DaVita

Strengths: recurring cash flow ($1.02 billion FCF in 2025), liquidity ($676 million cash and an undrawn $1.5 billion revolver), and interest‑rate caps that keep the weighted average effective interest on secured credit facilities around 6.0%.

Constraints: total debt principal of ~$10.34 billion and a 5.51% weighted average interest rate on all debt at year‑end 2025, implying leverage in the mid‑3x EBITDA area, and exposure to refinancing costs in a mid‑4% 10‑year Treasury backdrop. The balance sheet is sound for a stable provider but leaves less room for adverse payer‑mix shocks.