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Friday 6 November 2026
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Edwards Lifesciences Corporation
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
- +4.60%
- Free cash flow
- −1.84%
- Total debt
- +0.10%
Quarter to September 2026, against a year earlier
101.94
1.12
+1.11%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
35.78 | 40.31 | 44.53 | 46.47 | 69.29 | 53.53 | 30.31 | 32.71 | 10.61 | 46.33 |
Piotroski F-Score |
6 | 6 | 8 | 8 | 7 | 7 | 5 | 6 | 6 | 5 |
P/S ratio |
6.87 | 6.85 | 8.61 | 11.17 | 12.95 | 15.43 | 10.30 | 9.15 | 8.13 | 8.22 |
Altman Z-Score |
9.23 | 7.23 | 11.00 | 14.90 | 15.06 | 20.74 | 13.86 | 13.20 | 11.49 | 11.54 |
P/FCF ratio |
42.11 | 28.74 | 46.78 | 53.71 | 88.78 | 57.60 | 48.44 | 72.83 | 170.25 | 38.20 |
Altman Z″-Score (non-manufacturers) |
7.93 | 4.87 | 5.84 | 7.03 | 6.69 | 7.62 | 8.29 | 8.73 | 9.93 | 9.60 |
Beneish M-Score |
(2.51) | (2.65) | (2.49) | (2.43) | (2.58) | (2.43) | (2.41) | (2.17) | (2.23) | (2.48) |
P/Operating CF |
101.17 | 64.66 | 109.41 | 120.59 | 142.07 | 216.14 | 162.56 | 335.64 | (347.04) | 110.57 |
P/B ratio |
7.77 | 7.96 | 10.20 | 11.71 | 12.42 | 13.84 | 7.92 | 6.82 | 4.40 | 4.82 |
Price to Tangible BV |
11.38 | 17.28 | 19.02 | 18.37 | 18.50 | 18.59 | 10.55 | 8.86 | 6.22 | 6.70 |
EV/Sales |
6.71 | 6.76 | 8.67 | 11.10 | 12.90 | 15.38 | 10.29 | 9.06 | 7.62 | 7.72 |
EV/EBITDA |
23.27 | 19.83 | 39.10 | 39.04 | 56.32 | 44.09 | 28.06 | 31.24 | 27.04 | 32.96 |
EV/Operating CF |
28.25 | 23.21 | 34.84 | 40.80 | 53.68 | 46.46 | 37.72 | 50.69 | 76.47 | 29.35 |
EV/FCF |
41.18 | 28.37 | 47.13 | 53.36 | 88.45 | 57.40 | 48.42 | 72.14 | 159.56 | 35.88 |
Quick Ratio |
3.17 | 1.28 | 1.70 | 2.34 | 2.24 | 2.07 | 1.87 | 2.06 | 3.12 | 2.83 |
Current Ratio |
4.21 | 1.80 | 2.61 | 3.31 | 3.46 | 3.08 | 3.03 | 3.38 | 4.18 | 3.72 |
Net Debt/EBITDA |
(0.52) | (0.26) | (0.44) | (0.75) | (0.80) | (0.48) | (0.38) | (0.71) | (2.20) | (2.55) |
Debt/Assets |
18.23% | 18.29% | 11.15% | 9.16% | 8.22% | 7.01% | 7.19% | 6.38% | 4.58% | 4.37% |
Debt/Equity |
0.31 | 0.35 | 0.19 | 0.14 | 0.13 | 0.10 | 0.10 | 0.09 | 0.06 | 0.06 |
Asset Turnover |
0.69 | 0.68 | 0.68 | 0.74 | 0.64 | 0.66 | 0.53 | 0.57 | 0.49 | 0.45 |
Operating CF/Net income |
1.24 | 1.71 | 1.28 | 1.13 | 1.28 | 1.15 | 0.80 | 0.64 | 0.13 | 1.49 |
Capex/Depreciation |
(3.05) | (2.14) | (3.12) | (3.12) | (3.80) | (2.45) | (1.90) | (1.84) | (1.82) | (1.66) |
Interest Coverage |
40.82 | 46.96 | 25.02 | 55.40 | 56.81 | 91.86 | 78.04 | 74.37 | 69.63 | 61.97 |
| 22.24% | 20.94% | 23.69% | 28.73% | 18.88% | 28.88% | 26.14% | 22.39% | 49.75% | 10.52% | |
| 13.30% | 11.47% | 13.14% | 17.73% | 12.00% | 19.10% | 18.12% | 15.89% | 37.24% | 8.03% | |
ROIC |
22.57% | 25.64% | 16.83% | 22.22% | 14.89% | 21.28% | 18.05% | 14.39% | 12.89% | 11.78% |
Return on Tangible Assets |
24.90% | 32.26% | 31.71% | 33.32% | 22.92% | 40.68% | 41.06% | 31.65% | 64.56% | 15.93% |
Average Days of Receivables |
51.06 | 50.93 | 52.68 | 50.29 | 50.16 | 46.38 | 57.16 | 60.33 | 48.81 | 54.87 |
Research and Development Expense of Revenue |
14.92% | 16.09% | 16.71% | 17.31% | 17.34% | 17.26% | 18.90% | 19.22% | 19.36% | 17.79% |
Selling, General and Administrative Expense of Revenue |
30.53% | 28.84% | 29.24% | 28.57% | 28.01% | 28.55% | 30.41% | 31.59% | 32.89% | 34.37% |
Intangible Assets out of Total Assets |
0.18 | 0.28 | 0.27 | 0.23 | 0.21 | 0.18 | 0.17 | 0.17 | 0.23 | 0.21 |
