At a glance
DaVita HealthCare Partners Inc is worth $11.68B, about 19 times its fiscal 2025 earnings. Revenue grew 6.5% to $13.64B in fiscal 2025, with 5.5% kept as profit; over 5 years it has grown 3.4% a year. It pays no dividend; it spent $5.31B buying back its shares over FY2021–FY2025. The stock returned +56.1% over the past year with dividends reinvested and +12.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.0% in the 2020 crash (S&P 500: 33.7%) and 38.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 20 months after the lows.
The business in plain English
DaVita Inc. is a kidney care company. Its main business is dialysis, a treatment that filters waste, salt and extra fluid from the blood when the kidneys have failed. People with kidney failure, called end stage kidney disease, generally need dialysis for the rest of their lives unless they receive a transplant. Most treatments happen at outpatient centers, usually three times a week. Patients can also have dialysis at home, in hospitals or in skilled nursing facilities.
DaVita earns money by billing for these treatments and related lab tests. Payers include Medicare, Medicare Advantage plans, Medicaid, the Department of Veterans Affairs and private insurers. Commercial insurance pays higher rates than government programs. U.S. dialysis brought in $11.73 billion, or 86%, of the company's $13.64 billion in revenue for the year ended December 31, 2025. On that date it served about 200,500 U.S. patients.
The other 14%, or $1.91 billion, came from what DaVita calls ancillary services. As of December 31, 2025, these included 585 dialysis centers in 14 countries outside the U.S., serving about 94,500 patients. They also included an integrated kidney care business. It managed care for 66,000 patients under risk-based contracts, where DaVita can gain or lose money depending on total care costs, plus 9,400 patients under other arrangements.
Price history
The interactive chart needs JavaScript.
DVA +56.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| U S Dialysis | $11.73B | 86% |
| Other - Ancillary services | $1.91B | 14% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.58B, up 4.6% from a year earlier, and net income was $222.9M (+48.3%).
- For fiscal 2025, revenue was $13.64B (+6.5% year over year; +3.4% a year from FY2020 to FY2025) with a 5.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.4% watch |
|---|---|
| Operating margin | 15% good |
| Free cash flow margin | 9.6% watch |
| Return on assets (FY2025) | 4.3% watch |
| Net cash (cash minus debt) | $-10.16B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.55B | $773.6M | $1.30B |
| FY2021 | $11.62B | $978.5M | $1.29B |
| FY2022 | $11.61B | $560.4M | $961.1M |
| FY2023 | $12.14B | $691.5M | $1.49B |
| FY2024 | $12.82B | $936.3M | $1.47B |
| FY2025 | $13.64B | $746.8M | $1.31B |
Valuation snapshot
| Market value | $11.68B |
|---|---|
| P/E ratio | 18.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
DaVita HealthCare Partners’s market value went from $13.28B at the end of 2016 to $11.68B on Nov 2, 2026, down 12%; since the end of 2025 it is up 46%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $11.68B | +45.7% |
| 2025 | $8.02B | -34.6% |
| 2024 | $12.26B | +28.2% |
| 2023 | $9.56B | +42.2% |
| 2022 | $6.73B | -42.0% |
| 2021 | $11.59B | -11.8% |
| 2020 | $13.15B | +35.1% |
| 2019 | $9.73B | +13.9% |
| 2018 | $8.54B | -35.5% |
| 2017 | $13.24B | -0.3% |
| 2016 | $13.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DVA price data to Nov 2, 2026 | +63.5% | +56.1% | +33.6% | +12.3% | +12.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +63.5% |
| 2025 | -24.0% |
| 2024 | +42.8% |
| 2023 | +40.3% |
| 2022 | -34.4% |
| 2021 | -3.1% |
| 2020 | +56.5% |
| 2019 | +45.8% |
| 2018 | -28.8% |
| 2017 | +12.5% |
| 2016 | -7.9% |
| 2015 | -8.0% |
| 2014 | +19.5% |
| 2013 | +14.7% |
| 2012 | +45.8% |
| 2011 | +9.1% |
| 2010 | +18.3% |
| 2009 | +18.5% |
| 2008 | -12.0% |
| 2007 | -0.9% |
| 2006 | +12.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.8% over that stretch · deepest drop along the way 36.1%, back to its old high 27 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.1% over that stretch · deepest drop along the way 24%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.2% over that stretch · deepest drop along the way 38.4%, back to its old high 19.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 10 sales ($140.2M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 27, 2026 | Berkshire Hathaway Inc 10% owner | sell | $69.0M |
| Jul 31, 2026 | Berkshire Hathaway Inc 10% owner | sell | $36.5M |
| May 7, 2026 | Joel Ackerman CFO and Treasurer | sell | $9.9M |
| Jun 16, 2026 | Javier Rodriguez Chief Executive Officer, Director | sell | $8.2M |
| Jun 15, 2026 | Javier Rodriguez Chief Executive Officer, Director | sell | $6.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 5% | Mar 31, 2025 |
ETFs with the most weight in DVA
| SAGP Strategas Global Policy Opportunities ETF | 2.11% |
| XHS SPDR S&P Health Care Services ETF | 2.02% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.85% |
| FXH First Trust Health Care AlphaDEX Fund | 1.85% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.72% |
| IHF iShares U.S. Healthcare Providers ETF | 1% |
| RPG Invesco S&P 500® Pure Growth ETF | 0.84% |
| SPVM Invesco S&P 500 Value with Momentum ETF | 0.73% |
What could go wrong
- Fewer patients with higher-paying private insurance. Commercial insurers pay DaVita more than government programs. If fewer patients carry private coverage, or DaVita cannot keep competitive contracts with insurers, its revenue, profits and cash flow could suffer.
