Quest Diagnostics vs DaVita
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The short version
- DaVita is the larger business, with $13.6B of revenue in fiscal 2025 against $11.0B for Quest Diagnostics.
- Quest Diagnostics grew revenue faster (11.8%, against 6.5%).
- DaVita kept more of each dollar of sales as operating profit (15.0% operating margin, against 14.1%).
- Quest Diagnostics turned more of its sales into free cash flow (12.3% FCF margin, against 9.6%).
- DaVita earned a higher return on the capital invested in it (17.6%, against 9.5%).
- Investors pay more for each dollar of Quest Diagnostics’s earnings: a P/E of 24.1x against 15.1x for DaVita.
| Latest fiscal year | DGX · FY25 | DVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.1B | $12.1B |
| Revenue | $11.0B | $13.6B |
| Free cash flow | $1.4B | $1.3B |
| Net income | $992M | $747M |
| Growth | ||
| Revenue growth | 11.8% | 6.5% |
| 5-year growth | 3.2% | 3.4% |
| Share count change | 0.0% | −13.1% |
| Profitability | ||
| Gross margin | 33.2% | — |
| Operating margin | 14.1% | 15.0% |
| Net margin | 9.0% | 5.5% |
| FCF margin | 12.3% | 9.6% |
| Return on capital | 9.5% | 17.6% |
| Return on equity | 14.2% | — |
| Balance sheet | ||
| Net debt | $5.3B | $9.6B |
| Net debt / EBITDA | 2.5x | 3.5x |
| Dividends and buybacks | $803M | $1.3B |
| Valuation & quality | ||
| P/E | 24.1x | 15.1x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
DGX $7.2B
DVA $10.7B
FY17
DGX $7.4B
DVA $10.9B
FY18
DGX $7.5B
DVA $11.4B
FY19
DGX $7.7B
DVA $11.4B
FY20
DGX $9.4B
DVA $11.6B
FY21
DGX $10.8B
DVA $11.6B
FY22
DGX $9.9B
DVA $11.6B
FY23
DGX $9.3B
DVA $12.1B
FY24
DGX $9.9B
DVA $12.8B
FY25
DGX $11.0B
DVA $13.6B
DGX
DVA
Operating margin
FY16
DGX 17.7%
DVA 19.0%
FY17
DGX 15.7%
DVA 16.7%
FY18
DGX 14.6%
DVA 13.4%
FY19
DGX 15.9%
DVA 14.4%
FY20
DGX 20.9%
DVA 14.7%
FY21
DGX 22.1%
DVA 15.5%
FY22
DGX 14.5%
DVA 11.5%
FY23
DGX 13.6%
DVA 13.2%
FY24
DGX 13.6%
DVA 16.3%
FY25
DGX 14.1%
DVA 15.0%
DGX
DVA
Free cash flow
FY16
DGX $823M
DVA $1.1B
FY17
DGX $923M
DVA $1.0B
FY18
DGX $817M
DVA $785M
FY19
DGX $843M
DVA $1.3B
FY20
DGX $1.6B
DVA $1.3B
FY21
DGX $1.8B
DVA $1.3B
FY22
DGX $1.3B
DVA $961M
FY23
DGX $864M
DVA $1.5B
FY24
DGX $909M
DVA $1.5B
FY25
DGX $1.4B
DVA $1.3B
DGX
DVA
Return on capital
FY16
DGX 9.5%
DVA 11.7%
FY17
DGX 10.7%
DVA 10.5%
FY18
DGX 10.0%
DVA 8.4%
FY19
DGX 10.4%
DVA 11.0%
FY20
DGX 15.7%
DVA 13.9%
FY21
DGX 19.0%
DVA 15.4%
FY22
DGX 11.7%
DVA 11.3%
FY23
DGX 9.9%
DVA 13.9%
FY24
DGX 9.0%
DVA 18.7%
FY25
DGX 9.5%
DVA 17.6%
DGX
DVA
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.