NYSE: DVA
DaVita
Health Care · Services-Misc Health & Allied Services, NEC
52-week range
$101.00$247.49
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$11.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.5B |
| FY2017, ended Dec 31, 2017 | $13.1B |
| FY2018, ended Dec 31, 2018 | $8.56B |
| FY2019, ended Dec 31, 2019 | $9.42B |
| FY2020, ended Dec 31, 2020 | $12.8B |
| FY2021, ended Dec 31, 2021 | $11.0B |
| FY2022, ended Dec 31, 2022 | $6.75B |
| FY2023, ended Dec 31, 2023 | $9.19B |
| FY2024, ended Dec 31, 2024 | $12.0B |
| FY2025, ended Dec 31, 2025 | $7.59B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $11.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$14.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.7B |
| FY2017, ended Dec 31, 2017 | $10.9B |
| FY2018, ended Dec 31, 2018 | $11.4B |
| FY2019, ended Dec 31, 2019 | $11.4B |
| FY2020, ended Dec 31, 2020 | $11.6B |
| FY2021, ended Dec 31, 2021 | $11.6B |
| FY2022, ended Dec 31, 2022 | $11.6B |
| FY2023, ended Dec 31, 2023 | $12.1B |
| FY2024, ended Dec 31, 2024 | $12.8B |
| FY2025, ended Dec 31, 2025 | $13.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $14.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $880M | $1.14B |
| FY2017, ended Dec 31, 2017 | $664M | $1.01B |
| FY2018, ended Dec 31, 2018 | $159M | $785M |
| FY2019, ended Dec 31, 2019 | $811M | $1.31B |
| FY2020, ended Dec 31, 2020 | $774M | $1.30B |
| FY2021, ended Dec 31, 2021 | $978M | $1.29B |
| FY2022, ended Dec 31, 2022 | $560M | $961M |
| FY2023, ended Dec 31, 2023 | $692M | $1.49B |
| FY2024, ended Dec 31, 2024 | $936M | $1.47B |
| FY2025, ended Dec 31, 2025 | $747M | $1.31B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $920M | $1.29B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$496M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $675M |
| FY2017, ended Dec 31, 2017 | $508M |
| FY2018, ended Dec 31, 2018 | $323M |
| FY2019, ended Dec 31, 2019 | $1.10B |
| FY2020, ended Dec 31, 2020 | $325M |
| FY2021, ended Dec 31, 2021 | $462M |
| FY2022, ended Dec 31, 2022 | $244M |
| FY2023, ended Dec 31, 2023 | $380M |
| FY2024, ended Dec 31, 2024 | $795M |
| FY2025, ended Dec 31, 2025 | $676M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $496M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$10.8B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.10B |
| FY2017, ended Dec 31, 2017 | $9.34B |
| FY2018, ended Dec 31, 2018 | $10.1B |
| FY2019, ended Dec 31, 2019 | $8.11B |
| FY2020, ended Dec 31, 2020 | $8.09B |
| FY2021, ended Dec 31, 2021 | $8.91B |
| FY2022, ended Dec 31, 2022 | $8.92B |
| FY2023, ended Dec 31, 2023 | $8.39B |
| FY2024, ended Dec 31, 2024 | $9.45B |
| FY2025, ended Dec 31, 2025 | $10.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.8B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 67.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.62.9M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 195M |
| FY2017, ended Dec 31, 2017 | 182M |
| FY2018, ended Dec 31, 2018 | 166M |
| FY2019, ended Dec 31, 2019 | 126M |
| FY2020, ended Dec 31, 2020 | 109M |
| FY2021, ended Dec 31, 2021 | 96.3M |
| FY2022, ended Dec 31, 2022 | 90.4M |
| FY2023, ended Dec 31, 2023 | 87.7M |
| FY2024, ended Dec 31, 2024 | 80.0M |
| FY2025, ended Dec 31, 2025 | 66.8M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 62.9M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $604M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.10B | $38.3M |
| FY2017, ended Dec 31, 2017 | $803M | $35.1M |
| FY2018, ended Dec 31, 2018 | $1.16B | $73.1M |
| FY2019, ended Dec 31, 2019 | $2.38B | $67.8M |
| FY2020, ended Dec 31, 2020 | $1.46B | $91.5M |
| FY2021, ended Dec 31, 2021 | $1.54B | $102M |
| FY2022, ended Dec 31, 2022 | $802M | $95.4M |
| FY2023, ended Dec 31, 2023 | $272M | $112M |
| FY2024, ended Dec 31, 2024 | $1.39B | $103M |
| FY2025, ended Dec 31, 2025 | $1.31B | $140M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $725M | $122M |
Revenue (TTM)
$14.2B
+6.4% YoY
Net income (TTM)
$920M
+19.2% YoY
Cash
$496M
−29.8% YoY
Total debt
$10.8B
+5.1% YoY
Valuation
At current price- Market Cap
- $11.8B
- P/E
- 12.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.8×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 7.8×
Growth
Trailing 12 months- Revenue (TTM)
- $14.2B
- Revenue Growth YoY
- 6.4%
- Revenue CAGR 3Y
- 5.5%
- Revenue CAGR 5Y
- 3.4%
- EPS Growth YoY
- 39.2%
- Net Income Growth YoY
- 19.2%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 15.0%
- Net Margin
- 6.5%
- FCF Margin
- 9.1%
- Return on Equity
- n/m. Net income (TTM) / average equity
Earnings
Trailing 12 months- Net Income
- $920M
- EPS (diluted)
- $13.49
- EBITDA
- $2.81B
- Operating Income
- $2.12B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $496M
- Total Debt
- $10.8B
- Net Debt
- $10.3B
- Total Assets
- $17.8B
- Total Liabilities
- $16.7B
- Shareholders' Equity
- −$591M
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.87B
- Capital Expenditure
- $577M
- Free Cash Flow
- $1.29B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.80
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.4% year over year, at $14.2B.
