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1. DaVita is like the Starbucks for kidney dialysis, providing a ubiquitous and standardized essential medical service across thousands of easily accessible locations for patients with chronic kidney failure.
2. DaVita is similar to a highly specialized CVS or Walgreens for chronic kidney care, operating a vast network of dedicated centers that provide crucial, recurring health services.

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• Kidney Dialysis Services: Provision of life-sustaining dialysis treatments for patients with chronic kidney failure across outpatient, inpatient, and home-based settings.
• Laboratory Services: Clinical laboratory testing, including routine tests for dialysis patients and other physician-prescribed tests for ESRD patients.
• Disease Management Services: Integrated care programs focused on managing kidney disease for patients, often under risk-based arrangements.
• Vascular Access Services: Specialized medical services related to establishing and maintaining vascular access points essential for dialysis treatment.
• Management and Administrative Services: Operational and administrative support provided to outpatient dialysis centers.
• Clinical Research Programs: Initiatives dedicated to advancing kidney care through research and development.
• Physician Services: Medical services provided by physicians, primarily focused on comprehensive kidney care.

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DaVita (DVA) primarily sells its services to individuals, specifically patients suffering from chronic kidney failure and related conditions. The major categories of customers it serves are:

1. Outpatient Dialysis Patients: Individuals who receive ongoing kidney dialysis treatments at DaVita's extensive network of outpatient dialysis centers, both in the United States and internationally. These patients require regular, life-sustaining hemodialysis or peritoneal dialysis services.

2. Hospital Inpatient Dialysis Patients: Individuals who are admitted to hospitals and require acute inpatient dialysis services. DaVita provides these critical services within approximately 850 hospitals across the United States.

3. Patients in Integrated Care Programs: Individuals enrolled in DaVita's disease management and comprehensive kidney care services. These programs, which include risk-based and other integrated care arrangements, aim to manage the overall health and well-being of patients with kidney disease beyond just dialysis treatment.

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• Fresenius Medical Care (FMS)
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Javier J. Rodriguez, Chief Executive Officer

Javier J. Rodriguez has served as DaVita Inc.'s CEO since June 2019. He joined the company in 1998, and prior to his role as CEO of DaVita Inc., he was the CEO of DaVita Kidney Care from 2014 to 2019. Before joining DaVita, Mr. Rodriguez worked in finance for Baxter Healthcare Corporation and in operations for CBS Marketing Inc. in Mexico City. He co-founded DomoBlue SL and currently serves on the board of directors for Gilead Sciences Inc. and the Denver Metro Chamber of Commerce. He earned a master's degree from Harvard Business School and a bachelor's degree in finance and marketing from Boston College. His father was involved in several entrepreneurial ventures.

Joel Ackerman, Chief Financial Officer and Treasurer

Joel Ackerman became DaVita's Chief Financial Officer in February 2017 and was also appointed Treasurer in April 2019. Before joining DaVita, he was the chief executive officer and a board member of Champions Oncology, Inc. from October 2010. Prior to that, Mr. Ackerman was a partner at Warburg Pincus, a private equity firm, where he headed the healthcare services group from 1993 to 2008. He has served on the boards of directors of Kindred Healthcare and Coventry Health Care. He also chairs the One Acre Fund, a non-profit microfinance organization. Mr. Ackerman holds a bachelor's degree from Columbia University and a master's degree in Physics from Harvard University.

David Maughan, Chief Operating Officer

David Maughan was appointed as Chief Operating Officer effective September 15, 2024. He has an 18-year tenure with DaVita, including over a decade in operations leadership, and has overseen strategic functions such as human resources, IT, and marketing.

Stephanie Hendrickson, Chief People Officer

Stephanie Hendrickson was named Chief People Officer effective December 11, 2025. She brings over a decade of experience at DaVita to her current role.

Jeffrey A. Giullian, MD, Chief Medical Officer

Jeffrey A. Giullian, MD, serves as the Chief Medical Officer, focusing on driving clinical quality and innovation in patient care at DaVita.

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Key Risks to DaVita Inc. (DVA)

1. Governmental and Commercial Reimbursement Rate Changes & Regulatory Environment: As a major provider of kidney dialysis services, DaVita's revenue is heavily reliant on reimbursement rates from government payers, such as Medicare, and commercial insurers. Changes in these rates, shifts in healthcare policy, or unfavorable adjustments to payment systems, including those related to Medicare Advantage or premium tax credits, can significantly impact the company's revenue and profitability. DaVita is subject to an evolving regulatory landscape, which necessitates continuous compliance and can lead to financial pressures from new rules or interpretations.
2. High Leverage and Financial Health: DaVita carries a substantial debt load, which exposes it to increased interest and refinancing risks, particularly in environments with rising interest rates. The company's financial health indicators, such as a high debt-to-equity ratio and an Altman Z-Score indicating financial distress, highlight concerns about its aggressive capital structure and ability to manage its long-term debt obligations.
3. Operational Challenges (Volume Declines and Cost Inflation) and Litigation Risks: DaVita faces ongoing operational headwinds, including declines in U.S. treatment volumes and rising patient care costs, such as wages and pharmaceutical expenses, which compress operating margins. Additionally, the company is exposed to significant litigation and regulatory scrutiny, including past settlements for alleged kickbacks and false claims, and ongoing antitrust investigations. These legal and regulatory challenges can result in substantial fines, reputational damage, and restrictions on business practices.

