Edwards Lifesciences Corporation

EW · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$49,471	$43,663	$46,246	$46,128	$80,883	$56,958	$48,657	$32,020	$23,852	$20,034	$17,037	$13,566	$7,345	$10,361	$8,102	$9,192	$4,890	$3,066	$2,635	$2,752	$2,480	$2,459	$1,778	$1,503	$1,627	$1,031	$958
Enterprise value	$45,950	$40,451	$45,367	$45,604	$80,106	$56,250	$47,819	$31,657	$23,551	$19,585	$16,409	$12,725	$7,002	$10,028	$7,802	$8,837	$4,646	$3,015	$2,656	$2,805	$2,617	$2,677	$1,972	$1,714	$1,890	$1,431	–
P/E (TTM) at period end	46.08×	10.46×	32.98×	30.31×	53.81×	69.17×	46.48×	44.34×	40.87×	35.18×	34.42×	16.73×	18.88×	35.54×	34.23×	42.16×	21.34×	23.48×	23.32×	21.09×	31.27×	1446.56×	22.50×	26.98×	–	–	11.69×
P/S (TTM) at period end	8.15×	8.03×	9.23×	10.33×	15.46×	12.99×	11.19×	8.60×	6.94×	6.76×	6.83×	5.84×	3.59×	5.45×	4.83×	6.35×	3.70×	2.48×	2.42×	2.65×	2.49×	2.64×	2.07×	2.13×	2.35×	1.28×	1.06×
P/B at period end	4.79×	4.37×	6.95×	7.94×	13.86×	12.45×	11.73×	10.20×	8.07×	7.65×	6.81×	6.19×	4.76×	7.06×	6.10×	7.03×	4.22×	3.49×	3.16×	3.67×	3.59×	3.92×	2.80×	2.79×	3.55×	2.34×	0.78×
EV / EBITDA (TTM)	32.34×	26.37×	31.21×	27.84×	43.89×	55.98×	38.69×	38.34×	20.11×	23.81×	23.39×	10.34×	12.06×	22.63×	23.19×	27.78×	15.93×	11.39×	11.84×	12.73×	11.29×	12.74×	10.72×	18.53×	23.34×	8.47×	–
EV / Sales (TTM)	7.57×	7.44×	9.06×	10.22×	15.31×	12.82×	11.00×	8.50×	6.86×	6.61×	6.58×	5.48×	3.42×	5.28×	4.65×	6.11×	3.52×	2.44×	2.43×	2.70×	2.62×	2.87×	2.29×	2.43×	2.73×	1.78×	–
Returns
Return on equity	10.4%	41.8%	21.1%	26.2%	25.8%	18.0%	25.2%	23.0%	19.7%	21.7%	19.8%	37.0%	25.2%	19.9%	17.8%	16.7%	19.8%	14.9%	13.5%	17.4%	11.5%	0.3%	12.4%	10.3%	(2.6%)	(61.8%)	6.7%
Return on invested capital	12.9%	16.1%	18.6%	22.8%	26.4%	19.7%	28.2%	23.5%	19.4%	23.1%	21.2%	38.6%	22.9%	21.7%	17.8%	22.3%	19.2%	19.6%	14.1%	15.4%	14.4%	1.0%	14.2%	6.9%	3.3%	11.3%	6.9%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	3.72×	4.18×	3.38×	3.03×	3.08×	3.46×	3.31×	2.61×	1.80×	4.21×	4.30×	5.24×	4.99×	3.72×	3.49×	3.06×	3.06×	2.68×	1.55×	2.35×	2.65×	1.88×	2.15×	1.65×	1.59×	1.29×	2.28×
Debt / equity	0.06×	0.06×	0.09×	0.10×	0.10×	0.13×	0.14×	0.19×	0.35×	0.31×	0.24×	0.27×	0.38×	0.13×	0.11×	0.03×	0.08×	0.20×	0.25×	0.31×	0.46×	0.43×	0.40×	0.46×	0.68×	0.97×	–
Effective tax rate	17.0%	9.8%	11.1%	12.9%	11.7%	10.2%	10.3%	5.1%	43.6%	22.8%	20.5%	29.1%	23.9%	24.9%	16.5%	18.7%	24.7%	21.6%	24.6%	24.3%	32.0%	94.4%	14.9%	0.5%	(11.1%)	(5.0%)	27.4%
Share count
Diluted shares outstanding	586	599	609	624	631	632	637	641	648	653	661	651	683	710	716	715	705	715	752	767	748	744	733	736	707	697	697

