Forensic Analysis · Healthcare Providers & Services · as of Nov 9, 2026

Davita Inc. (DVA)

A forensic read on Davita Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Clean

Earnings quality

Forensic signals

6.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Davita Inc. earns a B (Sound & dependable) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.6%

FY2025

Return on invested capital. Return on invested capital is 11.6% in the latest fiscal year and rising across FY2023–FY2025 from 9.3%. After-tax operating profit was $1.3B in FY2023 and $1.6B in FY2025, with operating income at 13.2% of revenue in FY2023, 16.3% in FY2024 and 15.0% in FY2025. The capital base behind it went from $14.0B in FY2023 to $13.8B in FY2025 (-2%), while the revenue it carried went from $12.1B to $13.6B.

100% of FCF

FY2025

Shareholder returns. Returned $1.3B to shareholders (buybacks + dividends) in FY2025 — 100% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 18% of free cash flow two years back — not just sitting there. Counting the $140M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 111%.

$26M

FY2023

Goodwill impairments. Took $26M of goodwill writedowns across 1 year (FY2023 ($26M)) — about 4% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$13.64B

Revenue Growth YoY+6.5%

Revenue CAGR (2yr)+6.0%

Net Margin5.5%

Free Cash Flow$1.31B

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.