olivLaw · US equity research
DaVita Inc. DVA
Services-Misc Health & Allied Services, NEC · SIC 8090 · Vertical: Services-Misc Health & Allied Services, NEC (SIC 8090)
DaVita is one of the largest dialysis service providers in the United States and also operates an international network of dialysis centers and integrated kidney care programs. The company sits at the centre of a market in which patients with end stage kidney disease depend on regular treatment, and official sources show that its U.S. business grew again in 2025, although cost pressures and reliance on government programs remain significant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, DaVita Inc. (DVA) stock was 194.82 USD (+1.12% on the day), with market capitalisation 12.3 bn USD, P/E 14.3 on diluted EPS of 13.58 USD over the last 12 months, dividend yield 0.00%, beta 0.34, 52-week range 103.87–240.96 USD. Latest reported quarter (Q3 2026): revenue of 3.6 bn USD (+4.6% YoY), net income of 222.9 m USD (+48.3% YoY), diluted EPS 3.40 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.8
- strong (55–70)
- Bollinger (20, 2)
- 174.64 – 194.86
- in the upper half of the band · %B 1.00 · band width 10.9%
- SMA 50 / 200
- 182.34 / 178.69
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.17 / 1.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.0% | −1.1% | +9.1 pp | — |
| 3 months | +7.8% | −0.5% | +8.3 pp | — |
| 6 months | −0.7% | +4.4% | −5.1 pp | — |
| Year to date | +71.5% | +12.3% | +59.2 pp | — |
| 1 year | +60.8% | +13.5% | +47.3 pp | +15.1% |
| 3 years | +146.7% | +76.4% | +70.3 pp | −7.5% |
| 5 years | +78.1% | +63.7% | +14.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 3.2 bn | 3.4 bn | 3.4 bn | 3.6 bn | 3.4 bn | 3.6 bn | 3.6 bn |
| Operating income | 565.4 m | 438.9 m | 537.8 m | 505.8 m | 561.1 m | 481.9 m | 579.0 m | 499.3 m |
| Depreciation & amortisation | 166.6 m | 176.5 m | 174.7 m | 177.5 m | 179.6 m | 177.8 m | 167.8 m | 165.2 m |
| Interest expense | 138.7 m | 135.1 m | 146.1 m | 150.6 m | 148.3 m | 145.1 m | 150.3 m | 150.0 m |
| Pre-tax income | 413.7 m | 286.3 m | 368.9 m | 308.8 m | 382.8 m | 341.2 m | 435.0 m | 358.7 m |
| Income tax | 64.5 m | 54.1 m | 93.7 m | 68.6 m | 76.7 m | 66.2 m | 91.8 m | 89.3 m |
| Net income | 259.3 m | 162.9 m | 199.3 m | 150.3 m | 234.2 m | 197.5 m | 265.4 m | 222.9 m |
| Diluted EPS | 3.09 ≈ | 2.00 | 2.58 | 2.04 | 3.29 ≈ | 2.87 | 4.02 | 3.40 |
| Operating cash flow | 547.6 m | 180.0 m | 324.2 m ≈ | 841.5 m ≈ | 540.7 m | 320.8 m | 490.1 m ≈ | 518.8 m ≈ |
| Capex | 170.7 m | 143.3 m | 121.1 m ≈ | 166.1 m ≈ | 145.4 m | 102.0 m | 169.8 m ≈ | 159.5 m ≈ |
| Share repurchases | 365.4 m | 510.2 m | 283.7 m ≈ | 240.1 m ≈ | 274.5 m | 196.4 m | 181.5 m ≈ | 73.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 48 percentile of its own 40-quarter history (min 9.9, median 14.6, max 76.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.4 bn | 11.4 bn | 11.6 bn | 11.6 bn | 11.6 bn | 12.1 bn | 12.8 bn | 13.6 bn |
| Revenue YoY | +4.9% | −0.1% | +1.4% | +0.6% | −0.1% | +4.6% | +5.6% | +6.5% |
| Net income | 159.4 m | 811.0 m | 773.6 m | 978.5 m | 560.4 m | 691.5 m | 936.3 m | 746.8 m |
| Net income YoY | −76.0% | +408.8% | −4.6% | +26.5% | −42.7% | +23.4% | +35.4% | −20.2% |
| Diluted EPS | 0.92 | 5.27 | 6.31 | 8.90 | 5.85 | 7.42 | 10.73 | 9.84 |
| Diluted EPS YoY | −73.5% | +472.8% | +19.7% | +41.0% | −34.3% | +26.8% | +44.6% | −8.3% |
| net % | 1.4% | 7.1% | 6.7% | 8.4% | 4.8% | 5.7% | 7.3% | 5.5% |
| Free cash flow | 784.5 m | 1.3 bn | 1.3 bn | 1.3 bn | 961.1 m | 1.5 bn | 1.5 bn | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 676.4 m USD
- Financial debt
- 109.2 m USD
- Net debt
- -567.2 m USD
- Equity
- -373.7 m USD
- Total assets
- 17.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.29x
- ROE
- unavailable
- ROA
- 4.3%
- FCF margin
