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Edwards Lifesciences Corporation

EW Healthcare Medical Devices

Edwards Lifesciences Corporation’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 11.5% from fiscal 2024.

Revenue
+10.5%
EPS
+6.00%
Free cash flow
−1.84%
Total debt
+0.10%

Quarter to September 2026, against a year earlier

101.45 0.63 +0.62%
Market cap
$58.1B
P/E
56.7×
Fwd P/E
36.5×
Dividend yield
—
F-score
5/9
Altman Z
11.54
Beneish M
−2.48
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • United States
  • Europe
  • Rest of World
  • Japan

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 26.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 8 2 2 3 3 8 2 4 5 1 1 —
Insider Ownership 1.20%

Capital & Financial Ratios $m

Size
Market Cap 58,110.00
Revenue ttm 6,674.70
Net income ttm 1,014.70
Free cash flow ttm 1,424.10
Net debt Q 598.80
Valuation
P/E 56.69 (above 35: high)
Forward P/E 36.50 (above 35: high)
Price / sales 8.66
Forward P/S Powerpack
Price / FCF 41.48
Price / book 5.28
Financial health
Current ratio Q 4.60 (at or above 1.5: strong)
Debt / equity Q 0.05 (at or below 0.5: strong)
Interest coverage Q 24.39
Growth
Revenue growth Q +10.46% (above 0%: growing)
Operating income growth Q −2.61% (below 0%: shrinking)
EPS, this year +17.78% (at or above 15%: strong)
EPS, next year A +13.03%
Revenue, next year A +11.43% (at or above 10%: strong)
EPS, past 5 yrs +7.08%
EPS, next 5 yrs A +14.46%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.2×, against a ten-year median of 8.8×; over the ten years it ranged from 6.0× in 2016 to 15.4× in 2021.
P/E against its own 10 years 86.40%
10-year low 10-year high
P/S against its own 10 years 44.44%
10-year low 10-year high
P/B against its own 10 years 19.91%
10-year low 10-year high
EV/Sales against its own 10 years 38.76%
10-year low 10-year high
EV/FCF against its own 10 years 16.28%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,633 3,976 4,226 —
Receivables 828 727 912 —
Inventory 904 1,087 1,126 1,159
Other 225 348 339 358
4,036 6,285 6,739 7,248
2023 2024 2025 Q'26
Payables 187 197 228 200
ST’ Debt — — — —
Other — — — —
1,195 1,505 1,814 1,577

Compound Annual Growth %

10y 5y 3y
Sales 9.30% 6.70% 10.77%
Cash Flow 11.24% 8.64% 9.40%
Earnings 8.05% 5.45% (10.98%)
Book Value 15.24% 17.71% 21.20%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.73 Actual 0.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.62 0.58 Miss by 0.04
Q1 FY26 0.75 0.78 Beat by 0.03
Q2 FY26 0.73 0.78 Beat by 0.05
Q3 FY26 0.73 0.80 Beat by 0.07
Q4 FY26 0.71 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.66 0.42 0.53 — —
’25 0.61 0.56 0.50 0.16 1.83
’24 0.58 0.61 5.13 0.65 6.97
’23 0.56 0.50 0.63 0.61 2.30
’22 0.59 0.65 0.55 0.65 2.44
’21 0.54 0.78 0.54 0.53 2.38
’20 0.49 (0.20) 0.52 0.49 1.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,649 1,741 1,716 — —
’25 1,413 1,532 1,553 1,570 6,068
’24 1,330 1,369 1,354 1,386 5,440
’23 1,460 1,296 1,243 1,012 5,010
’22 1,341 1,374 1,319 430 4,464
’21 1,217 1,376 1,310 1,330 5,233
’20 1,129 925 1,141 1,192 4,386
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 44 652 570 — —
’25 280 290 574 451 1,595
’24 (53) 372 352 (127) 542
’23 314 34 412 137 896
’22 293 332 310 283 1,218
’21 301 526 532 374 1,732
’20 207 231 216 400 1,054
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (21) 585 507 — —
’25 224 241 516 354 1,335
’24 (139) 286 295 (182) 260
’23 240 (14) 356 48 630
’22 221 289 250 194 953
’21 195 457 471 280 1,402
’20 125 123 113 286 647
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.0% a year for ten years. It grew 5.0% a year over the last ten.

