Alignment Healthcare vs DaVita
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KIRAβs take AI analyst
I put Alignment Healthcare and DaVita side by side, using each oneβs latest annual report. Here is what stands out:
- DaVita is the larger business, with $13.6B of revenue in fiscal 2025 against $3.9B for Alignment Healthcare, about 3.5 times as much.
- Alignment Healthcare grew revenue faster (46.1%, against 6.5%).
- DaVita kept more of each dollar of sales as operating profit (15.0% operating margin, against 0.4%).
- DaVita turned more of its sales into free cash flow (9.6% FCF margin, against 2.9%).
- Investors pay more for each dollar of Alignment Healthcareβs earnings: a P/E of 41.5x against 15.1x for DaVita.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Alignment Healthcare
ALHC
3/8
Revenue growth5-year growthNet debt / EBITDA
DaVita
DVA
5/8
Operating marginNet marginFCF marginPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | ALHC FY25 | DVA FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $12.2B |
| Revenue | $3.9B | $13.6B |
| Free cash flow | $113M | $1.3B |
| Net income | β$0.7M | $747M |
| Growth | ||
| Revenue growth | 46.1% | 6.5% |
| 5-year growth | 32.7% | 3.4% |
| Share count change | 3.8% | β13.1% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 0.4% | 15.0% |
| Net margin | β0.0% | 5.5% |
| FCF margin | 2.9% | 9.6% |
| Return on capital | β | 17.6% |
| Return on equity | β0.5% | β |
| Balance sheet | ||
| Net debt | β$281M | $9.6B |
| Net debt / EBITDA | β6.2x | 3.5x |
| Dividends and buybacks | $0.0M | $1.3B |
| Valuation & quality | ||
| P/E | 41.5x | 15.1x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.