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

DVA •

HealthcareHealthcare FacilitiesSpecialty chronic care clinics

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 $13.64B +6.5%
EBITDA $2.73B -3.1%
Net Income $747M -20.2%
EPS (Diluted) 9.07 -15.5%
Gross Margin 27% -17.9%
EBITDA Margin 19.98% -9.0%
Operating Margin 14.74% -9.7%
Net Margin 5.47% -25.1%
ROE 45.96% +18.7%
ROIC 10.47% -10.4%
Debt/Equity 12.99 +125.2%
Interest Coverage 3.66 -17.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.5%
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 13.0x
✗Expensive at 11.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.1%

5Y3.39%

3Y5.53%

TTM6.46%

Profit (Net Income) CAGR

10Y10.72%

5Y-0.7%

3Y10.04%

TTM-20.24%

EPS CAGR

10Y21.92%

5Y7.26%

3Y16.68%

TTM-15.55%

ROCE

10Y Avg11.83%

5Y Avg12.28%

3Y Avg13.3%

Latest14.04%

Peer Comparison

Specialty chronic care clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DVADaVita Inc.	10.45B	156.30	17.23	6.46%	5.47%	64.47%	12.54%	12.99
FMSFresenius Medical Care AG & Co. KGaA	13.6B	23.46	11.84	1.51%	4.98%	6.85%		0.76
CCMConcord Medical Services Holdings Limited	166.67M	3.64	-0.01	-28.55%	-44.6%	-9.47%		2.43
TOIThe Oncology Institute, Inc.	218.88M	2.89	-4.07	21.33%	-14.38%	-213.36%		34.31