Note
Net margin of 6.5% over the last 12 months.
Watch
Net debt is 3.7× EBITDA ($10.3B), a heavy load.
Note
Free cash flow of $1.29B, 9.1% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K52Some concerns
52Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 11, 2026 · Read the filing on EDGAR
- Revenue rose 6.5% to $13.64 billion, but operating income fell 2.2% to $2.04 billion and net income fell 13.7%.
- A 2025 cyberattack disrupted operations and cost about $25 million to fix, not counting lost business; U.S. dialysis treatments fell 1.1%.
- International revenue jumped 37.8% and the integrated kidney care business turned profitable, though U.S. dialysis still provides about 86% of revenue.
- DaVita spent $1.79 billion on buybacks, cutting shares 14.9%, and borrowed more; it expects operating income growth in 2026 on flat U.S. volumes.
Business momentum
Mixed
“U.S. dialysis operating income for 2025 compared to 2024 was negatively impacted by the cybersecurity incident-related charges in 2025 and a gain on changes in ownership interest in 2024, each described above.”
Outlook
Positive
“We expect operating income growth resulting from revenue per treatment improvements, primarily driven by rate increases and improvements in collections efforts impacted by the cyber incident”
Financial stress
Low
“We believe that our cash flows from operations and other sources of liquidity, including from amounts available under our senior secured credit facilities and our access to the capital markets, will be sufficient to fund our scheduled debt service”
Tone against the previous report
More negative
Red flags
- Minor
Other
“During the second quarter of 2025, we experienced a cybersecurity incident that impacted certain elements of our network and resulted in a temporary disruption of our operations”
- Minor
Major lawsuit
“During 2025, we recorded a charge of $25 million for a legal matter within our international line of business.”
- Minor
Large write-down
“Other loss increased primarily due to increased equity investment losses at Mozarc which included impairment and restructuring charges of $46.4 million”
Positives
International revenue grew strongly, and patient numbers rose
“a net increase in consolidated patient growth of 4.9%, primarily driven by 17.6% in international patient growth as of December 31, 2025”
Revenue per U.S. treatment increased 4.7%
“U.S. dialysis revenue growth of 3.5% from an increase in average patient services revenue per treatment of $18.24”
Customer payments are coming in faster
“The decrease in DSO was primarily due to continued collections improvements.”
Concerns
U.S. treatment volumes fell after a severe flu season
“The decrease in our U.S. dialysis treatments in 2025 was primarily driven by a decrease in average treatments per day due to higher mortality and missed treatments from a more severe flu season, as well as fewer treatment days.”
Costs may keep rising faster than payment rates
“We anticipate that we will continue to experience increases in our operating costs in 2026 that may outpace any net Medicare, commercial or other rate increases that we may receive”
Interest costs rose 23.4% as borrowing increased
“Debt expense increased primarily due to an increase in our long-term debt balance”
New risks since the previous report
Lingering effects of the 2025 cyberattack on billing and collections
“any extended billing or collections cycles including, without limitation, due to defects or operational issues in our billing systems, the impact of the cybersecurity incident experienced by the Company in 2025”
New federal law cuts Medicaid spending and adds work requirements
“these eligibility requirements are part of an overarching phase down of federal Medicaid expenditures in the OBBBA”
Temporary Medicare add-on payment for phosphate binder drugs ends after 2026
“The TDAPA period currently is set to expire at the end of 2026.”
Federal staff cuts could delay Medicare enrollment and claims resolution
“staff reduction policies at key agencies such as the Department of Health and Human Services and the Centers for Medicare & Medicaid Services (CMS) that may among other things, result in delays in Medicare enrollment”
Union organizing in California clinics, including a work stoppage attempt
“We also have experienced a week-long attempted union-related work stoppage in some of these clinics, which subsequently concluded and did not impact our ability to provide patient care.”
Biggest risks named
- Fewer commercial patients or lower commercial rates, including expired insurance tax credits
- Labor and supply costs outpacing payment rates
- Changes to Medicare, Medicaid and other government payment rules
- Elevated patient mortality and new treatments reducing dialysis demand
- Cyberattacks and failures in billing and other information systems
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −3.6 | |
| New risks | −2 | |
| Score | 52 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 11, 2026 | 52 | Mixed | 3 minor | |
| 10-K | Feb 13, 2025 | 69 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 14, 2024 | 66 | Improving | 2 minor | |
| 10-K | Feb 22, 2023 | 46 | Weakening | 1 medium | |
| 10-K | Feb 11, 2022 | 59 | Improving | 1 medium | |
| 10-K | Feb 12, 2021 | 55 | Stable | 1 minor | |
| 10-K | Feb 21, 2020 | 61 | Improving | 1 medium1 minor | |
| 10-K | Feb 22, 2019 | 42 | Mixed | 1 medium1 minor | |
| 10-K | Feb 23, 2018 | 49 | Mixed | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR