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DaVita (DVA) stock

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NYSE: DVA NYSE Health Care Services Next results ~February 1, 2027

C+ Fundamentals grade

DaVita is a kidney care provider operating dialysis centres in the United States and internationally. It treats patients with chronic kidney disease and end-stage kidney disease (ESKD), offering haemodialysis, home haemodialysis and peritoneal dialysis, plus related clinical laboratory testing for ESKD patients. It also runs an integrated kidney care business providing disease management and care coordination services.

Patients are treated at outpatient centres, in hospitals under contract, and at home with company support. Revenue comes mainly from dialysis treatment fees, laboratory services, pharmaceutical administration and management fees from centres it administers for others. Payors are chiefly government programmes, Medicare and Medicare Advantage, Medicaid, the Veterans Administration, and commercial insurers; US dialysis accounted for roughly 86% of 2025 consolidated revenue, with about 68% of US dialysis patient service revenue from government-based programmes.

The business is organised into US dialysis, US integrated kidney care, international operations and smaller ancillary services, supported by shared corporate administration. As of 31 December 2025, it ran 2,657 US outpatient dialysis centres across 46 states and Washington DC, treated about 200,500 US dialysis patients, and operated 585 centres in 14 countries outside the US serving roughly 94,500 patients. It has operated in kidney care for more than 25 years.

Based on DaVita's 10-K filed February 11, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$320

Forward price-to-earnings vs peers

Base case. Range ~$260–$480. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

DaVita valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds299 adding, 288 cuttingOf 65 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter DaVita files

10-Q filed October 29: DaVita

DaVita's revenue for the twelve months to September 2026 reached $14.2bn, a rise of 6.4% on the year, roughly matching the pace seen a quarter earlier. Free-cash-flow margin stayed at 9.1%. Meanwhile, the diluted share count has fallen 14.1% year-on-year, which boosts the value of each remaining share. Fundamentals have slipped, with the grade easing from B to C+. Our model value sits little changed at $234 a share, well above the current price of $193, so the rating remains Hold. At that price, the market appears to be pricing in cash-flow growth of about 3.9% a year over five years, a figure close to the 4.0% annual revenue growth DaVita has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where DaVita stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14.0bn, up 6.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 11.5% from 9.8% a year earlier. The diluted share count is down 14.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $313 a share, against a share price of $177. At that price, our model says the market is pricing in cash flow shrinking about 0.4% a year for five years, slower than the 3.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

DaVita's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of 9.1%. Where it stands out: change in share count of -14.1% ranks 1 of 39 health care services companies we cover. Where it lags: long-term debt as % of assets of 59.8% ranks 28 of 31 health care services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 0.1% while net income grew 19.2%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 14.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of -0.1 against the S&P 500.
  • Insiders selling. 6 insiders sold $104M of stock over the past 365 days and none bought (4% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 59.8% ranks 28 of 31 health care services companies we cover (median 27.7%).
  • Below peers: days sales outstanding. Days sales outstanding of 65 days ranks 25 of 31 health care services companies we cover (median 39 days).
  • Heavily shorted. 15.1% of the shares available to trade are sold short (7.5 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.82 against an average estimate of $3.57: beat by 6.9%
Revenue
$3.58bn, up 4.6% on a year earlier
Share reaction
+1.9% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted operating income $2,175m to $2,250m (2026); adjusted diluted net income per share attributable to DaVita Inc. $14.3 to $15.2 (2026)
Next report
October 29, 2026; average EPS estimate $4.40

DaVita's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.9%
  • 1 week+0.9%
  • 1 month+3.9%
  • This year+63.5%
  • 1 year+56.1%
  • 5 years+76.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.2B
Operating margin
15.0%
Net margin
6.5%
EPS (TTM, diluted)
$13.55

Growth

Revenue growth
+6.4%
Change in growth rate
−0.1 pts
Share count change
−14.1%

Cash

Free cash flow (TTM)
$1.3B
FCF margin
9.1%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 1, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Announcement
  5. Insider trade
  6. Announcement
  7. Announcement
  8. Announcement
  9. Partnership
  10. Announcement
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