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	14.75B	10.88B	11.4B	11.39B	11.55B	11.62B	11.61B	12.14B	12.82B	13.64B
Revenue Growth %	6.99%	-26.24%	4.86%	-0.14%	1.42%	0.59%	-0.08%	4.57%	5.56%	6.46%
Cost of Goods Sold+	7.43B	7.64B	8.2B	7.91B	7.99B	7.97B	8.21B	8.32B	8.6B	9.96B
COGS % of Revenue	50.4%	70.24%	71.86%	69.5%	69.16%	68.62%	70.71%	68.53%	67.09%	73%
Gross Profit+	3.28B	3.24B	3.21B	3.47B	3.56B	3.65B	3.4B	3.82B	4.22B	3.68B
Gross Margin %	22.22%	29.76%	28.14%	30.5%	30.84%	31.38%	29.29%	31.47%	32.91%	27%
Gross Profit Growth %	4.79%	-1.2%	-0.84%	8.25%	2.53%	2.37%	-6.75%	12.35%	10.38%	-12.63%
Operating Expenses+	1.25B	1.42B	1.68B	1.83B	1.87B	1.85B	2.06B	2.22B	2.13B	1.67B
OpEx % of Revenue	8.45%	13.09%	14.76%	16.07%	16.17%	15.91%	17.75%	18.27%	16.59%	12.27%
Selling, General & Admin	1.59B	1.06B	1.14B	1.1B	1.25B	1.2B	1.36B	1.47B	1.54B	1.67B
SG&A % of Revenue	10.8%	9.78%	9.96%	9.69%	10.8%	10.29%	11.67%	12.14%	12%	12.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	173.33M	359.85M	548.06M	727.37M	619.77M	653.68M	706.08M	743.66M	588.21M	0
Operating Income+	2.03B	1.81B	1.53B	1.64B	1.69B	1.8B	1.34B	1.6B	2.09B	2.01B
Operating Margin %	13.77%	16.67%	13.38%	14.43%	14.67%	15.47%	11.53%	13.2%	16.31%	14.74%
Operating Income Growth %	78.55%	-10.69%	-15.83%	7.7%	3.12%	6.06%	-25.5%	19.69%	30.43%	-3.82%
EBITDA+	2.54B	2.37B	2.12B	2.26B	2.33B	2.48B	2.07B	2.35B	2.81B	2.73B
EBITDA Margin %	17.22%	21.81%	18.56%	19.83%	20.13%	21.33%	17.84%	19.34%	21.96%	19.98%
EBITDA Growth %	43.07%	-6.56%	-10.78%	6.69%	2.95%	6.58%	-16.4%	13.35%	19.85%	-3.14%
D&A (Non-Cash Add-back)	509.5M	559.91M	591.03M	615.15M	630.43M	680.62M	732.6M	745.44M	723.86M	715.35M
EBIT	2.04B	1.83B	1.54B	1.64B	1.62B	1.8B	1.32B	1.58B	2B	1.93B
Net Interest Income+	-414.12M	-430.63M	-487.44M	-443.82M	-304.11M	-285.25M	-357.02M	-398.55M	-470.47M	-549.67M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	414.38M	430.63M	487.44M	443.82M	304.11M	285.25M	357.02M	398.55M	470.47M	549.67M
Other Income/Expense	-406.61M	-412.97M	-477.35M	-447.88M	-376.37M	-278.88M	-372.78M	-425.69M	-560.09M	-663.79M
Pretax Income+	1.49B	1.4B	1.05B	1.2B	1.32B	1.52B	966.28M	1.18B	1.53B	1.35B
Pretax Margin %	10.1%	12.87%	9.19%	10.5%	11.41%	13.07%	8.32%	9.7%	11.94%	9.87%
Income Tax+	455.81M	323.86M	258.4M	279.63M	313.93M	306.73M	198.09M	220.12M	279.66M	293.11M
Effective Tax Rate %	59.1%	47.41%	15.2%	67.84%	58.69%	64.44%	58%	58.75%	61.18%	55.45%
Net Income+	879.87M	663.62M	159.39M	810.98M	773.64M	978.45M	560.4M	691.53M	936.34M	746.8M
Net Margin %	5.97%	6.1%	1.4%	7.12%	6.7%	8.42%	4.83%	5.7%	7.31%	5.47%
Net Income Growth %	226.2%	-24.58%	-75.98%	408.79%	-4.6%	26.47%	-42.73%	23.4%	35.4%	-20.24%
Net Income (Continuing)	1.19B	1.08B	790.08M	915.81M	1B	1.21B	768.19M	956.98M	1.25B	1.05B
Discontinued Operations	-158.26M	-245.37M	-457.04M	105.48M	-9.65M	0	13.45M	0	0	25M
Minority Interest	1.17B	1.21B	1.33B	1.37B	1.51B	1.62B	1.51B	1.69B	1.97B	1.81B
EPS (Diluted)+	4.29	3.47	4.58	5.27	6.39	8.90	5.71	7.42	10.73	9.07
EPS Growth %	243.2%	-19.11%	31.99%	15.07%	21.25%	39.28%	-35.84%	29.95%	44.61%	-15.47%
EPS (Basic)	4.36	3.52	4.63	5.29	6.54	9.30	5.88	7.62	11.02	10.06
Diluted Shares Outstanding	204.9M	191.35M	172.36M	153.81M	122.62M	109.95M	95.83M	93.18M	87.27M	88.1M
Basic Shares Outstanding	201.64M	188.63M	170.79M	153.18M	119.8M	105.23M	92.99M	90.79M	84.99M	86.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	3.98B	8.74B	8.42B	3.69B	3.15B	3.17B	3.16B	3.14B	3.75B	4.06B
Cash & Short-Term Investments	981.76M	541.06M	325.97M	1.11B	345.06M	484.21M	321.78M	391.67M	846M	782.05M
Cash Only	674.78M	508.23M	323.04M	1.1B	324.96M	461.9M	244.09M	380.06M	794.93M	757.75M
