DaVita Inc. (DVA) 10-Year Financial Performance & Capital Metrics

DVA • • Industrial / General

HealthcareHealthcare FacilitiesSpecialized Medical ServicesDialysis Services

AboutDaVita Inc. provides kidney dialysis services for patients suffering from chronic kidney failure. The company operates kidney dialysis centers and provides related lab services in outpatient dialysis centers. It also provides outpatient, hospital inpatient, and home-based hemodialysis services; owns clinical laboratories that provide routine laboratory tests for dialysis and other physician-prescribed laboratory tests for ESRD patients; and management and administrative services to outpatient dialysis centers. In addition, the company provides disease management services to 16,000 patients in risk-based integrated care arrangements and 7,000 patients in other integrated care arrangements; vascular access services; clinical research programs; physician services; and comprehensive kidney care services. As of December 31, 2021, it provided dialysis and administrative services in the United States through a network of 2,815 outpatient dialysis centers serving approximately 203,100 patients; and operated 339 outpatient dialysis centers located in 10 countries outside of the United States serving approximately 39,900 patients. Further, the company provides acute inpatient dialysis services in approximately 850 hospitals and related laboratory services in the United States. The company was formerly known as DaVita HealthCare Partners Inc. and changed its name to DaVita Inc. in September 2016. DaVita Inc. was incorporated in 1994 and is headquartered in Denver, Colorado.Show more

Revenue $12.82B +5.6%
EBITDA $2.81B +19.8%
Net Income $936M +35.4%
EPS (Diluted) 10.73 +44.6%
Gross Margin 32.91% +4.6%
EBITDA Margin 21.96% +13.5%
Operating Margin 16.31% +23.6%
Net Margin 7.31% +28.3%
ROE 38.73% +39.1%
ROIC 11.68% +32.6%
Debt/Equity 5.77 +42.4%
Interest Coverage 4.44 +10.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.3%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.3% through buybacks

✗Weaknesses

✗High debt to equity ratio of 5.8x
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.02%

