What is DVA's intrinsic value?

TickerWorth's blended fair value for DaVita Inc. (DVA) is $438.76 per share, versus a market price of $187.31 (57% below fair value).

Is DVA overvalued or undervalued?

On our blended fair value DVA looks undervalued vs fair value at $187.31. This is an educational estimate, not advice.

What discount rate is used for DVA?

A WACC of 7.7% and a terminal growth rate of 2.5%.

Is DaVita stock undervalued?

TickerWorth's fair value for DaVita Inc. (DVA) is $438.76 against a market price of $187.31. Our read: 57% below fair value. This is a model estimate, not investment advice.

DaVita (DVA) DCF valuation and fair value

Our fair value for DaVita Inc. (DVA) is $438.76, built on a 7.7% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into DaVita stock?

Today's price implies revenue growth of −3.6% a year for 5 years; our model assumes 3.4% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $187.31. A model estimate, not investment advice.

DaVita (DVA) insider trading

The most recent insider filing (SEC Form 4) for DaVita Inc. (DVA): Maughan David Paul, Chief Operating Officer, DKC, shares withheld (tax) on 2026-09-22. The latest filings are listed on this page. A disclosure, not a signal to trade.

DVA · Intrinsic value

Is DaVita Inc. (DVA) overvalued or undervalued?

Name: DaVita Inc. (DVA) DCF intrinsic value
Creator: TickerWorth

DaVita Inc. (DVA) trades at the delayed market price of $187.31 a share. That price already implies revenue growth of −3.6% a year for 5 years. TickerWorth's fair value is $438.76 a share (57% below fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full DVA analysis

Is DVA undervalued?

Backup data source

This price comes from our backup market-data feed.

Fair value: $438.76
Market price: $187.31
Upside to fair value: +134.2%
Verdict: 57% below fair value

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.

Fair value against the delayed market price: 57% below fair value.

Reverse DCF: Today's price implies revenue growth of −3.6% a year for 5 years; our model assumes 3.4% a year on average over the same horizon.

What is DVA's TickerWorth Score?

A65/100

Cheap against our estimate — but a weaker business

Compared with Healthcare companies in US

Its strongest point: looks cheap on the numbers. Its weakest: balance sheet looks stretched.

Value · 86 of 100
Cheaper than 86% of Healthcare companies in US
Price vs worth · 100 of 100
Quality · 56 of 100
More profitable than 56% of Healthcare companies in US
Financial health · 10 of 100
Financially stronger than 10% of Healthcare companies in US
Growth · 52 of 100
Growing faster than 52% of Healthcare companies in US
Momentum · 75 of 100
Outperformed 75% of Healthcare companies in US over the past year