DaVita valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value DaVita as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$320 ~$260–$480 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$320 ~$260–$480 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare DaVita with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$64.20$72.25$51.46$75.03$117.40$113.76$74.67$104.76$149.55$113.61$185.74
Market value$13.2bn$13.8bn$8.9bn$11.5bn$14.4bn$12.5bn$7.2bn$9.8bn$13.1bn$8.6bn$12.6bn
+ Net debt (− = net cash)$8.5bn$8.9bn$9.8bn$7.1bn$7.8bn$8.5bn$8.7bn$8.1bn$8.7bn$9.7bn$10.3bn
Enterprise value$21.7bn$22.7bn$18.7bn$18.6bn$22.2bn$21.0bn$15.9bn$17.8bn$21.8bn$18.3bn$22.9bn
Multiples
Price / sales 1.2x1.3x0.8x1.0x1.2x1.1x0.6x0.8x1.0x0.6x0.9x
Price / earnings 15.0x20.8x55.6x14.2x18.6x12.8x12.8x14.1x13.9x11.5x13.7x
Price / free cash flow 11.5x13.7x11.3x8.8x11.0x9.7x7.4x6.5x8.9x6.6x9.7x
EV / EBITDA 8.6x9.6x8.9x8.3x9.6x8.5x7.7x7.6x7.8x6.6x8.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard DaVita's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.2% of total assets over 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.0%; its worst year was 11.3%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 9 years, at a median 9.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 39.7% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $14.82 +38% $14.2bn +4%
Next $17.14 +16% $14.6bn +3%

Next year's EPS estimate has moved −0.5% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 1 analyst raised DaVita's forecast and 0 cut it.

Consensus EPS forecast DaVita, last 90 days
$14.00 $15.00 $16.00 $17.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.88 Current fiscal year, 60 days ago: $14.85 Current fiscal year, 30 days ago: $14.77 Current fiscal year, 7 days ago: $14.82 Current fiscal year, Now: $14.82 $14.82 Next fiscal year, 90 days ago: $17.22 Next fiscal year, 60 days ago: $17.02 Next fiscal year, 30 days ago: $17.14 Next fiscal year, 7 days ago: $17.14 Next fiscal year, Now: $17.14 $17.14

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.88$17.22
60 days ago $14.85$17.02
30 days ago $14.77$17.14
7 days ago $14.82$17.14
Now $14.82$17.14

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.57 $3.82 +6.9%
Jun 2026 $3.88 $4.02 +3.5%
Mar 2026 $2.33 $2.87 +23.2%
Dec 2025 $3.19 $3.40 +6.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Adjusted diluted net income per share attributable to DaVita Inc. 2026 $14.30 to $15.20 Non-GAAP Raised vs 14.1 to 15.2
    “Adjusted diluted net income per share attributable to DaVita Inc. $14.30 $15.20 $14.10 $15.20” source
  • Adjusted operating income 2026 $2,175m to $2,250m Non-GAAP Raised vs 2,150m to 2,250m
    “Adjusted operating income $2,175 $2,250 $2,150 $2,250” source
  • Free cash flow 2026 $1,000m to $1,250m Non-GAAP Maintained vs 1,000m to 1,250m
    “Free cash flow $1,000 $1,250 $1,000 $1,250” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy338%
Hold450%
Sell113%

Monthly trend

  1. Oct 20263418
  2. Sep 20263418
  3. Aug 20263317
  4. Jul 20262428

Counts of recommendations published by analysts covering DaVita, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.1%
of tradable shares
Days to cover
7.53
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
48%
of shares
Held by insiders
46.9%
of shares
Employees
78,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +56.1%

$119.02 on October 31, 2025 to $185.74

ThenNowEffect
Revenue (last 12 months) $13.2bn $14.0bn +6.4%
Net margin 6.4% 6.0% −4.8%
P/E multiple 11.7x 15.3x +31.3%
Share count 82m 70m +17.3%

Biggest factor: p/e multiple.

Last 3 years +133.8%

$79.45 on November 3, 2023 to $185.74

ThenNowEffect
Revenue (last 12 months) $11.7bn $14.0bn +19.3%
Net margin 4.0% 6.0% +51.8%
P/E multiple 15.8x 15.3x −2.7%
Share count 93m 70m +32.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DVA−3%−34%+40%+43%−24%+64%
Industry peers (median)−1%−25%+6%−6%−6%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DVA50%50%67%67%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DVA−29%−47%−35%−15%−36%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 51% from August 4, 2021 to November 9, 2022. Getting back needed a 105% gain, reached on March 5, 2024, 482 days after the low.

