DaVita Inc.

DVA · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Valuation
Market cap	$8,021	$12,267	$9,570	$6,728	$11,592	$11,963	$9,612	$8,541	$13,243	$12,673	$14,710	$16,080	$13,304	$10,613	$7,176	$7,054	$6,086	$5,212	$5,967	$5,888	$5,103	$3,903	$2,453	$1,772	$2,048	$1,397	$543	$2,369	$1,421	$832	$652	$472
Enterprise value	$22,647	$23,762	$20,482	$18,392	$23,264	$22,995	$19,860	$18,523	$22,235	$21,005	$22,400	$23,699	$20,940	$18,780	$11,397	$10,563	$9,242	$8,520	$9,338	$9,452	$8,917	$5,080	$3,592	$3,021	$2,852	$2,360	$490	$3,599	$1,793	$921	$681	$559
P/E (TTM) at period end	10.74×	13.10×	13.84×	12.01×	11.85×	15.46×	11.85×	53.59×	19.96×	14.40×	54.53×	22.24×	21.00×	19.80×	15.00×	17.39×	14.41×	13.93×	15.63×	20.33×	22.32×	17.56×	13.95×	11.26×	14.92×	103.60×	–	–	31.24×	31.15×	106.92×	96.23×
P/S (TTM) at period end	0.59×	0.96×	0.79×	0.58×	1.00×	1.04×	0.84×	0.75×	1.22×	1.18×	1.07×	1.26×	1.13×	1.30×	1.07×	1.09×	1.00×	0.92×	1.13×	1.21×	1.72×	1.70×	1.20×	0.96×	1.24×	0.94×	0.38×	1.97×	3.24×	3.05×	7.27×	4.76×
P/B at period end	–	101.28×	9.06×	9.44×	15.34×	8.65×	4.51×	2.31×	2.82×	2.73×	3.02×	3.11×	3.00×	2.82×	3.35×	3.57×	2.85×	2.95×	3.44×	4.73×	6.00×	7.46×	7.99×	25.22×	4.07×	4.00×	1.66×	4.92×	5.19×	3.60×	7.88×	–
EV / EBITDA (TTM)	8.21×	8.44×	8.72×	8.88×	9.39×	9.89×	8.79×	8.75×	9.43×	8.32×	14.16×	10.56×	10.89×	11.76×	8.13×	8.62×	7.91×	7.96×	8.47×	10.36×	15.24×	10.86×	8.27×	6.74×	6.86×	8.11×	2.60×	11.80×	12.93×	10.39×	21.90×	25.52×
EV / Sales (TTM)	1.66×	1.85×	1.69×	1.58×	2.00×	1.99×	1.74×	1.62×	2.04×	1.96×	1.63×	1.85×	1.78×	2.29×	1.69×	1.64×	1.51×	1.51×	1.77×	1.94×	3.00×	2.21×	1.76×	1.63×	1.73×	1.59×	0.34×	2.99×	4.09×	3.38×	7.59×	5.65×
Returns
Return on equity	–	773.1%	65.5%	78.7%	129.5%	55.9%	38.0%	4.3%	14.1%	18.9%	5.5%	14.0%	14.3%	14.2%	22.3%	20.5%	19.8%	21.2%	22.0%	23.3%	26.9%	42.5%	57.3%	223.9%	27.3%	3.9%	(45.1%)	(2.0%)	16.6%	11.6%	7.4%	–
Return on invested capital	11.4%	14.6%	10.9%	8.5%	11.5%	10.4%	10.2%	8.4%	10.2%	11.2%	6.1%	9.1%	8.5%	7.0%	11.7%	11.7%	11.2%	10.9%	11.2%	9.4%	6.3%	13.8%	15.2%	17.2%	13.4%	5.2%	22.5%	3.3%	10.3%	13.5%	14.0%	16.6%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.1%	–	–	–	–	–	–	–	0.4%	–	–	–	–	0.1%	–	16.0%
Financial health
Current ratio	1.29×	1.26×	1.19×	1.20×	1.32×	1.27×	1.56×	1.72×	2.86×	1.47×	1.88×	1.74×	1.41×	1.43×	1.97×	2.84×	2.20×	1.83×	1.82×	1.54×	1.67×	1.97×	1.67×	1.86×	1.59×	1.59×	0.39×	3.21×	4.68×	4.10×	3.63×	2.01×
Debt / equity	(15.78×)	77.99×	7.95×	12.53×	11.79×	5.84×	3.80×	2.73×	1.99×	1.96×	1.87×	1.63×	1.90×	2.27×	2.10×	2.18×	1.70×	2.09×	2.14×	3.01×	4.89×	2.63×	3.80×	18.78×	1.63×	2.79×	0.10×	2.59×	2.65×	0.46×	0.68×	(3.28×)
Effective tax rate	21.8%	18.3%	18.7%	20.5%	20.2%	23.8%	23.4%	24.6%	23.1%	26.6%	30.1%	34.1%	33.9%	35.9%	35.5%	34.9%	36.7%	35.9%	36.4%	39.2%	37.4%	38.6%	39.0%	41.0%	43.4%	62.2%	19.0%	73.1%	40.4%	40.9%	41.4%	41.7%
Share count
Diluted shares outstanding	76	87	93	96	110	123	154	172	191	205	216	217	215	196	193	206	208	212	215	212	208	206	228	271	279	249	243	245	208	208	208	208