5Y2.39%

3Y3.32%

TTM5.14%

Profit (Net Income) CAGR

10Y2.62%

5Y2.92%

3Y-1.46%

TTM-6.74%

EPS CAGR

10Y12.41%

5Y15.28%

3Y6.43%

TTM4.75%

ROCE

10Y Avg11.14%

5Y Avg11.78%

3Y Avg11.7%

Latest14.64%

Peer Comparison

Dialysis Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FMSFresenius Medical Care AG & Co. KGaA	12.54B	21.63	23.51	-0.61%	3.66%	5.16%	13.45%	0.70
DVADaVita Inc.	7.47B	105.84	9.86	5.56%	5.8%	50.51%	19.63%	5.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.78B	14.75B	10.88B	11.4B	11.39B	11.55B	11.62B	11.61B	12.14B	12.82B
Revenue Growth %	0.08%	0.07%	-0.26%	0.05%	-0%	0.01%	0.01%	-0%	0.05%	0.06%
Cost of Goods Sold+	6.86B	7.43B	7.64B	8.2B	7.91B	7.99B	7.97B	8.21B	8.32B	8.6B
COGS % of Revenue	0.5%	0.5%	0.7%	0.72%	0.69%	0.69%	0.69%	0.71%	0.69%	0.67%
Gross Profit+	3.13B	3.28B	3.24B	3.21B	3.47B	3.56B	3.65B	3.4B	3.82B	4.22B
Gross Margin %	0.23%	0.22%	0.3%	0.28%	0.31%	0.31%	0.31%	0.29%	0.31%	0.33%
Gross Profit Growth %	-0.15%	0.05%	-0.01%	-0.01%	0.08%	0.03%	0.02%	-0.07%	0.12%	0.1%
Operating Expenses+	1.99B	1.25B	1.42B	1.68B	1.83B	1.87B	1.85B	2.06B	2.22B	2.13B
OpEx % of Revenue	0.14%	0.08%	0.13%	0.15%	0.16%	0.16%	0.16%	0.18%	0.18%	0.17%
Selling, General & Admin	1.45B	1.59B	1.06B	1.14B	1.1B	1.25B	1.2B	1.36B	1.47B	1.54B
SG&A % of Revenue	0.11%	0.11%	0.1%	0.1%	0.1%	0.11%	0.1%	0.12%	0.12%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	958.29M	173.33M	359.85M	548.06M	727.37M	619.77M	653.68M	706.08M	743.66M	588.21M
Operating Income+	1.14B	2.03B	1.81B	1.53B	1.64B	1.69B	1.8B	1.34B	1.6B	2.09B
Operating Margin %	0.08%	0.14%	0.17%	0.13%	0.14%	0.15%	0.15%	0.12%	0.13%	0.16%
Operating Income Growth %	-0.37%	0.79%	-0.11%	-0.16%	0.08%	0.03%	0.06%	-0.25%	0.2%	0.3%
EBITDA+	1.77B	2.54B	2.37B	2.12B	2.26B	2.33B	2.48B	2.07B	2.35B	2.81B
EBITDA Margin %	0.13%	0.17%	0.22%	0.19%	0.2%	0.2%	0.21%	0.18%	0.19%	0.22%
EBITDA Growth %	-0.26%	0.43%	-0.07%	-0.11%	0.07%	0.03%	0.07%	-0.16%	0.13%	0.2%
D&A (Non-Cash Add-back)	638.02M	509.5M	559.91M	591.03M	615.15M	630.43M	680.62M	732.6M	745.44M	723.86M
EBIT	1.1B	2.04B	1.83B	1.54B	1.64B	1.62B	1.8B	1.32B	1.58B	2B
Net Interest Income+	-405.94M	-414.12M	-430.63M	-487.44M	-443.82M	-304.11M	-285.25M	-357.02M	-398.55M	-470.47M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	405.94M	414.38M	430.63M	487.44M	443.82M	304.11M	285.25M	357.02M	398.55M	470.47M
Other Income/Expense	-448.38M	-406.61M	-412.97M	-477.35M	-447.88M	-376.37M	-278.88M	-372.78M	-425.69M	-560.09M
Pretax Income+	723.14M	1.49B	1.4B	1.05B	1.2B	1.32B	1.52B	966.28M	1.18B	1.53B
Pretax Margin %	0.05%	0.1%	0.13%	0.09%	0.1%	0.11%	0.13%	0.08%	0.1%	0.12%
Income Tax+	295.73M	455.81M	323.86M	258.4M	279.63M	313.93M	306.73M	198.09M	220.12M	279.66M
Effective Tax Rate %	0.37%	0.59%	0.47%	0.15%	0.68%	0.59%	0.64%	0.58%	0.59%	0.61%
Net Income+	269.73M	879.87M	663.62M	159.39M	810.98M	773.64M	978.45M	560.4M	691.53M	936.34M
Net Margin %	0.02%	0.06%	0.06%	0.01%	0.07%	0.07%	0.08%	0.05%	0.06%	0.07%
Net Income Growth %	-0.63%	2.26%	-0.25%	-0.76%	4.09%	-0.05%	0.26%	-0.43%	0.23%	0.35%