Implied
17.0%
10 years, reported
5.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,964 3,435 3,723 4,348 4,386 5,233 4,464 5,010 5,440 6,068 6,675 +8.3% 6,761 7,431 8,177 +10.5%
Gross margin, % 73.09 74.52 74.77 74.37 75.36 76.13 83.79 80.47 79.46 78.01 78.02 +4.9 pt
EBT 738 1,035 761 1,167 917 1,702 1,520 1,372 1,548 1,273 1,432 +6.2%
EBT margin, % 24.90 30.13 20.45 26.83 20.90 32.53 34.04 27.39 28.46 20.98 21.46 (3.9) pt
Net income 570 584 722 1,047 823 1,503 1,522 1,399 4,170 1,069 1,015 +7.3%
Per share, $
Per share, $ Revenue 4.64 5.43 5.93 6.96 7.05 8.39 7.21 8.26 9.10 10.38 11.58 +9.4%
Earnings 0.89 0.98 1.15 1.68 1.32 2.41 2.46 2.31 6.98 1.84 1.77 +8.4%
Cash flow 1.10 1.58 1.48 1.89 1.69 2.78 1.97 1.48 0.91 2.73 2.98 +10.6%
Capex (0.34) (0.28) (0.39) (0.45) (0.65) (0.53) (0.43) (0.44) (0.47) (0.44) (0.51) +3.0%
Free cash flow 0.76 1.30 1.09 1.45 1.04 2.25 1.54 1.04 0.43 2.28 2.47 +13.0%
Book value 4.10 4.67 5.00 6.64 7.35 9.36 9.38 11.08 16.84 17.68 19.02 +17.6%
Shares, m 639 633 628 625 623 623 619 607 598 585 579 (1.0%)
Valuation, ×
Valuation, × P/E 35.78 40.31 44.53 46.47 69.29 53.53 30.31 32.71 10.61 46.33 56.69 41.0
P/S 6.87 6.85 8.61 11.17 12.95 15.43 10.30 9.15 8.13 8.22 8.66 9.8
P/B 7.77 7.96 10.20 11.71 12.42 13.84 7.92 6.82 4.40 4.82 5.28 8.8
EV/Sales 6.71 6.76 8.67 11.10 12.90 15.38 10.29 9.06 7.62 7.72 8.21 9.6
EV/FCF 41.18 28.37 47.13 53.36 88.45 57.40 48.42 72.14 159.56 35.88 39.29 63.2
Cash, $m
Cash, $m Operating cash flow 704 1,001 927 1,183 1,054 1,732 1,218 896 542 1,595 1,717 +9.5%
Capex (217) (175) (242) (278) (407) (330) (265) (266) (282) (260) (293) +2.0%
Free cash flow 487 825 685 905 647 1,402 953 630 260 1,335 1,424 +11.9%
Balance, $m
Balance, $m Working capital 1,708 1,129 1,410 2,082 2,197 2,148 2,073 2,840 4,780 4,925 5,671 +12.5%
Net debt (449) (301) (363) (922) (808) (871) (619) (1,036) (3,378) (3,628) 599 +26.1%
Shareholders’ equity 2,619 2,956 3,140 4,148 4,574 5,836 5,807 6,719 10,063 10,338 10,962 +16.5%
Returns, %
Returns, % ROA 13.30 11.47 13.14 17.73 12.00 19.10 18.12 15.89 37.24 8.03 7.45 (5.3) pt
ROIC 22.57 25.64 16.83 22.22 14.89 21.28 18.05 14.39 12.89 11.78 7.79 (10.8) pt
ROE 22.24 20.94 23.69 28.73 18.88 28.88 26.14 22.39 49.75 10.52 9.65 (11.7) pt
People
People Employees 11,100 12,200 12,800 13,900 14,900 15,700 17,300 19,800 15,800 16,000 — +4.1%
Revenue/emp, $m 0.27 0.28 0.29 0.31 0.29 0.33 0.26 0.25 0.34 0.38 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Edwards Lifesciences makes medical devices for structural heart disease, with a focus on repairing or replacing heart valves. A faulty valve can disrupt the heart’s function or blood flow. Edwards sells therapies used by cardiac surgeons and interventional cardiologists to treat patients with these conditions.

