Edwards Lifesciences vs ResMed |
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The short version
- Edwards Lifesciences is the larger business, with $6.1B of revenue in fiscal 2025 against $5.7B for ResMed |.
- Edwards Lifesciences grew revenue faster (11.6%, against 9.9%).
- ResMed | kept more of each dollar of sales as operating profit (33.4% operating margin, against 20.8%).
- ResMed | turned more of its sales into free cash flow (29.2% FCF margin, against 22.0%).
- ResMed | earned a higher return on the capital invested in it (26.7%, against 15.7%).
| Latest fiscal year | EW · FY25 | RMD · FY26 |
|---|---|---|
| Size | ||
| Market cap | $51.4B | $36.9B |
| Revenue | $6.1B | $5.7B |
| Free cash flow | $1.3B | $1.6B |
| Net income | $1.1B | $1.5B |
| Growth | ||
| Revenue growth | 11.6% | 9.9% |
| 5-year growth | 6.7% | 12.1% |
| Share count change | −2.3% | −0.9% |
| Profitability | ||
| Gross margin | 78.0% | 61.1% |
| Operating margin | 20.8% | 33.4% |
| Net margin | 17.7% | 26.9% |
| FCF margin | 22.0% | 29.2% |
| Return on capital | 15.7% | 26.7% |
| Return on equity | 10.6% | 24.3% |
| Balance sheet | ||
| Net debt | −$3.6B | −$810M |
| Net debt / EBITDA | −2.6x | −0.4x |
| Dividends and buybacks | $893M | $1.0B |
| Valuation & quality | ||
| P/E | 51.2x | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY17
EW $3.4B
RMD $2.1B
FY18
EW $3.7B
RMD $2.3B
FY19
EW $4.3B
RMD $2.6B
FY20
EW $4.4B
RMD $3.0B
FY21
EW $5.2B
RMD $3.2B
FY22
EW $4.5B
RMD $3.6B
FY23
EW $5.0B
RMD $4.2B
FY24
EW $5.4B
RMD $4.7B
FY25
EW $6.1B
RMD $5.1B
FY26
EW —
RMD $5.7B
EW
RMD
Operating margin
FY17
EW 31.7%
RMD 20.6%
FY18
EW 20.1%
RMD 23.2%
FY19
EW 26.4%
RMD 22.2%
FY20
EW 20.5%
RMD 27.4%
FY21
EW 32.3%
RMD 28.3%
FY22
EW 33.6%
RMD 28.0%
FY23
EW 26.1%
RMD 26.8%
FY24
EW 25.4%
RMD 28.2%
FY25
EW 20.8%
RMD 32.8%
FY26
EW —
RMD 33.4%
EW
RMD
Free cash flow
FY17
EW $833M
RMD $352M
FY18
EW $688M
RMD $442M
FY19
EW $929M
RMD $390M
FY20
EW $647M
RMD $707M
FY21
EW $1.4B
RMD $634M
FY22
EW $974M
RMD $216M
FY23
EW $643M
RMD $574M
FY24
EW $290M
RMD $1.3B
FY25
EW $1.3B
RMD $1.7B
FY26
EW —
RMD $1.6B
EW
RMD
Return on capital
FY17
EW 25.5%
RMD —
FY18
EW 26.1%
RMD —
FY19
EW 34.3%
RMD 16.9%
FY20
EW 23.1%
RMD 21.4%
FY21
EW 34.2%
RMD 15.0%
FY22
EW 25.7%
RMD 22.8%
FY23
EW 21.4%
RMD 20.0%
FY24
EW 20.1%
RMD 20.0%
FY25
EW 15.7%
RMD 26.2%
FY26
EW —
RMD 26.7%
EW
RMD
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.