Edwards Lifesciences
EW · Health Care Equipment
$89.07
1.1%Steris
STE · Health Care Equipment
$232.15
0.0%The short version
- Edwards Lifesciences is the larger business, with $6.1B of revenue in fiscal 2025 against $5.9B for Steris.
- Edwards Lifesciences grew revenue faster (11.6%, against 8.7%).
- Edwards Lifesciences kept more of each dollar of sales as operating profit (20.8% operating margin, against 18.6% operating margin).
- Edwards Lifesciences turned more of its sales into free cash flow (22.0% FCF margin, against 16.4% FCF margin).
- Edwards Lifesciences earned a higher return on the capital invested in it (15.7%, against 9.6%).
- Investors pay more for each dollar of Edwards Lifesciences’s earnings: a P/E of 51.2x against 28.4x for Steris.
| Latest fiscal year | EW · FY25 | STE · FY26 |
|---|---|---|
| Size | ||
| Market cap | $51.4B | $22.7B |
| Revenue | $6.1B | $5.9B |
| Free cash flow | $1.3B | $972M |
| Net income | $1.1B | $782M |
| Growth | ||
| Revenue growth | 11.6% | 8.7% |
| 5-year growth | 6.7% | 13.8% |
| Share count change | −2.3% | −0.4% |
| Profitability | ||
| Gross margin | 78.0% | 44.3% |
| Operating margin | 20.8% | 18.6% |
| Net margin | 17.7% | 13.2% |
| FCF margin | 22.0% | 16.4% |
| Return on capital | 15.7% | 9.6% |
| Return on equity | 10.6% | 11.4% |
| Balance sheet | ||
| Net debt | −$3.6B | $1.5B |
| Net debt / EBITDA | −2.6x | 0.9x |
| Dividends and buybacks | $893M | $477M |
| Valuation & quality | ||
| P/E | 51.2x | 28.4x |
| Piotroski F-score | 5 | 9 |
FY17
EW $3.4B
STE $2.6B
FY18
EW $3.7B
STE $2.6B
FY19
EW $4.3B
STE $2.8B
FY20
EW $4.4B
STE $3.0B
FY21
EW $5.2B
STE $3.1B
FY22
EW $4.5B
STE $4.2B
FY23
EW $5.0B
STE $4.5B
FY24
EW $5.4B
STE $5.1B
FY25
EW $6.1B
STE $5.5B
FY26
EW —
STE $5.9B
EW
STE
FY17
EW 31.7%
STE 8.7%
FY18
EW 20.1%
STE 15.3%
FY19
EW 26.4%
STE 14.8%
FY20
EW 20.5%
STE 17.7%
FY21
EW 32.3%
STE 17.7%
FY22
EW 33.6%
STE 11.3%
FY23
EW 26.1%
STE 17.4%
FY24
EW 25.4%
STE 16.3%
FY25
EW 20.8%
STE 15.9%
FY26
EW —
STE 18.6%
EW
STE
FY17
EW $833M
STE $251M
FY18
EW $688M
STE $292M
FY19
EW $929M
STE $350M
FY20
EW $647M
STE $376M
FY21
EW $1.4B
STE $450M
FY22
EW $974M
STE $397M
FY23
EW $643M
STE $395M
FY24
EW $290M
STE $613M
FY25
EW $1.3B
STE $778M
FY26
EW —
STE $972M
EW
STE
FY17
EW 25.5%
STE —
FY18
EW 26.1%
STE —
FY19
EW 34.3%
STE 8.0%
FY20
EW 23.1%
STE 10.5%
FY21
EW 34.2%
STE 8.8%
FY22
EW 25.7%
STE 5.1%
FY23
EW 21.4%
STE 7.1%
FY24
EW 20.1%
STE 7.2%
FY25
EW 15.7%
STE 7.5%
FY26
EW —
STE 9.6%
EW
STE
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.