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Research · S&P 500 · Health Care
DVA · DaVita
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
36/55
moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROE Trend) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $5.85 (2022), $7.42 (2023), $10.73 (2024), $9.84 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
Not scoredShareholder equity is negative in 2025, so ROE has no meaningful value and is not scored.
ROIC
3/5ROIC of 14.3%: operating income of $2.04B divided by $14.34B of capital (total assets $17.48B minus current liabilities $3.14B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.
Profit Margins
3/5Net margin of 6.0%; the framework scores 5-10% as 3; gross margin 32.4%, operating margin 16.1%.
Balance sheet & cash
Debt-to-Equity
1/5Debt-to-equity of 12.42; the framework scores above 2.5 as 1 (total debt $13.41B, total cash $688.88M).
Free Cash Flow
3/5Free cash flow (operating cash flow minus capital expenditure): $961.14M (2022), $1.49B (2023), $1.47B (2024), $1.31B (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.
Retained Earnings
1/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $174.49M (2022), $598.29M (2023), $1.53B (2024), -$328.43M (2025). The latest balance is negative (an accumulated deficit); the framework scores that as 1.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $11.84 x (8.5 + 2 x 15.2) x (4.4 / 4.5) = $450.34. Current price $187.31; price is 58.4% below the model value.
DCF Value
5/5FCF/share = $16.241, stage 1 growth = 6.0% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $72.77, PV of terminal value = $198.58, DCF value = $271.34. Current price $187.31; price is 31.0% below the model value.
Margin of Safety
5/5Graham value $450.34 (price is 58.4% below the model value); DCF value $271.34 (price is 31.0% below the model value).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest 9.4%, highest 14.6%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 11, 2026
The U.S. dialysis industry remains highly competitive and is continuously evolving. New and emerging entrants have been entering the kidney healthcare business space and the industry continues to experience pricing and costs pressures, regulatory changes, challenging labor market conditions and ongoing developments in new technologies, treatments and therapies, among other things. In most of the geographical areas in which we operate, there are other facilities that provide dialysis services to those offered by our facilities. In addition, in some markets, some competitors may have greater financial resources, may be better equipped, and may offer a broader range of services than us. Some competitors, including our largest competitor, Fresenius Medical Care, also manufacture their own supplies and equipment, in addition to owning and operating outpatient dialysis centers worldwide, which may, among other things, provide cost advantages to such competitors. In our U.S. dialysis business, we continue to face competition from large and medium-sized providers, among others, which compete directly with us for limited acquisition targets, for individual patients who may choose to dialyze with us and to engage physicians qualified to provide required medical director services.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $4.25B paid out against $5.23B of free cash flow (pass); total debt $11.82B to $12.87B, up 8.9%, 4.9x EBITDA (pass: not up more than 10%); shares outstanding 0.09B to 0.07B, down 24.2% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $11.84, g = 15.2%, Y = 4.5
IV = $450.34
Current price $187.31 vs Graham value $450.34 — price is 58.4% below the model value.
DCF:
FCF/share = $16.241
Stage 1 growth = 6.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $17.216 → PV $15.651
Y2: $18.249 → PV $15.082
Y3: $19.344 → PV $14.533
Y4: $20.504 → PV $14.005
Y5: $21.735 → PV $13.495
Stage 1 PV sum = $72.77
Terminal value at end of Y5 = $319.81
PV of terminal value = $198.58
DCF value = $271.34
Current price $187.31 vs DCF value $271.34 — price is 31.0% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $187.31. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.