Some Edwards products are used in conventional surgery. A surgeon may replace a faulty valve with a tissue valve or repair it with an annuloplasty ring. Other products are delivered through a catheter, allowing a physician to implant a valve or repair system without traditional open-heart surgery and while the heart continues to beat.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
United States 3,543 58.39%
Europe 1,518 25.01%
Rest of World 652 10.75%
Japan 355 5.85%
Gross margin 78.01%
Operating margin 20.84%
Pre-tax margin 20.98%

Revenue by segment since 2008

Edwards Lifesciences Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MDT Medtronic PLC $134.1B 25.6× 20.8× +13.73% (above 0%: growing) +41.98% (above 0%: growing) +120.89% (above 0%: growing) 64.99% 18.08% Compare
SYK Stryker Corporation $127.6B 35.3× 24.6× +7.64% (above 0%: growing) −12.44% (below 0%: shrinking) −19.37% (below 0%: shrinking) 65.15% 15.86% Compare
BSX Boston Scientific Corporation $64.7B 18.7× 17.0× +1.44% (above 0%: growing) −21.57% (below 0%: shrinking) −25.30% (below 0%: shrinking) 66.72% 16.12% Compare
EW Edwards Lifesciences Corporation $58.1B 56.7× 36.5× +10.46% (above 0%: growing) +6.00% (above 0%: growing) −1.84% (below 0%: shrinking) 78.48% 17.44%
GEHC GE HealthCare Technologies Inc. $37.9B 17.5× 15.5× +7.19% (above 0%: growing) +40.64% (above 0%: growing) +64.18% (above 0%: growing) 40.34% 14.58% Compare
DXCM DexCom, Inc. $31.5B 32.6× 31.8× +11.18% (above 0%: growing) 0.00% −52.93% (below 0%: shrinking) 64.29% 24.34% Compare
PHG Koninklijke Philips N.V. $29.8B 25.8× 11.2× +0.55% (above 0%: growing) −85.00% (below 0%: shrinking) +154.15% (above 0%: growing) 46.44% 3.76% Compare
STE STERIS plc $24.8B 30.0× 25.1× +8.79% (above 0%: growing) +12.82% (above 0%: growing) +43.64% (above 0%: growing) 44.74% 18.53% Compare
ZBH Zimmer Biomet Holdings, Inc. $20.4B 26.9× 18.9× +3.07% (above 0%: growing) −13.45% (below 0%: shrinking) +29.77% (above 0%: growing) 71.18% 14.91% Compare
Median of peers $34.7B 26.3× 19.9× +7.42% −6.22% +36.71% 64.64% 15.99%

All 149 Medical Devices stocks →

From the latest earnings call

Updated

  • CEO Bernard Zovighian said TAVR procedure growth benefited from attention to earlier treatment, while global average selling prices remained stable.
  • Zovighian said Edwards expects future TAVR growth to come mainly from procedure volumes rather than share gains, after raising its full-year outlook.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.83%
Held by the ten largest 44.79%
Holder Shares Stake Change
Vanguard 70.00m 12.14% −46.66k
BlackRock 58.79m 10.20% +6.20m
State Street 26.32m 4.57% +25.54k
JPMorgan Chase 22.78m 3.95% +1.04m
Wellington Management 16.83m 2.92% −5.18m
Geode Capital Management 15.44m 2.68% +2.30m
BNY 14.08m 2.44% −2.65m
DZ Bank 13.00m 2.26% +191.06k
Ninety One UK Ltd 12.34m 2.14% −58.64k
AllianceBernstein 8.66m 1.50% +5.19m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Ownership

Directors and executive officers, together 0.31%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 11.72%
BlackRock, Inc.50 Hudson YardsNew York, NY 7.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Edwards Lifesciences Corporation (EW) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com
Impact 3 · · medtechdive.com
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

4 Nov

Impact 3 · · Business Wire
Impact 3 · · Simply Wall St.

2 Nov

Impact 4 · · Business Wire
Impact 3 · · MarketBeat
Impact 3 · · MT Newswires
Impact 3 · · Business Wire

30 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · medtechdive.com

22 Oct

Impact 4 · · Zacks
Impact 4 · · medicaldevice-network.com

21 Oct

Impact 4 · · Business Wire

16 Oct

Impact 4 · · Benzinga
Impact 4 · · medicaldevice-network.com

12 Oct

Impact 3 · · Barchart

1 Oct

Impact 4 · · Business Wire

18 Sep

Impact 4 ·
Impact 4 ·

17 Sep

Impact 4 · · MarketBeat

11 Sep

Impact 4 · · medtechdive.com

10 Sep

Impact 4 ·

28 Aug

Impact 4 ·

14 Aug

Impact 3 ·

4 Aug

Impact 4 ·

EW metrics, ten years each

stockrow.com/EW · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com