DVANYSEServices-Misc Health & Allied Services, NECFiscal year ends December 31
DAVITA INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$187.00−0.31 (-0.17%)
Close on Oct 19, 2026
- Market cap
- $12.36B
- P/E (TTM)
- 15.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
15.0%+0.3 pts over 5 years
Net margin
5.5%−1.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.5% | +5.5% | +3.4% | – | |
| Operating income | -2.2% | +15.1% | +3.8% | +6.0% | |
| Net income | -20.2% | +10.0% | -0.7% | +10.7% | |
| EPS, diluted | -8.3% | +18.9% | +9.3% | +22.9% | |
| Free cash flow | -10.6% | +10.9% | +0.1% | +4.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 18.5% | 44.0% | -281.8% | |
| Return on assets | 4.7% | 4.5% | 4.3% | |
| Current ratio | 1.47 | 1.27 | 1.29 | |
| Debt to equity | 1.96 | 5.84 | -15.78 | |
| Net debt to EBITDA | 3.34× | 3.28× | 3.49× | |
| Interest coverage | 5.2× | 6.0× | 3.8× | |
| Capex to revenue | 7.7% | 5.8% | 4.2% | |
| Diluted shares | 205M | 123M | 76M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Davita generated $9.46B from operations and spent $8.25B on capital expenditure, dividends and share buybacks. 36% of that went back into the business.
Generated
$9.46B
Used
$8.25B
Capital expenditure$2.94B36%Dividends$00%Share buybacks$5.31B64%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.5%
×Asset turnover0.78×
×Equity multiplier-65.60×
=Return on equity, FY2025-281.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.5% | 0.78× | -65.60× | -281.8% |
| FY2024 | 7.3% | 0.75× | 29.03× | 159.1% |
| FY2023 | 5.7% | 0.72× | 19.13× | 78.2% |
| FY2022 | 4.8% | 0.68× | 23.20× | 76.4% |
| FY2021 | 8.4% | 0.68× | 15.95× | 91.5% |
| FY2020 | 6.7% | 0.67× | 9.75× | 44.0% |
| FY2019 | 7.1% | 0.63× | 6.24× | 27.8% |
| FY2018 | 1.4% | 0.60× | 4.54× | 3.8% |
| FY2017 | 6.1% | 0.58× | 4.04× | 14.2% |
| FY2016 | 8.2% | 0.57× | 3.92× | 18.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$746.80M
- Cash generatingOperating cash flow above zero$1.89B
- Return on assets improvedROA up on the prior year5.5% → 4.3%
- Earnings backed by cashOperating cash flow above net income$1.89B vs $746.80M
- Less leverageLong-term debt to assets fell53.1% → 58.1%
- Better liquidityCurrent ratio rose1.26 → 1.29
- No dilutionShare count did not rise87M → 76M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.76 → 0.79