DaVita Inc

LTS : 0I7E
USA·Healthcare·Healthcare Providers & Services
$187.88
−4.27 (−2.77%)Oct 16 close
Market Cap
$12.56B
Enterprise Value
$26.54B
P/E (TTM)
18.97
P/B
—
Net Cash / (Debt)
−$12.17B
52-Week Range
$103 — $241
5-Year Range
$67 — $241
Avg Volume (3M)
483
ListingsLTSMILNYSE

DaVita is the largest provider of dialysis services in the United States, boasting market share of about 35% when measured by clinics. The firm operates over 3,000 facilities worldwide, mostly in the US, and treats about 280,000 patients globally each year. Government payers dominate US dialysis reimbursement. DaVita receives about two thirds of US sales at government (primarily Medicare) reimbursement rates, with the remainder coming from commercial insurers. While commercial insurers represent only about 10% of US patients treated, they represent nearly all of the profits generated by DaVita in the US dialysis business.

Employees78,000IPOJan 18, 2018SIC8092HQ2000 16th Street, Denver, CO, USA, 80202
to

Financials

Profitability

Metric
Current
Margins
Gross Margin
32.3%
Operating Margin
14.7%
EBITDA Margin
19.4%
Net Margin
5.5%
OCF Margin
—
FCF Margin
9.6%
Returns on Capital
ROE
—
ROA
4.3%
ROIC
9.9%
ROCE
13.4%
ROC (Greenblatt)
34.9%
3Y ROIIC
−149.2%
Consistency
Years Profitable / 10Y
10

Valuation

Metric
Current
Earnings Multiples
P/E (TTM)
18.97
Forward P/E
13.80
P/E ex-NRI
17.31
Shiller P/E (CAPE)
26.17
Cash Flow Multiples
P/FCF
10.57
P/OCF
7.40
P/Owner Earnings
16.73
FCF Yield
10.43%
Enterprise Value Multiples
EV / EBIT
13.78
EV / Forward EBIT
11.48
EV / EBITDA
10.05
EV / Forward EBITDA
8.55
EV / Revenue
1.95
EV / Forward Revenue
1.75
Asset / Sales
P/S
1.04
P/B
—
P/Tangible Book
—
Growth-Adjusted
PEG
1.32

Capital Returns

Metric
Current
Dividends
Dividend Yield (TTM)
0.00%
Forward Dividend Yield
0.00%
3Y Dividend Growth
0.0%
Payout Ratio
0.00
5Y Yield on Cost
0.00%
Buybacks & Dilution
3Y Buyback Ratio
8.80%
5Y Share Change
−38.2%
Combined
Shareholder Yield
8.29%

Balance Sheet

Metric
Current
Leverage
Debt / Equity
−19.77
Gross Debt / EBITDA
4.87
Cash / Debt
0.05
Equity / Assets
−0.04
Coverage
Interest Coverage
3.47
Short-Term Liquidity
Current Ratio
1.29
Quick Ratio
1.24
Cash Ratio
0.22
Composite Scores
Piotroski F-Score
6
Altman Z-Score
1.55

5-Step DuPont Analysis

ROE %
-281.89%
Net Margin %
5.48%
Operating Margin %
14.74%
Operating Income
$2.01B
÷
Revenue
$13.64B
×
Tax Burden
0.5546
Net Income
$747M
÷
Pretax Income
$1.35B
×
Interest Burden
0.6698
Pretax Income
$1.35B
÷
Operating Income
$2.01B
×
Asset Turnover
0.78
Revenue
$13.64B
÷
Average Total Assets
$17.38B
Begin Total Assets
$17.29B
End Total Assets
$17.48B
×
Equity Multiplier
-65.59
Avg Total Assets
$17.38B
÷
Avg Stockholders Equity
−$265M
Begin Equity
$121M
End Equity
−$651M