Edwards Lifesciences vs Zimmer Biomet
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The short version
- Zimmer Biomet is the larger business, with $8.2B of revenue in fiscal 2025 against $6.1B for Edwards Lifesciences.
- Edwards Lifesciences grew revenue faster (11.6%, against 7.2%).
- Edwards Lifesciences kept more of each dollar of sales as operating profit (20.8% operating margin, against 13.3%).
- Edwards Lifesciences turned more of its sales into free cash flow (22.0% FCF margin, against 17.9%).
- Edwards Lifesciences earned a higher return on the capital invested in it (15.7%, against 4.9%).
- Investors pay more for each dollar of Edwards Lifesciences’s earnings: a P/E of 51.2x against 23.9x for Zimmer Biomet.
| Latest fiscal year | EW · FY25 | ZBH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $51.4B | $19.0B |
| Revenue | $6.1B | $8.2B |
| Free cash flow | $1.3B | $1.5B |
| Net income | $1.1B | $705M |
| Growth | ||
| Revenue growth | 11.6% | 7.2% |
| 5-year growth | 6.7% | 6.1% |
| Share count change | −2.3% | −2.6% |
| Profitability | ||
| Gross margin | 78.0% | 69.7% |
| Operating margin | 20.8% | 13.3% |
| Net margin | 17.7% | 8.6% |
| FCF margin | 22.0% | 17.9% |
| Return on capital | 15.7% | 4.9% |
| Return on equity | 10.6% | 5.6% |
| Balance sheet | ||
| Net debt | −$3.6B | $6.9B |
| Net debt / EBITDA | −2.6x | 3.2x |
| Dividends and buybacks | $893M | $677M |
| Valuation & quality | ||
| P/E | 51.2x | 23.9x |
| Piotroski F-score | 5 | 6 |
FY16
EW $3.0B
ZBH $7.7B
FY17
EW $3.4B
ZBH $7.8B
FY18
EW $3.7B
ZBH $7.9B
FY19
EW $4.3B
ZBH $8.0B
FY20
EW $4.4B
ZBH $6.1B
FY21
EW $5.2B
ZBH $6.8B
FY22
EW $4.5B
ZBH $6.9B
FY23
EW $5.0B
ZBH $7.4B
FY24
EW $5.4B
ZBH $7.7B
FY25
EW $6.1B
ZBH $8.2B
EW
ZBH
FY16
EW 25.4%
ZBH 10.7%
FY17
EW 31.7%
ZBH 10.2%
FY18
EW 20.1%
ZBH 0.4%
FY19
EW 26.4%
ZBH 14.3%
FY20
EW 20.5%
ZBH 1.4%
FY21
EW 32.3%
ZBH 12.6%
FY22
EW 33.6%
ZBH 10.0%
FY23
EW 26.1%
ZBH 17.3%
FY24
EW 25.4%
ZBH 16.7%
FY25
EW 20.8%
ZBH 13.3%
EW
ZBH
FY16
EW $528M
ZBH $1.4B
FY17
EW $833M
ZBH $1.4B
FY18
EW $688M
ZBH $1.6B
FY19
EW $929M
ZBH $1.4B
FY20
EW $647M
ZBH $1.1B
FY21
EW $1.4B
ZBH $1.4B
FY22
EW $974M
ZBH $1.2B
FY23
EW $643M
ZBH $1.3B
FY24
EW $290M
ZBH $1.3B
FY25
EW $1.3B
ZBH $1.5B
EW
ZBH
FY16
EW 28.7%
ZBH 3.1%
FY17
EW 25.5%
ZBH 3.8%
FY18
EW 26.1%
ZBH 0.1%
FY19
EW 34.3%
ZBH 5.7%
FY20
EW 23.1%
ZBH 0.3%
FY21
EW 34.2%
ZBH 4.7%
FY22
EW 25.7%
ZBH 3.3%
FY23
EW 21.4%
ZBH 7.0%
FY24
EW 20.1%
ZBH 6.2%
FY25
EW 15.7%
ZBH 4.9%
EW
ZBH
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.