DaVita vs Tenet Healthcare: Revenue, Profit and Business Model
DaVita reported $13.6B of revenue in FY2025 and $746.8M of net income. Tenet Healthcare reported $21.3B of revenue in FY2025 and $2.4B of net income.
Latest financial snapshot
DaVita
- Latest revenue
- $13.6B (FY2025)
- Net income
- $746.8M
- Net margin
- 5.5%
- Revenue growth
- +5.5% a year, FY2022–FY2025
Tenet Healthcare
- Latest revenue
- $21.3B (FY2025)
- Net income
- $2.4B
- Net margin
- 11.1%
- Revenue growth
- +0.9% a year, FY2016–FY2025
Financial summary
DaVita
DaVita reported 2025 revenue of $13.643 billion (up 6.5% from $12.816 billion in 2024), operating income of $2.044 billion, and net income attributable to DaVita of $747 million. Adjusted diluted EPS from continuing operations was $10.78. Operating cash flow was $1.887 billion and free cash flow $1.024 billion, and the company repurchased 12.7 million shares at an average $140.09. In Q2 2026 revenue reached $3.554 billion, operating income $579 million (16.3% margin), and diluted EPS $4.02. DaVita guides to 2026 adjusted EPS of $14.10 to $15.20 and free cash flow of $1.0 to $1.25 billion. It pays no dividend and returns cash through buybacks.
Tenet Healthcare
Tenet Healthcare reported 2025 net operating revenues of $21.31 billion, up 3.1% from $20.675 billion in 2024, with consolidated adjusted EBITDA of $4.566 billion (21.4% margin). Net income available to common shareholders was $1.407 billion ($15.49 per diluted share), versus $3.2 billion in 2024, when results were inflated by gains on hospital divestitures. Momentum continued in 2026: second-quarter revenue rose 6.8% to $5.628 billion, adjusted EBITDA grew 16.3% to $1.304 billion (23.2% margin), and hospital-segment EBITDA margin improved to 18.0%. Management raised 2026 guidance to $21.9-$22.5 billion of revenue and $4.83-$5.03 billion of adjusted EBITDA, and the board added $2.0 billion to the share buyback authorization.
Revenue and profit by year
DaVita
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $13.6B | $746.8M | 5.5% | +6.5% | Source |
| FY2024 | $12.8B | $936.3M | 7.3% | +5.6% | Source |
| FY2023 | $12.1B | $691.5M | 5.7% | +4.6% | Source |
| FY2022 | $11.6B | $560.4M | 4.8% | — | Source |
Tenet Healthcare
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.3B | $2.4B | 11.1% | +3.1% | Source |
| FY2024 | $20.7B | $4.1B | 19.7% | +0.5% | Source |
| FY2023 | $20.6B | $1.3B | 6.4% | +7.2% | Source |
| FY2022 | $19.2B | $1B | 5.2% | -1.6% | Source |
| FY2021 | $19.5B | $1.5B | 7.6% | +10.5% | Source |
| FY2020 | $17.6B | $768M | 4.4% | -4.5% | Source |
| FY2019 | $18.5B | $171M | 0.9% | +0.9% | Source |
| FY2018 | $18.3B | $459M | 2.5% | -4.5% | Source |
| FY2017 | $19.2B | -$320M | -1.7% | -2.3% | Source |
| FY2016 | $19.6B | $176M | 0.9% | — | Source |
Where the revenue comes from
DaVita
- U.S. Dialysis and Related Lab Services
About 86%
Revenue from U.S. outpatient dialysis treatments, related laboratory services, and payer reimbursement.
- Other Ancillary Services and Strategic InitiativesAbout 8%
Includes integrated kidney care, value-based care arrangements, and other U.S. kidney-care initiatives.
- International DialysisAbout 6%
Dialysis services outside the United States across DaVita's international clinic network.
Tenet Healthcare
- Hospital Operations (Inpatient & Outpatient Acute Care)~85%
Revenue generated from inpatient admissions, emergency room visits, and outpatient diagnostic services across Tenet's about 50 acute care hospitals, driven by patient volume, case mix index, and negotiated commercial reimbursement rates.
