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Unless otherwise indicated in this report "DaVita", "the Company" "we", "us", "our" and other similar terms refer to DaVita Inc. and its consolidated subsidiaries. The SEC also maintains a website at http://www.sec.gov where these reports and other information about us can be obtained.
14.98% operating margin is respectable but not wide. ROIC at 13.75%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 6.5%, steady but not accelerating. Free cash flow declined 11% despite revenue growth, conversion is weakening.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened. Net debt of $12.36B represents 9.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$13.84B
▲ +6.5% YoY
Net Income (TTM)
$781M
▼ -20.2% YoY
Op. Margin
15.08%
▼ -1.3pp YoY
ROIC
13.74%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.49B
▼ -10.6% YoY
Op. Cash Flow (TTM)
$2.03B
▼ -6.7% YoY
Net Debt
$12.55B
Cash & Equiv.
$667M
5Y CAGR: +3.4%
5Y CAGR: +0.1%
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