Alignment Healthcare vs DaVita
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The short version
- 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 Healthcare’s earnings: a P/E of 42.4x against 15.1x for DaVita.
| Latest fiscal year | ALHC · FY25 | DVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $12.1B |
| Revenue | $3.9B | $13.6B |
| Free cash flow | $113M | $1.3B |
| Net income | −$0.7M | $747M |
| Growth | ||
| Revenue growth | 46.1% | 6.5% |
| 5-year growth | 32.7% | 3.4% |
| Share count change | 3.8% | −13.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 0.4% | 15.0% |
| Net margin | −0.0% | 5.5% |
| FCF margin | 2.9% | 9.6% |
| Return on capital | — | 17.6% |
| Return on equity | −0.5% | — |
| Balance sheet | ||
| Net debt | −$281M | $9.6B |
| Net debt / EBITDA | −6.2x | 3.5x |
| Dividends and buybacks | $0.0M | $1.3B |
| Valuation & quality | ||
| P/E | 42.4x | 15.1x |
| Piotroski F-score | 5 | 6 |
FY16
ALHC —
DVA $10.7B
FY17
ALHC —
DVA $10.9B
FY18
ALHC —
DVA $11.4B
FY19
ALHC $757M
DVA $11.4B
FY20
ALHC $959M
DVA $11.6B
FY21
ALHC $1.2B
DVA $11.6B
FY22
ALHC $1.4B
DVA $11.6B
FY23
ALHC $1.8B
DVA $12.1B
FY24
ALHC $2.7B
DVA $12.8B
FY25
ALHC $3.9B
DVA $13.6B
ALHC
DVA
FY16
ALHC —
DVA 19.0%
FY17
ALHC —
DVA 16.7%
FY18
ALHC —
DVA 13.4%
FY19
ALHC −3.9%
DVA 14.4%
FY20
ALHC −0.6%
DVA 14.7%
FY21
ALHC −15.3%
DVA 15.5%
FY22
ALHC −9.0%
DVA 11.5%
FY23
ALHC −7.0%
DVA 13.2%
FY24
ALHC −3.8%
DVA 16.3%
FY25
ALHC 0.4%
DVA 15.0%
ALHC
DVA
FY16
ALHC —
DVA $1.1B
FY17
ALHC —
DVA $1.0B
FY18
ALHC —
DVA $785M
FY19
ALHC —
DVA $1.3B
FY20
ALHC —
DVA $1.3B
FY21
ALHC —
DVA $1.3B
FY22
ALHC −$69.2M
DVA $961M
FY23
ALHC −$95.2M
DVA $1.5B
FY24
ALHC −$6.7M
DVA $1.5B
FY25
ALHC $113M
DVA $1.3B
ALHC
DVA
FY16
ALHC —
DVA 11.7%
FY17
ALHC —
DVA 10.5%
FY18
ALHC —
DVA 8.4%
FY19
ALHC —
DVA 11.0%
FY20
ALHC —
DVA 13.9%
FY21
ALHC —
DVA 15.4%
FY22
ALHC —
DVA 11.3%
FY23
ALHC —
DVA 13.9%
FY24
ALHC —
DVA 18.7%
FY25
ALHC —
DVA 17.6%
ALHC
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.