Net Income (Continuing)	480.88M	1.19B	1.08B	790.08M	915.81M	1B	1.21B	768.19M	956.98M	1.25B
Discontinued Operations	-53.47M	-158.26M	-245.37M	-457.04M	105.48M	-9.65M	0	13.45M	0	0
Minority Interest	1.08B	1.17B	1.21B	1.33B	1.37B	1.51B	1.62B	1.51B	1.69B	1.97B
EPS (Diluted)+	1.25	4.29	3.47	4.58	5.27	6.39	8.90	5.85	7.42	10.73
EPS Growth %	-0.62%	2.43%	-0.19%	0.32%	0.15%	0.21%	0.39%	-0.34%	0.27%	0.45%
EPS (Basic)	1.27	4.36	3.52	4.63	5.29	6.54	9.30	6.03	7.62	11.02
Diluted Shares Outstanding	216.25M	204.9M	191.35M	172.36M	153.81M	122.62M	109.95M	95.83M	93.18M	87.27M
Basic Shares Outstanding	211.87M	201.64M	188.63M	170.79M	153.18M	119.8M	105.23M	92.99M	90.79M	84.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.48B	3.98B	8.74B	8.42B	3.69B	3.15B	3.17B	3.16B	3.14B	3.75B
Cash & Short-Term Investments	1.91B	981.76M	541.06M	325.97M	1.11B	345.06M	484.21M	321.78M	391.67M	846M
Cash Only	1.5B	674.78M	508.23M	323.04M	1.1B	324.96M	461.9M	244.09M	380.06M	794.93M
Short-Term Investments	408.08M	310.2M	43.52M	2.94M	11.57M	20.1M	22.31M	77.69M	11.61M	51.06M
Accounts Receivable	1.72B	1.5B	1.71B	1.86B	1.8B	1.82B	1.96B	2.26B	2.22B	2.56B
Days Sales Outstanding	45.66	37.23	57.54	59.48	57.55	57.65	61.5	70.95	66.8	72.85
Inventory	185.57M	164.86M	181.8M	107.38M	97.95M	111.63M	107.43M	109.12M	143.1M	134.56M
Days Inventory Outstanding	9.88	8.1	8.69	4.78	4.52	5.1	4.92	4.85	6.28	5.71
Other Current Assets	580.54M	6.5B	6.23B	6.02B	615.81M	791.37M	545.99M	388.8M	278.74M	84.89M
Total Non-Current Assets+	14.01B	14.76B	10.2B	10.69B	13.62B	13.84B	13.95B	13.77B	13.76B	13.54B
Property, Plant & Equipment	2.78B	3.18B	3.15B	3.39B	6.3B	6.38B	6.3B	5.92B	5.57B	5.33B
Fixed Asset Turnover	4.96x	4.64x	3.45x	3.36x	1.81x	1.81x	1.84x	1.96x	2.18x	2.40x
Goodwill	9.29B	9.41B	6.61B	6.84B	6.79B	6.92B	7.05B	7.08B	7.11B	7.38B
Intangible Assets	1.69B	1.53B	113.83M	118.85M	135.68M	166.59M	177.69M	182.69M	203.22M	197.43M
Long-Term Investments	167.49M	606.07M	283.23M	260.04M	278.5M	289.68M	288.39M	275.44M	593.74M	370.34M
Other Non-Current Assets	73.56M	5.29B	47.29M	71.58M	115.97M	79.5M	136.68M	315.59M	271.25M	261.73M
Total Assets+	18.48B	18.74B	18.95B	19.11B	17.31B	16.99B	17.12B	16.93B	16.89B	17.29B
Asset Turnover	0.75x	0.79x	0.57x	0.60x	0.66x	0.68x	0.68x	0.69x	0.72x	0.74x
Asset Growth %	0.03%	0.01%	0.01%	0.01%	-0.09%	-0.02%	0.01%	-0.01%	-0%	0.02%
Total Current Liabilities+	2.37B	2.7B	3.04B	4.89B	2.37B	2.48B	2.4B	2.62B	2.64B	2.97B
Accounts Payable	513.95M	456.62M	509.12M	463.27M	403.84M	434.25M	402.05M	479.78M	514.53M	547.2M
Days Payables Outstanding	27.36	22.43	24.32	20.63	18.62	19.84	18.41	21.33	22.57	23.23
Short-Term Debt	129.04M	160.26M	178.21M	1.93B	130.71M	168.54M	179.03M	231.4M	123.3M	270.87M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.18B	1.91B	2.2B	2.33B	1.3B	1.37B	1.24B	1.35B	1.42B	1.53B
Current Ratio	1.89x	1.48x	2.88x	1.72x	1.56x	1.27x	1.32x	1.20x	1.19x	1.26x
Quick Ratio	1.81x	1.41x	2.82x	1.70x	1.51x	1.23x	1.28x	1.16x	1.13x	1.21x