Short-Term Investments	310.2M	43.52M	2.94M	11.57M	20.1M	22.31M	77.69M	11.61M	51.06M	24.3M
Accounts Receivable	1.79B	2.16B	2.4B	2.31B	2.44B	2.41B	2.55B	2.42B	2.56B	2.96B
Days Sales Outstanding	44.36	72.6	76.71	73.88	77.07	75.73	80.19	72.64	72.85	79.16
Inventory	164.86M	181.8M	107.38M	97.95M	111.63M	107.43M	109.12M	143.1M	134.56M	160.63M
Days Inventory Outstanding	8.1	8.69	4.78	4.52	5.1	4.92	4.85	6.28	5.71	5.89
Other Current Assets	963.65M	5.78B	5.48B	106.35M	176.83M	93.06M	173.74M	187.22M	207.84M	156.28M
Total Non-Current Assets+	14.76B	10.2B	10.69B	13.62B	13.84B	13.95B	13.77B	13.76B	13.54B	13.42B
Property, Plant & Equipment	3.18B	3.15B	3.39B	6.3B	6.38B	6.3B	5.92B	5.57B	5.33B	5.21B
Fixed Asset Turnover	4.64x	3.45x	3.36x	1.81x	1.81x	1.84x	1.96x	2.18x	2.40x	2.62x
Goodwill	9.41B	6.61B	6.84B	6.79B	6.92B	7.05B	7.08B	7.11B	7.38B	7.55B
Intangible Assets	1.53B	113.83M	118.85M	135.68M	166.59M	177.69M	182.69M	203.22M	197.43M	222.13M
Long-Term Investments	606.07M	283.23M	260.04M	278.5M	289.68M	288.39M	275.44M	593.74M	370.34M	198.22M
Other Non-Current Assets	5.29B	47.29M	71.58M	115.97M	79.5M	136.68M	315.59M	271.25M	261.73M	246.52M
Total Assets+	18.74B	18.95B	19.11B	17.31B	16.99B	17.12B	16.93B	16.89B	17.29B	17.48B
Asset Turnover	0.79x	0.57x	0.60x	0.66x	0.68x	0.68x	0.69x	0.72x	0.74x	0.78x
Asset Growth %	1.4%	1.1%	0.86%	-9.41%	-1.87%	0.78%	-1.13%	-0.2%	2.32%	1.13%
Total Current Liabilities+	2.7B	3.04B	4.89B	2.37B	2.48B	2.4B	2.62B	2.64B	2.97B	3.14B
Accounts Payable	456.62M	509.12M	463.27M	403.84M	434.25M	402.05M	479.78M	514.53M	547.2M	696.15M
Days Payables Outstanding	22.43	24.32	20.63	18.62	19.84	18.41	21.33	22.57	23.23	25.51
Short-Term Debt	160.26M	178.21M	1.93B	130.71M	168.54M	179.03M	231.4M	123.3M	270.87M	109.2M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.91B	2.2B	2.33B	1.3B	1.37B	1.24B	1.35B	1.42B	1.53B	1.09B
Current Ratio	1.48x	2.88x	1.72x	1.56x	1.27x	1.32x	1.20x	1.19x	1.26x	1.29x
Quick Ratio	1.41x	2.82x	1.70x	1.51x	1.23x	1.28x	1.16x	1.13x	1.21x	1.24x
Cash Conversion Cycle	30.03	56.96	60.86	59.77	62.33	62.24	63.71	56.34	55.33	59.54
Total Non-Current Liabilities+	10.22B	10.01B	9.19B	11.44B	11.62B	12.35B	12.08B	11.51B	12.22B	13.18B
Long-Term Debt	8.94B	9.16B	8.17B	7.98B	7.92B	8.73B	8.69B	8.27B	9.18B	12.34B
Capital Lease Obligations	0	0	0	2.72B	2.74B	2.67B	2.5B	2.33B	2.21B	2.18B
Deferred Tax Liabilities	809.13M	486.25M	562.54M	577.54M	809.6M	830.95M	782.79M	726.22M	665.36M	756.87M
Other Non-Current Liabilities	746.27M	365.32M	450.67M	160.81M	150.06M	119.16M	105.23M	183.07M	169.59M	-2.09B
Total Liabilities	12.93B	13.08B	14.08B	13.81B	14.09B	14.75B	14.7B	14.15B	15.19B	16.32B
Total Debt+	9.11B	9.34B	10.1B	11.18B	11.19B	11.98B	11.82B	11.12B	12.07B	15.05B
Net Debt	8.2B	8.83B	9.78B	10.07B	10.87B	11.51B	11.58B	10.74B	11.27B	14.29B
Debt / Equity	1.56x	1.58x	2.01x	3.19x	3.86x	5.05x	5.31x	4.05x	5.77x	12.99x
Debt / EBITDA	3.59x	3.93x	4.77x	4.95x	4.81x	4.83x	5.71x	4.73x	4.29x	5.52x
Net Debt / EBITDA	3.23x	3.72x	4.62x	4.46x	4.67x	4.65x	5.59x	4.57x	4.01x	5.24x
Interest Coverage	4.90x	4.21x	3.13x	3.70x	5.57x	6.30x	3.75x	4.02x	4.44x	3.66x
Total Equity+	5.82B	5.9B	5.03B	3.5B	2.9B	2.37B	2.22B	2.74B	2.09B	1.16B
Equity Growth %	-2.11%	1.28%	-14.66%	-30.47%	-17.23%	-18.15%	-6.17%	23.31%	-23.77%	-44.61%
Book Value per Share	28.42	30.82	29.20	22.75	23.62	21.56	23.22	29.44	23.96	13.15
Total Shareholders' Equity	4.65B	4.69B	3.7B	2.13B	1.38B	755.51M	712.33M	1.06B	121.12M	-651.08M
Common Stock	195K	182K	166K	126K	110K	97K	90K	89K	90K	69K
Retained Earnings	3.71B	3.63B	2.74B	1.43B	852.54M	354.34M	174.49M	598.29M	1.53B	-328.43M
Treasury Stock	0	0	0	0	0	0	0	0	-1.39B	-199.94M
