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DaVita Inc DVA Stock Quote

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Morningstar‘s Stock Analysis DVA

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DaVita Disappoints in Third Quarter and Reduces 2022-23 Outlook; Shares Moderately Undervalued

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat DaVita turned in third-quarter results that were significantly lower than expected, and management pulled down key metrics of its 2022 and preliminary 2023 outlook. Considering these weak near-term prospects, we are reducing our fair value estimate by 7% to $108 per share. Despite this reduction, the shares appear moderately undervalued, especially after the big selloff after the earnings release.

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Key Statistics DVA

Company Profile DVA

Business Description

DaVita is the largest provider of dialysis services in the United States, boasting market share that eclipses 35% when measured by both patients and clinics. The firm operates over 3,100 facilities worldwide, mostly in the U.S., and treats over 240,000 patients globally each year. Government payers dominate U.S. dialysis reimbursement. DaVita receives approximately 69% of U.S. sales at government (primarily Medicare) reimbursement rates, with the remaining 31% coming from commercial insurers. However, while commercial insurers represented only about 10% of the U.S. patients treated, they represent nearly all of the profits generated by DaVita in the U.S. dialysis business.

2000 16th Street
Denver, CO, 80202
T +1 720 631-2100
Industry Medical Care Facilities
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 69,000

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