DaVita and Figma: Navigating Value and Growth in the 2026 Market

The 2026 market landscape presents a fascinating dichotomy for institutional and retail investors alike, as exemplified by the recent scrutiny surrounding DaVita Inc. (DVA) and Figma, Inc. (FIG). These two entities represent polar opposites of the investment spectrum: one a mature, cash-flow-heavy healthcare provider with a near-monopoly on life-sustaining services, and the other a high-growth, cloud-native disruptor that has successfully navigated a failed merger to become a public market darling. Analyzing their current standing requires a deep dive into the structural shifts within their respective industries, from the impact of weight-loss drugs on chronic disease management to the integration of generative AI in creative workflows.

DaVita Inc. remains a cornerstone of the value-investing philosophy, famously anchored by a massive stake from Warren Buffett’s Berkshire Hathaway, which owns roughly 40% of the company. As a dominant player in the U.S. dialysis market, DaVita operates within a duopoly alongside Fresenius Medical Care. This position provides a significant moat, as the infrastructure required to provide outpatient dialysis is capital-intensive and highly regulated. However, the narrative around DaVita has shifted significantly since 2024 with the rise of GLP-1 receptor agonists. These drugs, initially designed for diabetes and weight loss, have shown promise in slowing the progression of chronic kidney disease (CKD). While some analysts feared this would shrink DaVita’s patient pool, the counter-argument is that these treatments may actually increase the long-term survival of patients, potentially extending the duration of their need for dialysis rather than eliminating it entirely.

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remains a cornerstone of the value-investing philosophy, famously anchored by a massive stake from Warren Buffett’s Berkshire Hathaway, which owns roughly 40% of the company.

In contrast, Figma’s journey to the public markets as FIG marks a triumphant second act following the collapse of its $20 billion acquisition by Adobe in late 2023 due to regulatory hurdles in the UK and EU. Since its IPO, Figma has aggressively expanded its footprint, moving beyond UI/UX design into whiteboarding with FigJam and deep developer integrations. The company’s primary challenge in 2026 is maintaining its growth trajectory while fending off Adobe’s renewed efforts to modernize its Creative Cloud suite with AI-first tools. Figma has responded by embedding generative AI directly into its canvas, allowing designers to move from prompt to prototype in seconds. This AI-native approach has solidified its status among tech-heavy portfolios, though its valuation remains sensitive to interest rate fluctuations and the broader SaaS spending environment.