DaVita Inc. (DVA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$3.88	$4.02	+3.6%	—	—	—
Q3 26	$2.33	$2.87	+23.2%	—	—	—
Q2 26	$3.19	$3.4	+6.6%	—	—	—
Q1 26	$3.17	$2.51	-20.8%	—	—	—
Q4 25	$2.75	$2.95	+7.3%	—	—	—
Q3 25	$2.02	$2	-1.0%	—	—	—
Q2 25	$2.13	$2.24	+5.2%	—	—	—
Q1 25	$2.72	$2.59	-4.8%	—	—	—
Q4 24	$2.63	$2.59	-1.5%	—	—	—
Q3 24	$1.92	$2.38	+24.0%	—	—	—
Q2 24	$1.66	$1.87	+12.7%	—	—	—
Q1 24	$2.02	$2.62	+29.7%	—	—	—
Q4 23	$1.69	$1.91	+13.0%	—	—	—
Q3 23	$1.15	$1.25	+8.7%	—	—	—
Q2 23	$0.91	$0.59	-35.2%	—	—	—
Q1 23	$1.76	$1.45	-17.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.1	—	—	$13.6B	—
FY24	—	$11	—	—	$12.8B	—
FY23	—	$7.62	—	—	$12.1B	—
FY22	—	$6.03	—	—	$11.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.7B	$10.9B	$11.4B	$11.4B	$11.6B	$11.6B	$11.6B	$12.1B	$12.8B	$13.6B
YoY change	+7.27%	+1.58%	+4.86%	-0.14%	+1.42%	+0.59%	-0.08%	+4.57%	+5.56%	+6.46%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.7B	10.9B	11.4B	11.4B	11.6B	11.6B	11.6B	12.1B	12.8B	13.6B
Cost of revenue	7.4B	7.6B	8.2B	7.9B	8B	8B	8.2B	8.3B	8.6B	9.2B
Gross profit	3.3B	3.2B	3.2B	3.5B	3.6B	3.6B	3.4B	3.8B	4.2B	4.4B
Gross margin	30.6%	29.8%	28.1%	30.5%	30.8%	31.4%	29.3%	31.5%	32.9%	32.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.4B	1.5B	1.5B	1.7B
Operating expenses	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.4B	1.5B	1.5B	1.7B
Operating income	1.7B	1.6B	1.5B	1.8B	1.7B	1.8B	1.3B	1.6B	2B	2B
Operating margin	15.7%	14.9%	13.1%	15.4%	14.6%	15.2%	11.3%	13.2%	15.3%	14.7%
Non-operating income, net	355.4M	210.7M	45.8M	-116.3M	-61.6M	33.3M	10.8M	-25.4M	46M	-83.9M
Pretax income	1.6B	1.4B	1B	1.2B	1.3B	1.5B	966.3M	1.2B	1.5B	1.3B
Income tax	431.8M	323.9M	258.4M	279.6M	313.9M	306.7M	198.1M	220.1M	279.7M	293.1M
Net income	1B	830.6M	333M	1B	994.7M	1.2B	781.6M	957M	1.3B	1.1B
Net margin	9.65%	7.64%	2.92%	8.97%	8.61%	10.4%	6.73%	7.88%	9.76%	7.91%
EBITDA	2.4B	2.4B	2.1B	2.4B	2.4B	2.5B	2.1B	2.4B	2.6B	2.7B
EPS	4.36	3.52	0.93	5.29	6.46	9.3	6.03	7.62	11	10.1
Diluted EPS	4.29	3.47	0.92	5.27	6.31	8.9	5.85	7.42	10.7	9.84

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.1B	3.1B	3.1B	3.2B	3.3B	3.3B	3.2B	3.4B	3.4B	3.6B	3.4B	3.6B
Cost of revenue	2.1B	2.1B	2.1B	2.1B	2.2B	2.2B	2.2B	2.3B	2.3B	2.4B	2.3B	2.4B
Gross profit	1.1B	1B	991.6M	1B	1.1B	1.1B	983.9M	1.1B	1.1B	1.2B	1.1B	1.2B
Gross margin	33.8%	32%	32.3%	32.8%	34.1%	32.5%	30.5%	33.1%	31.8%	33.4%	31.4%	32.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	376.9M	401.5M	362.5M	367.8M	393.5M	414.5M	374.1M	412.8M	414.4M	472.4M	421.9M	423.5M
Operating expenses	376.9M	401.5M	362.5M	367.8M	393.5M	414.5M	374.1M	412.8M	414.4M	472.4M	421.9M	423.5M
Operating income	488.7M	410.6M	442M	500.9M	531.2M	480.7M	433.3M	530.5M	495.6M	551.2M	473.5M	570.8M
