DaVita

DaVita prioritizes high‑return reinvestment to maintain and expand centers and home programs, invests selectively in ancillary and international assets (for example, acquiring Fresenius operations in Brazil), and concentrates excess cash in repurchases rather than dividends.

In 2025 it repurchased 12.68 million shares for ~$1.79 billion, plus ~$200 million more through February 2, 2026; $1.9 billion of authorization remained as of February 6, 2026. Buybacks are timed through cycles but add leverage risk; management refinanced facilities and issued notes in 2025 to extend maturities.

Track record is solid, albeit aggressive.