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$6,512	$6,068	$5,440	$5,010	$4,464	$5,232	$4,386	$4,348	$3,723	$3,435	$2,964	$2,494	$2,323	$2,046	$1,900	$1,679	$1,447	$1,321	$1,238	$1,091	$1,037	$998	$932	$860	$704	$692	$804	$905
Cost of revenue	($1,443)	($1,334)	($1,118)	($978)	($724)	($1,249)	($1,081)	($1,114)	($939)	($875)	($797)	($617)	($626)	($517)	($491)	($490)	($408)	($399)	($420)	($381)	($383)	($375)	($370)	($359)	($299)	($324)	($423)	($466)
Gross profit	$5,069	$4,733	$4,322	$4,032	$3,740	$3,984	$3,306	$3,234	$2,783	$2,560	$2,166	$1,876	$1,697	$1,529	$1,409	$1,189	$1,039	$922	$818	$710	$654	$623	$561	$501	$405	$368	$381	$439
Operating expenses
Research and development	($1,091)	($1,079)	($1,053)	($963)	($844)	($903)	($761)	($753)	($622)	($553)	($442)	($383)	($346)	($323)	($291)	($246)	($204)	($176)	($139)	($122)	($114)	($99)	($87)	($73)	($65)	($55)	($55)	($55)
Selling, general and administrative	($2,201)	($2,085)	($1,789)	($1,582)	($1,358)	($1,494)	($1,228)	($1,242)	($1,088)	($991)	($905)	($851)	($858)	($733)	($697)	($642)	($550)	($509)	($481)	($418)	($376)	($349)	($320)	($290)	($228)	($203)	($216)	($233)
Total operating expenses	($3,620)	($3,469)	($2,943)	($2,723)	($2,242)	($2,293)	($2,408)	($2,087)	($2,035)	($1,471)	($1,415)	($1,241)	($535)	($1,011)	($1,019)	($910)	($777)	($689)	($609)	($540)	($490)	($448)	($407)	($363)	($353)	($344)	($286)	($322)
Total costs and expenses	($5,063)	($4,803)	($4,061)	($3,701)	($2,966)	($3,542)	($3,489)	($3,201)	($2,975)	($2,346)	($2,212)	($1,858)	($1,160)	($1,528)	($1,510)	($1,400)	($1,185)	($1,088)	($1,029)	($922)	($874)	($822)	($777)	($722)	($652)	($668)	($709)	($788)
Operating income	$1,449	$1,264	$1,379	$1,309	$1,498	$1,690	$898	$1,147	$748	$1,089	$751	$636	$1,162	$518	$390	$278	$262	$233	$209	$170	$164	$176	$154	$138	$52	$24	$95	$117
Earnings
EBITDA	$1,614	$1,421	$1,534	$1,454	$1,638	$1,825	$1,005	$1,236	$826	$1,171	$822	$702	$1,231	$581	$443	$336	$318	$292	$265	$224	$220	$232	$210	$184	$92	$81	$169	$201
Interest income	$158	$169	$120	$67	$36	$17	$23	$32	$32	$20	$11	$8	$6	$5	$5	$3	$1	$2	$6	$8	$8	$3	–	–	–	–	–	–
Interest expense	–	($20)	($20)	($18)	($19)	($18)	($16)	($21)	($30)	($23)	($19)	($17)	($17)	($10)	($4)	($3)	($2)	($3)	($7)	($9)	($10)	($12)	($14)	($13)	($12)	($23)	–	–
Pre-tax income	$1,418	$1,273	$1,548	$1,372	$1,520	$1,702	$917	$1,166	$761	$1,035	$738	$622	$1,144	$511	$388	$284	$268	$304	$164	$150	$172	$117	$30	$93	$56	($9)	($259)	$113
Income tax expense	($439)	($217)	($152)	($152)	($196)	($199)	($93)	($120)	($39)	($451)	($168)	($128)	($333)	($122)	($97)	($47)	($50)	($75)	($36)	($37)	($42)	($37)	($28)	($14)	($0)	($1)	($13)	($31)
Net income	$1,005	$1,074	$4,175	$1,402	$1,522	$1,503	$823	$1,047	$722	$584	$570	$495	$811	$389	$292	$237	$218	$229	$129	$113	$130	$79	$2	$79	$56	($12)	($272)	$82
Per share
Diluted EPS (GAAP)	$1.74	$1.83	$6.97	$2.30	$2.44	$2.38	$1.30	$1.64	$1.13	$0.90	$0.87	$0.75	$1.25	$0.57	$0.41	$0.33	$0.305	$0.325	$0.1833	$0.16	$0.18	$0.11	$0.0025	$0.11	$0.0758	($0.017)	($0.39)	$0.12
Basic EPS (GAAP)	$1.74	$1.84	$6.98	$2.31	$2.46	$2.41	$1.32	$1.68	$1.15	$0.9233	$0.89	$0.7667	$1.27	$0.58	$0.4233	$0.345	$0.32	$0.34	$0.1917	$0.16	$0.19	$0.11	$0.0025	$0.11	$0.0783	($0.017)	($0.39)	$0.12
Basic shares outstanding	580	585	598	607	619	623	623	625	628	633	639	646	639	670	689	688	682	675	670	688	702	715	715	709	708	707	697	697
Margins
Gross margin	77.8%	78.0%	79.5%	80.5%	83.8%	76.1%	75.4%	74.4%	74.8%	74.5%	73.1%	75.2%	73.1%	74.7%	74.2%	70.8%	71.8%	69.8%	66.1%	65.1%	63.0%	62.5%	60.3%	58.2%	57.5%	53.2%	47.4%	48.5%
Operating margin	22.3%	20.8%	25.3%	26.1%	33.6%	32.3%	20.5%	26.4%	20.1%	31.7%	25.3%	25.5%	50.0%	25.3%	20.5%	16.6%	18.1%	17.6%	16.9%	15.5%	15.8%	17.6%	16.6%	16.1%	7.4%	3.5%	11.8%	12.9%
Net margin	15.4%	17.7%	76.7%	28.0%	34.1%	28.7%	18.8%	24.1%	19.4%	17.0%	19.2%	19.8%	34.9%	19.0%	15.3%	14.1%	15.1%	17.3%	10.4%	10.4%	12.6%	7.9%	0.2%	9.2%	7.9%	(1.7%)	(33.8%)	9.1%