Operating margin	15.7%	13.1%	14.4%	15.7%	16.3%	14.6%	13.4%	15.7%	14.5%	15.2%	13.9%	16.1%
Non-operating income, net	-12.4M	-25.4M	29.2M	-31.7M	-23.1M	71.7M	-11.9M	-15.5M	-36.2M	-20.2M	12.8M	14.4M
Pretax income	378.2M	289.1M	371.8M	371.4M	373.4M	413.7M	286.3M	368.9M	308.8M	382.8M	341.2M	435M
Income tax	68.8M	58.5M	65.8M	71.7M	77.7M	64.5M	54.1M	93.7M	68.6M	76.7M	66.2M	91.8M
Net income	309.4M	230.6M	306M	299.8M	295.8M	349.2M	232.2M	275.2M	240.2M	331M	275M	343.2M
Net margin	9.91%	7.33%	9.96%	9.41%	9.06%	10.6%	7.2%	8.14%	7.02%	9.15%	8.05%	9.66%
EBITDA	664.7M	606.6M	623.1M	654.6M	705.1M	652.2M	597.8M	689.7M	642M	726.7M	664.2M	755.1M
EPS	2.7	1.67	2.73	2.56	2.56	3.18	2.05	2.62	2.09	3.36	2.93	4.1
Diluted EPS	2.62	1.62	2.65	2.5	2.5	3.09	2	2.58	2.04	3.29	2.87	4.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	12.9B	13.6B	8.8B	—	—	—	—	9.5B	12.7B	—	11.4B
Enterprise value	21.1B	22.4B	18.6B	—	—	—	—	20.2B	23.9B	—	25.9B
Shares outstanding	201.6M	188.6M	170.8M	153.2M	119.8M	105.2M	93M	90.8M	85M	74.2M	74.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.5	16.4	26.4	—	—	—	—	9.94	10.2	—	15.4
P/S	1.21	1.25	0.77	—	—	—	—	0.78	0.99	—	0.83
P/B	2.22	2.31	1.75	—	—	—	—	3.47	6.08	—	10.7
EV/EBITDA	8.68	9.32	8.9	—	—	—	—	8.59	9.08	—	9.18
EV/Sales	1.97	2.06	1.63	—	—	—	—	1.67	1.87	—	1.85
Earnings yield	7.98%	6.09%	3.79%	—	—	—	—	10.1%	9.84%	—	6.51%
FCF yield	8.83%	7.4%	8.93%	—	—	—	—	15.7%	11.5%	—	9.12%
PEG	—	—	—	—	—	—	—	—	—	—	0.27

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.6%	29.8%	28.1%	30.5%	30.8%	31.4%	29.3%	31.5%	32.9%	32.2%	32.7%
Operating margin	15.7%	14.9%	13.1%	15.4%	14.6%	15.2%	11.3%	13.2%	15.3%	14.7%	16.1%
Net margin	9.65%	7.64%	2.92%	8.97%	8.61%	10.4%	6.73%	7.88%	9.76%	7.91%	6.05%
ROE	17.7%	14.1%	6.62%	29.2%	34.3%	51.1%	35.1%	34.9%	59.8%	93.1%	88.5%
ROA	5.51%	4.38%	1.74%	5.9%	5.85%	7.08%	4.62%	5.66%	7.24%	6.17%	7.51%
ROIC	8.85%	8.47%	7.58%	9.92%	9.33%	10.2%	7.6%	9.66%	12%	11.8%	12%
Return on tangible assets	15.7%	15%	6.42%	29.5%	35.3%	45.3%	32.4%	42.3%	58.4%	55.4%	57.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.47	2.86	1.72	1.56	1.27	1.32	1.2	1.19	1.26	1.29	1.47
Quick ratio	1.41	2.8	1.7	1.51	1.23	1.28	1.16	1.13	1.21	1.24	1.41
Debt / equity	1.56	1.58	2.01	3.19	3.86	5.05	5.31	4.05	5.77	11.1	12.4
Debt / assets	0.49	0.49	0.53	0.65	0.66	0.7	0.7	0.66	0.7	0.74	0.76
Net debt / EBITDA	3.35	3.66	4.68	4.17	4.6	4.63	5.59	4.55	4.26	4.58	4.56
Interest coverage	4.92	4.25	3.15	3.69	5.33	6.32	3.71	3.95	4.25	3.32	3.47
Effective tax rate	26.6%	23.1%	24.6%	23.4%	23.8%	20.2%	20.5%	18.7%	18.3%	21.8%	20.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	53.1	57.7	66.8	74.3	96.4	110.4	124.8	133.7	150.8	183.8	204.7
EPS (basic)	4.36	3.52	0.93	5.29	6.46	9.3	6.03	7.62	11	10.1	10.1