- United Surgical Partners International (USPI)~10%
Revenue from high-margin outpatient surgical procedures performed at Tenet's more than 500 ambulatory surgery centers and 31 surgical hospitals, primarily through physician-aligned joint ventures.
- Conifer Health Solutions~5%
Revenue from revenue cycle management, value-based care services, and enterprise resource planning solutions provided to both Tenet's internal facilities and third-party external health systems.
Business model and strategy
DaVita
How it makes money
DaVita is paid per dialysis treatment. Most patients receive in-center hemodialysis about three times a week, while others dialyze at home with DaVita training and support. Medicare's bundled ESRD payment covers the majority of patients, but commercial insurers pay substantially more per treatment, so payer mix is the key profit driver. In Q2 2026 U.S.
Growth strategy
DaVita's strategy is to grow earnings faster than revenue. It raises revenue per treatment, controls patient care costs, and buys back shares with free cash flow. It also expands international clinics (595 centers in 14 countries by mid-2026), grows home dialysis, and scales Integrated Kidney Care risk contracts that pay for slowing disease progression and reducing hospitalizations.
Competitive advantage
DaVita's advantages are scale and operating discipline. Its dense U.S. network of 2,671 clinics, long-standing nephrologist joint ventures, purchasing scale, and experience with Medicare billing and quality programs are hard for new entrants to copy. Recurring treatment schedules create predictable demand, which supports steady free cash flow ($1.024 billion in 2025) and large share buybacks.
Tenet Healthcare
How it makes money
Conifer's business model is scalable, relying on a combination of long-term, multi-year enterprise contracts, performance-based fee structures (where Conifer takes a percentage of the additional revenue it recovers for the client), and the licensing of its proprietary analytics and patient engagement software platforms.
Growth strategy
The company's strategic thesis rests on the premise that the American healthcare system will continue its inexorable shift toward value-based care and outpatient procedures, a transition Tenet is actively engineering through its United Surgical Partners International (USPI) joint ventures, which now account for a rapidly growing percentage of the company's total EBITDA.
Competitive advantage
The sheer scale of Tenet's operational footprint, comprising about 50 acute care hospitals, 275 urgent care and occupational health centers, and more than 500 ambulatory surgery centers, means that on any given day, the company is simultaneously negotiating reimbursement rates with dozens of major commercial insurers, managing the clinical outcomes of hundreds of thousands of acute care patients, and processing milli…
Questions about DaVita vs Tenet Healthcare
Which company has higher revenue — DaVita Inc. or Tenet Healthcare Corporation?
DaVita Inc. reported $13.6B (FY2025), while Tenet Healthcare Corporation reported $21.3B (FY2025). By last reported revenue, Tenet Healthcare Corporation is the larger business, with DaVita Inc. reporting a smaller revenue base.
What is the market cap of DaVita Inc. vs Tenet Healthcare Corporation?
DaVita Inc.'s market capitalisation stands at $12.4B, while Tenet Healthcare Corporation's is $17.2B. Tenet Healthcare Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to DaVita Inc..
Which is more financially efficient — DaVita Inc. or Tenet Healthcare Corporation?
DaVita Inc. generates $175k / employee in revenue per employee, while Tenet Healthcare Corporation generates $215k / employee. Tenet Healthcare Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do DaVita Inc. and Tenet Healthcare Corporation make money?
DaVita Inc. and Tenet Healthcare Corporation generate revenue in fundamentally different ways. DaVita Inc.: DaVita is paid per dialysis treatment. Tenet Healthcare Corporation: Conifer's business model is scalable, relying on a combination of long-term, multi-year enterprise contracts, performance-based fee structures (where Conifer takes a percentage of the additional revenue it recovers for the client), and the licensing of its proprietary analytics and patient engagement software platforms.
Which company is valued higher relative to revenue — DaVita Inc. or Tenet Healthcare Corporation?
On a price-to-sales (P/S) basis, DaVita Inc. trades at 0.9x P/S and Tenet Healthcare Corporation at 0.8x P/S. DaVita Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Tenet Healthcare Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is DaVita Inc. bigger than Tenet Healthcare Corporation?
By last reported revenue, Tenet Healthcare Corporation ($21.3B (FY2025)) is the larger company compared to DaVita Inc. ($13.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the DaVita vs Tenet Healthcare overview