Edwards Lifesciences Corporation

HealthcareLarge CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

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.

Valuation

Market Cap$50.4B

Current Price$86.41as of Jun 23, 2026

P/E Ratio46.91

P/B Ratio4.87

EV / EBITDA33.19

EV / Sales7.93

Profitability

Operating Margin27.0%

Net Profit Margin17.7%

EBITDA Margin23.9%

Returns

ROE10.4%

ROCE13.8%

ROIC %-

ROA7.8%

Solvency

Current Ratio3.72

Debt / Equity0.07

Debt / Assets0.05

CFO / Net Profit1.49

Price History▲ 14.72% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$6.1B▲ 11.5%

EBITDA$1.4B▼ 15.9%

Net Profit$1.1B▼ 74.3%

Cash from Ops (CFO)$1.6B▲ 194.2%

Free Cash Flow (FCF)$1.3B▲ 413.7%

Revenue CAGR 3Y10.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-11.0%

Net Profit CAGR 5Y-

Historical Growth

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	-

Financial Statements

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
Operating 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
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
Total Expenses	-	2,924.90	3,523.80	3,959.40	4,431.40
Operating Income	-	1,539.10	1,486.20	1,480.10	1,636.20
Total Operating Income As Reported	-	1,498.40	1,308.90	1,378.70	1,264.20
EBITDA	-	1,678.30	1,534.90	1,723.10	1,449.90
Normalized EBITDA	-	1,715.30	1,702.90	1,763	1,964.80
EBIT	-	1,538.70	1,390	1,567.90	1,293.30
Interest Income	-	35.50	67.20	120.30	168.80
Interest Expense	-	19.20	17.60	19.80	20.40
Net Interest Income	-	16.30	49.60	100.50	148.40
Other Non Operating Income Expenses	-	1.10	4.60	7.40	3.20
Other Income Expense	-	-35.90	-163.40	-32.50	-511.70
Interest Income Non Operating	-	35.50	67.20	120.30	168.80
Interest Expense Non Operating	-	19.20	17.60	19.80	20.40
Net Non Operating Interest Income Expense	-	16.30	49.60	100.50	148.40
Pretax Income	-	1,519.50	1,372.40	1,548.10	1,272.90
Tax Provision	-	195.50	152.40	152.10	216.90
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-4.76	-18.65	-3.92	-87.74
Net Income Continuous Operations	-	1,324	1,220	1,396	1,056
Net Income From Continuing And Discontinued Operation	-	1,521.90	1,402.40	4,174.60	1,073.50
Net Income From Continuing Operation Net Minority Interest	-	1,324	1,223	1,400.90	1,060.10
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
Net Income Including Noncontrolling Interests	-	1,521.90	1,399.40	4,169.70	1,069.40
Normalized Income	-	1,356.24	1,372.35	1,436.88	1,487.26
Diluted NI Availto Com Stockholders	-	1,521.90	1,402.40	4,174.60	1,073.50
Basic Average Shares	-	619	606.70	597.70	584.80
Diluted Average Shares	-	624.20	609.40	599.30	585.80
Reconciled Depreciation	-	139.60	144.90	155.20	156.60
Reconciled Cost Of Revenue	-	723.70	978.40	1,117.50	1,334.20
Total Unusual Items	-	-37	-168	-39.90	-514.90
Total Unusual Items Excluding Goodwill	-	-37	-168	-39.90	-514.90
Minority Interests	-	0	3	4.90	4.10
Net Income Discontinuous Operations	-	197.90	179.40	2,773.70	13.40
Special Income Charges	-	-36.90	-177.30	-101.40	-518.90
Gain On Sale Of Business	0	-60.70	-17.20	-	-
Other Special Charges	-	12	203.50	40.40	325.40
Write Off	-	-	0	0	146.90
Impairment Of Capital Assets	-	-	0	0	40
Restructuring And Mergern Acquisition	-	24.90	-26.20	61	6.60
Gain On Sale Of Security	-	-0.10	9.30	61.50	4
General And Administrative Expense	1,494	1,566.50	1,823.40	-	-
Other Gand A	1,493.70	1,567.60	1,824.60	-	-
Salaries And Wages	0.30	-1.10	-1.20	-	-
Other Operating Expenses	-	-	-	-0.30	-67.20

