Analyst’s Disclosure: I/we have a beneficial long position in the shares of DVA, FMS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial a ...

（文章来源：每日经济新闻） 每经AI快讯，2月3日，达维塔（DaVita）公司股价上涨17.8%。 ...

Core Insights - DaVita Inc. is a leading provider of kidney dialysis services, demonstrating strong financial performance and market position [1] Financial Performance - For the quarter ending December 2025, DaVita reported earnings per share (EPS) of $3.40, exceeding estimates of $3.24 and showing a significant increase from $2.24 EPS in the same quarter the previous year [2] - The company's revenue reached $3.62 billion, surpassing the Zacks Consensus Estimate by 2.69% and increasing from $3.29 billion a year ago, indicating robust demand for its services [3] Market Valuation - DaVita has a price-to-earnings (P/E) ratio of approximately 10.38, and a price-to-sales ratio of about 0.59, suggesting a relatively low market valuation compared to its sales [4] - The enterprise value to sales ratio is around 1.65, and the enterprise value to operating cash flow ratio is approximately 11.63, reflecting the company's cash flow efficiency [4] Operational Efficiency - Despite a slight decrease of 0.1% in daily dialysis treatments compared to the third quarter of 2025, DaVita maintains a strong overall performance [5] - The current ratio of approximately 1.36 indicates a solid ability to cover short-term liabilities, showcasing operational stability [5]

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DaVita HealthCare (DVA) came out with quarterly earnings of $3.4 per share, beating the Zacks Consensus Estimate of $3.24 per share. This compares to earnings of $2.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +5.08%. A quarter ago, it was expected that this kidney dialysis provider would post earnings of $3.29 per share when it actually produced earnings of $2.51, delivering a surprise of -23.71%.Over the last four quar ...

Financial Data and Key Metrics Changes - Fourth quarter adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion [18] - Adjusted earnings per share from continuing operations for the fourth quarter was $3.40, with full-year adjusted EPS from continuing operations of $10.78 [18] - Free cash flow was $309 million in the fourth quarter, totaling just over $1 billion for the full year [18] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by 1.1% for the full year compared to 2024, with a slight decline of about 20 basis points in the fourth quarter [19] - Revenue per treatment (RPT) grew approximately $12 sequentially in the fourth quarter, with full-year RPT at approximately $410, reflecting a 4.7% increase [20] - International adjusted operating income was $21 million for the fourth quarter, totaling $114 million for the full year, indicating strong performance and positive organic growth [21] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with a forecasted growth of 1%-2% in RPT [26] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from the previous year's cyber incident [26] Company Strategy and Development Direction - The company is focused on enhancing patient care through clinical initiatives, including vaccination programs and partnerships with home care providers [14][15] - A strategic clinical partnership with Elara Caring aims to lower hospitalizations and missed treatment rates while improving patient experience [14] - The company expects to deliver an incremental $20 million of IKC operating income growth in 2026, building on its first profitable year in IKC [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence [12][13] - The company expects adjusted operating income for 2026 to be in the range of $2.085 billion to $2.235 billion, reflecting a 3.2% growth at the midpoint [17] - Management highlighted the importance of addressing mortality rates and missed treatments to achieve long-term growth targets [32] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26x consolidated EBITDA [22] - The midpoint of the guidance for 2026 adjusted EPS is $14.30, representing a 33% increase over the previous year [29] Q&A Session Summary Question: Confidence in returning to 2%+ volume growth - Management indicated that achieving this growth is tied to clinical improvements and expects benefits to materialize over the next two years [32] Question: Trends in missed treatments and mortality - Missed treatments were up in Q4, but year-over-year changes were minimal, with a noted correlation between missed treatments and mortality [41] Question: ACA headwind expectations - The company anticipates a $40 million headwind from ACA changes in 2026, with open enrollment performing better than expected [45] Question: Impact of cyber incident on financials - The cyber incident created a $70 million headwind in 2025, which is expected to be offset by the ACA headwind in 2026 [54] Question: IKC performance and future growth - Management noted that shared savings contributed to better-than-expected performance in IKC, with confidence in continued growth [56] Question: International business growth - The international segment is expected to grow through a mix of M&A and organic growth, with improving margins [67]