Price behaviour

52-week range
$103.87 – $240.96
From 52-week high
−22.9%
vs 50-day average
+2.3%
vs 200-day average
+4.7%
Volatility (1 year)
46%
Beta vs S&P 500
-0.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.9%
After a week
5 up, 6 down
typical move ±11.9%
After a month
6 up, 5 down
typical move ±14.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +1.9% −2.1% — —
August 4, 2026 −19.3% +1.6% −23.7% −23.2%
May 5, 2026 +25.8% +2.2% +30.2% +24.7%
February 2, 2026 +23.2% −0.4% +25.9% +41.6%
October 29, 2025 −8.4% −1.1% −6.5% −7.7%
August 5, 2025 −8.4% +0.3% −5.3% −2.8%
May 12, 2025 +0.2% +4.0% +0.8% −3.9%
February 13, 2025 −8.5% +1.1% −17.2% −13.2%
October 29, 2024 −10.1% −0.1% −6.3% +5.5%
August 6, 2024 −1.1% +0.2% +7.7% +9.8%
May 2, 2024 −3.8% +2.2% −1.3% +4.2%
February 13, 2024 +8.0% −0.5% +5.8% +19.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

DaVita in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) DaVita
$12B $13B $14B $15B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.1B Revenue (TTM), FY24 Q1: $12.3B Revenue (TTM), FY24 Q2: $12.5B Revenue (TTM), FY24 Q3: $12.7B Revenue (TTM), FY24 Q4: $12.8B Revenue (TTM), FY25 Q1: $13B Revenue (TTM), FY25 Q2: $13.2B Revenue (TTM), FY25 Q3: $13.3B Revenue (TTM), FY25 Q4: $13.6B Revenue (TTM), FY26 Q1: $13.8B Revenue (TTM), FY26 Q2: $14B Revenue (TTM), FY26 Q3: $14.2B $14.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.1B
FY24 Q1 $12.3B
FY24 Q2 $12.5B
FY24 Q3 $12.7B
FY24 Q4 $12.8B
FY25 Q1 $13B
FY25 Q2 $13.2B
FY25 Q3 $13.3B
FY25 Q4 $13.6B
FY26 Q1 $13.8B
FY26 Q2 $14B
FY26 Q3 $14.2B
Revenue growth, TTM YoY DaVita
4% 5% 6% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.6% Revenue growth, TTM YoY, FY24 Q1: 5.8% Revenue growth, TTM YoY, FY24 Q2: 6.7% Revenue growth, TTM YoY, FY24 Q3: 6.3% Revenue growth, TTM YoY, FY24 Q4: 5.6% Revenue growth, TTM YoY, FY25 Q1: 5.1% Revenue growth, TTM YoY, FY25 Q2: 5.1% Revenue growth, TTM YoY, FY25 Q3: 5.1% Revenue growth, TTM YoY, FY25 Q4: 6.5% Revenue growth, TTM YoY, FY26 Q1: 6.7% Revenue growth, TTM YoY, FY26 Q2: 6.4% Revenue growth, TTM YoY, FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.6%
FY24 Q1 5.8%
FY24 Q2 6.7%
FY24 Q3 6.3%
FY24 Q4 5.6%
FY25 Q1 5.1%
FY25 Q2 5.1%
FY25 Q3 5.1%
FY25 Q4 6.5%
FY26 Q1 6.7%
FY26 Q2 6.4%
FY26 Q3 6.4%
Operating margin (TTM) DaVita
13% 14% 15% 16% 17% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.2% Operating margin (TTM), FY24 Q1: 14.4% Operating margin (TTM), FY24 Q2: 15.0% Operating margin (TTM), FY24 Q3: 15.1% Operating margin (TTM), FY24 Q4: 16.3% Operating margin (TTM), FY25 Q1: 15.8% Operating margin (TTM), FY25 Q2: 15.8% Operating margin (TTM), FY25 Q3: 15.4% Operating margin (TTM), FY25 Q4: 15.0% Operating margin (TTM), FY26 Q1: 15.1% Operating margin (TTM), FY26 Q2: 15.2% Operating margin (TTM), FY26 Q3: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.2%
FY24 Q1 14.4%
FY24 Q2 15.0%
FY24 Q3 15.1%
FY24 Q4 16.3%
FY25 Q1 15.8%
FY25 Q2 15.8%
FY25 Q3 15.4%
FY25 Q4 15.0%
FY26 Q1 15.1%
FY26 Q2 15.2%
FY26 Q3 15.0%
FCF margin (TTM) DaVita
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.3% FCF margin (TTM), FY24 Q1: 7.5% FCF margin (TTM), FY24 Q2: 10.1% FCF margin (TTM), FY24 Q3: 11.2% FCF margin (TTM), FY24 Q4: 11.4% FCF margin (TTM), FY25 Q1: 13.6% FCF margin (TTM), FY25 Q2: 9.8% FCF margin (TTM), FY25 Q3: 9.7% FCF margin (TTM), FY25 Q4: 9.6% FCF margin (TTM), FY26 Q1: 10.8% FCF margin (TTM), FY26 Q2: 11.5% FCF margin (TTM), FY26 Q3: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.3%
FY24 Q1 7.5%
FY24 Q2 10.1%
FY24 Q3 11.2%
FY24 Q4 11.4%
FY25 Q1 13.6%
FY25 Q2 9.8%
FY25 Q3 9.7%
FY25 Q4 9.6%
FY26 Q1 10.8%
FY26 Q2 11.5%
FY26 Q3 9.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar DaVita took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $13.6B
  2. Selling, general and admin $1.7B · 12.3%
  3. Other operating costs $9.9B · 72.8%
  4. Operating income $2B · 15.0%
  5. Income tax $293M · 2.1%
  6. Interest and other $1B · 7.4%
  7. Net income $747M · 5.5%

