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DaVita

DVA NYSE Health Care Services Financials FY2016–FY2025

DaVita's revenue rose 6.5% to $13.6 billion in fiscal 2025. Its operating margin was 15.0%, down from 16.3% a year earlier. Free cash flow was $1.3 billion, down 10.6%. It paid out $1.3 billion in dividends and buybacks, 100% of free cash flow. The diluted share count fell 13.1%.

Last close · Oct 23, 2026

$183.64

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$13.6B
6.5% vs prior year
Operating margin Operating income as a share of revenue.
15.0%
1.3 pts
Net income Profit after all expenses, interest and tax.
$747M
20.2%
Free cash flow Cash from operations minus capital spending.
$1.3B
10.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.6%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.1x
On $12.15 EPS (TTM)

About these figures. DaVita's minority owners' stakes that it may have to buy back are shown between liabilities and equity and are counted that way when the balance sheet is checked.

What DaVita does

No business description yet.

Legal name
DAVITA INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000927066-26-000012
0000927066

Revenue and margins

DaVita had $13.6B of revenue in fiscal 2025, up 6.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.3B in fiscal 2025, 9.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

DaVita returned $1.3B to shareholders in fiscal 2025, 100% of free cash flow. The diluted share count fell 13.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value DaVita yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.6B and divides by 75.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.1x · peers 31.7x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably DaVita can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $484M$322M$392M$846M$701M
Debt incl. finance leases $8.9B$8.9B$8.4B$9.4B$10.3B
Net debt / EBITDA 3.4x4.2x3.4x3.1x3.5x
Debt / equity ——8.0x——
Interest coverage 6.7x4.0x4.3x4.8x3.8x
Current ratio 1.3x1.2x1.2x1.3x1.3x
Quick ratio 1.3x1.2x1.1x1.2x1.2x
Total assets $17.1B$16.9B$16.9B$17.3B$17.5B
Total liabilities $14.8B$14.7B$14.2B$15.2B$16.3B
Shareholders' equity $756M$712M$1.1B$121M−$651M
Net debt (− = net cash) $8.4B$8.6B$8.0B$8.6B$9.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$509M

