— Know what they know.
/
Not Investment Advice

EW

NYSE · USD
Edwards Lifesciences Corporation
Healthcare · Medical - Devices
CEO Bernard J. Zovighian Employees 16,000 R&D / revenue 17.8%
Last price
$86.60−1.70%last session
Market cap
$49.9B
P/E (TTM)
49.8x
From 52w high
−10.1%
From 52w low
+19.2%
1-year return
+19.2%
RSI 14 · vs SMA200
49.2 · +1.7%
IS score
64.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

EW   SPY   XLV (sector ETF) · weekly closes
100110120130Jan 26Apr 26Jul 26Oct 26XLV 124EW 119SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
33
Growth
36
Value
64
Momentum
100
Risk (safety)
82
Quality
94
Balance sheet
75
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for EW (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Altman Z 12.7Beta 0.853 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
26 open-market sales, $11.4M
Form 144 notices (12m): 30, $36.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+46
166 new holders, 103 closed
1,331 filers hold 91.1% · 471 added, 465 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+279
1,345 funds adding shares
1,066 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
56.3%
20-day avg 51.3%, 50-day avg 46.3%
Latest 5.0 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.1B
Revenue growth YoY+11.5%
Gross margin78.1%
Operating income$1.6B
Operating margin27.0%
Net income$1.1B
Net margin17.7%
EPS (diluted)$1.83
Cash flow
Operating cash flow$1.6B
Capital expenditure$260.2M
Free cash flow$1.3B
FCF conversion (FCF / OCF)83.7%
Stock-based compensation$158.1M
FCF less SBC$1.2B
Buybacks$893.4M
Dividends$0
Balance sheet & returns
Cash & short-term investments$4.2B
Total debt$622.8M
Net cash$3.6B
Shareholders' equity$10.3B
Goodwill & intangibles$2.9B
Debt / equity0.07
ROE (TTM)9.7%
ROIC (TTM)10.2%
Operating margin by fiscal year
30.8%FY202131.6%FY202228.0%FY202325.4%FY202426.7%FY2025
Revenue $5.2B (FY2021) to $6.1B (FY2025), a 3.8% CAGR.

Valuation

P/E (TTM)49.8x
EV / EBITDA30.1x
Price / sales7.66x
Price / FCF34.8x
FCF yield2.87%
Buyback yield1.79%
SBC / revenue2.6%
Price / book4.70x
Forward P/E FY202628.9x
Forward P/E FY202725.5x
Forward P/E FY202822.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $104.00 across 3 analysts last quarter is theirs, not ours.

EW vs industry median

318 companies in Medical - Devices
Gross margin 78.0% 57.3% Operating margin 28.1% -22.8% Net margin 15.4% -23.0% ROIC 10.2% -5.0%
EW (TTM)Industry median Asset turnover 0.47 vs industry 0.55 · financial leverage 1.31

Earnings delivery

Next report 2026-11-04 · consensus EPS $0.74
75%
beat rate, 9 of 12 quarters
+4.1%
median EPS surprise
7
longest beat streak
+0+0+3+1+1+7+7+7+12-6+7+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
EW Edwards Lifesciences Corpora $49.9B49.8x9.7%15.4%+11.5% +19.2%
BSX Boston Scientific Corporatio $64.3B17.9x15.5%16.7%+13.5% −54.6%
DXCM DexCom, Inc. $32.5B33.2x38.5%19.0%+15.5% +29.7%
SYK Stryker Corporation $113.0B30.3x16.5%19.4%+8.5% −20.2%
MDT Medtronic Plc $121.2B23.2x10.7%15.1%+9.8% +3.0%
ZBH Zimmer Biomet Holdings, Inc. $18.1B23.0x6.4%9.1%+8.6% —
ABT Abbott Laboratories $181.5B33.7x10.7%7.4%+8.1% —
PEN Penumbra, Inc. $12.6B78.4x11.4%8.9%+17.6% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-28Officer/Director Change
2026-07-23Earnings Release; Exhibits
2026-05-08Officer/Director Change; Shareholder Vote; Exhibits
2026-05-04Officer/Director Change; Regulation FD
2026-04-23Earnings Release; Exhibits
2026-02-10Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding576,266,670
Free float98.8%
Institutional ownership91.1%
Beta0.85
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$88.47 / $85.14
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where EW sits among 61 scored companies in Medical - Devices (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureEWIndustry medianIndustry percentileSector median
P/E (TTM) 49.7x 25.7x
89th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 7.7x 3.3x
82nd		 3.7x
Price / book 4.7x 3.5x
61st		 3.6x
Price / tangible book 7.2x 5.7x
54th		 5.8x
Price / free cash flow 34.8x 26.8x
69th		 21.2x
Price / operating cash flow 29.0x 19.5x
70th		 17.1x
Enterprise value $46.4B $2.0B
93rd		 $2.5B
EV / sales 7.1x 3.5x
82nd		 3.8x
EV / EBITDA 29.3x 18.6x
76th		 16.2x
EV / EBIT 32.7x 24.7x
73rd		 23.0x
EV / free cash flow 32.3x 27.6x
56th		 24.6x
Earnings yield 2.0% -0.7%
60th		 -0.3%
FCF yield 2.9% 1.9%
58th		 1.7%
Operating cash flow yield 3.4% 3.4%
50th		 2.9%
Graham number (per share) $26.83 $42.90
30th		 $26.70