Confidence: High confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

THE MODEL DISAGREES WITH THE MARKET BY A WIDE MARGIN, AND THE DISAGREEMENT IS ABOUT THE DISCOUNT RATE AND THE LONG RUN, NOT ABOUT 2026. Year 1 is anchored to management's guidance and comes out at $2,199M of EBIT against a $2,200M midpoint. To justify today's price the WACC would have to be ~9.33% instead of 7.68% (beta ~1.61 instead of 0.96), or perpetual growth ~0.34% instead of 2.5%, or a flat operating margin of ~11.6% instead of ~15.5%, or revenue shrinking ~3.6% a year for five years. The market is pricing dialysis as a business in structural decline — GLP-1/SGLT2 drugs slowing kidney failure, commercial mix eroding, Medicare updates below cost — and this model does not assume that.
TERMINAL VALUE IS ~79% OF ENTERPRISE VALUE and the implied exit multiple is ~11.4x final-year EBITDA — ABOVE where DaVita's own enterprise trades today (~8.7x TTM EBITDA counting the partners' stake). Most of the gap to the price lives in that terminal year. Treat $300.97 as the midpoint of a wide range, not a point estimate.
YEAR-1 FCF IS ~63% ABOVE DAVITA'S REPORTED FY2025 FREE CASH FLOW ($1,671M modeled vs $1,024M reported) — beyond the 20% threshold, so stated explicitly. It is a definitional gap, not optimism: DaVita's FCF is (a) after ~$580M of debt expense (~$432M after tax) and (b) after $324M of distributions to the JV partners. Add those back and FY2025 is ~$1,780M on the model's unlevered, pre-partner basis; the model's $1,671M sits below that. Interest is captured by the WACC and the debt in the bridge; the partners by the $3,175M noncontrolling-interest deduction.
CAPEX STAYS BELOW D&A FOREVER (4.5% vs 5.0% of revenue). That matches DaVita's recent history but is generous as a perpetuity; capex = D&A gives $279.69.
BETA NORMALIZED UP from the published 0.83 to a bottom-up 0.96, and cost of debt uses the ~7.0% marginal rate rather than the 5.43% average. Both choices lower the value. The published beta alone would give $335.56.
THE NONCONTROLLING-INTEREST VALUE IS AN ESTIMATE. It extends DaVita's own Level-3 fair-value multiple (~7.0x EBITDA, covering the put-protected partners) to all partner earnings, using a consolidated EBITDA/EBIT ratio as the gross-up. Book value gives $321.09; a 9x multiple (closer to the multiple the market applies to DaVita as a whole) would give ~$287.
NOT MODELED: losses in non-operating JVs. 'Other loss, net' sits below operating income and has included DaVita's share of Mozarc Medical (its kidney-technology venture with Medtronic) — $34M in FY2025, which management excluded from adjusted earnings. Other income turned positive in H1 2026 (+$12.8M), so this is left out; if Mozarc funding needs return, the value is slightly high.
REGULATORY CONCENTRATION. Medicare and Medicare Advantage pay for most treatments; commercial payers are a minority of patients but most of the profit. The CY2027 ESRD rule is proposed (base rate $299.55, total payments +1.1%) and will be finalized around late October / early November 2026. Legislation restricting charitable premium assistance, or further ACA-exchange erosion, would hit the commercial mix directly.
SBC of $140.0M in FY2025 ($54.2M in H1 2026) is expensed inside GAAP operating income, so no further deduction is taken; dilution is captured in the diluted share count.

DVA DCF valuation: where the gap comes from

At a recent price of $187.31, DaVita Inc. (DVA) trades 57% below TickerWorth's blended fair value of $438.76 per share — a discounted-cash-flow model cross-checked against peer multiples and asset value — meaning the market currently prices DVA undervalued vs our estimate of what the business is intrinsically worth. Our fair value sits above the market, an implied +134.2% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.

Read the full reasoning

One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values DVA at about $300.97 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.

The valuation discounts DaVita Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 7.7%, with a long-run terminal growth rate of 2.5%. About 79% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -3.6% annual revenue growth for DVA. Our base case instead compounds to about 3.4% a year over the same forecast, so the market is pricing in slower growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, DVA's modeled DCF value ranges from about $147.72 to $738.43 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what DaVita Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of DVA's intrinsic value. Figures update as new filings and prices come in.

