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Edwards Lifesciences

EW NYSE Health Care Equipment Financials FY2016–FY2025

Edwards Lifesciences' revenue rose 11.6% to $6.1 billion in fiscal 2025. Its operating margin was 20.8%, down from 25.4% a year earlier. Free cash flow was $1.3 billion, up 360.5%. It paid out $893 million in dividends and buybacks, 67% of free cash flow. The diluted share count fell 2.2%.

Last close · Oct 23, 2026

$89.07

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$6.1B
11.5% vs prior year
Operating margin Operating income as a share of revenue.
20.8%
4.5 pts
Net income Profit after all expenses, interest and tax.
$1.1B
74.3%
Free cash flow Cash from operations minus capital spending.
$1.3B
360.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.7%
4.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$51.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
51.2x
On $1.74 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.

What Edwards Lifesciences does

No business description yet.

Legal name
Edwards Lifesciences Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001099800-26-000009
0001099800

Revenue and margins

Edwards Lifesciences had $6.1B of revenue in fiscal 2025, up 11.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.3B in fiscal 2025, 22.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Edwards Lifesciences returned $893M to shareholders in fiscal 2025, 67% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Edwards Lifesciences yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $3.6B and divides by 585.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 51.2x · peers 26.3x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Edwards Lifesciences can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.2B$1.6B$4.0B$4.2B
Debt incl. finance leases $596M$596M$597M$598M$598M
Net debt / EBITDA −0.5x−0.4x−0.7x−2.2x−2.6x
Debt / equity 0.1x0.1x0.1x0.1x0.1x
Interest coverage 91.9x78.0x74.4x69.6x62.0x
Current ratio 3.1x3.0x3.4x4.2x3.7x
Quick ratio 2.4x2.2x2.6x3.5x3.1x
Total assets $8.5B$8.3B$9.4B$13.1B$13.7B
Total liabilities $2.7B$2.5B$2.6B$3.0B$3.4B
Shareholders' equity $5.8B$5.8B$6.7B$10.0B$10.3B
Net debt (− = net cash) −$871M−$619M−$1.0B−$3.4B−$3.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.6M

6 insiders

Of sales under plans

6%

$0.3M

DateInsiderTradeSharesPriceValueFiling
Oct 8, 2026 Daniel J. LippisCvp, Tavr Sold plan 619 $85.65 $0.1M Form 4
Sep 11, 2026 Daniel J. LippisCvp, Tavr Sold plan 619 $87.51 $0.1M Form 4
Aug 31, 2026 Andrew M. DahlSVP, Corporate Controller Sold 544 $91.06 $0.0M Form 4
Aug 28, 2026 Annette BrulsCvp, Emeacla Sold 2,644 $89.98 $0.2M Form 4
Aug 26, 2026 Daveen ChopraCvp, Tmtt, Surgical & IHFM Sold 31,800 $91.02 $2.9M Form 4
Aug 26, 2026 Wayne MarkowitzCvp, Japac Sold 1,240 $91.47 $0.1M Form 4
Aug 11, 2026 Daniel J. LippisCvp, Tavr Sold plan 619 $92.03 $0.1M Form 4
Jul 30, 2026 Wayne MarkowitzCvp, Japac Sold 146 $86.03 $0.0M Form 4
Jul 28, 2026 Wayne MarkowitzCvp, Japac Sold 9,628 $85.06 $0.8M Form 4
Jul 27, 2026 Bernard J ZovighianCEO, Director Sold 2,921 $83.93 $0.2M Form 4
Jul 10, 2026 Daniel J. LippisCvp, Tavr Sold plan 619 $91.70 $0.1M Form 4
Jun 30, 2026 Daniel J. LippisCvp, Tavr Sold plan 619 $91.40 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✕ ✕ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 96 / 95 / 9
Accruals ratio 5.7%32.4%−3.9%
Altman Z'' 8.739.939.60

