DaVita Inc.
- Open
- 233.48
- Day high
- 238.53
- Day low
- 233.35
- Prev close
- 234.01
- Volume
- 540K
- Mkt cap
- $15.2B
- P/E (TTM)
- 23.3
- EPS (TTM)
- $10.15
- P/B
- -20.1
- P/S
- 1.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$217.9M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions mixed (13F)
DaVita Inc. (DVA) is a Healthcare company listed on NYSE. The stock is up 68% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
DaVita Inc. (DVA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DVA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.41 | $2.87 | +19.1% | $3.4B | +1.8% |
| Feb 2, 2026 | $3.24 | $3.40 | +4.9% | $3.6B | +8.4% |
| Oct 29, 2025 | $3.17 | $2.51 | -20.8% | $3.4B | -0.2% |
| Feb 13, 2025 | $2.14 | $2.24 | +4.7% | $3.3B | +0.9% |
| May 2, 2024 | $1.95 | $2.26 | +15.9% | $3.1B | +1.4% |
| Feb 13, 2024 | $1.59 | $1.62 | +1.9% | $3.1B | +4.6% |
| Aug 3, 2023 | $1.69 | $1.91 | +13.0% | $3.0B | +1.6% |
| Feb 22, 2023 | $0.88 | $1.11 | +26.1% | $2.9B | -0.5% |
| Oct 28, 2022 | $1.65 | $1.45 | -12.1% | $2.9B | -1.0% |
| Aug 1, 2022 | $2.09 | $2.30 | +10.0% | $2.9B | -0.3% |
| May 5, 2022 | $1.87 | $1.61 | -13.9% | $2.8B | -2.5% |
| Feb 10, 2022 | $1.80 | $2.02 | +12.2% | $2.9B | +1.0% |
DVA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Rodriguez Javierdirector, officer: Chief Executive Officer | Sell | 30,000 | $209.50 |
| Jun 17, 2026 | Waters Kathleen Alyceofficer: Chief Legal & Pub. Affairs Off | Sell | 8,950 | $207.84 |
| Jun 17, 2026 | Waters Kathleen Alyceofficer: Chief Legal & Pub. Affairs Off | Sell | 6,455 | $209.17 |
| Jun 17, 2026 | Rodriguez Javierdirector, officer: Chief Executive Officer | Sell | 39,407 | $209.28 |
| May 18, 2026 | DESOER BARBARA Jdirector | Grant | 250 | — |
| May 18, 2026 | HEARTY JAMES Oofficer: Chief Compliance Officer | Sell | 15,000 | $193.98 |
| May 18, 2026 | Moore Gregory J.director | Grant | 250 | — |
| May 18, 2026 | Schoppert Wendy Leedirector | Grant | 250 | — |
| May 18, 2026 | Hollar Jason M.director | Grant | 250 | — |
| May 18, 2026 | Arway Pamela Mdirector | Grant | 250 | — |
| May 18, 2026 | YALE PHYLLIS Rdirector | Grant | 250 | — |
| May 18, 2026 | Schechter Adam Hdirector | Grant | 250 | — |
| May 18, 2026 | Pullin Dennis Wdirector | Grant | 250 | — |
| May 18, 2026 | HEARTY JAMES Oofficer: Chief Compliance Officer | Tax | 1,117 | $198.10 |
| May 18, 2026 | HEARTY JAMES Oofficer: Chief Compliance Officer | Option | 5,784 | $110.63 |
Source: DVA SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full DVA insider & 13F page →DaVita Inc. company profile
Overview
DaVita Inc. (NYSE:DVA) is a leading provider of kidney dialysis services in the United States and internationally. Founded in 1994 and incorporated in Colorado, the company was formerly known as DaVita HealthCare Partners Inc. before changing its name to DaVita Inc. in September 2016. With over 25 years of experience in kidney care, DaVita operates one of the largest networks of outpatient dialysis centers globally, serving patients suffering from chronic kidney failure and end-stage renal disease (ESRD). The company has evolved from a pure-play dialysis provider into a comprehensive kidney care organization that also offers integrated care services and operates internationally across multiple countries.