Accumulated OCI	-89.64M	13.23M	-34.92M	-47.5M	-66.15M	-139.25M	-69.19M	-52.08M	-310.8M	-122.78M
Minority Interest	1.17B	1.21B	1.33B	1.37B	1.51B	1.62B	1.51B	1.69B	1.97B	1.81B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.96B	1.91B	1.77B	2.07B	1.98B	1.93B	1.56B	2.06B	2.02B	1.89B
Operating CF Margin %	13.32%	17.54%	15.53%	18.2%	17.13%	16.62%	13.48%	16.96%	15.78%	13.83%
Operating CF Growth %	26.09%	-2.85%	-7.12%	16.97%	-4.5%	-2.43%	-18.97%	31.6%	-1.8%	-6.7%
Net Income	1.03B	830.55M	333.04M	1.02B	994.68M	1.21B	781.64M	691.53M	1.25B	1.08B
Depreciation & Amortization	720.25M	777.49M	591.03M	615.15M	630.43M	680.62M	732.6M	745.44M	723.86M	715.35M
Stock-Based Compensation	38.34M	35.09M	73.06M	67.85M	91.46M	102.21M	95.43M	112.38M	102.79M	139.95M
Deferred Taxes	80.41M	-395.22M	273.66M	41.72M	240.85M	60.48M	-75.67M	-39.35M	-57.84M	86.57M
Other Non-Cash Items	-110.58M	1.05B	401.94M	239.48M	125.78M	16.45M	30.47M	354.5M	32.31M	129.15M
Working Capital Changes	201.94M	-394.5M	98.9M	86.86M	-104.17M	-140.64M	101K	194.53M	-29.82M	-263.24M
Change in Receivables	-152.24M	-156.31M	-81.18M	-79.96M	-21.09M	-138.14M	-148.39M	172.36M	-29.77M	-210.63M
Change in Inventory	22.92M	-18.63M	73.5M	10.16M	-12.35M	5.72M	-757K	-32.13M	17.94M	-19.95M
Change in Payables	11.9M	26.88M	-35.96M	-84.54M	37.2M	-30.32M	87.48M	26.89M	1.7M	128.3M
Cash from Investing+	-1.2B	-1.37B	-1.01B	3B	-825.37M	-784.73M	-630.35M	-771.8M	-771.43M	-654.95M
Capital Expenditures	-829.1M	-905.25M	-987.14M	-766.55M	-674.54M	-641.47M	-603.43M	-567.99M	-555.44M	-575.86M
CapEx % of Revenue	5.62%	8.32%	8.66%	6.73%	5.84%	5.52%	5.2%	4.68%	4.33%	4.22%
Acquisitions	-550.03M	-808.7M	-202.33M	-110.23M	-204.35M	-200.97M	-89.19M	-26.39M	-251.27M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	64.72M	92.44M	153.85M	3.88B	53.28M	63.66M	120.76M	35.52M	32.54M	-36.34M
Cash from Financing+	-1.35B	-766.26M	-625.35M	-4.7B	-1.85B	-1.08B	-1.12B	-1.17B	-816.94M	-1.37B
Debt Issued (Net)	-124.63M	154.85M	699.8M	-2.08B	-169.38M	754.25M	-11.28M	-552.62M	1.11B	769.62M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-1.1B	-802.95M	-1.16B	-2.38B	-1.46B	-1.6B	-802.23M	-272.22M	-1.39B	-1.79B
Other Financing	-129.53M	-118.16M	-177.22M	-243.82M	-217.98M	-238.59M	-326.2M	-362.56M	-560.55M	-374.69M
Net Change in Cash	-585.93M	-166.54M	-103.5M	793.3M	-706.93M	53.17M	-215.97M	125.64M	415.19M	-122.08M
Free Cash Flow+	1.13B	1B	784.5M	1.31B	1.3B	1.29B	961.14M	1.49B	1.47B	1.31B
FCF Margin %	7.69%	9.21%	6.88%	11.47%	11.29%	11.1%	8.28%	12.28%	11.44%	9.61%
FCF Growth %	33.58%	-11.65%	-21.72%	66.45%	-0.1%	-1.16%	-25.46%	55.13%	-1.64%	-10.63%
FCF per Share	5.54	5.24	4.55	8.49	10.64	11.73	10.03	16.00	16.80	14.88
FCF Conversion (FCF/Net Income)	2.23x	2.87x	11.11x	2.56x	2.56x	1.97x	2.79x	2.98x	2.16x	2.53x
Interest Paid	406.99M	424.55M	488.97M	473.18M	326.17M	279M	351M	387.66M	423.36M	0
Taxes Paid	339.41M	387.16M	92.53M	157.98M	154.85M	154.85M	344.43M	268.09M	387.94M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.95%	11.32%	2.92%	19.01%	24.19%	37.15%	24.39%	27.84%	38.73%	45.96%
Return on Invested Capital (ROIC)	10.94%	9.38%	7.75%	8.68%	9.3%	9.75%	7.25%	8.81%	11.68%	10.47%
Gross Margin	22.22%	29.76%	28.14%	30.5%	30.84%	31.38%	29.29%	31.47%	32.91%	27%
Net Margin	5.97%	6.1%	1.4%	7.12%	6.7%	8.42%	4.83%	5.7%	7.31%	5.47%
Debt / Equity	1.56x	1.58x	2.01x	3.19x	3.86x	5.05x	5.31x	4.05x	5.77x	12.99x
Interest Coverage	4.90x	4.21x	3.13x	3.70x	5.57x	6.30x	3.75x	4.02x	4.44x	3.66x
FCF Conversion	2.23x	2.87x	11.11x	2.56x	2.56x	1.97x	2.79x	2.98x	2.16x	2.53x
Revenue Growth	6.99%	-26.24%	4.86%	-0.14%	1.42%	0.59%	-0.08%	4.57%	5.56%	6.46%