Share Based Compensation of Revenue |
1.92% | 1.79% | 1.91% | 1.87% | 2.11% | 2.09% | 2.84% | 2.78% | 2.98% | 2.61% |
Graham Net Nets |
0.02 | (0.01) | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.07 | 0.07 |
Graham Number |
9.06 | 9.85 | 11.36 | 15.81 | 14.75 | 22.58 | 22.74 | 23.99 | 51.42 | 27.05 |
Earnings Yield |
2.80% | 2.48% | 2.25% | 2.15% | 1.44% | 1.87% | 3.30% | 3.06% | 9.43% | 2.16% |
Free Cash Flow Yield |
2.37% | 3.48% | 2.14% | 1.86% | 1.13% | 1.74% | 2.06% | 1.37% | 0.59% | 2.62% |
Revenue per Share |
4.64 | 5.43 | 5.93 | 6.96 | 7.05 | 8.39 | 7.21 | 8.26 | 9.10 | 10.38 |
Operating CF per Share |
1.10 | 1.58 | 1.48 | 1.89 | 1.69 | 2.78 | 1.97 | 1.48 | 0.91 | 2.73 |
Capex per Share |
(0.34) | (0.28) | (0.39) | (0.45) | (0.65) | (0.53) | (0.43) | (0.44) | (0.47) | (0.44) |
Free Cash Flow per Share |
0.76 | 1.30 | 1.09 | 1.45 | 1.04 | 2.25 | 1.54 | 1.04 | 0.43 | 2.28 |
Cash per Share |
1.99 | 2.11 | 1.52 | 2.43 | 2.25 | 2.35 | 1.96 | 2.69 | 6.65 | 7.23 |
Shareholders Equity per Share |
4.10 | 4.67 | 5.00 | 6.64 | 7.35 | 9.36 | 9.38 | 11.08 | 16.84 | 17.68 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.10 | 4.67 | 5.00 | 6.64 | 7.35 | 9.36 | 9.38 | 11.08 | 16.84 | 17.68 |
Free Cash Flow |
487.00 | 825.20 | 685.00 | 904.50 | 647.00 | 1,402.30 | 953.40 | 629.50 | 259.90 | 1,335.00 |
Working Capital |
1,707.50 | 1,129.20 | 1,410.30 | 2,081.60 | 2,197.10 | 2,148.40 | 2,073.40 | 2,840.30 | 4,780.20 | 4,925.20 |
Capital Expenditures |
(217.40) | (175.50) | (241.70) | (278.40) | (407.30) | (329.80) | (264.80) | (266.30) | (282.40) | (260.20) |
Net Current Asset Value |
349.00 | (161.00) | 103.60 | 644.20 | 428.20 | 514.00 | 610.00 | 1,391.90 | 3,293.00 | 3,379.30 |
EV/EBIT |
25.39 | 21.32 | 43.15 | 42.08 | 63.05 | 47.61 | 30.67 | 34.70 | 30.08 | 37.04 |
Capex to Sales |
0.07 | 0.05 | 0.06 | 0.06 | 0.09 | 0.06 | 0.06 | 0.05 | 0.05 | 0.04 |
Price to Operating Income |
25.96 | 21.60 | 42.83 | 42.37 | 63.28 | 47.77 | 30.68 | 35.03 | 32.09 | 39.44 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.12 | 0.12 | 0.09 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
Cash ROIC |
10.33% | 15.48% | 14.60% | 14.45% | 9.84% | 17.75% | 12.51% | 7.03% | 1.78% | 8.80% |
Accounts Receivable Turnover |
7.54 | 7.69 | 7.32 | 7.65 | 7.30 | 8.26 | 6.55 | 6.56 | 6.99 | 7.40 |
Accounts Payable Turnover |
9.91 | 8.19 | 7.50 | 7.09 | 5.73 | 6.23 | 3.56 | 5.04 | 5.82 | 6.28 |
Inventory Turnover |
2.17 | 1.84 | 1.62 | 1.79 | 1.50 | 1.63 | 0.90 | 1.10 | 1.12 | 1.21 |
Average Days of Payables |
44.45 | 48.62 | 52.07 | 59.09 | 66.37 | 59.77 | 101.83 | 69.61 | 64.48 | 62.24 |
Days of Inventory on Hand |
181.54 | 231.39 | 235.85 | 209.91 | 271.00 | 212.38 | 441.56 | 337.06 | 354.94 | 308.10 |
Average Receivables |
393.20 | 446.95 | 508.30 | 568.20 | 600.95 | 633.85 | 682.00 | 763.60 | 777.75 | 819.75 |
Average Payables |
80.50 | 106.85 | 125.30 | 157.20 | 188.45 | 200.50 | 203.20 | 194.25 | 192.00 | 212.45 |
Average Inventory |
368.25 | 475.75 | 580.95 | 623.95 | 721.60 | 764.50 | 801.10 | 889.50 | 995.10 | 1,106.45 |
Average Assets |
4,283.15 | 5,088.20 | 5,495.05 | 5,905.90 | 6,862.60 | 7,869.85 | 8,397.55 | 8,827.85 | 11,209.25 | 13,376.25 |
Average Common Equity |
2,561.05 | 2,787.60 | 3,048.30 | 3,644.35 | 4,361.30 | 5,205.10 | 5,821.30 | 6,263.05 | 8,391.15 | 10,200.25 |
Columns are period end dates · fundamentals updated 6 Nov 2026