# DaVita Inc. (DVA)

> Source: Nexqual · https://nexqual.com/DVA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DaVita Inc. (DVA), nexqual.com/DVA" · informational, not investment advice.

**Price:** USD 186.1 (+5.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 176.81 · day 176.38–186.91 · 52w 101–247.49 · market cap $11.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $14.0B, net income $847M (6.0% margin), free cash flow $1.61B (SEC filings).
- Valuation: P/E 14.0x (avg 13.2x at the last 3 fiscal year-ends), EV/EBITDA 7.8x, net debt $10.1B.
- 1 of 80 tracked superinvestors hold DVA (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $254M; 6 not under a Rule 10b5-1 plan ($251M); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.88 on a 1–5 scale) (8 analysts), mean target USD 219.86 (range 165–270).
- Total return with dividends: 1Y +45.4% vs S&P 500 +14.9%; 5Y +61.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 3.57, revenue estimate $3.52B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.6B | $11.6B | $12.1B | $12.8B | $13.6B | $14.0B |
| Operating income | $1.80B | $1.34B | $1.60B | $2.09B | $2.04B | $2.13B |
| Net income | $978M | $560M | $692M | $936M | $747M | $847M |
| EPS (diluted) | $8.90 | $5.85 | $7.42 | $10.73 | $9.84 | — |
| Free cash flow | $1.29B | $961M | $1.49B | $1.47B | $1.31B | $1.61B |
| Operating margin | 15.5% | 11.5% | 13.2% | 16.3% | 15.0% | 15.2% |
| Net margin | 8.4% | 4.8% | 5.7% | 7.3% | 5.5% | 6.0% |
| Revenue growth | +0.6% | -0.1% | +4.6% | +5.6% | +6.5% | — |
| Cash + short-term investments | $484M | $322M | $392M | $846M | $701M | — |
| Total debt | $8.91B | $8.92B | $8.39B | $9.45B | $10.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.0x · P/S 0.8x · EV/EBITDA 7.8x · EV/Sales 1.6x · P/FCF 7.4x · FCF yield 13.56% · Earnings yield 7.14% · Buyback yield (TTM) 7.52% · Net debt $10.1B · EV $22.0B
P/E at fiscal year-ends: Dec 2025 11.5x, Dec 2024 13.9x, Dec 2023 14.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DVA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 2.15% | $6.43B | Reduced -4.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-31 | Berkshire Hathaway Inc |  | 182,980 | $36.5M | 0.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15…2026-06-16 | Rodriguez Javier | Chief Executive Officer | 69,407 | $14.5M | 7.6% | No | Too little history (no open-market trades in 2025) |
| 2026-06-15 | Waters Kathleen Alyce | Chief Legal & Pub. Affairs Off | 15,405 | $3.2M | 12.4% | Yes (adopted March 16, 2026) | Too little history (no open-market trades in 2025) |
| 2026-05-15 | Hearty James O | Chief Compliance Officer | 15,000 | $2.9M | 40.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11…2026-05-12 | Maughan David Paul | Chief Operating Officer, DKC | 20,529 | $4.1M | 17.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Ackerman Joel | CFO and Treasurer | 51,471 | $9.9M | 28% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-06 | Hearty James O | Chief Compliance Officer | 2,184 | $382K | 5.7% | Yes (adopted December 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Berkshire Hathaway Inc |  | 1,220,376 | $183M | 4.1% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.88 on a 1–5 scale), 8 analysts; mean target USD 219.86 (low 165, high 270).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | TD Cowen | Upgrade | Hold → Buy | $201 → $220 |
| 2026-08-07 | Truist Securities | Target lowered | Hold | $250 → $215 |
| 2026-08-05 | Barclays | Target raised | Equal-Weight | $218 → $224 |
| 2026-07-14 | Truist Securities | Target raised | Hold | $205 → $250 |
| 2026-07-10 | UBS | Target raised | Buy | $235 → $270 |
| 2026-07-09 | Barclays | Target raised | Equal-Weight | $194 → $218 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.4% | +61.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +45.5% | +10.0% |
| Volatility (annualized) | 45.3% | 37.9% |
| Max drawdown | -27.9% (Jul 2026→Aug 2026) | -42.3% (Apr 2022→Oct 2022) |