- 9.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.6 bn | 11.6 bn | 11.6 bn | 12.1 bn | 12.8 bn | 13.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 1.7 bn | 1.8 bn | 1.3 bn | 1.6 bn | 2.1 bn | 2.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 616.6 m | 667.8 m | 721.1 m | 736.5 m | 716.4 m | 708.3 m | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 2.3 bn ≈ | 2.5 bn ≈ | 2.1 bn ≈ | 2.3 bn ≈ | 2.8 bn ≈ | 2.8 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 304.1 m | 285.3 m | 357.0 m | 398.6 m | 470.5 m | 539.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 1.3 bn | 1.5 bn | 966.3 m | 1.2 bn | 1.5 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 313.9 m | 306.7 m | 198.1 m | 220.1 m | 279.7 m | 293.1 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 773.6 m | 978.5 m | 560.4 m | 691.5 m | 936.3 m | 746.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 6.31 | 8.90 | 5.85 | 7.42 | 10.73 | 9.84 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 122.6 m | 109.9 m | 95.8 m | 93.2 m | 87.3 m | 75.9 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 325.0 m | 461.9 m | 244.1 m | 380.1 m | 794.9 m | 676.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 1.8 bn | 2.0 bn | 2.1 bn | 2.0 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Inventories | 111.6 m | 107.4 m | 109.1 m | 143.1 m | 134.6 m | 160.6 m | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 3.1 bn | 3.2 bn | 3.2 bn | 3.1 bn | 3.7 bn | 4.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 3.5 bn | 3.5 bn | 3.3 bn | 3.1 bn | 2.9 bn | 2.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 6.9 bn | 7.0 bn | 7.1 bn | 7.1 bn | 7.4 bn | 7.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 166.6 m | 177.7 m | 182.7 m | 203.2 m | 197.4 m | 222.1 m | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 17.0 bn | 17.1 bn | 16.9 bn | 16.9 bn | 17.3 bn | 17.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 434.3 m | 402.0 m | 479.8 m | 514.5 m | 547.2 m | 696.1 m | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 168.5 m | 179.0 m | 231.4 m | 123.3 m | 270.9 m | 109.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 2.5 bn | 2.4 bn | 2.6 bn | 2.6 bn | 3.0 bn | 3.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 14.1 bn | 14.8 bn | 14.7 bn | 14.2 bn | 15.2 bn | 16.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 1.6 bn | 936.1 m | 875.9 m | 1.2 bn | 395.9 m | -373.7 m | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.0 bn | 1.9 bn | 1.6 bn | 2.1 bn | 2.0 bn | 1.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 674.5 m | 641.5 m | 603.4 m | 568.0 m | 555.4 m | 575.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 1.3 bn ≈ | 1.3 bn ≈ | 961.1 m ≈ | 1.5 bn ≈ | 1.5 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -825.4 m | -784.7 m | -630.3 m | -771.8 m | -771.4 m | -654.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -1.8 bn | -1.1 bn | -1.1 bn | -1.2 bn | -816.9 m | -1.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 1.5 bn | 1.5 bn | 802.2 m | 272.2 m | 1.4 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 81 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 12.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality90
- Growth73
- Balance sheet70
- Returns91
- Valuation87
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 137.92 – 581.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)383.97 – 581.03 (Mid 460.79)WACC 9.3% · starting FCFF 1.8 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -28.8%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E137.92 – 349.11 (Mid 293.05)6 companies used · median multiple 21.6x · quartiles 10.2x – 25.7xAGL, FMS, NIVF, PGNY, SHC, VMD
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 81/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.5% | 80 (vs peers) | 7% |
| FCF conversion · Quality | 140.6% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 5.5% | 46 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 18.9% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 3.6x | 32 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.4x | 51 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 14.3x | 67 (vs peers) | 12% |
| EV/EBITDA · Valuation | 4.2x | 98 (on a fixed band) | 12% |
| FCF yield · Valuation | 10.6% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 5.9% | 85 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 3/3 factors with a value
- Growth73/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns91/100 · 2/2 factors with a value
- Valuation87/100 · 3/3 factors with a value
Memo
DAVITA INC. (DVA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 13.6 bn USD in 2025; YoY growth 6.5%; net margin 6.5%; net debt/EBITDA -0.1x.