Business
DaVita operates in the specialized healthcare sector focused on kidney dialysis services, which are life-sustaining treatments for patients with chronic kidney failure or end-stage renal disease (ESRD). When kidneys fail, they cannot filter waste products and excess fluid from the blood, making dialysis a critical medical intervention that performs this function artificially. The company's business is organized into three main segments: 1. **U.S. Dialysis Operations (Primary Revenue Driver - approximately 85-90% of revenue)**: DaVita operates over 2,800 outpatient dialysis centers across the United States, serving approximately 203,100 patients as of 2024. The company provides hemodialysis treatments, where blood is filtered through an external machine, and peritoneal dialysis, where the patient's abdominal cavity is used as a natural filter. DaVita also offers home dialysis services, which account for approximately 15% of their treatment mix, allowing patients to receive care in their homes rather than at clinical facilities. 2. **International Operations**: The company operates 339 outpatient dialysis centers across 10 countries outside the United States, serving approximately 39,900 patients. Through recent acquisitions in Latin America, DaVita has expanded to operate in 13 countries with over 500 international centers, representing a growing but smaller revenue segment. 3. **Integrated Kidney Care (IKC)**: This newer business segment focuses on value-based care arrangements where DaVita assumes financial risk for managing kidney disease patients before they require dialysis. The company provides disease management services to approximately 23,000 patients in various integrated care arrangements, aiming to slow disease progression and improve outcomes while managing costs. This segment currently operates at a loss but is targeted to reach breakeven by 2026-2027. Additionally, DaVita provides ancillary services including clinical laboratory testing, vascular access services for dialysis patients, physician services, acute inpatient dialysis services in approximately 850 hospitals, and clinical research programs. The company also operates Mozarc Medical, a joint venture with Medtronic focused on developing innovative dialysis technologies and equipment.
Revenue model
DaVita generates revenue primarily through fee-for-service reimbursement for dialysis treatments, with the majority of payments coming from government programs and private insurance. The company's revenue model is based on a per-treatment payment structure, where they receive reimbursement for each dialysis session provided to patients. **Revenue Sources and Payer Mix:** The company's revenue comes from multiple payer sources: Medicare (the federal insurance program for seniors and disabled individuals) represents the largest portion, Medicare Advantage plans account for approximately 52-55% of treatments, Medicaid (state insurance for low-income individuals) covers a significant portion, and commercial insurance represents about 10-11% of the payer mix. Each payer category has different reimbursement rates, with commercial insurance typically paying higher rates than government programs. **Business Model Mechanics:** DaVita receives payment per dialysis treatment, with rates varying by payer and geographic location. The company has been successful in improving its revenue per treatment (RPT) through enhanced collection capabilities, improved health plan negotiations, and operational efficiencies. In 2024, RPT grew approximately 3.5-4%, driven by better revenue cycle management and contract negotiations. **Margin Influencing Factors:** Several factors significantly impact DaVita's profitability. Labor costs represent the largest expense category, and the company has worked to reduce contract labor expenses from a peak of $100 million during COVID to an expected $40-50 million range. Drug costs, particularly for anemia management medications like erythropoiesis-stimulating agents (ESAs), represent a major expense that DaVita manages through formulary optimization and bulk purchasing agreements. The company has transitioned from EPOGEN to Mircera to reduce costs. Treatment volume directly affects fixed cost absorption - higher patient volumes improve facility utilization and margins. Regulatory changes in Medicare reimbursement rates and bundle payment structures can significantly impact profitability, as can changes in the inclusion of oral medications like phosphate binders in the Medicare bundle. Patient mortality rates affect treatment volumes, with elevated mortality reducing the patient census and revenue. Finally, facility consolidation and operational efficiency improvements help optimize the cost structure across DaVita's extensive center network.