## Peers (Medical Care Facilities)
FMS (Fresenius Medical Care AG) USD 22.23 +3.11% · EHC (Encompass Health Corporation) USD 126.01 +4.60% · UHS (Universal Health Services, Inc.) USD 188.13 +2.88% · ENSG (The Ensign Group, Inc.) USD 178.35 +2.88% · PACS (PACS Group, Inc.) USD 47.5 +1.58% · CHE (Chemed Corp) USD 520.15 +1.72%

## More
Full page: https://nexqual.com/DVA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DVA's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/927066/000092706626000012/dva-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BERKSHIRE HATHAWAY INC (BRK-B) | "See further discussion of our share repurchase activity, authorizations and information on our share repurchase agreement with Berkshire in Note 18 to the consolidated financial statements." |

Other companies that name DVA in their own reports (relationship from DVA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ROCKWELL MEDICAL, INC. (RMTI) | 10-K 2026-03-26 | "•In December 2025, we amended our Amended and Restated Product Purchase Agreement (the "Amended Agreement") dated September 18, 2023 with DaVita, Inc. ("DaVita"), extending the term through December 3…" |
| supplier | Akebia Therapeutics, Inc. (AKBA) | 10-K 2026-02-26 | "Three dialysis organizations, DaVita, Fresenius Medical Care Rx and USRC, in the aggregate, accounted for a significant percentage of our gross revenue from Auryxia and Vafseo during the year ended De…" |
| partner | Outset Medical, Inc. (OM) | 10-K 2026-02-13 | "Currently, the provision of in-clinic and home dialysis is largely dominated by DaVita and Fresenius, and our expansion within the home dialysis market is dependent on our ability to grow new home pro…" |
| partner | Marti Technologies, Inc. (MRT) | 10-K 2023-03-31 | "Prior to founding Cedar Investors, Tim was an operator at DaVita Inc. (NYSE: DVA) where he focused on initiatives including strategic partnerships with health insurance companies." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| U S Dialysis And Related Lab Services with Intersegment | $3.01B | 84.7% | +3.4% | — | — |
| U. S. Dialysis And Related Lab Services | $3.00B | 84.4% | +3.6% | $538.0M | 17.9% |
| Other Operating Segments with Intersegment | $556.7M | 15.7% | +14.6% | — | — |
| Other - Ancillary Services | $553.6M | 15.6% | +14.7% | $57.0M | 10.3% |
| Total revenue | $3.55B | 100% | — | $579.0M | 16.3% |
The lines above cover 200.4% of total revenue.

## Company outlook (8-K filed 2026-08-04)

- "The guidance for our effective income tax rate on adjusted income attributable to DaVita Inc. also excludes the amount of third-party owners' income and related taxes attributable to non-tax paying entities."
- "Current 2026 guidance Low High (dollars in millions, except per share data) Adjusted operating income $2,150 $2,250 Adjusted diluted net income per share attributable to DaVita Inc. $14.10 $15.20 Free cash flow $1,000 $1,250 The following table outlines normalized treatment days by quarter for 2025 and 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.57 | $3.93 | -9.1% | $3.52B | 7 |
| Next quarter (ends 2026-12-31) | $4.40 | $4.24 | +3.7% | $3.61B | 7 |
| Current fiscal year (ends 2026-12-31) | $14.82 | $14.88 | -0.4% | $14.16B | 7 |
| Next fiscal year (ends 2027-12-31) | $17.14 | $17.22 | -0.5% | $14.64B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±12.1%; last 8 reports averaged ±13%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 53.3% | ±12.1% |
| 2026-12-18 | 56 | 43.6% | ±13.8% |
| 2027-01-15 | 84 | 40.4% | ±15.5% |
| 2027-02-19 | 119 | 42.7% | ±19.5% |
| 2027-04-16 | 175 | 40.4% | ±22.2% |
| 2027-05-21 | 210 | 42.0% | ±25.3% |
| 2027-08-20 | 301 | 41.0% | ±29.4% |
| 2027-11-19 | 392 | 40.7% | ±33.1% |