Here are 1-2 brief analogies for DaVita:

• Jiffy Lube for kidney dialysis: Think of DaVita as a widespread network of specialized centers providing essential, recurring 'maintenance' for people with kidney failure, similar to how Jiffy Lube provides routine car maintenance.
• Like a CVS MinuteClinic, but exclusively for chronic kidney care and dialysis: DaVita operates numerous outpatient centers, much like a network of specialized walk-in clinics, but their sole focus is on providing life-sustaining treatments and support for patients with advanced kidney disease.

• Dialysis Services: DaVita provides life-sustaining hemodialysis and peritoneal dialysis treatments for patients suffering from end-stage renal disease (ESRD).
• Kidney Health Education and Support: The company offers educational programs and resources to help patients and their families understand and manage chronic kidney disease (CKD) and its treatment options.
• Vascular Access Management: DaVita delivers specialized services for the creation, maintenance, and management of vascular access sites crucial for effective dialysis treatments.

DaVita (DVA) is a healthcare company that provides kidney dialysis services. While the direct recipients of its services are individuals (patients), the primary "customers" in terms of revenue generation and financial relationships are the third-party payers who reimburse DaVita for these services.

Therefore, DaVita primarily sells its services to other organizations, including government programs and commercial health insurers. Its major customers include:

• Government Programs: These represent the largest single payer category for dialysis services in the United States. They include:
  • Medicare
  • Medicaid
• Commercial Health Insurers: DaVita contracts with a wide array of private health insurance companies to cover its patients. Major public companies in this category that represent significant payers for DaVita's services include:
  • UnitedHealth Group (Symbol: UNH)
  • Elevance Health (Symbol: ELV)
  • CVS Health (which includes Aetna) (Symbol: CVS)
  • The Cigna Group (Symbol: CI)

• Amgen (AMGN)
• Roche (ROG.SW)
• Baxter International (BAX)
• CSL Limited (CSL.AX)
• OPKO Health (OPK)

Javier Rodriguez, Chief Executive Officer

Javier Rodriguez has served as the Chief Executive Officer of DaVita Inc. since June 2019. He joined DaVita in 1998 and has held various leadership roles, including CEO of DaVita Kidney Care from 2014 to 2019, President from 2012 to 2014, Senior Vice President from 2006 to 2012, and Vice President of Operations and Payor Contracting from 2000 to 2006. Prior to DaVita, he worked in finance for Baxter Healthcare Corporation and in operations for CBS Marketing Inc. in Mexico City. Mr. Rodriguez serves on the board of directors for Gilead Sciences Inc.

Joel Ackerman, Chief Financial Officer and Treasurer

Joel Ackerman has been the Chief Financial Officer and Treasurer of DaVita Inc. since March 2017. Before joining DaVita, he was the Chief Executive Officer and a board member of Champions Oncology, Inc., a company focused on oncology drug development, from 2010 to 2017. Mr. Ackerman also served as a Managing Director and Head of the Healthcare Services Group at Warburg Pincus, a global private equity firm, for 10 years from 1999 to 2008. He currently serves as the Chairman of Champions Oncology, Inc. and One Acre Fund.

Kathleen A. Waters, Chief Legal & Public Affairs Officer

Kathleen A. Waters became DaVita's Chief Legal Officer in May 2016 and took on the expanded role of Chief Legal and Public Affairs Officer in February 2021, overseeing all legal, regulatory, and government affairs functions. Before joining DaVita, Ms. Waters served as Senior Vice President, General Counsel, and Secretary of Health Net, Inc., a publicly traded managed care organization, from April 2015 to March 2016. Prior to that, she was a partner at Morgan, Lewis & Bockius LLP from 2003 to 2015, where she co-chaired the healthcare group, and a partner at Brobeck, Phleger & Harrison LLP.

David Maughan, Chief Operating Officer

David Maughan was appointed Chief Operating Officer of DaVita Inc. in September 2024. He has been with DaVita since 2006, holding various leadership roles with increasing operational responsibilities. Most recently, he served as Senior Vice President, overseeing strategic functions for DaVita's Hospital Services and Home businesses, as well as human resources, talent strategy, IT, state government affairs, marketing, and communications. Prior to DaVita, Mr. Maughan worked in finance for Goldman Sachs.

Jessica Hergenreter, Chief People Officer

Jessica Hergenreter became DaVita's Chief People Officer in September 2024. Before joining DaVita, Ms. Hergenreter spent 13 years at Vail Resorts in various leadership roles, including Chief of Staff to the CEO and head of talent, where she was responsible for talent acquisition, development, culture, and diversity, equity, and inclusion strategies for 55,000 employees. Earlier in her career, she provided HR consulting across diverse industries.

DaVita Inc. (DVA) primarily provides kidney dialysis services and integrated healthcare management for patients suffering from chronic kidney disease (CKD) and end-stage renal disease (ESRD). The addressable markets for DaVita's main products and services are significant, both globally and within the United States.

Global Market Sizes

• Global End-Stage Renal Disease (ESRD) Market: The global ESRD market was valued at approximately USD 112.08 billion in 2023 and is projected to reach USD 339.38 billion by 2032, growing at a CAGR of 13.1% from 2025 to 2032. Another estimate values the global ESRD market at USD 157.1 billion in 2025, with a projection to reach USD 541.2 billion by 2034.
• Global Dialysis Services Market: This market was valued at USD 77.1 billion in 2023 and is anticipated to grow at a CAGR of 5.1% between 2024 and 2032. Other reports indicate the global dialysis market size was USD 98.51 billion in 2024, projected to grow to USD 181.16 billion by 2032 with a CAGR of 8.4%. Another source states the global dialysis market size was USD 120.75 billion in 2025, predicted to surpass USD 209.26 billion by 2034.
• Global Renal Failure Treatment Market: This broader market, which includes dialysis, was estimated at USD 122.03 billion in 2024 and is predicted to increase from USD 132.28 billion in 2025 to approximately USD 273.38 billion by 2034.

U.S. Market Sizes

• U.S. End-Stage Renal Disease (ESRD) Market: The U.S. ESRD market was valued at USD 15.95 billion in 2023 and is projected to reach USD 42.47 billion by 2032, exhibiting a CAGR of 13.1%. It is also projected to reach USD 41.0 billion in 2025.
• U.S. Dialysis Services Market: The U.S. dialysis services market was valued at USD 33.7 billion in 2023 and is expected to grow at a CAGR of 4% from 2024 to 2032. Other estimations place the U.S. dialysis service market size at USD 28.14 billion in 2023, growing to USD 44.41 billion by 2032. The U.S. dialysis centers market alone was estimated at USD 29.51 billion in 2024 and is projected to grow to USD 46.89 billion by 2033. The U.S. dialysis market size is evaluated at USD 32.60 billion in 2024 and is predicted to be worth around USD 61.22 billion by 2034.

• Price Increases / Revenue per Treatment Growth: DaVita has historically benefited from price increases, with revenue per treatment being a significant contributor to overall revenue growth, especially when treatment volumes have been relatively flat. Management anticipates full-year revenue per treatment (RPT) growth to be at the lower end of their original 4.5% to 5.5% guidance, with an expected acceleration in the fourth quarter driven by normal rate increases.
• Expansion of Integrated Kidney Care (IKC): The Integrated Kidney Care segment, DaVita's value-based care business, is a strategic focus and is expected to contribute to revenue growth. Investments in clinical innovation within this segment are also highlighted as important for future growth.
• International Market Expansion and Acquisitions: DaVita is pursuing opportunities to expand its presence in international markets. The company has a presence in 13 countries globally and has recently engaged in acquisitions in Latin America, including Colombia and planned expansion in Brazil, to broaden its reach.
• Stabilization and Potential Growth in Treatment Volume: While recent treatment volumes have been impacted by external factors such as a severe flu season, hurricanes, and cyber incidents, management's guidance for 2025 assumes flat treatment volume growth. Should these temporary headwinds subside, there is a potential for stabilization or a modest improvement in patient volumes, supported by DaVita's focus on comprehensive kidney care and improving patient outcomes.
• Investment in New Technologies and Clinical Innovation: DaVita is investing in innovative technologies and advancing clinical care to improve patient and teammate experiences and drive long-term cost efficiencies. This includes advancements in treatments, transplant access, and end-of-life care, which could lead to new service offerings and improved patient retention.

Share Repurchases

• DaVita completed the repurchase of 42,350,905 shares for $5,092.01 million under a buyback program announced in December 2020, with repurchases ongoing through at least September 30, 2025.
• In 2024, the company repurchased 9.833 million shares of its common stock for approximately $1.389 billion. Annual share repurchases were $272.219 million in 2023 and $802.228 million in 2022.
• In August 2025, DaVita increased its equity buyback authorization by an additional $2 billion, bringing the overall authorization to $8 billion, with no specified expiration date.

Outbound Investments

• Effective April 1, 2023, DaVita formed Mozarc Medical Holding LLC, a new independent kidney care-focused medical device company, holding a 50% voting equity interest with Medtronic, Inc. The cumulative measured cost of this investment was recorded at $370.7 million.
• DaVita has expanded its international footprint, entering new markets in Ecuador and Chile in 2024 and deepening its presence in Colombia. These international acquisitions, particularly in Latin America, are expected to drive future growth.
• By mid-2025, DaVita anticipates closing a $100 million transaction to acquire care centers from Fresenius, pending regulatory approval.

Capital Expenditures

• DaVita's capital expenditures were $555 million in 2024, $568 million in 2023, and $603 million in 2022.
• The primary focus of development capital expenditures includes new U.S. and international dialysis center developments, existing center expansions and relocations, and new or expanded contracted hospital operations.
• The company is investing in technology infrastructure, including enhancements to its clinical platform, upgrades to scheduling and revenue operations systems, and the adoption of AI solutions, aiming to advance clinical care, improve patient experience, and drive long-term cost efficiencies.