US Stock Screener

...

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

DVA •

HealthcareHealthcare FacilitiesSpecialty chronic care clinics

Revenue $13.64B +6.5%
EBITDA $2.73B -3.1%
Net Income $747M -20.2%
EPS (Diluted) 9.07 -15.5%
Gross Margin 27% -17.9%
EBITDA Margin 19.98% -9.0%
Operating Margin 14.74% -9.7%
Net Margin 5.47% -25.1%
ROE 45.96% +18.7%
ROIC 10.47% -10.4%
Debt/Equity 12.99 +125.2%
Interest Coverage 3.66 -17.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.5%
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 13.0x
✗Expensive at 11.9x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.1%

5Y3.39%

3Y5.53%

TTM6.46%

Profit (Net Income) CAGR

10Y10.72%

5Y-0.7%

3Y10.04%

TTM-20.24%

EPS CAGR

10Y21.92%

5Y7.26%

3Y16.68%

TTM-15.55%

ROCE

10Y Avg11.83%

5Y Avg12.28%

3Y Avg13.3%

Latest14.04%

Peer Comparison

Specialty chronic care clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DVADaVita Inc.	10.45B	156.30	17.23	6.46%	5.47%	64.47%	12.54%	12.99
FMSFresenius Medical Care AG & Co. KGaA	13.6B	23.46	11.84	1.51%	4.98%	6.85%		0.76
CCMConcord Medical Services Holdings Limited	166.67M	3.64	-0.01	-28.55%	-44.6%	-9.47%		2.43
TOIThe Oncology Institute, Inc.	218.88M	2.89	-4.07	21.33%	-14.38%	-213.36%		34.31