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994
Revenue and gross profit
Revenue	$14,010	$13,643	$12,816	$12,140	$11,610	$11,619	$11,551	$11,388	$11,405	$10,877	$10,707	$13,782	$12,795	$11,764	$8,186	$6,732	$6,447	$6,109	$5,660	$5,264	$4,881	$2,974	$2,299	$2,046	$1,855	$1,651	$1,486	$1,445	$1,205	$438	$273	$90	$99
Cost of revenue	($9,663)	($9,959)	($8,599)	($8,320)	($8,210)	($7,972)	($7,989)	($7,914)	($8,196)	($7,640)	($7,432)	–	($9,119)	($8,198)	($5,584)	($4,634)	($4,428)	($4,249)	($3,920)	($3,590)	($3,390)	($2,035)	–	–	($1,218)	($1,101)	($1,032)	($993)	($780)	–	–	–	($66)
Gross profit	$4,346	$3,684	$4,217	$3,820	$3,400	$3,646	$3,562	$3,474	$3,209	$3,237	$2,296	–	$3,676	$3,566	$2,603	$2,098	$1,792	$1,860	$1,740	$1,674	$1,490	$939	–	–	$637	$550	$454	$452	$424	–	–	–	$33
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,732)	($1,674)	($1,538)	($1,474)	($1,355)	($1,195)	($1,248)	($1,103)	($1,135)	($1,064)	($1,073)	($1,031)	($1,262)	($1,176)	($890)	($685)	($572)	($532)	($508)	($491)	($580)	($334)	($233)	($195)	($181)	($127)	($163)	($264)	($120)	($39)	($25)	($9)	($12)
Total operating expenses	($2,219)	($1,641)	($2,127)	($2,218)	($2,061)	($1,849)	($1,867)	($1,831)	($1,684)	($1,424)	($266)	–	($1,861)	($2,016)	($1,306)	($943)	($798)	($921)	($871)	($765)	($751)	($473)	–	–	($253)	($239)	($275)	($376)	($211)	–	–	–	($16)
Total costs and expenses	($11,882)	($11,599)	($10,725)	($10,537)	($10,271)	($9,821)	($9,856)	($9,745)	($9,879)	($9,064)	($8,678)	($12,645)	($10,980)	($10,214)	($6,889)	($5,577)	($5,454)	($5,169)	($4,791)	($4,355)	($4,141)	($2,509)	($1,917)	($1,686)	($1,471)	($1,340)	($1,307)	($1,370)	($992)	($327)	($200)	($63)	($82)
Operating income	$2,128	$2,044	$2,090	$1,603	$1,339	$1,797	$1,695	$1,643	$1,526	$1,813	$2,030	$1,137	$1,815	$1,550	$1,297	$1,155	$994	$940	$869	$909	$739	$465	$381	$360	$384	$311	$179	$76	$213	$112	$73	$27	$17
Earnings
EBITDA	$2,838	$2,759	$2,814	$2,348	$2,072	$2,478	$2,325	$2,258	$2,117	$2,357	$2,525	$1,581	$2,243	$1,923	$1,597	$1,403	$1,225	$1,168	$1,070	$1,102	$913	$585	$468	$435	$448	$416	$291	$188	$305	$139	$89	$31	$22
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$289	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($594)	($580)	($470)	($399)	($357)	($285)	($304)	($444)	($487)	($431)	($414)	($408)	($410)	($401)	($270)	($228)	($172)	($176)	($215)	($157)	($489)	($108)	($44)	($114)	($98)	($71)	($150)	($399)	($256)	($15)	($14)	($4)	–
Pre-tax income	$1,468	$1,347	$1,530	$1,177	$966	$1,518	$1,318	$1,195	$1,048	$1,400	$1,623	$688	$1,310	$1,125	$1,001	$917	$741	$758	$657	$674	$476	$331	$362	$288	$316	$241	$45	($182)	$57	$62	$40	$11	$8
Income tax expense	($303)	($293)	($280)	($220)	($198)	($307)	($314)	($280)	($258)	($324)	($432)	($208)	($446)	($381)	($360)	($325)	($259)	($278)	($235)	($246)	($186)	($124)	($140)	($112)	($130)	($105)	($28)	$35	($42)	($25)	($16)	($5)	($4)
Net income	$847	$747	$936	$692	$560	$978	$774	$811	$159	$664	$880	$270	$723	$633	$536	$478	$406	$423	$374	$382	$290	$229	$222	$176	$157	$137	$13	($147)	($9)	$46	$27	$6	$5
Per share
Diluted EPS (GAAP)	$12.22	$9.84	$10.73	$7.42	$5.85	$8.90	$6.31	$5.27	$0.92	$3.47	$4.29	$1.25	$3.33	$2.95	$2.74	$2.48	$1.97	$2.03	$1.77	$1.77	$1.37	$1.10	$1.08	$0.77	$0.58	$0.49	$0.0541	($0.60)	($0.0175)	$0.24	$0.0768	$0.0437	$0.0235
Basic EPS (GAAP)	$12.49	$10.06	$11.02	$7.62	$6.03	$9.30	$6.46	$5.29	$0.93	$3.52	$4.36	$1.27	$3.41	$3.02	$2.79	$2.53	$2.00	$2.04	$1.78	$1.80	$1.40	$1.13	$1.13	$0.93	$0.73	$0.55	$0.0551	($0.60)	($0.0179)	$0.24	$0.14	$0.0816	$0.0423
Basic shares outstanding	68	74	85	91	93	105	120	153	171	189	202	212	212	210	192	189	203	207	210	212	207	202	197	189	215	251	245	243	240	155	115	111	116
Margins
Gross margin	31.0%	27.0%	32.9%	31.5%	29.3%	31.4%	30.8%	30.5%	28.1%	29.8%	21.4%	–	28.7%	30.3%	31.8%	31.2%	27.8%	30.5%	30.7%	31.8%	30.5%	31.6%	–	–	34.3%	33.3%	30.6%	31.3%	35.2%	–	–	–	33.7%
Operating margin	15.2%	15.0%	16.3%	13.2%	11.5%	15.5%	14.7%	14.4%	13.4%	16.7%	19.0%	8.2%	14.2%	13.2%	15.8%	17.2%	15.4%	15.4%	15.4%	17.3%	15.2%	15.6%	16.6%	17.6%	20.7%	18.8%	12.1%	5.2%	17.7%	25.5%	26.9%	29.8%	17.4%
Net margin	6.0%	5.5%	7.3%	5.7%	4.8%	8.4%	6.7%	7.1%	1.4%	6.1%	8.2%	2.0%	5.7%	5.4%	6.5%	7.1%	6.3%	6.9%	6.6%	7.3%	5.9%	7.7%	9.7%	8.6%	8.5%	8.3%	0.9%	(10.2%)	(0.8%)	10.4%	9.8%	6.8%	4.9%