Shares of revenue. Source: DaVita's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.7 10.9 11.4 11.4 11.6 11.6 11.6 12.1 12.8 13.6 14.2
EBITDA 2.5 2.4 2.1 2.2 2.3 2.5 2.1 2.3 2.8 2.8 2.8
Operating income 2.0 1.8 1.5 1.6 1.7 1.8 1.3 1.6 2.1 2.0 2.1
Net income 0.9 0.7 0.2 0.8 0.8 1.0 0.6 0.7 0.9 0.7 0.9
Diluted EPS $4.29 $3.47 $0.92 $5.27 $6.31 $8.90 $5.85 $7.42 $10.73 $9.84 $13.55
Growth (year on year)
Revenue — +1.6% +4.9% −0.1% +1.4% +0.6% −0.1% +4.6% +5.6% +6.5% +6.4%
EBITDA — −6.6% −10.9% +6.8% +3.0% +6.7% −16.4% +13.5% +20.0% −2.0% +2.5%
Operating income — −10.7% −15.8% +7.7% +3.1% +6.1% −25.5% +19.7% +30.4% −2.2% +3.6%
Net income — −24.6% −76.0% — −4.6% +26.5% −42.7% +23.4% +35.4% −20.2% +19.2%
Diluted EPS — −19.1% −73.5% — +19.7% +41.0% −34.3% +26.8% +44.6% −8.3% +38.8%
Margins
EBITDA margin 23.6% 21.7% 18.4% 19.7% 20.0% 21.2% 17.7% 19.3% 21.9% 20.2% 19.8%
Operating margin 19.0% 16.7% 13.4% 14.4% 14.7% 15.5% 11.5% 13.2% 16.3% 15.0% 15.0%
Net margin 8.2% 6.1% 1.4% 7.1% 6.7% 8.4% 4.8% 5.7% 7.3% 5.5% 6.5%
Free-cash-flow margin 10.7% 9.3% 6.9% 11.5% 11.3% 11.1% 8.3% 12.3% 11.4% 9.6% 9.1%
Cash flow
Cash from operations 2.0 1.9 1.8 2.1 2.0 1.9 1.6 2.1 2.0 1.9 1.9
Capital spending 0.8 0.9 1.0 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.6
Free cash flow 1.1 1.0 0.8 1.3 1.3 1.3 1.0 1.5 1.5 1.3 1.3
Stock-based pay 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.1 1.0 0.7 1.2 1.2 1.2 0.9 1.4 1.4 1.2 1.2
Balance sheet
Cash 0.7 0.5 0.3 1.1 0.3 0.5 0.2 0.4 0.8 0.7 0.5
Total debt 9.2 9.4 10.2 8.2 8.2 9.0 9.0 8.4 9.5 10.3 10.8
Net debt (negative = net cash) 8.5 8.9 9.8 7.1 7.8 8.5 8.7 8.1 8.7 9.7 10.3
Diluted shares 205m 191m 172m 154m 123m 110m 96m 93m 87m 76m 68m
Returned to shareholders
Dividends — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
Buybacks 1.1 0.8 1.2 2.4 1.5 1.5 0.8 0.3 1.4 1.3 0.7
Total returned 1.1 0.8 1.2 2.4 1.5 1.5 0.8 0.3 1.4 1.3 0.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · September 30, 2026
What it owns · $17.8bn
Short-term assets $4.1bnLonger-term assets $13.7bn
What it owes, and who funded it · $16.7bn
Short-term liabilities $2.9bnLonger-term liabilities $13.8bnShareholders' equity $-591m