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DaVita Inc. (symbol: DVA) operates primarily within the kidney dialysis and comprehensive kidney care services market.

The addressable markets for their main products and services are as follows:

• Global Dialysis Market: The global dialysis market size was estimated at approximately USD 120.93 billion in 2025 and is projected to reach around USD 221.71 billion by 2035, growing at a compound annual growth rate (CAGR) of 6.25% from 2026 to 2035.

• U.S. Dialysis Services Market: The U.S. dialysis market size is evaluated at USD 38.1 billion in 2025 and is projected to be worth around USD 69.83 billion by 2035, growing at a CAGR of 5.66% from 2026 to 2035.

• U.S. End-Stage Renal Disease (ESRD) Market: The U.S. end-stage renal disease market size was valued at USD 15.95 billion in 2023 and is anticipated to grow at a CAGR of 13.1% over the forecast period of 2024 to 2030. The dialysis segment dominated this market in 2023, accounting for more than 78% of the total revenue. This market is projected to reach USD 41.0 billion in 2025.

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Expected Drivers of Future Revenue Growth for DaVita (DVA)

Over the next 2-3 years, DaVita Inc. (DVA) is anticipated to drive future revenue growth through several strategic initiatives and market dynamics:

1. Expansion of Integrated Kidney Care (IKC) and Value-Based Care Models: DaVita is shifting its core business from a traditional fee-for-service model towards Integrated Kidney Care (IKC), which focuses on managing the entire patient journey for individuals with chronic kidney disease. This value-based care approach aims to improve patient outcomes, manage healthcare costs more effectively, and is expected to drive future margin expansion and revenue growth as it aligns with payer incentives.
2. International Market Expansion: The company is actively expanding its global footprint by entering new territories and strengthening its presence in existing international markets. Recent and planned acquisitions, particularly in Latin American countries such as Brazil, Colombia, Chile, and Ecuador, are expected to diversify revenue streams and tap into new patient populations.
3. Growth in Revenue Per Treatment: DaVita expects to see continued growth in revenue per treatment, driven by factors such as rate increases, ongoing improvements in revenue cycle management, and the inclusion of certain services, like oral phosphate binders, within the Medicare bundle. This growth is projected even with flat or slightly declining U.S. treatment volumes.
4. Increased Adoption of Home Dialysis: DaVita is prioritizing and investing in home dialysis solutions. This focus on home-based care is a strategic move to offer a more patient-preferred and cost-effective treatment modality, which is expected to contribute to overall revenue growth.
5. New Patient Admissions in U.S. Dialysis: While the U.S. dialysis segment has faced some volume pressures, DaVita anticipates a modest increase in U.S. treatment volume, projected at 1% to 2% growth. This is expected to be a result of continued new patient admissions returning to pre-pandemic averages, although partially offset by elevated mortality rates.

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Share Repurchases

• DaVita's Board of Directors approved an additional $2 billion authorization for its existing share repurchase program on September 5, 2024.
• On August 20, 2025, the company approved a further $2 billion in repurchasing authority, which is in addition to the amount remaining under previous authorizations.
• In the full year 2025, DaVita repurchased approximately 13 million shares for about $1.8 billion.
• For 2024, DaVita returned $1.389 billion of capital to stockholders through repurchases of 9.833 million shares.

Share Issuance

• The number of shares outstanding has generally declined due to significant share repurchase programs.
• DaVita's shares outstanding were 0.076 billion in 2025, a 13.05% decline from 2024, and 0.087 billion in 2024, a 6.34% decline from 2023.
• As of March 13, 2026, the company's current number of shares outstanding was approximately 66.85 million.

Outbound Investments

• In March 2024, DaVita agreed to acquire dialysis service operations from Fresenius Medical Care in Brazil, Colombia, Chile, and Ecuador for a total of $300 million USD.
• In February 2026, DaVita made a minority strategic investment in Elara Caring, a national provider of home health, hospice, behavioral health, and personal care services, with the intent to co-develop a kidney-specific home-based care model.
• DaVita made several acquisitions with undisclosed amounts, including Uronefro in August 2022, MedSleuth in January 2022, and Renal Services in January 2021.

Capital Expenditures

• DaVita's capital expenditures were -$575.86 million in the last 12 months as of March 2026.
• Expected capital expenditures for 2025 were anticipated to be consistent with those in 2024.
• Capital is being invested in technology and AI to achieve structural cost reductions and enhance clinical outcomes. Development capital expenditures focus on expanding productive capacity, including new and expanded dialysis centers and hospital operations.