Competitive moat
DaVita possesses a moderate to strong competitive moat built primarily on network effects, regulatory barriers, and operational scale advantages. The company's extensive network of over 2,800 dialysis centers creates significant barriers to entry, as establishing a comparable network would require enormous capital investment and years of development. This network effect is reinforced by the fact that dialysis patients typically need treatment three times per week and prefer convenient locations near their homes, making geographic density crucial. **Regulatory and Clinical Barriers:** The dialysis industry operates under strict federal regulations and requires specialized medical expertise, creating natural barriers to new entrants. Medicare's bundled payment system and complex reimbursement structures favor established players with sophisticated billing and compliance capabilities. DaVita's 25+ years of experience in navigating regulatory requirements and managing relationships with government payers provides a significant advantage over potential competitors. **Scale and Operational Advantages:** DaVita's scale enables bulk purchasing power for medical supplies and pharmaceuticals, superior negotiating leverage with commercial payers, and the ability to spread fixed costs across a large treatment base. The company's investment in clinical IT platforms, data analytics, and standardized care protocols creates operational efficiencies that smaller competitors struggle to replicate. **Competitive Vulnerabilities:** However, DaVita's moat faces several challenges. The industry is essentially a duopoly with Fresenius Medical Care as the primary competitor, limiting pricing power and creating competitive pressure. Technological disruption poses a long-term threat, particularly advances in home dialysis technology, artificial kidneys, or breakthrough treatments that could reduce dialysis demand. Regulatory risk is substantial, as changes in Medicare reimbursement rates or bundle structures can significantly impact profitability. The emergence of value-based care models and integrated kidney care approaches may shift the competitive landscape toward prevention rather than treatment. Additionally, pharmaceutical innovations like GLP-1 drugs that slow kidney disease progression, or potential breakthroughs in kidney regeneration or artificial kidney technology, could fundamentally alter the long-term demand for dialysis services. The moat is currently solid but not impregnable, with the company's competitive position dependent on maintaining operational excellence, adapting to regulatory changes, and successfully transitioning to value-based care models.
Risks & safety
**Overall Assessment:** DaVita maintains a moderate margin of safety with stable cash generation but elevated leverage and cyclical earnings volatility. **Debt and Solvency:** • Total debt-to-equity ratio of approximately 100%, indicating high leverage • Current ratio of 1.26, providing modest liquidity cushion • Strong operating cash flow of $2.0 billion annually supports debt service • No immediate solvency concerns given stable dialysis demand **Cash Generation:** • Robust free cash flow of $1.47 billion in 2024, demonstrating strong cash conversion • EBITDA of $2.7 billion provides substantial coverage for interest and capital requirements • Consistent cash flow generation due to recurring nature of dialysis treatments **Valuation Metrics:** • Trading at P/E ratio of 13.6x, reasonable for healthcare services • EV/EBITDA of 8.8x, moderate valuation for defensive healthcare business • Price-to-book ratio of elevated levels due to asset-light business model **Other Considerations:** • Regulatory dependency on Medicare reimbursement creates policy risk • Elevated patient mortality rates and volume pressures pose operational headwinds • International expansion and IKC investments require capital but offer growth optionality • Share repurchase program demonstrates capital return commitment but increases leverage
Recent development
Over the past several years, DaVita has undergone significant strategic evolution beyond its traditional dialysis operations. The company has made substantial investments in Integrated Kidney Care (IKC), a value-based care initiative that manages patients with chronic kidney disease before they require dialysis. This business segment, while currently operating at a loss of approximately $35-50 million annually, represents DaVita's strategic pivot toward preventive care and is targeted to reach breakeven by 2026-2027. **International Expansion:** DaVita has aggressively expanded its international footprint through acquisitions in Latin America, growing from 10 countries to 13 countries with over 500 international centers. This expansion is expected to contribute approximately $50 million in year-over-year adjusted operating income growth, diversifying the company's geographic revenue base and reducing dependence on U.S. regulatory changes. **Technology and Innovation Initiatives:** The company has invested heavily in next-generation clinical IT platforms and formed Mozarc Medical, a joint venture with Medtronic focused on developing innovative dialysis technologies. DaVita has also expanded its home dialysis programs, which now represent approximately 15% of treatment mix, responding to patient preferences for more convenient care options. **Operational Optimization:** Recent years have seen significant focus on cost structure optimization, including facility consolidation, reduction of contract labor costs from COVID-era peaks of $100 million to $40-50 million, and transition from expensive EPOGEN to more cost-effective Mircera for anemia management. The company has also enhanced its revenue cycle management capabilities, achieving 3.5-4% revenue per treatment growth in 2024. **Regulatory and Policy Adaptation:** DaVita has been preparing for the inclusion of oral phosphate binders in the Medicare bundle, which transitioned from Medicare Part D to the dialysis benefit. This change is expected to contribute $0-50 million in operating income while improving patient access to these medications. The company continues to advocate for updated Medicare reimbursement rates and has successfully navigated various regulatory changes affecting the dialysis industry.
DVA company profile · for informational purposes only — not investment advice.
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