EPS (diluted)	4.29	3.47	0.92	5.27	6.31	8.9	5.85	7.42	10.7	9.84	11.8
Book value per share	28.9	31.3	29.5	22.8	24.2	22.5	23.9	30.2	24.6	15.6	-12
FCF per share	5.67	5.34	4.59	8.52	10.9	12.3	10.3	16.4	17.3	17.7	24.4
Cash per share	4.87	2.87	1.91	7.27	2.88	4.6	3.46	4.31	9.95	9.44	10.8
Capex per share	4.11	4.8	5.78	5	5.63	6.1	6.49	6.26	6.54	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.74%	8.32%	8.66%	6.73%	5.84%	5.52%	5.2%	4.68%	4.33%	—	—
Capex / operating cash flow	40.2%	97.8%	55.8%	40.7%	36.4%	33.3%	38.8%	29%	27.7%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.1B	$3.1B	$3.1B	$3.2B	$3.3B	$3.3B	$3.2B	$3.4B	$3.4B	$3.6B	$3.4B	$3.6B
YoY change	+5.85%	+7.85%	+6.89%	+6.21%	+4.56%	+4.73%	+4.98%	+6.05%	+4.8%	+9.87%	+5.96%	+5.17%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	981.8M	541.1M	326M	1.1B	345.1M	484.2M	321.8M	391.7M	846M	700.7M
Receivables	1.5B	1.7B	1.9B	1.8B	1.8B	2B	2.1B	2B	2.1B	2.4B
Inventory	160.4M	181.8M	107.4M	97.9M	111.6M	107.4M	109.1M	143.1M	134.6M	160.6M
Total current assets	4B	8.8B	8.4B	3.7B	3.1B	3.2B	3.2B	3.1B	3.7B	4.1B
Property, plant & equipment	4.6B	5B	5.5B	8.8B	9.1B	5.8B	5.5B	5.1B	4.9B	4.8B
Goodwill & intangibles	12.2B	13.4B	13.9B	13.8B	14.2B	14.4B	14.5B	14.6B	15.1B	15.5B
Total assets	18.8B	19B	19.1B	17.3B	17B	17.1B	16.9B	16.9B	17.3B	17.5B
Accounts payable	456.6M	509.1M	463.3M	403.8M	434.3M	402M	479.8M	514.5M	547.2M	696.1M
Short-term debt	160.3M	178.2M	1.9B	474.6M	538M	573.4M	626.8M	517.7M	681.3M	534.7M
Total current liabilities	2.7B	3.1B	4.9B	2.4B	2.5B	2.4B	2.6B	2.6B	3B	3.1B
Long-term debt	8.9B	9.2B	8.2B	10.7B	10.7B	11.4B	11.2B	10.6B	11.4B	12.3B
Total liabilities	12.9B	13.1B	14.1B	13.8B	14.1B	14.8B	14.7B	14.2B	15.2B	16.3B
Shareholders' equity	5.8B	5.9B	5B	3.5B	2.9B	2.4B	2.2B	2.7B	2.1B	1.2B
Total debt	9.1B	9.3B	10.1B	11.2B	11.2B	12B	11.8B	11.1B	12.1B	12.9B
Net debt	8.4B	8.8B	9.8B	10.1B	10.9B	11.5B	11.6B	10.7B	11.3B	12.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	461.2M	391.7M	355.7M	437.2M	1.1B	846M	511.9M	739.4M	736.5M	700.7M	666.5M	688.9M
Receivables	2B	2B	2.6B	2.3B	2.3B	2.1B	2.3B	2.4B	2.3B	2.4B	2.5B	2.5B
Inventory	109.6M	143.1M	145.8M	126.8M	129M	134.6M	150.5M	146.3M	139.1M	160.6M	141.6M	151.5M
Total current assets	3.1B	3.1B	3.7B	3.5B	4B	3.7B	3.6B	4.1B	4.1B	4.1B	4.1B	4.2B
Property, plant & equipment	5.6B	5.1B	5.5B	5.4B	5.4B	4.9B	5.3B	5.2B	5.2B	4.8B	5.2B	5.2B
Goodwill & intangibles	14.5B	14.6B	14.9B	14.8B	14.9B	15.1B	15.2B	15.4B	15.5B	15.5B	15.6B	15.6B
Total assets	16.9B	16.9B	17.4B	17B	17.5B	17.3B	17.1B	17.5B	17.6B	17.5B	17.5B	17.7B
Accounts payable	435.4M	514.5M	489.9M	493.5M	488.2M	547.2M	596.1M	594.4M	655.6M	696.1M	691.3M	715.9M
Short-term debt	502M	517.7M	529M	942.8M	700.8M	681.3M	599.2M	611.7M	494.9M	534.7M	544.9M	556.7M