7 insiders

Of sales under plans

1%

$3.6M

DateInsiderTradeSharesPriceValueFiling
Jul 31, 2026 Berkshire Hathaway Inc10% owner Sold 182,980 $199.55 $36.5M Form 4
Jun 16, 2026 Javier RodriguezChief Executive Officer, Director Sold 39,407 $209.28 $8.2M Form 4
Jun 15, 2026 Javier RodriguezChief Executive Officer, Director Sold 30,000 $209.50 $6.3M Form 4
Jun 15, 2026 Kathleen Alyce WatersChief Legal & Pub. Affairs Off Sold plan 15,405 $208.40 $3.2M Form 4
May 15, 2026 James O HeartyChief Compliance Officer Sold 15,000 $193.98 $2.9M Form 4
May 12, 2026 David Paul MaughanChief Operating Officer, Dkc Sold 13,456 $199.25 $2.7M Form 4
May 11, 2026 David Paul MaughanChief Operating Officer, Dkc Sold 7,073 $199.15 $1.4M Form 4
May 7, 2026 Joel AckermanCFO and Treasurer Sold 51,471 $192.10 $9.9M Form 4
May 6, 2026 James O HeartyChief Compliance Officer Sold plan 2,184 $174.87 $0.4M Form 4
May 1, 2026 Berkshire Hathaway Inc10% owner Sold 1,220,376 $149.84 $183M Form 4
Jan 29, 2026 Warren E Buffett10% owner Sold 1,658,480 $120.56 $200M Form 4
Oct 27, 2025 Berkshire Hathaway Inc10% owner Sold 401,514 $135.36 $54.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 87 / 86 / 8
Accruals ratio −8.1%−6.4%−6.6%
Altman Z'' 1.041.421.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
DaVita DVA $12.1B 6.5% 15.0% 9.6% 17.6% 15.1x 6
Labcorp LH $27.0B 7.3% 9.9% 8.6% 8.2% 27.2x 7 Compare →
BrightSpring Health Services BTSG $13.2B 28.2% 2.3% 3.1% 5.3% 36.2x 7 Compare →
Quest Diagnostics DGX $27.1B 11.8% 14.1% 12.3% 9.5% 24.1x 6 Compare →
Alignment Healthcare ALHC $1.7B 46.1% 0.4% 2.9% — 42.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.7B $10.9B $11.4B $11.4B $11.6B $11.6B $11.6B $12.1B $12.8B $13.6B
Operating income $2.0B $1.8B $1.5B $1.6B $1.7B $1.8B $1.3B $1.6B $2.1B $2.0B
Interest expense $394M $406M $462M $420M $283M $267M $339M $374M $435M $540M
Pretax income $1.6B $1.4B $1.0B $1.2B $1.3B $1.5B $966M $1.2B $1.5B $1.3B
Income tax $432M $324M $258M $280M $314M $307M $198M $220M $280M $293M
Net income $880M $664M $159M $811M $774M $978M $560M $692M $936M $747M
Diluted EPS $4.29 $3.47 $0.92 $5.27 $6.31 $8.90 $5.85 $7.42 $10.73 $9.84
Diluted shares 0.20B 0.19B 0.17B 0.15B 0.12B 0.11B 0.10B 0.09B 0.09B 0.08B
Cash flow
Cash from operations $2.0B $1.9B $1.8B $2.1B $2.0B $1.9B $1.6B $2.1B $2.0B $1.9B
Capital expenditure $829M $905M $987M $767M $675M $642M $603M $568M $555M $576M
Free cash flow $1.1B $1.0B $785M $1.3B $1.3B $1.3B $961M $1.5B $1.5B $1.3B
Depreciation and amortization $495M $544M $575M $601M $617M $668M $721M $737M $716M $708M
Stock-based compensation $38.3M $35.1M $73.1M $67.8M $91.5M $102M $95.4M $112M $103M $140M
Acquisitions $564M $804M $183M $101M $182M $187M $57.3M $26.4M $246M $118M
Share buybacks $1.1B $803M $1.2B $2.4B $1.5B $1.5B $802M $272M $1.4B $1.3B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.1B $803M $1.2B $2.4B $1.5B $1.5B $802M $272M $1.4B $1.3B
Balance sheet
Cash and short-term investments $982M $541M $326M $1.1B $345M $484M $322M $392M $846M $701M
Total debt $9.1B $9.3B $10.1B $8.1B $8.1B $8.9B $8.9B $8.4B $9.4B $10.3B
Finance lease liabilities $0.0M $0.0M $0.0M $269M $274M — $274M $256M $216M $185M
Current assets $4.0B $8.8B $8.4B $3.7B $3.1B $3.2B $3.2B $3.1B $3.7B $4.1B
Current liabilities $2.7B $3.1B $4.9B $2.4B $2.5B $2.4B $2.6B $2.6B $3.0B $3.1B
Inventory $160M $182M $107M $97.9M $112M $107M $109M $143M $135M $161M
Property and equipment, net $2.9B $3.1B $3.4B $3.5B $3.5B $3.5B $3.3B $3.1B $2.9B $2.8B
Total assets $18.8B $19.0B $19.1B $17.3B $17.0B $17.1B $16.9B $16.9B $17.3B $17.5B
Total liabilities $12.9B $13.1B $14.1B $13.8B $14.1B $14.8B $14.7B $14.2B $15.2B $16.3B
Shareholders' equity $4.6B $4.7B $3.7B $2.1B $1.4B $756M $712M $1.1B $121M −$651M
Margins
Operating margin 19.0% 16.7% 13.4% 14.4% 14.7% 15.5% 11.5% 13.2% 16.3% 15.0%
EBITDA margin 23.6% 21.7% 18.4% 19.7% 20.0% 21.2% 17.8% 19.3% 21.9% 20.2%
Net margin 8.2% 6.1% 1.4% 7.1% 6.7% 8.4% 4.8% 5.7% 7.3% 5.5%
FCF margin 10.7% 9.3% 6.9% 11.5% 11.3% 11.1% 8.3% 12.3% 11.4% 9.6%
Returns
Return on capital 11.7% 10.5% 8.4% 11.0% 13.9% 15.4% 11.3% 13.9% 18.7% 17.6%
Return on capital employed 12.6% 11.4% 10.1% 11.3% 11.5% 12.3% 9.2% 11.2% 14.6% 14.3%
Return on equity 18.5% 14.2% 3.8% 27.8% 44.0% 91.5% — 78.2% — —
Return on assets 4.7% 3.5% 0.8% 4.5% 4.5% 5.7% 3.3% 4.1% 5.5% 4.3%
Growth
Revenue growth — 1.6% 4.9% −0.1% 1.4% 0.6% −0.1% 4.6% 5.6% 6.5%
Net income growth 226.2% −24.6% −76.0% 408.8% −4.6% 26.5% −42.7% 23.4% 35.4% −20.2%
EPS growth 243.2% −19.1% −73.5% 472.8% 19.7% 41.1% −34.3% 26.8% 44.6% −8.3%
FCF growth 34.6% −11.8% −22.2% 66.5% −0.1% −1.2% −25.5% 55.1% −1.6% −10.6%
Share count change −5.3% −6.6% −9.9% −10.8% −20.3% −10.3% −12.8% −2.8% −6.3% −13.1%
Financial health
Net debt / EBITDA 3.2x 3.7x 4.7x 3.1x 3.4x 3.4x 4.2x 3.4x 3.1x 3.5x
Debt / equity 2.0x 2.0x 2.7x 3.8x 5.8x — — 8.0x — —
Interest coverage 5.2x 4.5x 3.3x 3.9x 6.0x 6.7x 4.0x 4.3x 4.8x 3.8x
Current ratio 1.5x 2.9x 1.7x 1.6x 1.3x 1.3x 1.2x 1.2x 1.3x 1.3x
Quick ratio 1.4x 2.8x 1.7x 1.5x 1.2x 1.3x 1.2x 1.1x 1.2x 1.2x
Capital allocation
Capex / revenue 7.7% 8.3% 8.7% 6.7% 5.8% 5.5% 5.2% 4.7% 4.3% 4.2%
Stock comp / revenue 0.4% 0.3% 0.6% 0.6% 0.8% 0.9% 0.8% 0.9% 0.8% 1.0%
Payouts / FCF 96.0% 79.7% 148.1% 182.6% 111.8% 119.3% 83.5% 18.3% 94.5% 99.8%
Quality scores
Piotroski F-score — 6.0 5.0 6.0 6.0 7.0 4.0 7.0 7.0 6.0
Altman Z'' 2.2 3.6 2.5 1.6 1.2 1.1 0.8 1.0 1.4 1.0
Accruals ratio −5.9% −6.6% −8.5% −6.9% −7.0% −5.6% −5.9% −8.1% −6.4% −6.6%

Source: SEC EDGAR XBRL filings (CIK 0000927066). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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