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DVA

DaVita Inc.

DVA

DaVita Inc. • NYSE
$119.68 ▼ -0.35% (-0.42)
Market Cap $8.45 B
52w High $179.60
52w Low $113.97
Dividend Yield 0%
P/E 12.35
Volume 503.45K
Outstanding Shares 70.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.42B ▲ $581.701M ▲ $150.332M ▼ 4.395% ▼ $2.09 ▼ $486.293M ▼
Q2-2025 $3.38B ▲ $580.145M ▲ $199.337M ▲ 5.898% ▲ $2.62 ▲ $689.694M ▲
Q1-2025 $3.224B ▼ $544.932M ▲ $162.917M ▼ 5.054% ▼ $2.05 ▼ $597.839M ▼
Q4-2024 $3.295B ▲ $503.95M ▼ $259.329M ▲ 7.871% ▲ $3.18 ▲ $726.556M ▲
Q3-2024 $3.264B $576.837M $214.688M 6.578% $2.56 $695.031M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $736.484M ▼ $17.743B ▲ $16.215B ▲ $-571.874M ▼
Q2-2025 $739.431M ▲ $17.493B ▲ $15.94B ▲ $-369.633M ▼
Q1-2025 $511.943M ▼ $17.119B ▼ $15.459B ▲ $-267.101M ▼
Q4-2024 $845.997M ▼ $17.285B ▼ $15.194B ▼ $121.122M ▼
Q3-2024 $1.092B $17.504B $15.284B $386.715M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $309.548M ▲ $841.371M ▲ $-262.94M ▼ $-581.587M ▼ $-1.545M ▼ $675.286M ▲
Q2-2025 $275.22M ▲ $324.394M ▲ $-66.745M ▲ $3.868M ▲ $272.386M ▲ $203.303M ▲
Q1-2025 $162.917M ▼ $180.009M ▼ $-162.138M ▲ $-382.54M ▲ $-355.252M ▼ $36.751M ▼
Q4-2024 $349.245M ▲ $547.627M ▼ $-247.974M ▼ $-565.103M ▼ $-278.819M ▼ $376.97M ▼
Q3-2024 $295.76M $810.401M $-146.491M $-7.858M $655.398M $671.355M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
U S Dialysis And Related Lab Services
U S Dialysis And Related Lab Services
 $2.84Bn ▲$2.91Bn ▲$5.66Bn ▲$1.61Bn ▼

Five-Year Company Overview

Income Statement

Income Statement DaVita shows steady revenue with modest growth over the past several years. Profitability dipped in the middle of the period but has clearly recovered, with operating profits now stronger than before. Margins have generally improved as the company has managed costs better. Earnings per share have grown faster than total profits, which strongly suggests ongoing share repurchases boosting results per share. Overall, the business looks like a mature, stable earner that has worked through a rough patch and is now back on firmer footing, though not without exposure to healthcare cost and reimbursement pressures.

Balance Sheet

Balance Sheet The balance sheet is functional but aggressive. Total assets have stayed fairly stable, but the company carries a heavy debt load relative to its equity. Reported equity has shrunk to a very thin layer, which is often what happens when a company leans hard on share buybacks and uses leverage to optimize its capital structure. This makes DaVita more financially geared: it can enhance returns when things go well, but it leaves less cushion if the operating environment or reimbursement rates deteriorate. Liquidity is adequate but not abundant, so ongoing access to capital markets and stable cash generation remain important.

Cash Flow

Cash Flow Cash generation is a major strength. Operating cash flow has been consistently healthy, and after funding regular capital spending on clinics and equipment, the company still produces solid free cash flow year after year. Capital expenditures are steady and predictable, reflecting a recurring need to maintain and upgrade facilities rather than large one-off projects. This reliable cash flow supports debt service and shareholder returns, but given the high leverage, the company has less flexibility if cash flows were to come under pressure from regulatory or volume changes.

Competitive Edge

Competitive Edge DaVita operates in a highly concentrated U.S. dialysis market, effectively sharing national scale with one main competitor. Its dense network of centers, long-standing relationships with nephrologists, and deep integration into insurer and government programs give it a meaningful competitive edge. Regulatory complexity and high fixed costs create barriers to entry, making it hard for smaller players to replicate its footprint. At the same time, this is a heavily regulated, politically sensitive business that depends on government reimbursement, so policy shifts, rate cuts, or new care models could have a meaningful impact over time. Competitive pressure on pricing and quality from payers and regulators is a constant backdrop.

Innovation and R&D

Innovation and R&D DaVita’s “R&D” is less about drug discovery and more about care model and technology innovation. It is leaning heavily into data, analytics, and AI to predict patient risk, reduce hospitalizations, and coordinate care more effectively. Partnerships like the Google Cloud “Center Without Walls,” specialized kidney-focused electronic health records, and the push into home dialysis with telehealth and remote monitoring all point to a strategy built around integrated, tech-enabled care. The company also runs a venture arm that invests in new kidney-related technologies and diagnostics, such as early disease detection tools. These efforts could deepen its moat and improve outcomes, but adoption, reimbursement recognition, and the long-term impact of new therapies that might slow kidney disease progression remain key uncertainties.

Summary

DaVita is a mature kidney care provider with a strong position in a concentrated, highly regulated niche. Its income statement shows a return to healthier profitability and improved margins after a softer period, supported by steady revenue and aggressive share repurchases. Cash flows are resilient and consistently positive, comfortably covering ongoing investment in clinics and equipment. The main financial trade-off is a very leveraged balance sheet with minimal equity, which amplifies both upside and downside. Operationally, DaVita benefits from scale, entrenched relationships, and regulatory barriers, but it is structurally exposed to reimbursement policy and broader shifts in how kidney disease is prevented and treated. Its technology and care-model innovations, especially in data-driven care and home dialysis, are aimed at reinforcing its role across the full kidney-care continuum. How successfully it integrates these innovations—and how future medical advances affect dialysis demand—will be central to its long-term trajectory.

NEWS

November 14, 2025 · 4:16 PM UTC

DaVita Inc. to Participate in Fireside Chat with Wolfe Research

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November 4, 2025 · 8:00 AM UTC

DaVita Marks 25 Years of Innovation with Breakthrough Kidney Care Research at ASN Kidney Week 2025

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October 29, 2025 · 4:05 PM UTC

DaVita Inc. 3rd Quarter 2025 Results

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October 20, 2025 · 8:00 AM UTC

DaVita Leads the Way in Evaluating Middle Molecule Clearance with Two New Initiatives

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October 13, 2025 · 2:00 PM UTC

DaVita Inc. Schedules 3rd Quarter 2025 Investor Conference Call

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