Financial Data and Key Metrics Changes - For Q4 2025, adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion. Adjusted earnings per share (EPS) for Q4 was $3.40, with full-year adjusted EPS of $10.78. Free cash flow for Q4 was $309 million, totaling just over $1 billion for the full year [16][15][17] - Revenue per treatment (RPT) increased approximately $12 sequentially in Q4, with full-year RPT at approximately $410, reflecting a 4.7% increase year-over-year [17][18] - Patient care costs per treatment (PCCs) finished the year 5.9% higher than 2024, near the top end of revised expectations [18] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by 1.1% for the full year 2025 compared to 2024, with a slight decline of about 20 basis points in Q4 [16][17] - International adjusted operating income was $21 million for Q4, totaling $114 million for the full year, reflecting strong performance and positive organic growth [18] - Integrated Kidney Care (IKC) achieved its first profitable year in 2025, with Q4 adjusted operating income of $46 million and full-year adjusted operating income of $22 million [18][19] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with expectations for RPT growth of 1%-2% [20][22] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from a cyber incident in 2025 [22] Company Strategy and Development Direction - The company is focused on enhancing patient care through clinical initiatives, including vaccination programs and the adoption of GLP-1 medications, which are expected to improve patient outcomes and reduce mortality [11][12] - A strategic partnership with Elara Caring aims to establish an ESKD-focused offering to lower hospitalizations and improve patient experiences [12][24] - The company expects to deliver adjusted operating income growth of approximately 3.2% in 2026, with a focus on maintaining sustainable U.S. dialysis margins and delivering durable financial performance [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence and targeted initiatives to enhance patient care [11][10] - The company anticipates that improvements in clinical outcomes will take time to materialize, with expectations for benefits to become evident in approximately two years [28][29] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26 times consolidated EBITDA at year-end [19][24] - Free cash flow guidance for 2026 is set between $1 billion and $1.25 billion, reflecting a resilient business model [15][25] Q&A Session Summary Question: Confidence in returning to 2%+ volume growth - Management indicated that achieving 2% growth is tied to clinical improvements and expects to see benefits from initiatives in about two years [27][28] Question: Trends in mistreatments and mortality - Management noted that mistreatments were up in Q4 but did not see significant changes in mortality rates, emphasizing a correlation between mistreatment and mortality with some lag [35][36] Question: ACA headwind expectations - Management provided estimates for ACA headwinds, indicating better-than-expected performance during open enrollment but noted the need to monitor payment behaviors [39][40] Question: Impact of cyber incident on financials - Management clarified that the cyber incident created a $70 million headwind, with expectations for RPT headwinds to be offset by the expiration of enhanced premium tax credits [48] Question: Performance of IKC and future growth - Management highlighted that shared savings in IKC outperformed expectations due to improved care management and interventions, projecting continued growth [50][51] Question: International business growth and margins - Management expects international growth to be driven by both M&A and organic growth, with margins improving as fixed overhead is leveraged [61]

Financial Data and Key Metrics Changes - Fourth quarter adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion [14] - Adjusted earnings per share (EPS) for the fourth quarter was $3.40, with full-year adjusted EPS of $10.78 [14] - Free cash flow for the fourth quarter was $309 million, totaling just over $1 billion for the full year [14] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by approximately 20 basis points in the fourth quarter compared to the same period in 2024, with a full-year decline of 1.1% [14][15] - Revenue per treatment (RPT) increased by approximately $12 sequentially in the fourth quarter, with full-year RPT at approximately $410, reflecting a 4.7% increase [15] - International adjusted operating income was $21 million for the fourth quarter, totaling $114 million for the full year, indicating strong performance and positive organic growth [16] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with expectations for RPT growth of 1%-2% [19] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from a cyber incident in 2025 [19] Company Strategy and Development Direction - The company is focused on enhancing patient care through its Integrated Kidney Care (IKC) programs, which have shown improved patient outcomes and profitability ahead of schedule [6][7] - A strategic clinical partnership with Elara Caring aims to improve patient experience and reduce hospitalizations through specialized home care services [10][21] - The company expects to deliver adjusted operating income growth consistent with its long-term target of 3%-7% over the next three years [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence and targeted initiatives to enhance patient care [9][12] - The company expects adjusted operating income for 2026 to be in the range of $2.085 billion to $2.235 billion, reflecting a 3.2% growth at the midpoint [12] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26 times consolidated EBITDA at year-end [17] - The midpoint guidance for adjusted EPS in 2026 is $14.30, representing a 33% increase over the previous year [22] Q&A Session Summary Question: Confidence in achieving 2%+ volume growth - Management indicated that achieving 2% growth is tied to clinical improvements and expects benefits to materialize over the next two years [24] Question: Free cash flow considerations - The free cash flow guidance of $1.125 billion is before the $200 million investment, and adjustments for share repurchases should be considered [27] Question: Trends in mistreatments and mortality - Mistreatments were up in Q4, but year-over-year changes were minimal, with a noted correlation between mistreatment rates and mortality [32][33] Question: ACA headwind expectations - The company anticipates a $40 million headwind from ACA changes, with open enrollment performing better than expected [34][37] Question: IKC performance drivers - Management highlighted shared savings and improved care protocols as key drivers for IKC's outperformance [48][49]

Core Viewpoint - DaVita projected annual profit above estimates following better-than-expected fourth-quarter results driven by steady demand for kidney dialysis services, resulting in a 13% increase in shares [1] Group 1: Financial Performance - DaVita reported fourth-quarter results that exceeded expectations, indicating strong operational performance [1] - The company’s projected annual profit is now above market estimates, reflecting confidence in future earnings [1] Group 2: Market Reaction - Following the announcement of the positive quarterly results and profit projections, DaVita's shares experienced a significant increase of 13% in after-hours trading [1]

