DaVita Inc. (DVA) operates dialysis clinics for patients with kidney failure. It runs over 3,200 centers, mostly in the U.S., treating roughly 300,000 patients per year who need regular dialysis to survive.
Revenue comes from insurance reimbursements: about two-thirds is paid by Medicare/Medicaid at fixed government rates, and the rest by commercial insurers. The critical dynamic is that commercial insurance patients (~10% of patients) generate nearly all U.S. dialysis profits, while the large Medicare population is largely a break-even or low-margin business.
Employees78,000IPOOct 31, 1995SIC8092HQ2000 16th Street, Denver, CO, USA, 80202
to
Financials
Profitability
Metric
Current
Margins
Gross Margin
32.4%
Operating Margin
14.9%
EBITDA Margin
19.8%
Net Margin
6.1%
OCF Margin
15.7%
FCF Margin
11.5%
Returns on Capital
ROE
—
ROA
4.8%
ROIC
10.4%
ROCE
14.1%
ROC (Greenblatt)
37.0%
3Y ROIIC
−149.2%
Consistency
Years Profitable / 10Y
10
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
15.32
Forward P/E
12.62
P/E ex-NRI
14.61
Shiller P/E (CAPE)
23.44
Cash Flow Multiples
P/FCF
8.24
P/OCF
6.02
P/Owner Earnings
10.82
FCF Yield
13.47%
Enterprise Value Multiples
EV / EBIT
13.13
EV / Forward EBIT
11.72
EV / EBITDA
9.77
EV / Forward EBITDA
8.66
EV / Revenue
1.93
EV / Forward Revenue
1.74
Asset / Sales
P/S
0.94
P/B
—
P/Tangible Book
—
Growth-Adjusted
PEG
1.11
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
7.03%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
−17.52
Gross Debt / EBITDA
4.84
Cash / Debt
0.05
Equity / Assets
−0.04
Coverage
Interest Coverage
3.52
Short-Term Liquidity
Current Ratio
1.47
Quick Ratio
1.41
Cash Ratio
0.24
Composite Scores
Piotroski F-Score
6
Altman Z-Score
1.69
Split History
Date
Split
2013-09-09
2:1
2004-06-16
1.5:1
1997-10-21
1.667:1
Ex-date
Amount
Pay date
No dividend history found.
Date
Transcript
Type
2026-08-04
Q2 2026 DaVita Inc Earnings Call Transcript
Earnings Call
2026-05-05
Q1 2026 DaVita Inc Earnings Call Transcript
Earnings Call
2026-03-02
DaVita Inc at TD Cowen Healthcare Conference Transcript
Conference Presentations
2026-02-02
Q4 2025 DaVita Inc Earnings Call Transcript
Earnings Call
2025-10-29
Q3 2025 DaVita Inc Earnings Call Transcript
Earnings Call
2025-08-05
Q2 2025 DaVita Inc Earnings Call Transcript
Earnings Call
2025-05-12
Q1 2025 DaVita Inc Earnings Call Transcript
Earnings Call
2025-02-13
Q4 2024 DaVita Inc Earnings Call Transcript
Earnings Call
2024-10-29
Q3 2024 DaVita Inc Earnings Call Transcript
Earnings Call
2024-08-06
Q2 2024 DaVita Inc Earnings Call Transcript
Earnings Call
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5-Step DuPont Analysis
ROE %
-149.25%
×
×
Net Margin %
6.05%
×
×
Operating Margin %
14.93%
Operating Income
$2.09B
÷
Revenue
$14.01B
×
Tax Burden
0.5770
Net Income
$847M
÷
Pretax Income
$1.47B
×
Interest Burden
0.7021
Pretax Income
$1.47B
÷
Operating Income
$2.09B
×
Asset Turnover
0.80
÷
Revenue
$14.01B
÷
Average Total Assets
$17.60B
Begin Total Assets
$17.49B
End Total Assets
$17.71B
×
Equity Multiplier
-31.01
÷
Avg Total Assets
$17.60B
÷
Avg Stockholders Equity
−$568M
Begin Equity
−$370M
End Equity
−$765M
Top institutional holders
Q2 2026| Holder | Shares | % Owned | Chg. shares | |
|---|---|---|---|---|
| Berkshire Hathaway Inc | 28.9M | 43.20% | -1.2M | $6.43B |
| BlackRock, Inc. | 2.5M | 3.68% | -305.8K | $547.52M |
| VANGUARD CAPITAL MANAGEMENT LLC | 2.1M | 3.14% | -78.8K | $467.53M |
| MORGAN STANLEY | 1.6M | 2.40% | -64.3K | $356.35M |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 1.4M | 2.06% | -101.7K | $306.56M |
| STATE STREET CORP | 1.3M | 1.98% | -28.7K | $294.35M |
| Invesco Ltd. | 1.2M | 1.81% | -256.0K | $269.63M |
| DIMENSIONAL FUND ADVISORS LP | 1.1M | 1.70% | -7.6K | $253.13M |
| NEUBERGER BERMAN GROUP LLC | 925.6K | 1.38% | +393.5K | $205.76M |
| LSV ASSET MANAGEMENT | 908.4K | 1.36% | -22.7K | — |
10 of 639
View allTop insider holdings
as reported| Insider | Shares held | % Owned | |
|---|---|---|---|
| ACKERMAN JOELOfficer | 132.4K | 0.1981% | $24.81M |
| Waters Kathleen AlyceOfficer | 109.2K | 0.1633% | $20.45M |
| Maughan David PaulOfficer | 86.6K | 0.1296% | $16.22M |
| Arway Pamela MDirector | 27.2K | 0.0407% | $5.10M |
| BERG CHARLESDirector | 27.0K | 0.0404% | $5.06M |
| HEARTY JAMES OOfficer | 22.4K | 0.0335% | $4.19M |
| BERRY CHRISTOPHER MICHAELOfficer | 19.6K | 0.0294% | $3.68M |
| DESOER BARBARA JDirector | 11.2K | 0.0168% | $2.10M |
| BUFFETT WARREN E10% owner | — | — | — |
| Rodriguez JavierOfficer | — | — | — |
10 of 16· 2 withheld
View allRecent insider activity
through Sep 22, 2026| Insider | Action | Shares | Date | |
|---|---|---|---|---|
| Maughan David PaulOfficer | Tax Withholding | -7.5K | $1.37M | Sep 22, 2026 |
| Hollar Jason M.Director | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| DESOER BARBARA JDirector | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| Schechter Adam HDirector | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| Moore Gregory J.Director | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| Pullin Dennis WDirector | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| Schoppert Wendy LeeDirector | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| Arway Pamela MDirector | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| YALE PHYLLIS RDirector | Grant/Award (Rule 16b-3(d)) | +278 | $0 | Aug 15, 2026 |
| BUFFETT WARREN E10% owner | Open-Market or Private Sale | -183.0K | $36.51M | Jul 31, 2026 |
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View all