Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

1.8

Distress distance

Clean

Earnings quality

Forensic signals

13.6

P / E (ttm)

$11.7B

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by dividend — suspended.

What the filings flag

suspended

FY2017→FY2025

Dividend — suspended. The dividend has been SUSPENDED — $211M paid in FY2017, then $0 in FY2025. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

11.6%

FY2025

Return on invested capital. Return on invested capital is 11.6% in the latest fiscal year and rising from 7% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

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 — 83% of free cash flow a few 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%.

$151M

FY2019–FY2023

Goodwill impairments. Took $151M of goodwill writedowns across 2 years (FY2019 ($125M), 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 (3yr)+5.5%

Net Margin5.5%

Free Cash Flow$1.31B

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.