BMY vs DVA: How Bristol Myers Squibb and DaVita Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BMY and DVA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BMY and DVA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Bristol Myers Squibb is one of the largest global biopharmaceutical companies, developing and selling prescription medicines across oncology, hematology, immunology, cardiovascular, and neuroscience. It makes money primarily by selling patented branded drugs, with a portfolio that has historically leaned on blockbuster franchises such as the blood thinner Eliquis (co-marketed with Pfizer), the cancer immunotherapy Opdivo, and the multiple myeloma drug Revlimid. The company is navigating a major patent cliff as several legacy products lose exclusivity, and it is rebuilding growth through a newer portfolio that includes drugs like Reblozyl, Opdualag, Camzyos, Sotyktu, and the schizophrenia treatment Cobenfy (acquired through Karuna). Bristol Myers grows both organically through its research pipeline and through large acquisitions (Celgene, MyoKardia, Karuna, Mirati). It is headquartered in New York and operates worldwide.

Full BMY guide

DaVita Inc. (NYSE: DVA) is a Denver, Colorado based kidney care company and the largest provider of dialysis services in the United States. As of June 30, 2026 it treated approximately 298,500 patients across 3,266 outpatient dialysis centers, of which 2,671 are in the US and 595 are spread across 14 other countries. The core business is straightforward and repetitive: patients with end stage renal disease come in roughly three times a week for a treatment that keeps them alive, and DaVita bills a payer for each treatment. Around that base the company runs two smaller segments, an international dialysis business and Integrated Kidney Care (IKC), a value-based care arm that took risk on roughly 62,600 patients and about $5.4 billion of annualized medical spend as of early 2026.

Full DVA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BMY drivers: New product portfolio ramp; Oncology and immunology depth.
• DVA drivers: The buyback is the growth engine; Volume trends turned less bad.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is the patent cliff: Eliquis, Opdivo, and other large products face loss of exclusivity, and generic or biosimilar competition can erode revenue quickly. For DVA, payer mix is the dominant risk and it is currently moving the wrong way: the expiration of enhanced ACA premium subsidies is pushing patients out of commercial plans and into government coverage, which management sized as roughly a $40 million headwind in 2026 with a larger one expected in 2027.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BMY if you believe its drivers more; DVA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BMY and DVA guides.

BMY. Bristol Myers tends to trade at a low forward earnings multiple relative to large-cap pharma peers, reflecting market skepticism about its ability to replace patent-cliff revenue. The high dividend yield and strong free cash flow are the bull-case anchors, while the depressed valuation reflects the bear case that legacy declines outrun newer products.

DVA. DVA trades at a visible discount to the broader healthcare sector, roughly 16x trailing and 12x forward earnings versus a healthcare industry average in the mid 20s, and that gap is the argument in both directions. Bulls read it as a cheap, defensive, non-discretionary cash machine with a shrinking share count. Bears read it as an appropriate multiple for a business with sub-1% volume growth, negative revenue-per-treatment guidance for the second half of 2026, roughly 3.4x leverage, and a profit pool concentrated in a thin commercially insured minority of patients that is actively eroding. The stock fell sharply in early August 2026 after Q2 results beat on both revenue and adjusted EPS but management reaffirmed rather than raised full-year guidance at a midpoint below consensus, which is a reminder that the multiple is doing very little cushioning work when the mix narrative turns.

Headline figures (approximate, early 2026): BMY shows revenue (ttm) ~$48 billion, operating margin ~20% (varies with acquisition charges), net income (ttm) volatile, pressured by large acquisition write-offs, dividend yield ~4-5%; DVA shows revenue (ttm) ~$14.0 billion (up ~6.4% year over year), revenue (q2 2026) ~$3.55 billion, with adjusted operating income of ~$579 million, net income (ttm) ~$847 million, with trailing EPS of ~$12.11, fy 2026 adjusted eps guidance ~$14.10 to ~$15.20 (midpoint ~$14.65), reaffirmed not raised.

BMY and DVA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BMY and DVA exposure against your real portfolio. It is not an investment adviser.