Cash Conversion Cycle	28.18	22.9	41.91	43.63	43.44	42.91	48.01	54.47	50.5	55.33
Total Non-Current Liabilities+	10.17B	10.22B	10.01B	9.19B	11.44B	11.62B	12.35B	12.08B	11.51B	12.22B
Long-Term Debt	9B	8.94B	9.16B	8.17B	7.98B	7.92B	8.73B	8.69B	8.27B	9.18B
Capital Lease Obligations	0	0	0	0	2.72B	2.74B	2.67B	2.5B	2.33B	2.21B
Deferred Tax Liabilities	726.96M	809.13M	486.25M	562.54M	577.54M	809.6M	830.95M	782.79M	726.22M	665.36M
Other Non-Current Liabilities	439.23M	746.27M	365.32M	450.67M	160.81M	150.06M	119.16M	105.23M	183.07M	169.59M
Total Liabilities	12.57B	12.93B	13.08B	14.08B	13.81B	14.09B	14.75B	14.7B	14.15B	15.19B
Total Debt+	9.13B	9.11B	9.34B	10.1B	11.18B	11.19B	11.98B	11.82B	11.12B	12.07B
Net Debt	7.63B	8.2B	8.83B	9.78B	10.07B	10.87B	11.51B	11.58B	10.74B	11.27B
Debt / Equity	1.53x	1.56x	1.58x	2.01x	3.19x	3.86x	5.05x	5.31x	4.05x	5.77x
Debt / EBITDA	5.14x	3.59x	3.93x	4.77x	4.95x	4.81x	4.83x	5.71x	4.73x	4.29x
Net Debt / EBITDA	4.30x	3.23x	3.72x	4.62x	4.46x	4.67x	4.65x	5.59x	4.57x	4.01x
Interest Coverage	2.80x	4.90x	4.21x	3.13x	3.70x	5.57x	6.30x	3.75x	4.02x	4.44x
Total Equity+	5.95B	5.82B	5.9B	5.03B	3.5B	2.9B	2.37B	2.22B	2.74B	2.09B
Equity Growth %	-0.04%	-0.02%	0.01%	-0.15%	-0.3%	-0.17%	-0.18%	-0.06%	0.23%	-0.24%
Book Value per Share	27.51	28.42	30.82	29.20	22.75	23.62	21.56	23.22	29.44	23.96
Total Shareholders' Equity	4.87B	4.65B	4.69B	3.7B	2.13B	1.38B	755.51M	712.33M	1.06B	121.12M
Common Stock	217K	195K	182K	166K	126K	110K	97K	90K	89K	90K
Retained Earnings	4.36B	3.71B	3.63B	2.74B	1.43B	852.54M	354.34M	174.49M	598.29M	1.53B
Treasury Stock	-544.77M	0	0	0	0	0	0	0	0	-1.39B
Accumulated OCI	-59.83M	-89.64M	13.23M	-34.92M	-47.5M	-66.15M	-139.25M	-69.19M	-52.08M	-310.8M
Minority Interest	1.08B	1.17B	1.21B	1.33B	1.37B	1.51B	1.62B	1.51B	1.69B	1.97B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.56B	1.96B	1.91B	1.77B	2.07B	1.98B	1.93B	1.56B	2.06B	2.02B
Operating CF Margin %	0.11%	0.13%	0.18%	0.16%	0.18%	0.17%	0.17%	0.13%	0.17%	0.16%
Operating CF Growth %	0.07%	0.26%	-0.03%	-0.07%	0.17%	-0.05%	-0.02%	-0.19%	0.32%	-0.02%
Net Income	427.41M	1.03B	830.55M	333.04M	1.02B	994.68M	1.21B	781.64M	691.53M	1.25B
Depreciation & Amortization	638.02M	720.25M	777.49M	591.03M	615.15M	630.43M	680.62M	732.6M	745.44M	723.86M
Stock-Based Compensation	56.66M	38.34M	35.09M	73.06M	67.85M	91.46M	102.21M	95.43M	112.38M	102.79M
Deferred Taxes	107.49M	80.41M	-395.22M	273.66M	41.72M	240.85M	60.48M	-75.67M	-39.35M	-57.84M
Other Non-Cash Items	285.36M	-110.58M	1.05B	401.94M	239.48M	125.78M	16.45M	30.47M	354.5M	32.31M
Working Capital Changes	42.25M	201.94M	-394.5M	98.9M	86.86M	-104.17M	-140.64M	101K	194.53M	-29.82M
Change in Receivables	-202.87M	-152.24M	-156.31M	-81.18M	-79.96M	-21.09M	-138.14M	-148.39M	172.36M	-29.77M
Change in Inventory	-48.31M	22.92M	-18.63M	73.5M	10.16M	-12.35M	5.72M	-757K	-32.13M	17.94M
Change in Payables	31M	11.9M	26.88M	-35.96M	-84.54M	37.2M	-30.32M	87.48M	26.89M	1.7M
Cash from Investing+	-881.78M	-1.2B	-1.37B	-1.01B	3B	-825.37M	-784.73M	-630.35M	-771.8M	-771.43M
