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Friday 6 November 2026
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DaVita Inc.
DVA Healthcare Medical Care Facilities
DaVita Inc.’s revenue for fiscal 2025 (year ended December 2025) was $13.6 billion, up 6.46% from fiscal 2024.
- Revenue
- +4.62%
- EPS
- +67.0%
- Free cash flow
- −45.8%
- Total debt
- +5.07%
Quarter to September 2026, against a year earlier
190.39
4.43
−2.27%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 10,707 | 10,877 | 11,405 | 11,388 | 11,551 | 11,619 | 11,610 | 12,140 | 12,816 | 13,643 | 14,168 | +2.7% | 14,158 | 14,684 | 15,219 | +3.7% | |
| Gross margin, % | 30.59 | 29.76 | 28.14 | 30.50 | 30.84 | 31.38 | 29.29 | 31.47 | 32.91 | 32.25 | 32.28 | +1.7 pt | ||||||
| EBT | 1,623 | 1,400 | 1,048 | 1,195 | 1,318 | 1,518 | 966 | 1,177 | 1,530 | 1,347 | 1,518 | (2.1%) | ||||||
| EBT margin, % | 15.16 | 12.87 | 9.19 | 10.50 | 11.41 | 13.07 | 8.32 | 9.70 | 11.94 | 9.87 | 10.71 | (5.3) pt | ||||||
| Net income | 1,033 | 831 | 333 | 1,021 | 995 | 1,212 | 782 | 957 | 1,251 | 1,079 | 1,219 | +0.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 53.10 | 57.66 | 66.78 | 74.35 | 96.42 | 110.41 | 124.85 | 133.72 | 150.79 | 183.80 | 221.94 | +14.8% | |||||
| Earnings | 4.36 | 3.52 | 0.93 | 5.29 | 6.46 | 9.30 | 6.03 | 7.62 | 11.02 | 10.06 | 13.88 | +9.7% | ||||||
| Cash flow | 9.78 | 10.14 | 10.37 | 13.53 | 16.52 | 18.35 | 16.82 | 22.68 | 23.79 | 25.42 | 29.30 | +11.2% | ||||||
| Capex | (3.79) | (4.31) | (4.90) | 20.31 | (5.21) | (5.51) | (5.22) | (5.58) | (5.93) | (7.30) | (8.75) | +7.5% | ||||||
| Free cash flow | 5.99 | 5.83 | 5.47 | 33.84 | 11.31 | 12.84 | 11.60 | 17.10 | 17.86 | 18.12 | 20.55 | +13.1% | ||||||
| Book value | 24.05 | 25.90 | 22.88 | 15.14 | 13.08 | 8.90 | 9.42 | 13.70 | 4.66 | (5.03) | (5.62) | n/m | ||||||
| Shares, m | 202 | 189 | 171 | 153 | 120 | 105 | 93 | 91 | 85 | 74 | 68 | (10.5%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 14.96 | 20.67 | 61.26 | 13.95 | 18.23 | 12.26 | 12.52 | 14.05 | 13.56 | 11.23 | 14.01 | 19.3 | |||||
| P/S | 1.23 | 1.26 | 0.77 | 1.01 | 1.22 | 1.03 | 0.60 | 0.80 | 0.99 | 0.62 | 0.88 | 1.0 | ||||||
| P/B | 2.71 | 2.80 | 2.25 | 4.96 | 8.98 | 12.79 | 7.95 | 7.80 | 32.11 | 0.00 | 0.00 | 8.2 | ||||||
| EV/Sales | 1.98 | 2.07 | 1.62 | 1.61 | 1.87 | 1.75 | 1.33 | 1.45 | 1.66 | 1.33 | 1.59 | 1.7 | ||||||
| EV/FCF | 17.61 | 20.44 | 19.79 | 3.55 | 15.98 | 15.05 | 13.58 | 10.18 | 12.74 | 11.94 | 15.21 | 14.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 1,972 | 1,913 | 1,772 | 2,072 | 1,979 | 1,931 | 1,565 | 2,059 | 2,022 | 1,887 | 1,870 | (0.5%) | |||||
| Capex | (764) | (813) | (837) | 3,111 | (624) | (580) | (486) | (507) | (504) | (542) | (559) | (3.8%) | ||||||
| Free cash flow | 1,208 | 1,100 | 935 | 5,183 | 1,355 | 1,351 | 1,079 | 1,552 | 1,518 | 1,345 | 1,312 | +1.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,284 | 5,703 | 3,533 | 1,318 | 673 | 769 | 536 | 496 | 773 | 916 | 1,188 | (3.7%) | |||||
| Net debt | 8,123 | 8,784 | 9,684 | 6,888 | 7,564 | 8,331 | 8,507 | 7,915 | 8,516 | 9,691 | 10,174 | +2.0% | ||||||
| Shareholders’ equity | 4,850 | 4,886 | 3,908 | 2,319 | 1,567 | 936 | 876 | 1,244 | 396 | (374) | (358) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 4.72 | 3.52 | 0.84 | 4.45 | 4.51 | 5.74 | 3.29 | 4.09 | 5.48 | 4.30 | 5.20 | (0.4) pt | |||||
| ROIC | 9.78 | 8.29 | 7.02 | 11.16 | 11.60 | 12.12 | 8.92 | 10.94 | 14.66 | 13.71 | 13.51 | +3.9 pt | ||||||
| ROE | 17.71 | 13.63 | 3.62 | 26.04 | 39.82 | 78.19 | 61.85 | 65.24 | 114.19 | 6,746.19 | (277.68) | +6,728.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 70,300 | 74,500 | 77,700 | 65,000 | 67,000 | 69,000 | 70,000 | 70,000 | 76,000 | 78,000 | — | +1.2% | |||||
| Revenue/emp, $m | 0.15 | 0.15 | 0.15 | 0.18 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | — | +1.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| U. S. Dialysis And Related Lab Services | 11,732 | 85.99% |
|---|---|---|
| Other - Ancillary Services | 1,911 | 14.01% |
| Gross margin | 32.25% | |
| Operating margin | 14.98% | |