Analyst consensus

Hold23 analysts

Bearish · 1 · Hold · 12 · Bullish · 10

Earnings history

	EPS	Estimate
Q3 2024	$2.59	$2.72	Miss
Q4 2024	$2.24	$2.14	Beat
Q1 2025	$2.00	$1.95	Beat
Q2 2025	$2.95	$2.70	Beat
Q3 2025	$2.51	$3.17	Miss
Q4 2025	$3.40	$3.24	Beat
Q1 2026	$2.87	$2.41	Beat
Q2 2026	$4.02	$3.88	Beat

Peers

Company overview

IPO dateOct 31, 1995

CEOJavier J. Rodriguez

Employees78,000

SectorHealthcare

IndustryMedical - Care Facilities

CountryUS

ExchangeNew York Stock Exchange

Websitewww.davita.com

DaVita Inc. specializes in delivering essential kidney dialysis treatments and comprehensive renal care to individuals grappling with chronic kidney failure. The company primarily operates an extensive network of outpatient dialysis centers, supplementing this with services provided in hospital inpatient settings and within patients' homes. Beyond direct patient treatment, DaVita manages its own diagnostic laboratories, performing routine tests vital for dialysis patients, alongside other physician-ordered laboratory analyses specifically for those with end-stage renal disease (ESRD). The firm also offers administrative and management support to various other outpatient dialysis facilities. Its broad spectrum of offerings extends to chronic disease management programs, supporting a substantial patient cohort; by year-end 2021, this included 16,000 patients enrolled in risk-based integrated care models and an additional 7,000 in other integrated care arrangements. Further specialized services encompass vascular access interventions, clinical research initiatives, direct physician support, and a complete suite of holistic kidney care solutions. As of December 31, 2021, DaVita's footprint across the United States comprised 2,815 outpatient dialysis centers, collectively serving approximately 203,100 patients. Globally, the company operated 339 outpatient dialysis centers spread across ten countries outside the U.S., attending to roughly 39,900 patients. Moreover, it furnished acute inpatient dialysis services and related laboratory work in around 850 U.S. hospitals. Founded in 1994, DaVita Inc. maintains its headquarters in Denver, Colorado. The company rebranded to its current name in September 2016, having previously been known as DaVita HealthCare Partners Inc.

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