The estimated value range is 260.94–465.07 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 376.92 USD, the price of 194.82 USD leaves a potential of 93.5% (value / price − 1) and a margin of safety of 48.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 81/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.5%
- FCF conversion: 140.6%
- EPS CAGR 3Y: 18.9%
- Net debt / EBITDA: -0.1x
- EV/EBITDA: 4.2x
- FCF yield: 10.6%
- Shareholder yield (distributions): 5.9%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Services-Misc Health & Allied Services, NEC (SIC 8090) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DVADavita Inc. | 12.3 bn | 14.3 | — | 6.5% | +6.5% | +61% / +147% |
| FMSFresenius Medical Care AG | 6.6 bn | 7.0 | 7.0% | 5.0% | +1.5% | −1% / +15% |
| SHCSotera Health Company | 4.5 bn | 26.4 | 27.0% | 14.1% | +5.7% | −9% / +16% |
| PGNYProgyny, Inc. | 2.6 bn | 37.4 | 16.2% | 6.0% | +10.4% | +30% / +0% |
| AGLagilon health, inc. | 1.9 bn | 19.5 | -29.7% | -1.5% | −2.1% | +599% / −57% |
| VMDViemed Healthcare, Inc. | 341.4 m | 23.7 | 11.0% | 5.0% | +20.5% | +30% / +16% |
| CCELCryo-Cell International, Inc. | 39.9 m | — | — | -6.2% | −1.3% | +15% / −7% |
| BRTXBiorestorative Therapies, Inc. | 38.5 m | — | -241.1% | -3,089.6% | −10.3% | +40% / −21% |
| MGRXMangoceuticals, Inc. | 4.1 m | — | -95.1% | -4,791.3% | −26.0% | −83% / −98% |
| NIVFNewgenivf Group Limited | 117.2 k | 0.2 | 77.2% | 209.0% | −13.0% | −100% / −100% |
| MCTACharming Medical Limited | — | — | -0.9% | -0.5% | −22.7% | unavailable / unavailable |
1- and 3-year price returns: for DVA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 125.35 Total return -36% · Per year -36% | 221.50 Total return 14% · Per year 14% | 333.50 Total return 71% · Per year 71% |
| 3 years | 124.18 Total return -36% · Per year -14% | 246.66 Total return 27% · Per year 8% | 407.40 Total return 109% · Per year 28% |
| 5 years | 123.02 Total return -37% · Per year -9% | 274.68 Total return 41% · Per year 7% | 497.69 Total return 155% · Per year 21% |
- Exit P/E± 61.67
- Net margin± 43.17
- Annual revenue growth± 35.09
- Annual dilution± 3.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
DaVita is one of the largest dialysis service providers in the United States and also operates an international network of dialysis centers and integrated kidney care programs. The company sits at the centre of a market in which patients with end stage kidney disease depend on regular treatment, and official sources show that its U.S. business grew again in 2025, although cost pressures and reliance on government programs remain significant.
SWOT
Strengths
- A large network of centers in the U.S. and abroad, with a recognised position in quality programs for several consecutive years.
- Predictable revenues from government programs and dialysis contracts that support operating cash flow.
- Experience in managing complex kidney care through integrated and value-based models.
Weaknesses
- Heavy dependence on government program revenue, which makes the company sensitive to policy changes.
- Labor and supply costs can rise faster than reimbursement rates.
- Significant indebtedness requires interest payments and limits financial flexibility.
Opportunities
- Home dialysis and transplantation could grow if government policies and value-based contracts are expanded.
- Expansion outside the U.S. and acquisitions of centers could add patients and revenues.
- New treatment techniques, such as middle molecule clearance, could improve clinical results and differentiate services.
Threats
- Changes to government reimbursement or Medicare Advantage programs could reduce revenues.
- Rising competition from new entrants and providers of innovative treatments could reduce market share.
- A cybersecurity incident or supplier disruption could affect operations and reputation.
Risks
- Government policy and reimbursementhigh
Changes to Medicare, Medicaid and Medicare Advantage programs can alter reimbursement rates and revenues.
- Labor costshigh
Staff shortages and rising wages could exceed reimbursement increases and compress margins.
- Cybersecurity incidentmedium
The 2025 incident and any data breaches could create extra costs, billing delays and legal exposure.
- Debt and refinancingmedium
The level of debt and refinancing terms could become more costly if economic conditions deteriorate.
