DAVITA INC. (DVA) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Health care · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 43.4% | The figure most screeners publish. |
| Operating cash flow | 17.2% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 24.7% | What is left after maintaining the business. |
Spread between highest and lowest: 26 percentage points. Same filings, different denominators.
Coverage rating 62 / 100 — Adequate. ? Peer standing 36/50Direction 10/30Stability 16/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 24.7% |
| 2024-12-31 | 23.0% |
| 2023-12-31 | 18.8% |
| 2022-12-31 | 27.9% |
| 2021-12-31 | 18.9% |
| 2020-12-31 | 19.4% |
Among the 38 health care companies here, 71% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $4.27 ÷ diluted EPS $9.84
- Operating cash flow — dividends paid $324.3m ÷ operating cash flow $1,886.5m
- Free cash flow — dividends paid $324.3m ÷ (operating cash flow $1,886.5m − capex $575.9m)
Where the figures came from
- 10-K filed 2026-02-11 · accession
0000927066-26-000012
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($4.27); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.