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	14.75B	10.88B	11.4B	11.39B	11.55B	11.62B	11.61B	12.14B	12.82B	13.64B
Revenue Growth %	6.99%	-26.24%	4.86%	-0.14%	1.42%	0.59%	-0.08%	4.57%	5.56%	6.46%
Cost of Goods Sold+	7.43B	7.64B	8.2B	7.91B	7.99B	7.97B	8.21B	8.32B	8.6B	9.96B
COGS % of Revenue	50.4%	70.24%	71.86%	69.5%	69.16%	68.62%	70.71%	68.53%	67.09%	73%
Gross Profit+	3.28B	3.24B	3.21B	3.47B	3.56B	3.65B	3.4B	3.82B	4.22B	3.68B
Gross Margin %	22.22%	29.76%	28.14%	30.5%	30.84%	31.38%	29.29%	31.47%	32.91%	27%
Gross Profit Growth %	4.79%	-1.2%	-0.84%	8.25%	2.53%	2.37%	-6.75%	12.35%	10.38%	-12.63%
Operating Expenses+	1.25B	1.42B	1.68B	1.83B	1.87B	1.85B	2.06B	2.22B	2.13B	1.67B
OpEx % of Revenue	8.45%	13.09%	14.76%	16.07%	16.17%	15.91%	17.75%	18.27%	16.59%	12.27%
Selling, General & Admin	1.59B	1.06B	1.14B	1.1B	1.25B	1.2B	1.36B	1.47B	1.54B	1.67B
SG&A % of Revenue	10.8%	9.78%	9.96%	9.69%	10.8%	10.29%	11.67%	12.14%	12%	12.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	173.33M	359.85M	548.06M	727.37M	619.77M	653.68M	706.08M	743.66M	588.21M	0
Operating Income+	2.03B	1.81B	1.53B	1.64B	1.69B	1.8B	1.34B	1.6B	2.09B	2.01B
Operating Margin %	13.77%	16.67%	13.38%	14.43%	14.67%	15.47%	11.53%	13.2%	16.31%	14.74%
Operating Income Growth %	78.55%	-10.69%	-15.83%	7.7%	3.12%	6.06%	-25.5%	19.69%	30.43%	-3.82%
EBITDA+	2.54B	2.37B	2.12B	2.26B	2.33B	2.48B	2.07B	2.35B	2.81B	2.73B
EBITDA Margin %	17.22%	21.81%	18.56%	19.83%	20.13%	21.33%	17.84%	19.34%	21.96%	19.98%
EBITDA Growth %	43.07%	-6.56%	-10.78%	6.69%	2.95%	6.58%	-16.4%	13.35%	19.85%	-3.14%
D&A (Non-Cash Add-back)	509.5M	559.91M	591.03M	615.15M	630.43M	680.62M	732.6M	745.44M	723.86M	715.35M
EBIT	2.04B	1.83B	1.54B	1.64B	1.62B	1.8B	1.32B	1.58B	2B	1.93B
Net Interest Income+	-414.12M	-430.63M	-487.44M	-443.82M	-304.11M	-285.25M	-357.02M	-398.55M	-470.47M	-549.67M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	414.38M	430.63M	487.44M	443.82M	304.11M	285.25M	357.02M	398.55M	470.47M	549.67M
Other Income/Expense	-406.61M	-412.97M	-477.35M	-447.88M	-376.37M	-278.88M	-372.78M	-425.69M	-560.09M	-663.79M
Pretax Income+	1.49B	1.4B	1.05B	1.2B	1.32B	1.52B	966.28M	1.18B	1.53B	1.35B
Pretax Margin %	10.1%	12.87%	9.19%	10.5%	11.41%	13.07%	8.32%	9.7%	11.94%	9.87%
Income Tax+	455.81M	323.86M	258.4M	279.63M	313.93M	306.73M	198.09M	220.12M	279.66M	293.11M
Effective Tax Rate %	59.1%	47.41%	15.2%	67.84%	58.69%	64.44%	58%	58.75%	61.18%	55.45%
Net Income+	879.87M	663.62M	159.39M	810.98M	773.64M	978.45M	560.4M	691.53M	936.34M	746.8M
Net Margin %	5.97%	6.1%	1.4%	7.12%	6.7%	8.42%	4.83%	5.7%	7.31%	5.47%
Net Income Growth %	226.2%	-24.58%	-75.98%	408.79%	-4.6%	26.47%	-42.73%	23.4%	35.4%	-20.24%
Net Income (Continuing)	1.19B	1.08B	790.08M	915.81M	1B	1.21B	768.19M	956.98M	1.25B	1.05B
Discontinued Operations	-158.26M	-245.37M	-457.04M	105.48M	-9.65M	0	13.45M	0	0	25M
Minority Interest	1.17B	1.21B	1.33B	1.37B	1.51B	1.62B	1.51B	1.69B	1.97B	1.81B
EPS (Diluted)+	4.29	3.47	4.58	5.27	6.39	8.90	5.71	7.42	10.73	9.07
EPS Growth %	243.2%	-19.11%	31.99%	15.07%	21.25%	39.28%	-35.84%	29.95%	44.61%	-15.47%
EPS (Basic)	4.36	3.52	4.63	5.29	6.54	9.30	5.88	7.62	11.02	10.06
Diluted Shares Outstanding	204.9M	191.35M	172.36M	153.81M	122.62M	109.95M	95.83M	93.18M	87.27M	88.1M
Basic Shares Outstanding	201.64M	188.63M	170.79M	153.18M	119.8M	105.23M	92.99M	90.79M	84.99M	86.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	3.98B	8.74B	8.42B	3.69B	3.15B	3.17B	3.16B	3.14B	3.75B	4.06B
Cash & Short-Term Investments	981.76M	541.06M	325.97M	1.11B	345.06M	484.21M	321.78M	391.67M	846M	782.05M
Cash Only	674.78M	508.23M	323.04M	1.1B	324.96M	461.9M	244.09M	380.06M	794.93M	757.75M
Short-Term Investments	310.2M	43.52M	2.94M	11.57M	20.1M	22.31M	77.69M	11.61M	51.06M	24.3M
