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Edwards Lifesciences Corp

EW· NYSE· Orthopedic, Prosthetic & Surgical Appliances & Supplies

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
22.0%
ROIC, 5 yr avg
22.1%
Revenue, 5 yr CAGR
+6.7%
We record prices for the companies we cover; EW is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
585.8M
Revenue
$6.1B
Free cash flow
$1.3B
Owner earnings
$1.2B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
78.0%
Operating
20.8%
Net
17.7%
Free cash flow
22.0%
Owner earnings
19.4%
Stock pay
2.6%

Returns

ROIC, FY2025
15.6%
ROIC, 5 yr avg
22.1%
ROE, FY2025
10.4%
ROE, 5 yr avg
25.0%

Growth (CAGR)

Revenue, 3 yr
10.8%
Revenue, 5 yr
6.7%
Revenue, 9 yr
8.3%
Diluted EPS, 3 yr
-9.1%
Diluted EPS, 5 yr
7.1%
Diluted EPS, 9 yr
8.6%
Free cash flow, 3 yr
11.1%
Free cash flow, 5 yr
15.6%
Free cash flow, 9 yr
10.8%

Financial health · FY2025

Cash and investments
$4.2B
Total debt
$598.3M
Net cash
$3.6B
Debt/Equity
0.1x
Debt/FCF
0.4x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.5%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$6.1B

+8.3% a year over 9 years

FY2016: Revenue $3.0BFY2017: Revenue $3.4BFY2018: Revenue $3.7BFY2019: Revenue $4.3BFY2020: Revenue $4.4BFY2021: Revenue $5.2BFY2022: Revenue $4.5BFY2023: Revenue $5.0BFY2024: Revenue $5.4BFY2025: Revenue $6.1B
FY2016FY2025

Margins

Gross78.0%Operating20.8%Net17.7%

FY2025

FY2016: Gross 73.1%, Operating 25.3%, Net –FY2017: Gross 74.5%, Operating 31.7%, Net –FY2018: Gross 74.8%, Operating 20.1%, Net –FY2019: Gross 74.4%, Operating 26.4%, Net –FY2020: Gross 75.4%, Operating 20.5%, Net –FY2021: Gross 76.1%, Operating 32.3%, Net 28.7%FY2022: Gross 83.8%, Operating 33.6%, Net 34.1%FY2023: Gross 80.5%, Operating 26.1%, Net 28.0%FY2024: Gross 79.5%, Operating 25.3%, Net 76.7%FY2025: Gross 78.0%, Operating 20.8%, Net 17.7%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$1.3BOwner earnings$1.2B

Free cash flow +10.8% a year

FY2016: Free cash flow $528.3M, Owner earnings $471.4MFY2017: Free cash flow $832.6M, Owner earnings $771.0MFY2018: Free cash flow $688.0M, Owner earnings $617.0MFY2019: Free cash flow $928.5M, Owner earnings $847.2MFY2020: Free cash flow $647.3M, Owner earnings $554.7MFY2021: Free cash flow $1.4B, Owner earnings $1.3BFY2022: Free cash flow $973.6M, Owner earnings $846.8MFY2023: Free cash flow $642.8M, Owner earnings $503.4MFY2024: Free cash flow $289.9M, Owner earnings $127.6MFY2025: Free cash flow $1.3B, Owner earnings $1.2B
FY2016FY2025

Diluted shares

585.8M

-10.3% over 9 years, net buybacks

FY2016: Diluted shares 653.4MFY2017: Diluted shares 647.7MFY2018: Diluted shares 640.9MFY2019: Diluted shares 636.7MFY2020: Diluted shares 631.9MFY2021: Diluted shares 631.2MFY2022: Diluted shares 624.2MFY2023: Diluted shares 609.4MFY2024: Diluted shares 599.3MFY2025: Diluted shares 585.8M
FY2016FY2025