  • Short-term assets cover short-term liabilities $4.1bn of assets due within a year against $2.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.1bn short-term assets against $13.8bn of longer-dated liabilities.
  • More cash than debt $496m of cash against $10.7bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1.9bn of operating cash flow against $10.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From DaVita's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$725M
Returned to shareholders
56%
of free cash flow
Buybacks, last 3 fiscal years
$3B
Diluted share count
−14.1%
year over year
Total shareholder yield
6.2%
dividends 0.0% + buybacks 6.2% of market value
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated DVA LH BTSG DGX AGL OPCH Median
Revenue, last 12 months $14.2bn $14.6bn $15.3bn $11.8bn $5.9bn $5.7bn $1.2bn
Revenue growth, last 12 months 6.4% 6.0% 35.9% 9.1% 0.3% 5.9% 7.3%
Revenue growth, 3-year average 6.0% 6.6% — 8.4% 22.9% 11.3% 11.3%
Revenue growth, latest quarter 4.6% 6.9% 26.4% 10.0% 7.2% 1.9% 8.5%
Gross margin — 29.0% 12.5% 33.1% — 19.1% 27.9%
Operating margin 15.0% 10.3% 3.4% 14.6% −5.2% 5.9% 2.3%
Operating margin, 3-year average 15.2% 8.6% 2.0% 13.9% −5.5% 6.3% 2.3%
Net margin 6.5% 6.9% 2.7% 9.5% −3.9% 3.7% 1.2%
Cash from operations / revenue 13.2% 12.4% 4.0% 16.5% −1.2% 6.1% 6.1%
Free-cash-flow margin 9.1% 8.8% 3.2% 11.6% −1.4% 5.3% 5.1%
Free-cash-flow margin, 3-year average 10.0% 8.5% 1.9% 11.7% −1.9% 4.7% 3.6%
Stock pay / revenue 0.9% 0.9% 0.4% 0.7% 0.8% 0.7% 1.1%
Change in share count −14.1% −1.9% 6.4% −1.1% 1.8% −5.7% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 6.4% 7.3% 23 of 41
Change in growth rate Growth -0.1pp +1.1pp 25 of 41
Operating margin Profitability 15.0% 2.6% 4 of 40
Net margin Profitability 6.5% 1.2% 10 of 41
Free-cash-flow margin Cash generation 9.1% 5.1% 13 of 40
Stock pay as % of revenue Cash generation 0.9% 0.9% 14 of 35
Long-term debt as % of assets Balance sheet 59.8% 27.7% 28 of 31
Change in share count Balance sheet -14.1% 0.4% 1 of 39
Days sales outstanding Balance sheet 65 days 39 days 25 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
US Dialysis and Related Lab Services $11.7B 86.0% ▲ 3.6%
All Other Segments $1.9B 14.0% ▲ 27.7%

