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One of the two largest US providers of dialysis services for patients with chronic kidney failure, operating outpatient dialysis centers.
One of the two largest US providers of dialysis services for patients with chronic kidney failure, operating outpatient dialysis centers.
Gets a set Medicare payment for each dialysis treatment, but the minority of patients with private insurance pay far higher rates and supply most of the profit, which is why the mix of commercial insurance matters. Berkshire Hathaway is its largest shareholder.
Moat: narrow (scale, installed base, regulatory licence). One of two dominant players in a duopoly-like US dialysis-clinic market with high barriers to new entrants.
Headquarters: Denver, Colorado, USA · Founded: 1979 · Employees: 78,000
Size DaVita (DVA) is a United States Health Care company (Medical/Nursing Services) with a market value of $12.0B, the 692nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $191.35 on 6 Nov 2026.
Performance Over six months the shares fell 3.7%, against +27.7% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +14.0%); the operating margin is 15.2% (peer median 9.6%).
Valuation It trades at 11.9× forward earnings against a peer median of 22.8× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (7.2% WACC).
Credit DaVita has 4 bonds outstanding ($6.25B), rated BB- by the agencies and trading like BB+ at a weighted spread of 162 bp.
Short interest Short interest is 7.7% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $14.2B | $13.6B | $12.8B | $12.1B | $11.6B |
| Revenue growth | — | +6% | +6% | +5% | — |
| Gross profit | $3.88B | $3.68B | $3.49B | $3.07B | $2.67B |
| EBITDA | $2.85B | $2.73B | $2.68B | $2.35B | $2.05B |
| Net income | $895M | $722M | $936M | $692M | $547M |
| Free cash flow | $1.29B | $1.31B | $1.47B | $1.50B | $965M |
| Capital expenditure | $577M | $576M | $555M | $568M | $603M |
| Total debt | $13.4B | $13.1B | $12.1B | $11.1B | $11.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DaVita DVA | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% |
| Fresenius Medical Care AG Sponsored ADR FMS | $12.2B | +6% | +7% | 11% | 9.4× | -2.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DVA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.1% | +11.4% | 9th lowest of 20 |
| 6-month return | -3.7% | +27.7% | 3rd lowest of 19 |
| Distance from 52-week high | -22.7% | -8.9% | 5th lowest of 20 |
| Revenue growth (TTM) | +6.4% | +14.0% | 9th lowest of 20 |
| Operating margin | 15.2% | 9.6% | 5th highest of 20 |
| Forward P/E | 11.9× | 22.8× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | 13.9% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +3.4% | +13.4% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | -4.5 pp | +0.6 pp | 5th least demanding of 18 |
| ROIC minus cost of capital | +4.5 pp | +0.3 pp | 8th highest of 20 |
| EV / EBITDA | 9.3× | 15.4× | 3rd cheapest of 16 |
| Net debt / EBITDA | 4.5× | 2.8× | 4th most indebted of 19 |
| Bond spread | 162 bp | 101 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Labcorp LH | United States | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% | 0.0% |
| Koninklijke Philips PHIA.AS | Netherlands | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% | +0.6% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
DaVita has 4 bonds outstanding with $6.25B face value. The agencies rate it BB-; its bonds trade like BB+. Weighted yield 6.21%, a spread of 162 bp over government bonds.