Analyst consensus

Buy49 analysts

Bearish · 0 · Hold · 16 · Bullish · 33

Earnings history

	EPS	Estimate
Q3 2024	$0.67	$0.67	Beat
Q4 2024	$0.59	$0.55	Beat
Q1 2025	$0.64	$0.60	Beat
Q2 2025	$0.67	$0.62	Beat
Q3 2025	$0.67	$0.60	Beat
Q4 2025	$0.58	$0.62	Miss
Q1 2026	$0.78	$0.73	Beat
Q2 2026	$0.78	$0.74	Beat

Peers

Company overview

IPO dateMar 27, 2000

CEOBernard J. Zovighian

Employees16,000

SectorHealthcare

IndustryMedical - Devices

CountryUS

ExchangeNew York Stock Exchange

Websitewww.edwards.com

Edwards Lifesciences Corporation is a global medical technology firm specializing in sophisticated products and technologies for structural heart conditions, alongside critical care and surgical patient monitoring. With operations spanning the United States, Europe, Japan, and various international territories, the company offers a comprehensive suite of solutions. Their structural heart disease portfolio encompasses transcatheter heart valve replacement systems designed for minimally invasive procedures, as well as transcatheter repair and replacement options specifically targeting mitral and tricuspid valve pathologies, exemplified by their PASCAL and Cardioband systems. Additionally, they provide advanced surgical structural heart solutions, including the INSPIRIS aortic surgical valve, the KONECT RESILIA pre-assembled aortic tissue valved conduit for complex valve, root, and ascending aorta replacements, and the HARPOON Beating Heart Mitral Valve Repair System for patients suffering from degenerative mitral regurgitation. In the realm of critical care, Edwards supplies advanced hemodynamic monitoring systems that assess patients' cardiac function and fluid status in both surgical and intensive care environments. This offering also features the Acumen Hypotension Prediction Index software, which provides early alerts to clinicians regarding potential dangerously low blood pressure. The company distributes its products to healthcare providers through a combination of its proprietary sales force and independent distributor networks. Founded in 1958, Edwards Lifesciences Corporation maintains its headquarters in Irvine, California.

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