- Reliance on government health programs. DaVita treats patients covered by Medicare, Medicare Advantage, Medicaid and Veterans Affairs. Payment rates and rules for these programs can change through regulation or legislation, and rate cuts or audits could reduce revenue.
- New drugs may reduce dialysis demand. DaVita says newer treatments such as GLP-1 drugs and SGLT2 inhibitors may reduce demand for dialysis over time. The number of U.S. dialysis patients grew only about 0.2% a year from 2018 to 2023.
- Rising labor costs and staffing pressure. Dialysis care depends on nurses, patient care technicians and other trained staff. Higher wages, union organizing, or trouble hiring and keeping workers and leaders could raise costs and harm its reputation.
- A heavy debt load. As of June 30, 2026, DaVita owed about $10.78 billion against $727 million of cash and investments. The debt may limit its flexibility, and it must stay within covenants, the conditions lenders set.
- Lawsuits, investigations and complex rules. DaVita faces lawsuits, whistleblower (qui tam) suits, government investigations and audits, and must follow complex health care laws. Bad outcomes, compliance failures or rule changes could hurt results and damage its reputation.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
DaVita pays no dividend and paid none in fiscal years 2020 through 2025. It returns cash through share buybacks instead, spending about $5.31 billion on them from fiscal 2021 to 2025. In fiscal 2025, buybacks of $1.31 billion roughly matched free cash flow, which is the cash left after running and investing in the business. The share count fell 37.4%, from 101.9 million in October 2021 to 63.8 million in July 2026. Buybacks can raise earnings per share, but income investors would have to sell shares to get cash.
The stock has fallen hard in downturns. In the 2008 financial crisis it dropped 36.1% from October 2007 to March 2008 and took about 27 months to recover. It fell 24% in the 2020 COVID crash but regained its peak in about 2.5 months. In the 2022 bear market it lost 38.4% and needed about 20 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does DaVita make money?
DaVita makes most of its money from kidney dialysis. Its U.S. dialysis and related lab services business brought in $11.73 billion, or 86%, of $13.64 billion in revenue for the year ended December 31, 2025. It bills Medicare, Medicare Advantage plans, Medicaid, the Department of Veterans Affairs and private insurers, which pay higher rates. The other 14% came from dialysis centers in 14 other countries, integrated kidney care contracts and other services.
Does DaVita pay a dividend?
No. DaVita paid no dividends in fiscal years 2020 through 2025. It returns cash through share buybacks instead, spending about $5.31 billion from fiscal 2021 to 2025. That helped shrink the share count by 37.4%, from 101.9 million in October 2021 to 63.8 million in July 2026. With fewer shares, each remaining share owns a larger slice of profits. But investors who need regular income from this stock would have to sell shares to get it.
Could GLP-1 weight-loss drugs hurt DaVita?
Possibly. DaVita's annual report for the year ended December 31, 2025, lists GLP-1 drugs and SGLT2 inhibitors among newer treatments that may reduce demand for dialysis over time. Growth was already slow. The U.S. dialysis population, over 557,000 patients in 2023, grew about 1.8% a year from 2013 to 2023 but only 0.2% a year from 2018 to 2023. The company also says severe flu seasons and COVID-19 have affected death rates among patients.
Does Berkshire Hathaway own DaVita stock?
Yes. Insider filings list Berkshire Hathaway as a 10% owner, the SEC's term for an investor holding more than 10% of a company's shares. It sold about $36.5 million of DaVita stock on July 31, 2026. The insider filings reviewed for October 29, 2025, to October 29, 2026, show 10 sales worth about $71.5 million and no purchases. Sellers included CEO Javier Rodriguez and CFO Joel Ackerman. BlackRock reported a 5% stake as of March 31, 2025.
How has DaVita stock performed over time?
It has gained over long periods, with big swings along the way. As of October 28, 2026, the share price had risen about 12.8% a year over 10 years, 10% a year over five years and 33.8% a year over three years. Calendar-year results included a 34.4% loss in 2022, gains of 40.3% in 2023 and 42.8% in 2024, and a 24.0% loss in 2025. In 2026 through October 28, the stock gained 61.9%.