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Edwards Lifesciences Corporation provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for minimally invasive replacement of aortic heart valves under the Edwards SAPIEN family of valves system; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases under the PASCAL and EVOQUE brands. The company also provides surgical structural heart solutions, such as aortic surgical valve under the INSPIRIS brand name; INSPIRIS RESILIA aortic valve, which offers RESILIA tissue and VFit technology; KONECT RESILIA, a pre-assembled tissue valve conduit for complex combined procedures; and MITRIS RESILIA valve. It distributes its products through a direct sales force and independent distributors. Edwards Lifesciences Corporation was founded in 1958 and is headquartered in Irvine, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.1B | $1.4B | $1.1B | $1.3B | - | 11.5% | -74.3% |
| 2024 | $5.4B | $1.7B | $4.2B | $260M | - | 8.6% | 197.7% |
| 2023 | $5.0B | $1.5B | $1.4B | $630M | - | 12.2% | -7.9% |
| 2022 | $4.5B | $1.7B | $1.5B | $953M | - | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,464 | 5,010 | 5,439.50 | 6,067.60 |
| Cost Of Revenue | - | 723.70 | 978.40 | 1,117.50 | 1,334.20 |
| Gross Profit | - | 3,740.30 | 4,031.60 | 4,322 | 4,733.40 |
| Operating Expense | - | 2,201.20 | 2,545.40 | 2,841.90 | 3,097.20 |
| Operating Income | - | 1,539.10 | 1,486.20 | 1,480.10 | 1,636.20 |
| EBITDA | - | 1,678.30 | 1,534.90 | 1,723.10 | 1,449.90 |
| EBIT | - | 1,538.70 | 1,390 | 1,567.90 | 1,293.30 |
| Pretax Income | - | 1,519.50 | 1,372.40 | 1,548.10 | 1,272.90 |
| Tax Provision | - | 195.50 | 152.40 | 152.10 | 216.90 |
| Net Income | - | 1,521.90 | 1,402.40 | 4,174.60 | 1,073.50 |
| Net Income Common Stockholders | - | 1,521.90 | 1,402.40 | 4,174.60 | 1,073.50 |
| Total Expenses | - | 2,924.90 | 3,523.80 | 3,959.40 | 4,431.40 |
| Interest Expense | - | 19.20 | 17.60 | 19.80 | 20.40 |
| Interest Income | - | 35.50 | 67.20 | 120.30 | 168.80 |
| Research And Development | - | 843.60 | 962.90 | 1,053 | 1,079.20 |
| Selling General And Administration | - | 1,357.60 | 1,582.50 | 1,789.20 | 2,085.20 |
| Normalized EBITDA | - | 1,715.30 | 1,702.90 | 1,763 | 1,964.80 |
| Normalized Income | - | 1,356.24 | 1,372.35 | 1,436.88 | 1,487.26 |
| Market Cap | 48,515.99 | 48,515.99 | 48,515.99 | 48,515.99 | 48,515.99 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Edwards Lifesciences Corporationthis co. | EW | $49.1B | 45.19↑ premium | - | - | 31.92 |
| Cencora, Inc. | COR | $59.7B | 38.58 | 39.76 | 103.1% | 16.88 |
| Zoetis Inc. | ZTS | $51.8B | 18.46 | 14.81 | 80.2% | 13.83 |
| Cardinal Health, Inc. | CAH | $48.1B | 30.13 | -16.91 | -56.1% | 16.64 |
| IDEXX Laboratories, Inc. | IDXX | $45.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| 42.53 |
| 28.07 |
| 66.0% |
| 30.41 |
| Becton, Dickinson and Company | BDX | $43.8B | 25.79 | 1.70 | 6.6% | 12.47 |
| Alnylam Pharmaceuticals, Inc. | ALNY | $40.1B | 129.94 | 51.66 | 39.8% | 63.96 |
| Agilent Technologies, Inc. | A | $32.8B | 25.06 | 4.84 | 19.3% | 18.65 |
| GE HealthCare Technologies Inc. | GEHC | $31.5B | 15.07 | 3.03 | 20.1% | 9.87 |
| Peer Median | - | 27.96 | 9.83 | 29.9% | 16.76 | |