Davita
DVA · NYSEServices-Misc Health & Allied Services, NEC · Fiscal year ends Dec 31
Davita reported revenue of $13.6B in the fiscal year ended Dec 2025, up 6.5% from the year before. Operating income was $2B, an operating margin of 15.0%, and net income was $747M. Operating cash flow of $1.9B less capital expenditure of $576M left free cash flow of $1.3B. Net debt was $9.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.6B | $11.6B | $12.1B | $12.8B | $13.6B |
| Operating income | $1.8B | $1.3B | $1.6B | $2.1B | $2B |
| Interest expense | $267M | $339M | $374M | $435M | $540M |
| Pre-tax income | $1.5B | $966M | $1.2B | $1.5B | $1.3B |
| Income tax | $307M | $198M | $220M | $280M | $293M |
| Net income | $978M | $560M | $692M | $936M | $747M |
| Diluted EPS | 8.90 | 5.85 | 7.42 | 10.73 | 9.84 |
| Diluted shares | 110M | 96M | 93M | 87M | 76M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $462M | $244M | $380M | $795M | $676M |
| Receivables | $2B | $2.1B | $2B | $2.1B | $2.4B |
| Inventory | $107M | $109M | $143M | $135M | $161M |
| Current assets | $3.2B | $3.2B | $3.1B | $3.7B | $4.1B |
| Net PP&E | $3.5B | $3.3B | $3.1B | $2.9B | $2.8B |
| Goodwill | $7B | $7.1B | $7.1B | $7.4B | $7.5B |
| Total assets | $17.1B | $16.9B | $16.9B | $17.3B | $17.5B |
| Payables | $402M | $480M | $515M | $547M | $696M |
| Current liabilities | $2.4B | $2.6B | $2.6B | $3B | $3.1B |
| Long-term debt | $8.7B | $8.7B | $8.3B | $9.2B | $10.2B |
| Total liabilities | $14.8B | $14.7B | $14.2B | $15.2B | $16.3B |
| Shareholders' equity | $756M | $712M | $1.1B | $121M | −$651M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $1.6B | $2.1B | $2B | $1.9B |
| Capital expenditure | $641M | $603M | $568M | $555M | $576M |
| Free cash flow | $1.3B | $961M | $1.5B | $1.5B | $1.3B |
| Depreciation & amortisation | $668M | $721M | $736M | $716M | $708M |
| Stock-based compensation | $102M | $95M | $112M | $103M | $140M |
| Acquisitions | – | $57M | $26M | $246M | $117M |
| Share buybacks | $1.5B | $802M | $272M | $1.4B | $1.3B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.1% | 4.6% | 5.6% | 6.5% |
| Operating income growth (YoY) | – | −25.5% | 19.7% | 30.4% | −2.2% |
| EPS growth (YoY) | – | −34.3% | 26.8% | 44.6% | −8.3% |
| Operating margin | 15.5% | 11.5% | 13.2% | 16.3% | 15.0% |
| Net margin | 8.4% | 4.8% | 5.7% | 7.3% | 5.5% |
| Return on equityBlank when equity is negative | 129.5% | 78.7% | 65.5% | 773.1% | – |
| ROCEEBIT ÷ (assets − current liabilities) | 12.2% | 9.4% | 11.2% | 14.6% | 14.3% |
| Free cash flow margin | 11.1% | 8.3% | 12.3% | 11.4% | 9.6% |
| Cash conversion (CFO ÷ net income) | 1.97x | 2.79x | 2.98x | 2.16x | 2.53x |
| Receivable days | 61 | 67 | 60 | 61 | 65 |
| Interest cover | 6.73x | 3.95x | 4.29x | 4.80x | 3.79x |
| Debt ÷ equity | 11.6x | 12.2x | 7.83x | 75.8x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.3B | $8.4B | $7.9B | $8.4B | $9.5B |
| Current ratio | 1.32x | 1.20x | 1.19x | 1.26x | 1.29x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.