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Edwards Lifesciences EW $51.4B 11.6% 20.8% 22.0% 15.7% 51.2x 5
Steris STE $22.7B 8.7% 18.6% 16.4% 9.6% 28.4x 9 Compare →
ResMed | RMD $36.9B 9.9% 33.4% 29.2% 26.7% 24.2x 6 Compare →
Dexcom DXCM $30.4B 15.6% 19.6% 23.1% 44.9% 30.9x 8 Compare →
Zimmer Biomet ZBH $19.0B 7.2% 13.3% 17.9% 4.9% 23.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $3.4B $3.7B $4.3B $4.4B $5.2B $4.5B $5.0B $5.4B $6.1B
Gross profit $2.2B $2.6B $2.8B $3.2B $3.3B $4.0B $3.7B $4.0B $4.3B $4.7B
Research and development $442M $553M $622M $753M $761M $903M $844M $963M $1.1B $1.1B
Operating income $751M $1.1B $748M $1.1B $898M $1.7B $1.5B $1.3B $1.4B $1.3B
Interest expense $19.2M $23.2M $29.9M $20.7M $15.8M $18.4M $19.2M $17.6M $19.8M $20.4M
Pretax income $738M $1.0B $761M $1.2B $917M $1.7B $1.5B $1.4B $1.5B $1.3B
Income tax $168M $451M $39.2M $120M $93.3M $199M $196M $152M $152M $217M
Net income $570M $584M $722M $1.0B $823M $1.5B $1.5B $1.4B $4.2B $1.1B
Diluted EPS $0.87 $0.90 $1.13 $1.64 $1.30 $2.38 $2.44 $2.30 $6.97 $1.83
Diluted shares 0.65B 0.65B 0.64B 0.64B 0.63B 0.63B 0.62B 0.61B 0.60B 0.59B
Cash flow
Cash from operations $704M $1.0B $927M $1.2B $1.1B $1.7B $1.2B $896M $542M $1.6B
Capital expenditure $176M $168M $239M $254M $407M $326M $245M $253M $252M $260M
Free cash flow $528M $833M $688M $929M $647M $1.4B $974M $643M $290M $1.3B
Depreciation and amortization $71.2M $81.9M $77.4M $89.3M $107M $135M $140M $145M $155M $157M
Stock-based compensation $56.9M $61.6M $71.0M $81.3M $92.6M $109M $127M $139M $162M $158M
Acquisitions $0.0M $193M $0.0M $100M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $662M $763M $796M $263M $625M $513M $1.7B $880M $1.2B $893M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $662M $763M $796M $263M $625M $513M $1.7B $880M $1.2B $893M
Balance sheet
Cash and short-term investments $1.3B $1.3B $957M $1.5B $1.4B $1.5B $1.2B $1.6B $4.0B $4.2B
Total debt $822M $1.0B $594M $594M $595M $596M $596M $597M $598M $598M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.2B $2.5B $2.3B $3.0B $3.1B $3.2B $3.1B $4.0B $6.3B $6.7B
Current liabilities $533M $1.4B $877M $902M $894M $1.0B $1.0B $1.2B $1.5B $1.8B
Inventory $397M $555M $607M $641M $802M $727M $876M $904M $1.1B $1.1B
Property and equipment, net $580M $680M $868M $1.1B $1.4B $1.5B $1.6B $1.6B $1.7B $1.8B
Total assets $4.5B $5.7B $5.3B $6.5B $7.2B $8.5B $8.3B $9.4B $13.1B $13.7B
Total liabilities $1.9B $2.7B $2.2B $2.3B $2.7B $2.7B $2.5B $2.6B $3.0B $3.4B
Shareholders' equity $2.6B $3.0B $3.1B $4.1B $4.6B $5.8B $5.8B $6.7B $10.0B $10.3B
Margins
Gross margin 73.1% 74.5% 74.8% 74.4% 75.4% 76.1% 83.8% 80.5% 79.5% 78.0%
Operating margin 25.4% 31.7% 20.1% 26.4% 20.5% 32.3% 33.6% 26.1% 25.4% 20.8%
EBITDA margin 27.8% 34.1% 22.2% 28.4% 22.9% 34.9% 36.7% 29.0% 28.2% 23.4%
Net margin 19.2% 17.0% 19.4% 24.1% 18.8% 28.7% 34.1% 28.0% 76.8% 17.7%
FCF margin 17.8% 24.2% 18.5% 21.4% 14.8% 26.9% 21.8% 12.8% 5.3% 22.0%
Returns
Return on capital 28.7% 25.5% 26.1% 34.3% 23.1% 34.2% 25.7% 21.4% 20.1% 15.7%
Return on capital employed 19.9% 26.5% 17.2% 22.9% 15.1% 24.5% 20.3% 17.0% 14.0% 10.8%
Return on equity 22.2% 20.9% 23.7% 28.7% 18.9% 28.9% 26.1% 22.5% 50.2% 10.6%
Return on assets 13.3% 11.5% 13.1% 17.7% 12.0% 19.1% 18.1% 15.9% 37.2% 8.0%
Growth
Revenue growth 18.9% 15.9% 8.4% 16.8% 0.9% 19.3% −14.7% 12.2% 8.6% 11.6%
Net income growth 15.1% 2.5% 23.8% 45.0% −21.4% 82.6% 1.3% −7.9% 197.7% −74.3%
EPS growth 16.0% 3.5% 25.6% 45.1% −20.7% 83.1% 2.5% −5.7% 203.0% −73.7%
FCF growth 18.2% 57.6% −17.4% 35.0% −30.3% 117.3% −30.8% −34.0% −54.9% 360.5%
Share count change −1.1% −0.9% −1.1% −0.7% −0.8% −0.1% −1.1% −2.4% −1.7% −2.3%
Financial health
Net debt / EBITDA −0.6x −0.3x −0.4x −0.8x −0.8x −0.5x −0.4x −0.7x −2.2x −2.6x
Debt / equity 0.3x 0.4x 0.2x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
Interest coverage 39.1x 47.0x 25.0x 55.4x 56.8x 91.9x 78.0x 74.4x 69.6x 62.0x
Current ratio 4.2x 1.8x 2.6x 3.3x 3.5x 3.1x 3.0x 3.4x 4.2x 3.7x
Quick ratio 3.5x 1.4x 1.9x 2.6x 2.6x 2.4x 2.2x 2.6x 3.5x 3.1x
Capital allocation
Capex / revenue 5.9% 4.9% 6.4% 5.9% 9.3% 6.2% 5.5% 5.1% 4.6% 4.3%
Stock comp / revenue 1.9% 1.8% 1.9% 1.9% 2.1% 2.1% 2.8% 2.8% 3.0% 2.6%
Payouts / FCF 125.4% 91.7% 115.6% 28.4% 96.6% 36.5% 177.4% 136.8% 399.9% 66.9%
Quality scores
Piotroski F-score 5.0 6.0 7.0 8.0 7.0 8.0 5.0 6.0 6.0 5.0
Altman Z'' 7.9 4.9 5.8 7.0 6.7 7.6 8.3 8.7 9.9 9.6
Accruals ratio −3.2% −8.2% −3.7% −2.3% −3.4% −2.9% 3.6% 5.7% 32.4% −3.9%

Source: SEC EDGAR XBRL filings (CIK 0001099800). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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