DaVita (DVA)
Health Care · $11.7B market cap · SEC CIK 0000927066
fundamentals score out of 100
Next reports on Oct 23, 2026, after the close, with analysts expecting $3.61 in earnings per share.
The case for DVA
- Free cash flow of 11.2% of its market value a year: a lot of cash for the price.
- Reasonably priced at 13.8× earnings.
- A PEG of 0.69: a P/E of 13.8× is low for EPS growing 20%.
- Up 40.1% over the past year.
The case against
- Owes more than it owns: shareholder equity is -$651M, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- Growth is weak (41/100): revenue +6.5%, EPS +20.0%, +3.4% a year over five years.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 88 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 41 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 42 |
| Momentumhow the price has behaved lately | 55 |
| Stabilityhow violently it moves, what it owes and what it pays you | 22 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 13.8× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 0.8× |
| Revenue growth (YoY) | +6.5% |
| EPS growth (YoY) | +20.0% |
| Gross margin | 32% |
| Operating margin | 15% |
| Net margin | 6% |
| Return on assets | 4.8% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 1.47 |
| Dividend yield | none |
| Beta | 0.89 |
| 52-week range | $101.00 – $247.49 |
| Position in that range | 56% of the way up |
| 3-month return | -12.3% |
| 1-year return | +40.1% |
Five years of financials, as filed
Pulled from DaVita's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $13.6B | $12.8B | $12.1B | $11.6B | $11.6B |
| Operating income | $2.0B | $2.1B | $1.6B | $1.3B | $1.8B |
| Net income | $1.1B | $1.3B | $957M | $782M | $1.2B |
| Operating cash flow | $1.9B | $2.0B | $2.1B | $1.6B | $1.9B |
| Capital expenditure | $576M | $555M | $568M | $603M | $641M |
| Total assets | $17.5B | $17.3B | $16.9B | $16.9B | $17.1B |
| Total liabilities | $16.3B | $15.2B | $14.2B | $14.7B | $14.8B |
| Shareholder equity | -$651M | $121M | $1.1B | $712M | $756M |
| Cash | $676M | $795M | $380M | $244M | $462M |
| Free cash flow | $1.3B | $1.5B | $1.5B | $961M | $1.3B |
| Operating margin | 15.0% | 16.3% | 13.2% | 11.5% | 15.5% |
| Net margin | 7.9% | 9.8% | 7.9% | 6.7% | 10.4% |
| Diluted shares | 75.9M | 87.3M | 93.2M | 95.8M | 110M |
Share count is down 31.0% over 4 years. Buybacks have been shrinking the pie.
What DaVita says it does
Unless otherwise indicated in this report "DaVita", "the Company" "we", "us", "our" and other similar terms refer to DaVita Inc. and its consolidated subsidiaries. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge through our website, located at http://www.davita.com , as soon as reasonably practicable after the reports are filed with or furnished to the Securities and Exchange Commission (SEC). The SEC also maintains a website at http://www.sec.gov where these reports and other information about us can be obtained. The contents of our website are not incorporated by reference into this report. Overview of DaVita Inc. DaVita is a leading healthcare provider focused on transforming care delivery to improve quality of life for…
Risk factors DVA lists in its 10-K
- Risk Related to External Conditions
- Risks Related to the Operation of our Business
- Risks Related to Competition, Business Strategy Growth, Information Systems and New Technologies
- Risks Related to External Conditions
- Global health conditions and changing population or demographic trends
- Severe weather events or natural disasters
- We invest in strategic and operational initiatives to maintain our business and expand our capabilities..
- We are, and may in the future be, a party to various lawsuits, demands, claims,
- If the number or percentage of patients with higher-paying commercial insurance declines, it could have a material adverse effect on our business, results of operations, financial condition and cash flows
- If we are unable to negotiate and maintain contracts with private payors on competitive terms, it could have a material adverse effect on our business, results of operations, financial condition and cash flows
- Marietta Memorial Hospital Employee Health Benefit Plan, et al. v. DaVita Inc., et.al. (Marietta)
- We are subject to risks associated with our participation in government healthcare programs
- Medicare ESRD Prospective Payment System
- Medicaid Programs and Department of Veterans Affairs (VA)