From DaVita's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.1B
Institutions reporting
625
Shares held vs prior quarter
▼ 4.9%
Positions opened / closed
112 / 65

Top buyers and sellers, Q2 2026: 299 institutions bought and 288 sold ; the biggest buyer was Bank Of America Corp (+411K shares) and the biggest seller Berkshire Hathaway Inc (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Berkshire Hathaway Inc $6.4B 28.9M 48.9% ▼ 4.1%
Blackrock, Inc. $548M 2.5M 4.2% ▼ 11.1%
Vanguard Capital Management LLC $468M 2.1M 3.6% ▼ 3.6%
Morgan Stanley $356M 1.6M 2.7% ▼ 3.9%
Vanguard Portfolio Management LLC $307M 1.4M 2.3% ▼ 6.9%
State Street Corp $294M 1.3M 2.2% ▼ 2.1%
Invesco Ltd. $270M 1.2M 2.1% ▼ 17.4%
Dimensional Fund Advisors LP $253M 1.1M 1.9% ▼ 0.7%
Neuberger Berman Group LLC $206M 926K 1.6% ▲ 74.0%
LSV Asset Management $202M 908K 1.5% ▼ 2.4%
Arrowstreet Capital, Limited Partnership $198M 889K 1.5% ▼ 19.9%
Geode Capital Management, LLC $190M 854K 1.4% ▼ 9.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not DaVita's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $104M 10 trades by 6 insiders · 4% under pre-set plans
Net ▼ $104M net selling
Insider Date Trade Shares Price Value
Berkshire Hathaway Inc 10% owner October 27, 2026 Sell 382,563 $180.43 $69M
Rodriguez Javier Chief Executive Officer June 16, 2026 Sell 39,407 $209.28 $8.2M
Rodriguez Javier Chief Executive Officer June 15, 2026 Sell 30,000 $209.50 $6.3M
Waters Kathleen Alyce Chief Legal & Pub. Affairs Off June 15, 2026 Sell pre-set plan 6,455 $209.17 $1.4M
Waters Kathleen Alyce Chief Legal & Pub. Affairs Off June 15, 2026 Sell pre-set plan 8,950 $207.84 $1.9M
Hearty James O Chief Compliance Officer May 15, 2026 Sell 15,000 $193.98 $2.9M
Maughan David Paul Chief Operating Officer, DKC May 12, 2026 Sell 13,456 $199.25 $2.7M
Maughan David Paul Chief Operating Officer, DKC May 11, 2026 Sell 7,073 $199.15 $1.4M
Ackerman Joel CFO and Treasurer May 7, 2026 Sell 51,471 $192.10 $9.9M
Hearty James O Chief Compliance Officer May 6, 2026 Sell pre-set plan 2,184 $174.87 $381,916

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in DaVita disclosed in the last 12 months; 6 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 7, 2025
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 4, 2026
  • May 5, 2026
  • February 2, 2026
  • October 29, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on DaVita was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

DaVita in brief

What does DaVita do?
DaVita is a US-listed company in the health care services industry. Its financial year ends in December.
What is DaVita's stock ticker?
DaVita trades under the ticker DVA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is DaVita's revenue, and how fast is it growing?
Over its most recent trailing twelve months, DaVita reported revenue of $14.2B, 6.4% higher than a year earlier, according to its SEC filings.
What is DaVita's free cash flow?
DaVita's free-cash-flow margin is 9.1% of revenue over the trailing twelve months, ranking 13 of the 40 health care services companies we cover.
Who are DaVita's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Berkshire Hathaway Inc, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is DaVita buying back stock, and does it pay a dividend?
DaVita spent $725M on share repurchases over the trailing twelve months, and its diluted share count fell 14.1% over the year.
What is DaVita's market cap?
On November 2, 2026, DaVita's market capitalisation was about $12.6B, with a price-to-earnings ratio of 13.7 and net debt of $10.3B. Market figures come from third-party market data and may be delayed.
Who are DaVita's competitors?
In our Health Care Services peer group, the companies closest to DaVita are Labcorp, Brightspring Health Services, Inc., Quest Diagnostics, Agilon Health, Inc. and Option Care Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against DaVita's.
Are insiders buying or selling DaVita stock?
Over the last 12 months, DaVita's directors and officers reported 0 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is DaVita's next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — DaVita announces its own schedule.