CVS Health vs DaVita
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The short version
- CVS Health is the larger business, with $402.1B of revenue in fiscal 2025 against $13.6B for DaVita, about 29 times as much.
- CVS Health grew revenue faster (7.9%, against 6.5%).
- DaVita kept more of each dollar of sales as operating profit (15.0% operating margin, against 1.2%).
- DaVita turned more of its sales into free cash flow (9.6% FCF margin, against 1.9%).
- DaVita earned a higher return on the capital invested in it (17.6%, against 2.9%).
- Investors pay more for each dollar of CVS Health’s earnings: a P/E of 24.6x against 15.1x for DaVita.
| Latest fiscal year | CVS · FY25 | DVA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $120.3B | $12.1B |
| Revenue | $402.1B | $13.6B |
| Free cash flow | $7.8B | $1.3B |
| Net income | $1.8B | $747M |
| Growth | ||
| Revenue growth | 7.9% | 6.5% |
| 5-year growth | 8.4% | 3.4% |
| Share count change | 0.7% | −13.1% |
| Profitability | ||
| Gross margin | 45.0% | — |
| Operating margin | 1.2% | 15.0% |
| Net margin | 0.4% | 5.5% |
| FCF margin | 1.9% | 9.6% |
| Return on capital | 2.9% | 17.6% |
| Return on equity | 2.4% | — |
| Balance sheet | ||
| Net debt | $54.0B | $9.6B |
| Net debt / EBITDA | 5.8x | 3.5x |
| Dividends and buybacks | $3.4B | $1.3B |
| Valuation & quality | ||
| P/E | 24.6x | 15.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
CVS $177.5B
DVA $10.7B
FY17
CVS $184.8B
DVA $10.9B
FY18
CVS $194.6B
DVA $11.4B
FY19
CVS $256.8B
DVA $11.4B
FY20
CVS $268.7B
DVA $11.6B
FY21
CVS $292.1B
DVA $11.6B
FY22
CVS $322.5B
DVA $11.6B
FY23
CVS $357.8B
DVA $12.1B
FY24
CVS $372.8B
DVA $12.8B
FY25
CVS $402.1B
DVA $13.6B
CVS
DVA
Operating margin
FY16
CVS 5.9%
DVA 19.0%
FY17
CVS 5.2%
DVA 16.7%
FY18
CVS 2.1%
DVA 13.4%
FY19
CVS 4.7%
DVA 14.4%
FY20
CVS 5.2%
DVA 14.7%
FY21
CVS 4.6%
DVA 15.5%
FY22
CVS 2.5%
DVA 11.5%
FY23
CVS 3.8%
DVA 13.2%
FY24
CVS 2.3%
DVA 16.3%
FY25
CVS 1.2%
DVA 15.0%
CVS
DVA
Free cash flow
FY16
CVS $7.9B
DVA $1.1B
FY17
CVS $6.1B
DVA $1.0B
FY18
CVS $6.8B
DVA $785M
FY19
CVS $10.4B
DVA $1.3B
FY20
CVS $13.4B
DVA $1.3B
FY21
CVS $15.7B
DVA $1.3B
FY22
CVS $13.5B
DVA $961M
FY23
CVS $10.4B
DVA $1.5B
FY24
CVS $6.3B
DVA $1.5B
FY25
CVS $7.8B
DVA $1.3B
CVS
DVA
Return on capital
FY16
CVS 10.4%
DVA 11.7%
FY17
CVS 12.2%
DVA 10.5%
FY18
CVS 2.1%
DVA 8.4%
FY19
CVS 7.1%
DVA 11.0%
FY20
CVS 8.3%
DVA 13.9%
FY21
CVS 8.3%
DVA 15.4%
FY22
CVS 5.2%
DVA 11.3%
FY23
CVS 8.8%
DVA 13.9%
FY24
CVS 4.9%
DVA 18.7%
FY25
CVS 2.9%
DVA 17.6%
CVS
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.