Financial Performance - Consolidated revenues for Q4 2025 were $3.620 billion, and for the full year 2025, revenues totaled $13.643 billion[5]. - Net income from continuing operations for Q4 2025 was $209 million, with diluted earnings per share of $2.94; for the full year 2025, net income was $722 million, with diluted earnings per share of $9.51[4]. - Adjusted net income from continuing operations for Q4 2025 was $242 million, with adjusted diluted earnings per share of $3.40; for the full year 2025, adjusted net income was $818 million, with adjusted diluted earnings per share of $10.78[5]. - Total revenues for the year ended December 31, 2025, were $13,643,069, up 6.4% from $12,815,550 in 2024[27]. - Net income for the year ended December 31, 2025, was $1,078,716, a decrease of 13.7% from $1,250,737 in 2024[29]. - Operating income for Q4 2025 was $561,070, slightly down from $565,362 in Q4 2024[27]. - The company reported a total operating income of $2,044 million for the year ended December 31, 2025, compared to $2,090 million in 2024[56]. Cash Flow and Expenses - Operating cash flow for Q4 2025 was $541 million, and free cash flow was $309 million; for the full year 2025, operating cash flow was $1,887 million, and free cash flow was $1,024 million[5]. - Cash flows from operating activities for the year ended December 31, 2025, were $1,886,500, down from $2,022,038 in 2024, a decrease of 6.7%[31]. - Free cash flow for the three months ended December 31, 2025, was $309 million, a decrease from $604 million in the prior quarter but an increase from $281 million in the same period last year[61]. - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $1.887 billion, a slight decrease from $1.893 billion for the previous quarter[62]. - Maintenance capital expenditures were $412 million, compared to $423 million in the previous quarter[62]. - Development capital expenditures amounted to $164 million, down from $178 million in the previous quarter[62]. Patient Care and Treatment - Total U.S. dialysis treatments for Q4 2025 were 7,264,520, averaging 91,608 treatments per day, a decrease of 0.1% compared to Q3 2025[7]. - Revenue per treatment in Q4 2025 was $422.60, an increase of $12.01 from Q3 2025; patient care costs per treatment were $279.60, an increase of $6.06[8]. - Dialysis patient service revenues for Q4 2025 reached $3,399,232, a 9% increase from $3,119,180 in Q4 2024[27]. - The number of treatments in Q4 2025 was 7,264,520, showing a slight increase from 7,242,725 in Q3 2025, while average treatments per day remained stable at approximately 91,608[35]. - The company reported a normalized year-over-year non-acquired treatment growth of (0.6)% for Q4 2025, indicating challenges in organic growth[35]. Strategic Initiatives and Future Outlook - The company expects adjusted operating income for 2026 to be between $2.085 billion and $2.235 billion, with adjusted diluted net income per share projected between $13.60 and $15.00[20]. - DaVita Inc. is focused on strategic initiatives related to integrated kidney care (IKC) and value-based care (VBC) to enhance operational efficiency[25]. - The company anticipates potential impacts from the One Big Beautiful Bill Act (OBBBA) and changes in federal government policies affecting reimbursement rates[23]. - The company faces risks from supply chain disruptions and increased competition in the dialysis market, which may affect future performance[25]. Shareholder Actions and Financial Adjustments - DaVita repurchased 2.7 million shares for $331 million at an average price of $122.78 per share during Q4 2025[13]. - The company incurred impairment and restructuring charges of $20.5 million related to its investment in Mozarc Medical Holding LLC during Q4 2025[12]. - The company experienced a net loss of $34 million related to Mozarc for the year ended December 31, 2025, which affected overall financial performance[53]. - The company incurred $25 million in legal matter charges during the year ended December 31, 2025, impacting adjusted operating income[56]. Balance Sheet and Liabilities - Total liabilities increased to $16,321,665 as of December 31, 2025, compared to $15,193,917 in 2024, an increase of 7.4%[33]. - Total debt as of December 31, 2025, was $10,345 million, slightly up from $10,310 million at the end of Q3 2025, with a leverage ratio of 3.26x[37]. - Accounts receivable increased to $2,414,690 as of December 31, 2025, from $2,146,975 in 2024, reflecting a rise of 12.5%[33]. - Cash, cash equivalents, and restricted cash at the end of the period were $757,747, down from $879,825 at the beginning of the year, a decrease of 13.8%[31]. Tax and Compliance - The effective income tax rate on income from continuing operations attributable to DaVita Inc. was 27.7% for the three months ended December 31, 2025, down from 31.3% in the previous quarter[34]. - The effective income tax rate on income from continuing operations attributable to DaVita Inc. was 27.7% for the three months ended December 31, 2025, compared to 31.3% for the previous quarter[59].