Total current liabilities	2.5B	2.6B	2.6B	3B	2.9B	3B	2.9B	2.9B	3B	3.1B	2.9B	2.9B
Long-term debt	10.6B	10.6B	11.3B	10.7B	11.5B	11.4B	11.7B	12.2B	12.3B	12.3B	12.7B	12.8B
Total liabilities	14.1B	14.2B	14.8B	14.6B	15.3B	15.2B	15.5B	15.9B	16.2B	16.3B	16.5B	16.6B
Shareholders' equity	2.8B	2.7B	2.6B	2.4B	2.2B	2.1B	1.7B	1.6B	1.3B	1.2B	1B	1.1B
Total debt	11.1B	11.1B	11.8B	11.7B	12.2B	12.1B	12.3B	12.8B	12.8B	12.9B	13.2B	13.4B
Net debt	10.7B	10.7B	11.5B	11.3B	11.1B	11.3B	11.9B	12.1B	12.1B	12.2B	12.6B	12.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1B	830.6M	333M	1B	994.7M	1.2B	781.6M	957M	1.3B	1.1B
Depreciation & amortization	720.3M	777.5M	591M	615.2M	630.4M	680.6M	732.6M	745.4M	723.9M	715.3M
Stock-based compensation	38.3M	35.1M	73.1M	67.8M	91.5M	102.2M	95.4M	112.4M	102.8M	140M
Change in working capital	225.8M	-388.8M	98.9M	86.9M	-104.2M	-140.6M	101K	194.5M	-29.8M	-263.2M
Operating cash flow	2.1B	926.1M	1.8B	1.9B	1.9B	1.9B	1.6B	2B	2B	1.9B
Capital expenditure	-829.1M	-905.3M	-987.1M	-766.5M	-674.5M	-641.5M	-603.4M	-568M	-555.4M	—
Investing cash flow	-1.2B	-1.4B	-1B	3B	-828.5M	-787.7M	-634.3M	-776.7M	-778.1M	-80.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1.1B	-802.9M	-1.2B	-2.4B	-1.5B	-1.6B	-839.6M	-320.3M	-1.4B	-1.8B
Financing cash flow	-1.4B	-787.5M	-625.4M	-4.7B	-1.8B	-1.1B	-1.1B	-1.2B	-816.9M	-1.4B
Net change in cash	-515.1M	-1.2B	134.3M	178.8M	-821.3M	55M	-199.6M	13.8M	408.1M	407.8M
Free cash flow	1.1B	1B	784.5M	1.3B	1.3B	1.3B	961.1M	1.5B	1.5B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	309.4M	230.6M	306M	299.8M	295.8M	349.2M	232.2M	275.2M	240.2M	331M	275M	343.2M
Depreciation & amortization	188.4M	195.3M	187.1M	175.7M	187M	174.1M	176.5M	174.7M	177.5M	186.7M	177.8M	167.8M
Stock-based compensation	27.1M	30.1M	24.5M	24.3M	26.6M	27.4M	29.8M	32.8M	39M	38.4M	28.2M	26M
Change in working capital	-28.6M	42.8M	-640.1M	264.7M	122M	88.7M	-162M	-174.4M	128M	-54.8M	-133.3M	-38.1M
Operating cash flow	501.5M	466.6M	-118.2M	748M	613.8M	624.5M	287.9M	324.2M	841.5M	540.7M	320.8M	490.1M
Capital expenditure	-136.8M	-159M	-121M	-124.7M	-139M	-170.7M	-143.3M	—	—	—	—	—
Investing cash flow	-141.5M	-169.8M	-218M	-165.5M	-146.5M	-248.1M	-163.4M	53.8M	-96.5M	-17.7M	-37.2M	-24.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	2.5M	-279.2M	-337.4M	-447.9M	-520.4M	-252.9M	-541.8M	-452.3M	-470.1M	-328.8M	-396.3M	-364.3M
Financing cash flow	-394.5M	-403.2M	319.3M	-559.2M	-437K	-585.6M	-387.5M	470K	-590.8M	-420.2M	-215.7M	-273.7M
Net change in cash	-34.4M	-106.5M	-16.9M	23.3M	466.9M	-209.1M	-263M	378.5M	154.2M	102.8M	67.9M	191.9M
Free cash flow	524.4M	326.2M	-255.9M	674.1M	671.4M	377M	36.8M	203.1M	675.4M	395.3M	218.8M	320.3M

DaVita Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement