DaVita Inc.
Kidney Care and Dialysis ServicesFounded 1999- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
DaVita Inc.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$12.8B
Market Cap
$12.3B
Net Income
$936M
Employees
71,000
DaVita and Fresenius Medical Care together administer dialysis to roughly 70% of the patients receiving in-center treatment in the United States — a concentration that makes DaVita's $12.8 billion revenue figure less about market share growth and more about the relentless, demographic expansion of kidney failure in the American population. Revenue grew from $12.14 billion in 2023 to $12.82 billion in 2024, with an operating margin of 16.3%. The $12.33 billion market capitalization reflects a business that generates predictable, government-reimbursed cash flows but carries limited growth optionality in a mature, regulated market. Operating income of $2.09 billion on $12.8 billion in revenue — a 16.3% margin — is the financial signature of a business that treats a chronic, non-elective condition with no effective alternative. The revenue trajectory has been steady: $12.14 billion in 2023, $12.82 billion in 2024, with the 2025 figure running above $13.6 billion. Net income of $936 million reflects the capital-intensive nature of the dialysis center model — equipment, nursing staff, facility costs per treatment are substantial. The $12.33 billion market capitalization values the business at roughly one times revenue, a multiple that reflects the regulated, slow-growth nature of the enterprise rather than any expectation of acceleration. The 2012 acquisition of HealthCare Partners for $4.42 billion was Thiry's attempt to diversify beyond dialysis into integrated physician services — a bet that didn't fully work.
Revenue Trend Analysis
YoY Change
+6.5%
2-Year CAGR
+6%
Peak Year
2025
Trend
Consistent Growth
DaVita Inc. has reported revenue across 3 fiscal years, compounding at +6% annually over 2 years. The most recent year saw a 6.5% increase versus the prior year. Revenue peaked in 2025 at $13.6B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $13.6B | — | +6.5% |
| FY2024 | $12.8B | $936M | +5.6% |
| FY2023 | $12.1B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
DaVita Inc.'s $936 million 2024 net income on $12.82 billion revenue represents 7.3% net margin reflecting dialysis industry economics with operating margins of approximately 13-14% across consolidated operations. The financial performance reflects continued operational improvements following HealthCare Partners divestiture (2019) supporting clearer dialysis operations focus, with continued operational efficiency improvements through various strategic initiatives. Operating cash flow generation of approximately $2 billion supports continued share buybacks (approximately $1+ billion annually during favorable conditions representing major capital allocation priority), continued capital expenditure supporting dialysis clinic operations, modest debt service on approximately $9 billion total debt, and various other capital deployment. Cumulative share buybacks of approximately $11+ billion over recent years have substantially reduced share count supporting per-share earnings growth even with modest underlying earnings growth. Future profitability depends on continued operational execution, regulatory environment affecting various reimbursement dynamics, and various competitive factors.
DaVita Inc. has chosen not to pay dividends across multiple years, instead emphasising substantial share buybacks (approximately $11+ billion cumulative buybacks across recent years) as primary capital return mechanism. Strategic capital allocation reflects management belief that share buybacks provide more flexible capital return versus dividend commitment requiring sustained future payments, plus various tax efficiency considerations versus dividend payments. The buyback strategy has substantially reduced DaVita share count supporting per-share earnings growth even with modest underlying earnings growth — buybacks have reduced share count by approximately 60% from peak levels supporting various per-share metrics. Strategic challenges include continued debt levels approximately $9 billion (creating modest financial constraint on aggressive capital deployment), various operational uncertainties affecting financial flexibility, and various other considerations. The buyback approach has generated significant shareholder value through reduced share count supporting per-share earnings and stock price performance. Future capital allocation likely continues current pattern emphasising buybacks over dividends supporting continued capital return flexibility.
DaVita Inc. allocates approximately $2 billion annual operating cash flow across multiple priorities including substantial share buybacks ($1+ billion annually during favorable conditions representing major capital allocation), continued capital expenditure supporting dialysis clinic operations and selective new clinic development ($500 million annually), debt service and selective debt reduction supporting approximately $9 billion total debt, modest M&A activity supporting various capability building including international expansion and integrated kidney care initiatives, and various other capital deployment. Strategic capital allocation priorities emphasise share repurchase reflecting management belief in DaVita strategic value plus tax efficiency versus dividend distribution, with continued operational reinvestment supporting various business performance requirements. Recent capital allocation has continued aggressive buyback execution supported by continued operating cash flow generation. Future capital allocation likely continues current pattern with various adjustments based on operational performance, regulatory environment, and various strategic considerations affecting capital deployment decisions through ongoing dialysis industry dynamics.
DaVita Inc. faces extreme sensitivity to government and commercial insurance reimbursement changes affecting various dialysis revenue streams including Medicare ESRD reimbursement rate adjustments (annual rate updates affecting approximately 60% of revenue), commercial insurance contract terms affecting premium 30-month coordination period reimbursement (representing approximately 35% of revenue with substantially higher rates than Medicare), Medicare Advantage payment dynamics affecting various patient mix considerations, value-based care payment models affecting various reimbursement structures, and various other regulatory and contractual considerations. Recent reimbursement dynamics include continued Medicare rate methodology updates, various state regulations affecting commercial insurance reimbursement (American Kidney Fund charitable premium assistance regulatory challenges), continued Medicare Advantage expansion among dialysis patients, and various other dynamics affecting operational economics. Strategic responses include continued operational efficiency, payer mix management, value-based care participation supporting various reimbursement model evolution, and various other strategic responses. Future reimbursement environment depends on continued regulatory developments.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "DaVita Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/davita/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>DaVita Inc. reported $14B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/davita/financials" target="_blank" rel="noopener">CorpDigest — DaVita Inc. financials</a></div>