Every input behind DVA's DCF

Input	Value	Source
Base-year revenueDaVita FY2025 10-K (accession 0000927066-26-000012, filed 2026-02-11); same figure in the 4Q 2025 earnings release, 8-K Ex-99.1 (accession 0000927066-26-000004, filed 2026-02-02): Total revenues $13,643,069K for FY2025: dialysis patient service revenues $13,007.2M + other revenues $635.9M. +6.5% on FY2024's $12,815.6M. UNCHANGED as the base — the DCF grows this figure by forecast.revenue_growth, so 2026 belongs in the forecast. CROSS-CHECK: H1 2026 revenue was $6,969.6M, +5.55% on H1 2025's $6,603.1M (Q2 alone $3,554.1M, +5.2%); TTM through 2026-06-30 is $14,009.6M. Mix: U.S. dialysis is ~86% of revenue ($5,954M of $6,970M in H1 2026); integrated kidney care (IKC), other U.S. ancillary and 14 international markets are the rest.	$13,643,100,000	DaVita FY2025 10-K (accession 0000927066-26-000012, filed 2026-02-11); same figure in the 4Q 2025 earnings release, 8-K Ex-99.1 (accession 0000927066-26-000004, filed 2026-02-02): Total revenues $13,643,069K for FY2025: dialysis patient service revenues $13,007.2M + other revenues $635.9M. +6.5% on FY2024's $12,815.6M. UNCHANGED as the base — the DCF grows this figure by forecast.revenue_growth, so 2026 belongs in the forecast. CROSS-CHECK: H1 2026 revenue was $6,969.6M, +5.55% on H1 2025's $6,603.1M (Q2 alone $3,554.1M, +5.2%); TTM through 2026-06-30 is $14,009.6M. Mix: U.S. dialysis is ~86% of revenue ($5,954M of $6,970M in H1 2026); integrated kidney care (IKC), other U.S. ancillary and 14 international markets are the rest.
Base EBIT marginDaVita 4Q 2025 earnings release, 8-K Ex-99.1 (accession 0000927066-26-000004, filed 2026-02-02): GAAP operating income $2,043.6M / revenue $13,643.1M = 14.98%. Management's ADJUSTED operating income was $2,094M (15.35%), adding back $25M of cybersecurity-incident costs (the April 2025 ransomware attack) and a $25M international legal accrual. The GAAP figure is used as the base, so the base is very slightly conservative; it does not drive value, because the forecast starts from Year 1. TWO THINGS TO KNOW ABOUT WHAT THIS LINE CONTAINS: (1) it includes 100% of the operating profit of the physician joint ventures DaVita consolidates — the partners' share comes out below the line as 'net income attributable to noncontrolling interests' ($331.9M in FY2025), which is why the bridge deducts the noncontrolling interests (see market.net_debt); (2) it includes 'equity investment income, net' ($33.0M in FY2025), so the equity-method stakes are valued here and NOT added again in the bridge. CROSS-CHECK: H1 2026 GAAP operating income $1,060.9M / $6,969.6M = 15.22% (no non-GAAP adjustments in 2026), against 14.79% GAAP / 14.99% adjusted for H1 2025.	15.0%	DaVita 4Q 2025 earnings release, 8-K Ex-99.1 (accession 0000927066-26-000004, filed 2026-02-02): GAAP operating income $2,043.6M / revenue $13,643.1M = 14.98%. Management's ADJUSTED operating income was $2,094M (15.35%), adding back $25M of cybersecurity-incident costs (the April 2025 ransomware attack) and a $25M international legal accrual. The GAAP figure is used as the base, so the base is very slightly conservative; it does not drive value, because the forecast starts from Year 1. TWO THINGS TO KNOW ABOUT WHAT THIS LINE CONTAINS: (1) it includes 100% of the operating profit of the physician joint ventures DaVita consolidates — the partners' share comes out below the line as 'net income attributable to noncontrolling interests' ($331.9M in FY2025), which is why the bridge deducts the noncontrolling interests (see market.net_debt); (2) it includes 'equity investment income, net' ($33.0M in FY2025), so the equity-method stakes are valued here and NOT added again in the bridge. CROSS-CHECK: H1 2026 GAAP operating income $1,060.9M / $6,969.6M = 15.22% (no non-GAAP adjustments in 2026), against 14.79% GAAP / 14.99% adjusted for H1 2025.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	4% → 3% → 4% → 4% → 3%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. Shared by every model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. Shared by every model in this tracker.
