DaVita Inc. (DVA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+33.5%

$242.22

vs $181.46 price

Levered DCF

$330.80

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.7

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.69×	13.57×	13.75×	12.7×	12.23×	17.95×	14.18×	11.11×
P/B	-15.02×	104.94×	9.01×	9.75×	15.84×	10.17×	5.39×	2.37×
P/S	0.72×	0.99×	0.78×	0.6×	1.03×	1.22×	1.01×	0.77×
EV / EBITDA	9.11×	8.8×	8.72×	9.01×	9.45×	11.07×	9.57×	8.73×
Gross margin	27.0%	32.9%	31.5%	29.3%	31.4%	30.8%	30.5%	28.1%
Operating margin	14.7%	16.3%	13.2%	11.5%	15.5%	14.7%	14.4%	13.4%
Net margin	5.5%	7.3%	5.7%	4.8%	8.4%	6.7%	7.1%	1.4%
Current ratio	1.29×	1.26×	1.19×	1.2×	1.32×	1.27×	1.56×	1.72×
Debt / equity	-23.12×	99.63×	10.53×	16.6×	15.85×	8.09×	5.24×	2.73×
Interest coverage	3.66×	4.44×	4.02×	3.75×	6.3×	5.57×	3.7×	3.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-114.7%	773.1%	65.5%	78.7%	129.5%	55.9%	38.0%	4.3%
Return on invested capital	10.6%	11.4%	8.8%	7.1%	9.4%	8.6%	8.2%	7.1%
Return on assets	4.3%	5.4%	4.1%	3.3%	5.7%	4.6%	4.7%	0.8%
Free cash flow yield	13.4%	11.5%	15.7%	13.8%	10.8%	9.3%	11.4%	8.9%
Earnings yield	7.6%	7.4%	7.3%	8.1%	8.2%	5.5%	7.1%	1.8%
Enterprise value	$24.1B	$24B	$20.2B	$18.5B	$23.5B	$24.9B	$21.6B	$18.6B
Net debt / EBITDA	5.41×	4.14×	4.63×	5.63×	4.63×	4.82×	4.47×	4.6×
Cash conversion cycle (days)	60	55	56	64	62	62	60	61