Peer Comparison

Healthcare sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Edwards Lifesciences Corporationthis co.	EW	$50.4B	46.91↑ premium	4.87	10.4%	33.19
Cencora, Inc.	COR	$52.6B	33.84	34.88	103.1%	14.92
Cardinal Health, Inc.	CAH	$47.2B	30.27	-16.99	-56.1%	16.71
IDEXX Laboratories, Inc.	IDXX	$44.5B	42.05	27.75	66.0%	30.06
Humana Inc.	HUM

Learn while you research

Hand-picked academy chapters to deepen your understanding of Edwards Lifesciences Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

Loading…

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

Metric

2021

2022

2023

2024

2025

Total Revenue

4,464

5,010

5,439.50

6,067.60

Operating 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

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

Total Expenses

2,924.90

3,523.80

3,959.40

4,431.40

Operating Income

1,539.10

1,486.20

1,480.10

1,636.20

Total Operating Income As Reported

1,498.40

1,308.90

1,378.70

1,264.20

EBITDA

1,678.30

1,534.90

1,723.10

1,449.90

Normalized EBITDA

1,715.30

1,702.90

1,763

1,964.80

EBIT

1,538.70

1,390

1,567.90

1,293.30

Interest Income

35.50

67.20

120.30

168.80

Interest Expense

19.20

17.60

19.80

20.40

Net Interest Income

16.30

49.60

100.50

148.40

Other Non Operating Income Expenses

1.10

4.60

7.40

3.20

Other Income Expense

-35.90

-163.40

-32.50

-511.70

Interest Income Non Operating

35.50

67.20

120.30

168.80

Interest Expense Non Operating

19.20

17.60

19.80

20.40

Net Non Operating Interest Income Expense

16.30

49.60

100.50

148.40

Pretax Income

1,519.50

1,372.40

1,548.10

1,272.90

Tax Provision

195.50

152.40

152.10

216.90

Tax Rate For Calcs

Tax Effect Of Unusual Items

-4.76

-18.65

-3.92

-87.74

Net Income Continuous Operations

1,324

1,220

1,396

1,056

Net Income From Continuing And Discontinued Operation

1,521.90

1,402.40

4,174.60

1,073.50

Net Income From Continuing Operation Net Minority Interest

1,324

1,223

1,400.90

1,060.10

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

Net Income Including Noncontrolling Interests

1,521.90

1,399.40

4,169.70

1,069.40

Normalized Income

1,356.24

1,372.35

1,436.88

1,487.26

Diluted NI Availto Com Stockholders

1,521.90

1,402.40

4,174.60

1,073.50

Basic Average Shares

619

606.70

597.70

584.80

Diluted Average Shares

624.20

609.40

599.30

585.80

Reconciled Depreciation

139.60

144.90

155.20

156.60

Reconciled Cost Of Revenue

723.70

978.40

1,117.50

1,334.20

Total Unusual Items

-37

-168

-39.90

-514.90

Total Unusual Items Excluding Goodwill

-37

-168

-39.90

-514.90

Minority Interests

4.90

4.10

Net Income Discontinuous Operations

197.90

179.40

2,773.70

13.40

Special Income Charges

-36.90

-177.30

-101.40

-518.90

Gain On Sale Of Business

-60.70

-17.20

Other Special Charges

203.50

40.40

325.40

Write Off

146.90

Impairment Of Capital Assets

Restructuring And Mergern Acquisition

24.90

-26.20

6.60

Gain On Sale Of Security

-0.10

9.30

61.50

General And Administrative Expense

1,494

1,566.50

1,823.40

Other Gand A

1,493.70

1,567.60

1,824.60

Salaries And Wages

0.30

-1.10

-1.20

Other Operating Expenses

-0.30

-67.20

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Edwards Lifesciences Corporationthis co.

$50.4B

46.91↑ premium

4.87

10.4%

33.19

Cencora, Inc.

COR

$52.6B

33.84

34.88

103.1%

14.92

Cardinal Health, Inc.

CAH

$47.2B

30.27

-16.99

-56.1%

16.71

IDEXX Laboratories, Inc.

IDXX

$44.5B

42.05

27.75

66.0%

30.06

Humana Inc.

HUM

Edwards Lifesciences Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Edwards Lifesciences Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on