DVA vs EHC: DaVita HealthCare Partners and Encompass Health compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Encompass Health is the larger company, worth $11.9B, close to DaVita HealthCare Partners's $11.5B.
- Encompass Health grew revenue faster over the last year (+9.6% vs +5.2%).
- Encompass Health keeps more of each dollar of revenue as operating profit (18.0% vs 15.2%).
- On earnings, DaVita HealthCare Partners is the cheaper stock (17.3x vs 20.6x).
- Encompass Health's price assumes faster free cash flow growth: about 9% a year, against -6% for DaVita HealthCare Partners (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DVA | EHC |
|---|---|---|
| Market cap | $11.5B | $11.9B |
| Share price | $179.25 | $123.33 |
| Revenue (last fiscal year) | $13.6B | $5.9B |
| Free cash flow (last fiscal year) | $1.3B | $439M |
| Revenue growth, last year | +5.2% | +9.6% |
| Revenue growth per year, last 5 fiscal years | +4.1% | +10.3% |
| Operating margin | 15.2% | 18.0% |
| Net margin | 6.0% | 10.0% |
| Return on equity | — | 23.9% |
| P/E (trailing) | 17.3x | 20.6x |
| Price / free cash flow | 8.80x | 27.1x |
| EV / EBITDA | 8.69x | 9.86x |
| FCF growth the price implies | -5.9% | 9.0% |
| Dividend yield | — | 0.61% |
| Debt / equity | — | 1.54x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 4 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
DaVita HealthCare Partners
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.6B | $1.3B | 15.5% |
| 2022 | $11.6B | $961M | 11.5% |
| 2023 | $12.1B | $1.5B | 13.2% |
| 2024 | $12.8B | $1.5B | 16.3% |
| 2025 | $13.6B | $1.3B | 15.0% |
Encompass Health
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.0B | $177M | 13.9% |
| 2022 | $4.3B | $132M | 12.4% |
| 2023 | $4.8B | $268M | 15.2% |
| 2024 | $5.4B | $360M | 16.1% |
| 2025 | $5.9B | $439M | 17.7% |
Where the revenue comes from
DaVita HealthCare Partners · by segments, 2025
U S Dialysis$11.7B86%
Other - Ancillary services$1.9B14%
Encompass Health · by segments, 2021
Inpatient Rehabilitation$4.0B78%
Home Health and Hospice$1.1B22%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DVA in InvestinglyQuestions
Which is bigger, DaVita HealthCare Partners or Encompass Health?
Encompass Health (EHC), at $11.9B against $11.5B.
Is DVA or EHC cheaper?
By trailing P/E, DaVita HealthCare Partners (17.3x) is cheaper than Encompass Health (20.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, DVA or EHC?
Encompass Health: revenue grew +9.6% over the last year, against +5.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.