Is the business good?
How good a business is DVA?
DaVita earns 18% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
18%
Return on invested capital · cost of capital 9.0% · 9.0 points above what the capital costs: growth creates value
- Operating margin
- 15%
Operating margin · Medical Care Facilities median 8.9% · 12 months to Q2 2026
- Cash conversion
- 1.90×
Cash conversion · 1.54× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −15%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 15% |
| FY2021 | 15% |
| FY2022 | 12% |
| FY2023 | 13% |
| FY2024 | 16% |
| FY2025 | 15% |
Details›
- Operating margin12 months to Q2 2026
- 15%
- Net margin12 months to Q2 2026
- 6.0%
- Free cash flow margin
- 11%
- Revenue, trailing twelve months
- $14.0B
- Free cash flow, trailing twelve months
- $1.61B
- Net income, trailing twelve months
- $847M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 18%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Care Facilities
Ranks #11 of 28 by Smart Score