Return on invested capital

15.6%

FY2025

FY2016: ROIC 26.7%FY2017: ROIC 23.1%FY2018: ROIC 25.5%FY2019: ROIC 31.9%FY2020: ROIC 21.4%FY2021: ROIC 30.1%FY2022: ROIC 25.2%FY2023: ROIC 20.7%FY2024: ROIC 18.8%FY2025: ROIC 15.6%
FY2016FY2025

Net cash

$3.6B

$3.6B more cash than debt

FY2016: Net cash $448.8MFY2017: Net cash $301.1MFY2018: Net cash $362.7MFY2019: Net cash $922.5MFY2020: Net cash $807.6MFY2021: Net cash $871.1MFY2022: Net cash $619.0MFY2023: Net cash $1.0BFY2024: Net cash $3.4BFY2025: Net cash $3.6B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$3.0B$3.4B$3.7B$4.3B$4.4B$5.2B$4.5B$5.0B$5.4B$6.1B
Revenue growth18.8%15.9%8.4%16.8%0.9%19.3%-14.7%12.2%8.6%11.5%
Gross margin73.1%74.5%74.8%74.4%75.4%76.1%83.8%80.5%79.5%78.0%
Operating margin25.3%31.7%20.1%26.4%20.5%32.3%33.6%26.1%25.3%20.8%
Net income–––––$1.5B$1.5B$1.4B$4.2B$1.1B
Net margin–––––28.7%34.1%28.0%76.7%17.7%
Diluted EPS$0.87s$0.90s$1.13$1.64$1.30$2.38$2.44$2.30$6.97$1.83
Return on invested capital?26.7%23.1%25.5%31.9%21.4%30.1%25.2%20.7%18.8%15.6%
Cash
Operating cash flow$704.4M$1.0B$926.7M$1.2B$1.1B$1.7B$1.2B$895.8M$542.3M$1.6B
Capital expenditure$176.1M$168.1M$238.7M$254.4M$407.0M$325.8M$244.6M$253.0M$252.4M$260.2M
Free cash flow$528.3M$832.6M$688.0M$928.5M$647.3M$1.4B$973.6M$642.8M$289.9M$1.3B
Stock-based compensation$56.9M$61.6M$71.0M$81.3M$92.6M$109.3M$126.8M$139.4M$162.3M$158.1M
Owner earnings?$471.4M$771.0M$617.0M$847.2M$554.7M$1.3B$846.8M$503.4M$127.6M$1.2B
Free cash flow per share$0.81$1.29$1.07$1.46$1.02$2.23$1.56$1.05$0.48$2.28
Capital allocation
Dividends paid––––––––––
Share repurchases$662.3M$763.3M$795.5M$263.3M$625.4M$512.8M$1.7B$879.6M$1.2B$893.4M
Diluted shares653.4Ms647.7Ms640.9M636.7M631.9M631.2M624.2M609.4M599.3M585.8M
Share count change?-1.1%-0.9%-1.0%-0.7%-0.8%-0.1%-1.1%-2.4%-1.7%-2.3%
Balance sheet
Cash and equivalents$930.1M$818.3M$714.1M$1.2B$1.2B$862.8M$769.0M$1.1B$3.0B$2.9B
Short-term investments$341.0M$519.2M$242.4M$337.8M$219.4M$604.0M$446.3M$500.5M$930.7M$1.3B
Total debt$822.3M$1.0B$593.8M$594.4M$595.0M$595.7M$596.3M$597.0M$597.7M$598.3M
Net debt-$448.8M-$301.1M-$362.7M-$922.5M-$807.6M-$871.1M-$619.0M-$1.0B-$3.4B-$3.6B
Shareholders' equity$2.6B$3.0B$3.1B$4.1B$4.6B$5.8B$5.8B$6.7B$10.0B$10.3B

Latest filings

All on EDGAR
2026-08-0410-QQuarterly report
2026-07-238-KEarnings release
2026-05-0610-QQuarterly report
2026-04-238-KEarnings release
2026-03-26DEF 14AProxy statement
2026-02-2510-KAnnual report
2026-02-108-KEarnings release
2025-11-0510-QQuarterly report
2025-10-308-KEarnings release
2025-08-0610-QQuarterly report

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