Saturday 17 October 2026 Export EW’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 13.6%, EPS fell 26.3%, free cash flow grew 142.8% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years.

86.60 1.50 −1.70%

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Market cap: $50.8B
P/E: 49.8×
Fwd P/E: 30.7×
Dividend yield: —
F-score: 5/9
Altman Z: 11.54
Beneish M: −2.48
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 27.74

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	2	8	2	2	3	3	8	2	4	5	1	1

Insider Ownership 1.22%

Capital & Financial Ratios $m

Market Cap 50,780.00

Revenue 6,512.30

Net Income 1,003.60

Free Cash Flow 1,433.60

Net Debt (3,654.00)

Current Ratio 4.52

Debt/Equity 0.06

P/E ratio 49.77

Fwd P/E 30.70

P/S ratio 7.66

P/B ratio 4.65

Past 5Y EPS Growth 7.08%

This Y EPS Growth 17.23%

Next Y EPS Growth 12.97%

Next Y revenue growth 11.46%

Next 5Y EPS Growth 14.15%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 76.82%

10-year low 10-year high

P/S against its own 10 years 17.25%

10-year low 10-year high

P/B against its own 10 years 12.79%

10-year low 10-year high

EV/Sales against its own 10 years 13.20%

10-year low 10-year high

EV/FCF against its own 10 years 3.10%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,633	3,976	4,226	4,253
Receivables	828	727	912	956
Inventory	904	1,087	1,126	1,131
Other	225	348	339	360
	4,036	6,285	6,739	6,819

	2023	2024	2025	Q'26
Payables	187	197	228	211
ST’ Debt	—	—	—	—
Other	—	—	—	—
	1,195	1,505	1,814	1,508

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,649	1,741	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.66	0.42	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	24.07	28.85	36.89	46.95	51.51	78.44	67.13	60.57	58.93	65.94	Analyst estimates 2026–2028 Powerpack
	High	40.58	40.48	58.33	82.55	92.08	131.73	131.10	94.87	96.12	87.89
People
People	Employees	11,100	12,200	12,800	13,900	14,900	15,700	17,300	19,800	15,800	16,000
	Revenue/emp, $m	0.27	0.28	0.29	0.31	0.29	0.33	0.26	0.25	0.34	0.38
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
	Gross margin, %	73.09	74.52	74.77	74.37	75.36	76.13	83.79	80.47	79.46	78.01
	EBT	738	1,035	761	1,167	917	1,702	1,520	1,372	1,548	1,273
	EBT margin, %	24.90	30.13	20.45	26.83	20.90	32.53	34.04	27.39	28.46	20.98
	Net income	570	584	722	1,047	823	1,503	1,522	1,399	4,170	1,069
	Depreciation	71	82	77	89	107	135	140	145	155	157
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
	Earnings	0.89	0.98	1.15	1.68	1.32	2.41	2.46	2.31	6.98	1.84
	Cash flow	1.10	1.58	1.48	1.89	1.69	2.78	1.97	1.48	0.91	2.73
	Capex	(0.34)	(0.28)	(0.39)	(0.45)	(0.65)	(0.53)	(0.43)	(0.44)	(0.47)	(0.44)
	Free cash flow	0.76	1.30	1.09	1.45	1.04	2.25	1.54	1.04	0.43	2.28
	Book value	4.10	4.67	5.00	6.64	7.35	9.36	9.38	11.08	16.84	17.68
	Shares, m	639	633	628	625	623	623	619	607	598	585
Valuation, ×
Valuation, ×	P/E	35.78	40.31	44.53	46.47	69.29	53.53	30.31	32.71	10.61	46.33
	P/S	6.87	6.85	8.61	11.17	12.95	15.43	10.30	9.15	8.13	8.22
	P/B	7.77	7.96	10.20	11.71	12.42	13.84	7.92	6.82	4.40	4.82
	EV/Sales	6.71	6.76	8.67	11.10	12.90	15.38	10.29	9.06	7.62	7.72
	EV/FCF	41.18	28.37	47.13	53.36	88.45	57.40	48.42	72.14	159.56	35.88
Cash, $m
Cash, $m	Operating cash flow	704	1,001	927	1,183	1,054	1,732	1,218	896	542	1,595
	Capex	(217)	(175)	(242)	(278)	(407)	(330)	(265)	(266)	(282)	(260)
	Free cash flow	487	825	685	905	647	1,402	953	630	260	1,335
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
	Total debt	822	1,036	594	594	595	596	596	597	598	598
	Net debt	(449)	(301)	(363)	(922)	(808)	(871)	(619)	(1,036)	(3,378)	(3,628)
	Shareholders’ equity	2,619	2,956	3,140	4,148	4,574	5,836	5,807	6,719	10,063	10,338
Returns, %
Returns, %	ROA	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
	ROE	22.24	20.94	23.69	28.73	18.88	28.88	26.14	22.39	49.75	10.52

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$122.1B	23.2×	18.7×	+13.73% (above 0%: growing)	+41.98% (above 0%: growing)	+120.89% (above 0%: growing)	64.99%	18.08%	Compare
SYK Stryker Corporation	$112.5B	30.3×	24.1×	+9.42% (above 0%: growing)	+43.10% (above 0%: growing)	+14.12% (above 0%: growing)	68.27%	25.18%	Compare
BSX Boston Scientific Corporation	$64.0B	17.9×	17.8×	+7.53% (above 0%: growing)	+14.81% (above 0%: growing)	+13.29% (above 0%: growing)	70.71%	21.65%	Compare
EW Edwards Lifesciences Corporation	$50.8B	49.8×	30.7×	+13.63% (above 0%: growing)	−26.32% (below 0%: shrinking)	+142.84% (above 0%: growing)	77.46%	29.48%
DXCM DexCom, Inc.	$33.1B	33.2×	29.8×	+13.08% (above 0%: growing)	+41.30% (above 0%: growing)	−11.68% (below 0%: shrinking)	63.44%	24.33%	Compare
GEHC GE HealthCare Technologies Inc.	$31.8B	16.0×	14.4×	+5.75% (above 0%: growing)	+16.98% (above 0%: growing)	+750.00% (above 0%: growing)	41.17%	13.96%	Compare
PHG Koninklijke Philips N.V.	$24.9B	18.8×	11.2×	+2.94% (above 0%: growing)	+56.67% (above 0%: growing)	+49.74% (above 0%: growing)	49.31%	13.99%	Compare
STE STERIS plc	$21.9B	27.1×	23.6×	+7.30% (above 0%: growing)	+13.89% (above 0%: growing)	−14.36% (below 0%: shrinking)	45.84%	19.15%	Compare
ZBH Zimmer Biomet Holdings, Inc.	$18.0B	23.0×	17.7×	+4.80% (above 0%: growing)	+33.77% (above 0%: growing)	+13.05% (above 0%: growing)	70.81%	14.98%	Compare
Median of peers	$32.4B	23.1×	18.3×	+7.42%	+37.53%	+13.71%	64.22%	18.61%

All 149 Medical Devices stocks →

Edwards Lifesciences Corporation (EW) key facts

Strength: Edwards Lifesciences Corporation’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 11.5% from fiscal 2024.
Edwards Lifesciences Corporation (EW) is a Medical Devices company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 16, 2026, EW traded at $86.60, a market capitalization of $50.8 billion.
Return on equity was 10.5% and debt-to-equity 0.06.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 11.54 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.