Accounts Receivable	1.79B	2.16B	2.4B	2.31B	2.44B	2.41B	2.55B	2.42B	2.56B	2.96B
Days Sales Outstanding	44.36	72.6	76.71	73.88	77.07	75.73	80.19	72.64	72.85	79.16
Inventory	164.86M	181.8M	107.38M	97.95M	111.63M	107.43M	109.12M	143.1M	134.56M	160.63M
Days Inventory Outstanding	8.1	8.69	4.78	4.52	5.1	4.92	4.85	6.28	5.71	5.89
Other Current Assets	963.65M	5.78B	5.48B	106.35M	176.83M	93.06M	173.74M	187.22M	207.84M	156.28M
Total Non-Current Assets+	14.76B	10.2B	10.69B	13.62B	13.84B	13.95B	13.77B	13.76B	13.54B	13.42B
Property, Plant & Equipment	3.18B	3.15B	3.39B	6.3B	6.38B	6.3B	5.92B	5.57B	5.33B	5.21B
Fixed Asset Turnover	4.64x	3.45x	3.36x	1.81x	1.81x	1.84x	1.96x	2.18x	2.40x	2.62x
Goodwill	9.41B	6.61B	6.84B	6.79B	6.92B	7.05B	7.08B	7.11B	7.38B	7.55B
Intangible Assets	1.53B	113.83M	118.85M	135.68M	166.59M	177.69M	182.69M	203.22M	197.43M	222.13M
Long-Term Investments	606.07M	283.23M	260.04M	278.5M	289.68M	288.39M	275.44M	593.74M	370.34M	198.22M
Other Non-Current Assets	5.29B	47.29M	71.58M	115.97M	79.5M	136.68M	315.59M	271.25M	261.73M	246.52M
Total Assets+	18.74B	18.95B	19.11B	17.31B	16.99B	17.12B	16.93B	16.89B	17.29B	17.48B
Asset Turnover	0.79x	0.57x	0.60x	0.66x	0.68x	0.68x	0.69x	0.72x	0.74x	0.78x
Asset Growth %	1.4%	1.1%	0.86%	-9.41%	-1.87%	0.78%	-1.13%	-0.2%	2.32%	1.13%
Total Current Liabilities+	2.7B	3.04B	4.89B	2.37B	2.48B	2.4B	2.62B	2.64B	2.97B	3.14B
Accounts Payable	456.62M	509.12M	463.27M	403.84M	434.25M	402.05M	479.78M	514.53M	547.2M	696.15M
Days Payables Outstanding	22.43	24.32	20.63	18.62	19.84	18.41	21.33	22.57	23.23	25.51
Short-Term Debt	160.26M	178.21M	1.93B	130.71M	168.54M	179.03M	231.4M	123.3M	270.87M	109.2M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.91B	2.2B	2.33B	1.3B	1.37B	1.24B	1.35B	1.42B	1.53B	1.09B
Current Ratio	1.48x	2.88x	1.72x	1.56x	1.27x	1.32x	1.20x	1.19x	1.26x	1.29x
Quick Ratio	1.41x	2.82x	1.70x	1.51x	1.23x	1.28x	1.16x	1.13x	1.21x	1.24x
Cash Conversion Cycle	30.03	56.96	60.86	59.77	62.33	62.24	63.71	56.34	55.33	59.54
Total Non-Current Liabilities+	10.22B	10.01B	9.19B	11.44B	11.62B	12.35B	12.08B	11.51B	12.22B	13.18B
Long-Term Debt	8.94B	9.16B	8.17B	7.98B	7.92B	8.73B	8.69B	8.27B	9.18B	12.34B
Capital Lease Obligations	0	0	0	2.72B	2.74B	2.67B	2.5B	2.33B	2.21B	2.18B
Deferred Tax Liabilities	809.13M	486.25M	562.54M	577.54M	809.6M	830.95M	782.79M	726.22M	665.36M	756.87M
Other Non-Current Liabilities	746.27M	365.32M	450.67M	160.81M	150.06M	119.16M	105.23M	183.07M	169.59M	-2.09B
Total Liabilities	12.93B	13.08B	14.08B	13.81B	14.09B	14.75B	14.7B	14.15B	15.19B	16.32B
Total Debt+	9.11B	9.34B	10.1B	11.18B	11.19B	11.98B	11.82B	11.12B	12.07B	15.05B
Net Debt	8.2B	8.83B	9.78B	10.07B	10.87B	11.51B	11.58B	10.74B	11.27B	14.29B
Debt / Equity	1.56x	1.58x	2.01x	3.19x	3.86x	5.05x	5.31x	4.05x	5.77x	12.99x
Debt / EBITDA	3.59x	3.93x	4.77x	4.95x	4.81x	4.83x	5.71x	4.73x	4.29x	5.52x
Net Debt / EBITDA	3.23x	3.72x	4.62x	4.46x	4.67x	4.65x	5.59x	4.57x	4.01x	5.24x
Interest Coverage	4.90x	4.21x	3.13x	3.70x	5.57x	6.30x	3.75x	4.02x	4.44x	3.66x
Total Equity+	5.82B	5.9B	5.03B	3.5B	2.9B	2.37B	2.22B	2.74B	2.09B	1.16B
Equity Growth %	-2.11%	1.28%	-14.66%	-30.47%	-17.23%	-18.15%	-6.17%	23.31%	-23.77%	-44.61%
Book Value per Share	28.42	30.82	29.20	22.75	23.62	21.56	23.22	29.44	23.96	13.15
Total Shareholders' Equity	4.65B	4.69B	3.7B	2.13B	1.38B	755.51M	712.33M	1.06B	121.12M	-651.08M
Common Stock	195K	182K	166K	126K	110K	97K	90K	89K	90K	69K
Retained Earnings	3.71B	3.63B	2.74B	1.43B	852.54M	354.34M	174.49M	598.29M	1.53B	-328.43M
Treasury Stock	0	0	0	0	0	0	0	0	-1.39B	-199.94M
Accumulated OCI	-89.64M	13.23M	-34.92M	-47.5M	-66.15M	-139.25M	-69.19M	-52.08M	-310.8M	-122.78M