Capital Expenditures	-708M	-829.1M	-905.25M	-987.14M	-766.55M	-674.54M	-641.47M	-603.43M	-567.99M	-555.44M
CapEx % of Revenue	0.05%	0.06%	0.08%	0.09%	0.07%	0.06%	0.06%	0.05%	0.05%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	19.84M	64.72M	92.44M	153.85M	3.88B	53.28M	63.66M	120.76M	35.52M	32.54M
Cash from Financing+	-138.97M	-1.35B	-766.26M	-625.35M	-4.7B	-1.85B	-1.08B	-1.12B	-1.17B	-816.94M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-132.06M	-129.53M	-118.16M	-177.22M	-243.82M	-217.98M	-238.59M	-323.89M	-362.56M	-560.55M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	849.2M	1.13B	1B	784.5M	1.31B	1.3B	1.29B	961.14M	1.49B	1.47B
FCF Margin %	0.06%	0.08%	0.09%	0.07%	0.11%	0.11%	0.11%	0.08%	0.12%	0.11%
FCF Growth %	0.04%	0.34%	-0.12%	-0.22%	0.66%	-0%	-0.01%	-0.25%	0.55%	-0.02%
FCF per Share	3.93	5.54	5.24	4.55	8.49	10.64	11.73	10.03	16.00	16.80
FCF Conversion (FCF/Net Income)	5.77x	2.23x	2.87x	11.11x	2.56x	2.56x	1.97x	2.79x	2.98x	2.16x
Interest Paid	405.12M	406.99M	424.55M	488.97M	473.18M	326.17M	326.17M	279M	387.66M	423.36M
Taxes Paid	156.07M	339.41M	387.16M	92.53M	157.98M	154.85M	154.85M	209.75M	268.09M	387.94M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.44%	14.95%	11.32%	2.92%	19.01%	24.19%	37.15%	24.39%	27.84%	38.73%
Return on Invested Capital (ROIC)	6.24%	10.94%	9.38%	7.75%	8.68%	9.3%	9.75%	7.25%	8.81%	11.68%
Gross Margin	22.68%	22.22%	29.76%	28.14%	30.5%	30.84%	31.38%	29.29%	31.47%	32.91%
Net Margin	1.96%	5.97%	6.1%	1.4%	7.12%	6.7%	8.42%	4.83%	5.7%	7.31%
Debt / Equity	1.53x	1.56x	1.58x	2.01x	3.19x	3.86x	5.05x	5.31x	4.05x	5.77x
Interest Coverage	2.80x	4.90x	4.21x	3.13x	3.70x	5.57x	6.30x	3.75x	4.02x	4.44x
FCF Conversion	5.77x	2.23x	2.87x	11.11x	2.56x	2.56x	1.97x	2.79x	2.98x	2.16x
Revenue Growth	7.71%	6.99%	-26.24%	4.86%	-0.14%	1.42%	0.59%	-0.08%	4.57%	5.56%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U S Dialysis And Related Lab Services	9.03B	9.55B	9.82B	10.37B	10.56B	10.66B	10.67B	10.6B	10.94B	11.32B
U S Dialysis And Related Lab Services Growth	-	5.73%	2.84%	5.55%	1.89%	0.92%	0.07%	-0.63%	3.18%	3.49%
Others	-	-	1.6B	1.2B	971.93M	1.05B	1.05B	1.1B	1.3B	-
Others Growth	-	-	-	-25.07%	-18.74%	8.31%	-0.55%	5.20%	17.97%	-

Frequently Asked Questions

Valuation & Price

DaVita Inc. (DVA) has a price-to-earnings (P/E) ratio of 9.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

DaVita Inc. (DVA) reported $13.32B in revenue for fiscal year 2024. This represents a 96% increase from $6.79B in 2011.

DaVita Inc. (DVA) grew revenue by 5.6% over the past year. This is steady growth.

Yes, DaVita Inc. (DVA) is profitable, generating $771.9M in net income for fiscal year 2024 (7.3% net margin).

Dividend & Returns

DaVita Inc. (DVA) has a return on equity (ROE) of 38.7%. This is excellent, indicating efficient use of shareholder capital.

DaVita Inc. (DVA) generated $1.29B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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