- Public health factorslow
Elevated patient mortality linked to flu and other infectious diseases can reduce treatment volumes.
Investment thesis
What would need to be true (bull case)
- If reimbursement increases continue to outpace cost inflation, operating margins could keep improving.
- If the expansion of integrated care and home dialysis accelerates, the company could earn more predictable revenues.
- If share count reduction and operating cash flow remain solid, the capacity to reduce debt could grow.
What would break the thesis
- If labor cost pressure persists, operating margins could decline even if treatment volumes stay stable.
- If government policies lower reimbursement rates, revenues in the core segment could be materially affected.
- If new treatments reduce the number of patients needing dialysis, long-term demand could fall.
What to watch
- Evolution of Medicare reimbursement rates and OBBBA policy2027
- Delivery of the 2026 adjusted operating income guidancenext 10-K
- Evolution of labor costs per treatmentQ1 2027
- Effects of the cyber incident on collections and costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
DaVita is a kidney care provider that treats patients with end stage kidney disease through dialysis and related services. Its main activity is U.S. dialysis, which according to the 2025 annual report accounted for approximately 86% of consolidated revenues and served approximately 200500 patients as of 31 December 2025. The company also operates an international network of 585 dialysis centers in 14 countries and a U.S. integrated kidney care business for higher-risk patients.
The care model aims to slow the progression of kidney disease before stage 5 and to support transplantation where possible, and where it is not, to move the patient to the dialysis modality of their choice. The company highlights its results in government quality programs, where it says it has been an industry leader for many years.
U.S. operations also include a separately licensed clinical laboratory specialised in end stage kidney patient testing, management services for third-party centers and a home dialysis offering, which form part of the strategy to widen treatment options.
Segments
U.S. dialysis
The largest segment, providing hemodialysis in outpatient centers, hospitals and at home. Revenues come mainly from Medicare, Medicaid and commercial insurers, and government programs fund a majority of these services.
Integrated kidney care (IKC)
Manages care for patients with complex kidney disease through risk-based and outcomes-based contracts in which the company takes on part of medical costs. The segment grew in 2026 reporting, and the annualized medical spend under these arrangements is substantial.
International and other services
Includes the network of centers outside the U.S., which grew by 76 centers in 2025 mainly through acquisitions, and other ancillary services. Revenue growth in these activities was strong in 2025, although their share of revenues remains smaller than the U.S. business.
Market context
The U.S. dialysis market is shaped by the number of end stage kidney disease patients, which the company cites at over 557000 in 2023 according to USRDS data. Growth in this population has slowed in recent years, and higher mortality, transplantation and new drugs such as GLP-1 agonists could change long-term demand.
Revenues depend largely on government-set reimbursement rates while labor and supply costs are rising. The market remains concentrated around a few large providers and faces growing competition from other dialysis providers and new entrants.
Trends
- Labor cost pressureheadwind
Shortages of skilled clinical staff and wage inflation raise cost per treatment. If these increases outpace reimbursement rates, margins could be affected.
- Growth of integrated and value-based caretailwind
Value-based and risk-based contracts, such as those under the CKCC model, may encourage transplants and home dialysis, and the company reports growth in this segment.
- New treatments and dialysis modalitiesmixed
Middle molecule clearance techniques and home dialysis are under evaluation. These options could improve clinical outcomes but could also reduce demand for traditional in-center dialysis.
- Changes in commercial and government coverageheadwind
Pressure on commercial payment rates and U.S. government coverage policies may shift the patient mix. If the share of patients with commercial insurance declines, average revenue per treatment could be affected.
Competitive position
The company cites increased competition from other dialysis providers and new entrants in the pre-dialysis market. Competition plays out through payor contracts, the recruitment of physicians who serve as medical directors and technological innovation.
In the U.S., competition for commercial insurance contracts and government programs remains important, and a shift of patients toward home dialysis or new care models could change each provider's share.
- Fresenius Medical Care
Important dialysis service provider, cited in the company's sources as part of the competitive landscape; no U.S. ticker is confirmed here.
- New dialysis and pre-dialysis entrants
New companies in the dialysis and pre-dialysis market, cited in the filings as a source of increased competition, without precise identity in the sources.
- Non-U.S. kidney care providers
Local providers in the countries where the company operates centers, cited in the context of international competition.
- Providers of innovative treatments
Companies developing drugs or technologies that could reduce demand for dialysis, cited in the filings as a market risk.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Material agreement · Creation of a direct financial obligation · Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Annual report11 Feb 2026
- Current report02 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DaVita Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DaVita Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / DaVita Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.