DVA = $5.2B/112K = $46,429 per patient
DCAI= $53m/2.1K = $25,238 per patient

Seems like DCAI is undervalued. Both companies operate in the same price/cost environment, so profit per patient is about the same in the long run. Short term, it depends on payor mix, which is better for DCAI right now. Growth dynamics are not the same in this industry as in others. Nobody gets dialysis recreationally, and nobody who needs it goes without. You can't create demand, like you can for designer jeans or energy drinks. You can only compete for the demand that is out there. Does DVA have some competitive advantage over DCAI for the next new patient who starts dialysis? Not really. Growth is about geography and doctor relationships. To grow you gotta build or buy another center, which neither company can do more cost efficiently than the other. Then you gotta woo the referring docs, and neither has a particular advantage there either. Certainly not enough to justify the price difference. Why is the market paying $46k for the revenue stream of a dialysis patient when it can be bought for $25k?