BrightSpring Health Services vs DaVita
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The short version
- DaVita is the larger business, with $13.6B of revenue in fiscal 2025 against $12.9B for BrightSpring Health Services.
- BrightSpring Health Services grew revenue faster (28.2%, against 6.5%).
- DaVita kept more of each dollar of sales as operating profit (15.0% operating margin, against 2.3%).
- DaVita turned more of its sales into free cash flow (9.6% FCF margin, against 3.1%).
- DaVita earned a higher return on the capital invested in it (17.6%, against 5.3%).
- Investors pay more for each dollar of BrightSpring Health Services’s earnings: a P/E of 36.2x against 15.1x for DaVita.
| Latest fiscal year | BTSG · FY25 | DVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.2B | $12.1B |
| Revenue | $12.9B | $13.6B |
| Free cash flow | $395M | $1.3B |
| Net income | $191M | $747M |
| Growth | ||
| Revenue growth | 28.2% | 6.5% |
| 5-year growth | — | 3.4% |
| Share count change | 13.9% | −13.1% |
| Profitability | ||
| Gross margin | 11.8% | — |
| Operating margin | 2.3% | 15.0% |
| Net margin | 1.5% | 5.5% |
| FCF margin | 3.1% | 9.6% |
| Return on capital | 5.3% | 17.6% |
| Return on equity | 10.8% | — |
| Balance sheet | ||
| Net debt | $2.4B | $9.6B |
| Net debt / EBITDA | 5.3x | 3.5x |
| Dividends and buybacks | $43.2M | $1.3B |
| Valuation & quality | ||
| P/E | 36.2x | 15.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
BTSG —
DVA $10.7B
FY17
BTSG —
DVA $10.9B
FY18
BTSG —
DVA $11.4B
FY19
BTSG —
DVA $11.4B
FY20
BTSG —
DVA $11.6B
FY21
BTSG —
DVA $11.6B
FY22
BTSG $7.7B
DVA $11.6B
FY23
BTSG $7.7B
DVA $12.1B
FY24
BTSG $10.1B
DVA $12.8B
FY25
BTSG $12.9B
DVA $13.6B
BTSG
DVA
Operating margin
FY16
BTSG —
DVA 19.0%
FY17
BTSG —
DVA 16.7%
FY18
BTSG —
DVA 13.4%
FY19
BTSG —
DVA 14.4%
FY20
BTSG —
DVA 14.7%
FY21
BTSG —
DVA 15.5%
FY22
BTSG 2.4%
DVA 11.5%
FY23
BTSG 0.8%
DVA 13.2%
FY24
BTSG 1.1%
DVA 16.3%
FY25
BTSG 2.3%
DVA 15.0%
BTSG
DVA
Free cash flow
FY16
BTSG —
DVA $1.1B
FY17
BTSG —
DVA $1.0B
FY18
BTSG —
DVA $785M
FY19
BTSG —
DVA $1.3B
FY20
BTSG —
DVA $1.3B
FY21
BTSG —
DVA $1.3B
FY22
BTSG −$74.8M
DVA $961M
FY23
BTSG $137M
DVA $1.5B
FY24
BTSG −$57.1M
DVA $1.5B
FY25
BTSG $395M
DVA $1.3B
BTSG
DVA
Return on capital
FY16
BTSG —
DVA 11.7%
FY17
BTSG —
DVA 10.5%
FY18
BTSG —
DVA 8.4%
FY19
BTSG —
DVA 11.0%
FY20
BTSG —
DVA 13.9%
FY21
BTSG —
DVA 15.4%
FY22
BTSG —
DVA 11.3%
FY23
BTSG —
DVA 13.9%
FY24
BTSG 2.1%
DVA 18.7%
FY25
BTSG 5.3%
DVA 17.6%
BTSG
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.