| Pre-tax margin | 9.87% |
DaVita Inc. vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| THC Tenet Healthcare Corporation | $22.8B | 7.6× | 7.5× | +6.47% (above 0%: growing) | +291.05% (above 0%: growing) | +39.20% (above 0%: growing) | 43.95% | 31.08% | Compare |
| EHC Encompass Health Corporation | $13.9B | 21.8× | 20.9× | +8.93% (above 0%: growing) | +20.63% (above 0%: growing) | +52.33% (above 0%: growing) | 100.00% | 17.89% | Compare |
| FMS Fresenius Medical Care AG & Co. KGaA | $12.6B | 12.6× | 14.4× | −0.49% (below 0%: shrinking) | −10.55% (below 0%: shrinking) | −3.47% (below 0%: shrinking) | 25.83% | 7.78% | Compare |
| DVA DaVita Inc. | $12.3B | 14.0× | 13.0× | +4.62% (above 0%: growing) | +66.99% (above 0%: growing) | −45.83% (below 0%: shrinking) | 31.50% | 13.95% | |
| UHS Universal Health Services, Inc. | $11.7B | 8.2× | 8.0× | +5.30% (above 0%: growing) | −9.98% (below 0%: shrinking) | +216.74% (above 0%: growing) | 90.99% | 9.60% | Compare |
| ENSG The Ensign Group, Inc. | $10.6B | 26.3× | 25.4× | +14.47% (above 0%: growing) | +23.64% (above 0%: growing) | +89.21% (above 0%: growing) | 16.86% | 9.30% | Compare |
| PACS PACS Group, Inc. | $8.0B | 28.6× | 21.8× | +11.45% (above 0%: growing) | +16.36% (above 0%: growing) | −4.31% (below 0%: shrinking) | 17.23% | 6.65% | Compare |
| CHE Chemed Corporation | $7.0B | 25.5× | 24.0× | +10.57% (above 0%: growing) | +23.09% (above 0%: growing) | −45.25% (below 0%: shrinking) | 33.72% | 13.96% | Compare |
| CON Concentra Group Holdings Parent, Inc. | $5.4B | 24.9× | 25.2× | +8.61% (above 0%: growing) | +36.84% (above 0%: growing) | −19.76% (below 0%: shrinking) | 31.42% | 18.52% | Compare |
| Median of peers | $11.2B | 23.4× | 21.4× | +8.77% | +21.86% | +17.87% | 32.57% | 11.78% |
From the latest earnings call
- CEO Javier Rodriguez said DaVita’s integrated kidney care business was ahead of plan, while higher-than-expected technology investment was weighing on U.S. dialysis performance.
- Rodriguez said DaVita was ready to roll out expanded hemodialysis nationally and expected to reach the vast majority of eligible patients in November.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
92.27%
Held by the ten largest
67.41%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Berkshire Hathaway | 28.88m | 45.16% | −1.22m |
| Vanguard | 3.77m | 5.90% | −201.49k |
| BlackRock | 2.46m | 3.85% | −305.76k |
| Morgan Stanley | 1.60m | 2.50% | −64.33k |
| State Street | 1.32m | 2.07% | −28.72k |
| Invesco | 1.21m | 1.89% | −255.96k |
| Dimensional Fund Advisors | 1.14m | 1.78% | −7.62k |
| Neuberger Berman | 925.58k | 1.45% | +393.49k |
| LSV ASSET MANAGEMENT | 908.39k | 1.42% | −22.67k |
| Arrowstreet Capital | 889.08k | 1.39% | −221.07k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 22 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.21m | 18.94m | 96.77 |
| 2024 | 21.81m | 20.57m | 127.38 |
| 2023 | 6.71m | 4.81m | 89.23 |
| 2022 | 2.98m | (86.40m) | 63.60 |
| 2021 | 3.30m | (13.08m) | 96.90 |
Ownership
Directors and executive officers, together
1.90%
Warren E. Buffett2Berkshire Hathaway Inc.3555 Farnam St.Omaha, NE
45.50%
BlackRock, Inc.350 Hudson YardsNew York, NY
6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
DaVita Inc. (DVA) Latest News
30 Oct
29 Oct
25 Oct
24 Oct
22 Oct
20 Oct
9 Oct
29 Sep
DVA metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
DaVita provides kidney care, principally dialysis for people whose kidneys have failed. Dialysis removes waste, salt and excess fluid from the blood when the kidneys can no longer do so. Patients generally need regular treatment for the rest of their lives or until they receive a kidney transplant.
Most of DaVita’s services are outpatient hemodialysis treatments, usually performed three times a week. Its centers provide the equipment, supplies and staff needed for treatment. The company also provides dialysis in hospitals and supports patients who perform dialysis at home. Home support can include equipment, supplies, training, monitoring and follow-up assistance.