BetaESTIMATEAssumption — Bottom-up beta: Damodaran 'Hospitals/Healthcare Facilities' unlevered beta (January 2026 data) relevered at DaVita's market leverage; published beta from yfinance: NORMALIZED UP from the published 0.83 (Yahoo/yfinance 5Y-monthly, read 2026-10-03) — this is CONSERVATIVE: it raises the discount rate and LOWERS the value. Reason: DaVita runs on 3.37x leverage with $10.8B of debt against an ~$11.4B equity value, and a cost of equity of 9.4% (what 0.83 gives) would sit barely 2.4 points above the ~7.0% its own BB-area bonds now cost — too thin a premium for the equity underneath that much debt. Bottom-up instead: Damodaran's Hospitals/Healthcare Facilities group (31 firms) has an unlevered, cash-corrected beta of 0.56; relevered at DaVita's market debt/equity of 0.95 and a 25.5% tax rate: 0.56 x (1 + 0.745 x 0.95) = 0.96. Each 0.1 of beta is worth roughly $25/share here; the published 0.83 would give $335.56.	0.96	ESTIMATEAssumption — Bottom-up beta: Damodaran 'Hospitals/Healthcare Facilities' unlevered beta (January 2026 data) relevered at DaVita's market leverage; published beta from yfinance: NORMALIZED UP from the published 0.83 (Yahoo/yfinance 5Y-monthly, read 2026-10-03) — this is CONSERVATIVE: it raises the discount rate and LOWERS the value. Reason: DaVita runs on 3.37x leverage with $10.8B of debt against an ~$11.4B equity value, and a cost of equity of 9.4% (what 0.83 gives) would sit barely 2.4 points above the ~7.0% its own BB-area bonds now cost — too thin a premium for the equity underneath that much debt. Bottom-up instead: Damodaran's Hospitals/Healthcare Facilities group (31 firms) has an unlevered, cash-corrected beta of 0.56; relevered at DaVita's market debt/equity of 0.95 and a 25.5% tax rate: 0.56 x (1 + 0.745 x 0.95) = 0.96. Each 0.1 of beta is worth roughly $25/share here; the published 0.83 would give $335.56.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability with every other company in this tracker. It is roughly what DaVita has actually done — revenue grew ~3% a year FY2019-FY2025 — but it is NOT conservative for this business: U.S. treatment volume has been close to flat for years (normalized non-acquired growth 0.1-0.3% in H1 2026), Medicare updates are running below cost inflation, and GLP-1 / SGLT2 drugs could slow the progression of kidney disease into dialysis. A 2.0% terminal rate takes the value from $300.97 to $264.39. Must remain < WACC of 7.68%.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability with every other company in this tracker. It is roughly what DaVita has actually done — revenue grew ~3% a year FY2019-FY2025 — but it is NOT conservative for this business: U.S. treatment volume has been close to flat for years (normalized non-acquired growth 0.1-0.3% in H1 2026), Medicare updates are running below cost inflation, and GLP-1 / SGLT2 drugs could slow the progression of kidney disease into dialysis. A 2.0% terminal rate takes the value from $300.97 to $264.39. Must remain < WACC of 7.68%.
Diluted sharesDaVita Q2 2026 10-Q (accession 0000927066-26-000108, filed 2026-08-04): Q2 2026 weighted-average diluted shares 66,092K (basic 64,781K). The count is falling FAST: FY2024 87.3M, FY2025 75.9M, Q2 2026 66.1M — DaVita bought back 12.7M shares in FY2025 and 5.2M in H1 2026 ($751M), and keeps buying from Berkshire Hathaway under the 2024-04-30 agreement that holds Berkshire's stake near 45%. Because of that, the weighted Q2 figure is already ~2.3M ABOVE the 63.8M shares outstanding at 2026-07-31 (10-Q cover); adding ~1.3M of dilution gives ~65.1M today, which would lift the value to $305.60. The 10-Q weighted diluted count is used anyway, per house method — mildly conservative, and it will step down again at Q3.	66M	DaVita Q2 2026 10-Q (accession 0000927066-26-000108, filed 2026-08-04): Q2 2026 weighted-average diluted shares 66,092K (basic 64,781K). The count is falling FAST: FY2024 87.3M, FY2025 75.9M, Q2 2026 66.1M — DaVita bought back 12.7M shares in FY2025 and 5.2M in H1 2026 ($751M), and keeps buying from Berkshire Hathaway under the 2024-04-30 agreement that holds Berkshire's stake near 45%. Because of that, the weighted Q2 figure is already ~2.3M ABOVE the 63.8M shares outstanding at 2026-07-31 (10-Q cover); adding ~1.3M of dilution gives ~65.1M today, which would lift the value to $305.60. The 10-Q weighted diluted count is used anyway, per house method — mildly conservative, and it will step down again at Q3.
Market priceBackup price feed · as of 2026-10-19 13:16 UTC	$187.31	Backup price feed · as of 2026-10-19 13:16 UTC