Minority Interest	1.17B	1.21B	1.33B	1.37B	1.51B	1.62B	1.51B	1.69B	1.97B	1.81B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.96B	1.91B	1.77B	2.07B	1.98B	1.93B	1.56B	2.06B	2.02B	1.89B
Operating CF Margin %	13.32%	17.54%	15.53%	18.2%	17.13%	16.62%	13.48%	16.96%	15.78%	13.83%
Operating CF Growth %	26.09%	-2.85%	-7.12%	16.97%	-4.5%	-2.43%	-18.97%	31.6%	-1.8%	-6.7%
Net Income	1.03B	830.55M	333.04M	1.02B	994.68M	1.21B	781.64M	691.53M	1.25B	1.08B
Depreciation & Amortization	720.25M	777.49M	591.03M	615.15M	630.43M	680.62M	732.6M	745.44M	723.86M	715.35M
Stock-Based Compensation	38.34M	35.09M	73.06M	67.85M	91.46M	102.21M	95.43M	112.38M	102.79M	139.95M
Deferred Taxes	80.41M	-395.22M	273.66M	41.72M	240.85M	60.48M	-75.67M	-39.35M	-57.84M	86.57M
Other Non-Cash Items	-110.58M	1.05B	401.94M	239.48M	125.78M	16.45M	30.47M	354.5M	32.31M	129.15M
Working Capital Changes	201.94M	-394.5M	98.9M	86.86M	-104.17M	-140.64M	101K	194.53M	-29.82M	-263.24M
Change in Receivables	-152.24M	-156.31M	-81.18M	-79.96M	-21.09M	-138.14M	-148.39M	172.36M	-29.77M	-210.63M
Change in Inventory	22.92M	-18.63M	73.5M	10.16M	-12.35M	5.72M	-757K	-32.13M	17.94M	-19.95M
Change in Payables	11.9M	26.88M	-35.96M	-84.54M	37.2M	-30.32M	87.48M	26.89M	1.7M	128.3M
Cash from Investing+	-1.2B	-1.37B	-1.01B	3B	-825.37M	-784.73M	-630.35M	-771.8M	-771.43M	-654.95M
Capital Expenditures	-829.1M	-905.25M	-987.14M	-766.55M	-674.54M	-641.47M	-603.43M	-567.99M	-555.44M	-575.86M
CapEx % of Revenue	5.62%	8.32%	8.66%	6.73%	5.84%	5.52%	5.2%	4.68%	4.33%	4.22%
Acquisitions	-550.03M	-808.7M	-202.33M	-110.23M	-204.35M	-200.97M	-89.19M	-26.39M	-251.27M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	64.72M	92.44M	153.85M	3.88B	53.28M	63.66M	120.76M	35.52M	32.54M	-36.34M
Cash from Financing+	-1.35B	-766.26M	-625.35M	-4.7B	-1.85B	-1.08B	-1.12B	-1.17B	-816.94M	-1.37B
Debt Issued (Net)	-124.63M	154.85M	699.8M	-2.08B	-169.38M	754.25M	-11.28M	-552.62M	1.11B	769.62M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-1.1B	-802.95M	-1.16B	-2.38B	-1.46B	-1.6B	-802.23M	-272.22M	-1.39B	-1.79B
Other Financing	-129.53M	-118.16M	-177.22M	-243.82M	-217.98M	-238.59M	-326.2M	-362.56M	-560.55M	-374.69M
Net Change in Cash	-585.93M	-166.54M	-103.5M	793.3M	-706.93M	53.17M	-215.97M	125.64M	415.19M	-122.08M
Free Cash Flow+	1.13B	1B	784.5M	1.31B	1.3B	1.29B	961.14M	1.49B	1.47B	1.31B
FCF Margin %	7.69%	9.21%	6.88%	11.47%	11.29%	11.1%	8.28%	12.28%	11.44%	9.61%
FCF Growth %	33.58%	-11.65%	-21.72%	66.45%	-0.1%	-1.16%	-25.46%	55.13%	-1.64%	-10.63%
FCF per Share	5.54	5.24	4.55	8.49	10.64	11.73	10.03	16.00	16.80	14.88
FCF Conversion (FCF/Net Income)	2.23x	2.87x	11.11x	2.56x	2.56x	1.97x	2.79x	2.98x	2.16x	2.53x
Interest Paid	406.99M	424.55M	488.97M	473.18M	326.17M	279M	351M	387.66M	423.36M	0
Taxes Paid	339.41M	387.16M	92.53M	157.98M	154.85M	154.85M	344.43M	268.09M	387.94M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.95%	11.32%	2.92%	19.01%	24.19%	37.15%	24.39%	27.84%	38.73%	45.96%
Return on Invested Capital (ROIC)	10.94%	9.38%	7.75%	8.68%	9.3%	9.75%	7.25%	8.81%	11.68%	10.47%
Gross Margin	22.22%	29.76%	28.14%	30.5%	30.84%	31.38%	29.29%	31.47%	32.91%	27%
Net Margin	5.97%	6.1%	1.4%	7.12%	6.7%	8.42%	4.83%	5.7%	7.31%	5.47%
Debt / Equity	1.56x	1.58x	2.01x	3.19x	3.86x	5.05x	5.31x	4.05x	5.77x	12.99x
Interest Coverage	4.90x	4.21x	3.13x	3.70x	5.57x	6.30x	3.75x	4.02x	4.44x	3.66x
FCF Conversion	2.23x	2.87x	11.11x	2.56x	2.56x	1.97x	2.79x	2.98x	2.16x	2.53x
Revenue Growth	6.99%	-26.24%	4.86%	-0.14%	1.42%	0.59%	-0.08%	4.57%	5.56%	6.46%

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

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare DVA vs Peers

vs FMS

vs TOI

Compare Top 4

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios