4 | 11.3 | 13.0 | 11.7 | 11.8 | 11.1 | 10.7 | 9.0 | 12.6 |
| Price/Book | 3.2 | 3.1 | 2.8 | 3.0 | 2.4 | 5.4 | 10.2 | 16.4 | 9.8 | 9.2 | 111.2 | N/A | N/A |
| Price/Sales | 1.2 | 1.2 | 1.3 | 1.1 | 1.0 | 0.8 | 0.9 | 1.1 | 0.8 | 0.7 | 1.0 | 0.8 | 1.2 |
| FCF Yield | 4.9% | 5.6% | 8.7% | 7.3% | 9.0% | 11.4% | 9.2% | 10.4% | 13.8% | 15.3% | 10.9% | 15.2% | 9.2% |
| Market Cap | 16.6B | 15.2B | 13.2B | 13.8B | 8.7B | 11.5B | 14.2B | 12.4B | 7.0B | 9.7B | 13.5B | 8.7B | 16.3B |
| Avg. Price | 71.06 | 77.47 | 69.04 | 63.50 | 68.80 | 57.76 | 85.63 | 115.62 | 95.04 | 91.61 | 140.62 | 139.51 | 235.44 |
| Year-End Price | 76.22 | 70.22 | 64.31 | 72.36 | 50.37 | 74.75 | 115.45 | 112.56 | 72.80 | 104.44 | 154.30 | 113.98 | 235.44 |
DAVITA INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
DAVITA INC. trades at 23.9x trailing earnings, compared to its 15-year median P/E of 14.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.0x vs a median of 9.4x. The company's 5-year average ROIC is 13.7% with a gross margin of 34.9%. Total shareholder yield (buybacks) is 6.1%. At current prices, the estimated annualized return to fair value is +16.2%.
DAVITA INC. (DVA) has a net profit margin of 5.5%. This is a modest margin.
DAVITA INC. (DVA) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DAVITA INC. (DVA) reported earnings per share (EPS) of $9.84 in its most recent fiscal year.
DAVITA INC. (DVA) has a return on equity (ROE) of -281.8%. A negative ROE may indicate losses or negative equity.
DAVITA INC. (DVA) has a 5-year average gross margin of 34.9%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for DAVITA INC. (DVA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DAVITA INC. (DVA) has a book value per share of $-8.58, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued clinical and financial progress in 2026 and beyond, with confidence in delivering adjusted operating income growth consistent with the company's long-term 3%-7% target and adjusted EPS growth that may exceed the long-term 8%-14% guidance range. The company is executing targeted initiatives to enhance patient care, reduce mortality and missed treatment rates, and support higher treatment volume growth, while technology investments in clinical platforms and center scheduling systems are expected to strengthen operations and clinical outcomes. DaVita anticipates modest volume growth of 25-50 basis points in 2026 (raised from flat guidance), with approximately half driven by underlying performance improvements and half from patient transfers related to competitor clinic closures, though the company faces headwinds from the expiration of enhanced premium tax credits for exchange plans estimated at approximately $40 million. The IKC business achieved profitability in 2025 ahead of schedule and is expected to contribute an incremental $20 million of operating income growth in 2026, while international operations are positioned to deliver approximately 1% contribution to enterprise adjusted operating income growth through continued organic expansion and recent Latin American acquisitions.
Based on recent SEC filings and earnings calls, DAVITA INC. (DVA) has provided the following forward guidance: Adjusted Operating Income: $2.15 billion–$2.25 billion (FY2026); Adjusted EPS: $14.10–$15.20 per share (FY2026); Free Cash Flow: $1 billion–$1.25 billion (FY2026); Revenue Per Treatment Growth: 1%–2% (FY2026).