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What does DaVita Inc. do?

What does it do?

DaVita Inc. operates kidney dialysis centers and provides dialysis services for patients with chronic kidney failure in the United States. The company also operates clinical laboratories offering routine and physician-prescribed laboratory tests for kidney disease patients, along with management and administrative services to outpatient dialysis centers.

How does it make money?

DaVita generates revenue through its dialysis center operations and related lab services. The company reported total revenue of $14.0 billion, with a gross margin of 32.4% and an operating margin of 16.1%.

Is it financially healthy?

DaVita shows mixed financial health. The company has a current ratio of 1.47, indicating it can cover short-term obligations, but it carries a high debt-to-equity ratio of 12.4, meaning debt substantially exceeds shareholder equity.

Who at DVA filed insider trades?

Recent insider filings for DaVita Inc.
Date	Insider	Relationship	What happened	Value	Filing
22 Sept 2026	Maughan David Paul	Chief Operating Officer, DKC	Shares withheld (tax)	$1,367,732.34	Form 4 for Maughan David Paul (opens sec.gov in a new tab)
15 Aug 2026	Hollar Jason M.	Director	Grant / award	—	Form 4 for Hollar Jason M. (opens sec.gov in a new tab)
15 Aug 2026	DESOER BARBARA J	Director	Grant / award	—	Form 4 for DESOER BARBARA J (opens sec.gov in a new tab)
15 Aug 2026	Schechter Adam H	Director	Grant / award	—	Form 4 for Schechter Adam H (opens sec.gov in a new tab)
15 Aug 2026	Moore Gregory J.	Director	Grant / award	—	Form 4 for Moore Gregory J. (opens sec.gov in a new tab)
15 Aug 2026	Pullin Dennis W	Director	Grant / award	—	Form 4 for Pullin Dennis W (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is DVA's intrinsic value?
TickerWorth's blended fair value for DaVita Inc. (DVA) is $438.76 per share, versus a market price of $187.31 (57% below fair value).
Is DVA overvalued or undervalued?
On our blended fair value DVA looks undervalued vs fair value at $187.31. This is an educational estimate, not advice.
What discount rate is used for DVA?
A WACC of 7.7% and a terminal growth rate of 2.5%.
Is DaVita stock undervalued?
TickerWorth's fair value for DaVita Inc. (DVA) is $438.76 against a market price of $187.31. Our read: 57% below fair value. This is a model estimate, not investment advice.
DaVita (DVA) DCF valuation and fair value
Our fair value for DaVita Inc. (DVA) is $438.76, built on a 7.7% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into DaVita stock?
Today's price implies revenue growth of −3.6% a year for 5 years; our model assumes 3.4% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $187.31. A model estimate, not investment advice.
DaVita (DVA) insider trading
The most recent insider filing (SEC Form 4) for DaVita Inc. (DVA): Maughan David Paul, Chief Operating Officer, DKC, shares withheld (tax) on 2026-09-22. The latest filings are listed on this page. A disclosure, not a signal to trade.