Profitability (TTM)

MeasureEWIndustry medianIndustry percentileSector median
Gross margin 78.0% 63.7%
87th		 65.1%
EBITDA margin 24.3% 9.3%
83rd		 6.6%
Operating margin 28.1% 4.0%
97th		 3.5%
EBIT margin 21.8% 1.4%
92nd		 2.4%
Net margin 15.4% -1.7%
90th		 0.3%
NOPAT margin 19.4% 0.1%
92nd		 2.7%
FCF margin 22.0% 3.0%
93rd		 4.3%
Operating cash flow margin 26.4% 8.5%
95th		 7.1%
R&D / revenue 16.7% 10.1%
73rd		 12.4%
SG&A / revenue 33.8% 46.6%
25th		 37.9%
Stock comp / revenue 2.6% 3.5%
47th		 4.5%
Effective tax rate 31.0% 21.0%
91st		 21.0%

Returns on capital

MeasureEWIndustry medianIndustry percentileSector median
ROE (on average equity) 9.5% -1.7%
66th		 0.8%
ROA 7.3% -1.1%
77th		 -0.3%
ROIC 17.9% 1.1%
85th		 5.5%
ROCE 11.5% 1.6%
80th		 2.3%
Return on tangible assets 10.4% 1.0%
83rd		 1.7%
Cash ROIC (OCF / invested capital) 24.3% 7.0%
85th		 9.7%
Gross profitability (GP / assets) 36.6% 36.4%
52nd		 29.9%
ROIC, 3-yr average 28.3% -1.0%
96th		 2.6%
ROIC, 5-yr average 45.2% -0.4%
96th		 3.2%
ROE, 5-yr average 23.0% -4.8%
96th		 -4.9%
Incremental ROIC —

Growth

MeasureEWIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 14.6% 11.5%
59th		 10.5%
Revenue growth (QoQ) 5.6% 7.8%
40th		 7.2%
Revenue CAGR, 3 yr 6.3% 11.6%
30th		 10.7%
Revenue CAGR, 5 yr 5.7% 12.8%
23rd		 12.1%
Gross profit CAGR, 3 yr 6.4% 12.8%
25th		 10.6%
Operating income CAGR, 3 yr 4.4% 12.0%
28th		 11.7%
Net income growth (TTM YoY) -75.8% 8.7%
4th		 17.5%
Net income CAGR, 3 yr -10.2% 13.1%
15th		 11.3%
EPS growth (TTM YoY) -75.3% 7.8%
4th		 19.2%
EPS CAGR, 3 yr -8.6% 14.5%
10th		 14.0%
EPS CAGR, 5 yr -5.6% 9.1%
15th		 8.1%
FCF growth (TTM YoY) 135.8% 16.8%
83rd		 18.6%
FCF CAGR, 3 yr 28.1% 32.2%
46th		 15.4%
Operating cash flow CAGR, 3 yr 22.3% 18.3%
61st		 11.9%
Book value CAGR, 3 yr 20.7% 5.2%
86th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 9.5% 10.9%
41st		 12.2%

Margin history & stability

MeasureEWIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 78.5% 64.5%
89th		 62.6%
Operating margin, 3-yr average 27.2% 4.3%
98th		 1.0%
Net margin, 3-yr average 38.8% -5.8%
100th		 -2.6%
FCF margin, 3-yr average 14.3% 2.8%
81st		 3.2%
Revenue stability (0-1) 0.77 0.90
28th		 0.80
Earnings stability (0-1) 0.07 0.30
13th		 0.37
Margin stability (0-1) 0.98 0.96
94th		 0.93

Liquidity (latest quarter)

MeasureEWIndustry medianIndustry percentileSector median
Cash & short-term investments $4.3B $184.9M
97th		 $330.9M
Net cash (− = net debt) $3.5B −$37.3M
100th		 $8.4M
Working capital $5.3B $318.0M
95th		 $381.1M
Current ratio 4.52 3.35
68th		 3.02
Quick ratio 3.77 2.33
70th		 2.51
Cash ratio (cash + ST investments / current liabilities) 2.82 0.87
72nd		 1.43
Defensive interval (days) 585 days 324 days
83rd		 415 days

Leverage & solvency (latest quarter)

MeasureEWIndustry medianIndustry percentileSector median
Total debt $704.4M $263.7M
58th		 $289.1M
Debt / equity 0.07 0.54
21st		 0.45
Net debt / equity −0.33 0.28
26th		 −0.13
Debt / assets 5.1% 27.9%
18th		 24.4%
Debt / capital 6.2% 35.1%
21st		 31.1%
Debt / EBITDA 0.45 2.56
16th		 2.62
Net debt / EBITDA −2.24 2.08
8th		 1.42
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.4 yrs 3.4 yrs
14th		 2.7 yrs
Liabilities / assets 22.7% 49.8%
17th		 49.8%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 225
8th		 225

Efficiency

MeasureEWIndustry medianIndustry percentileSector median
Asset turnover 0.48 0.60
22nd		 0.56
Fixed asset turnover 3.35 4.84
16th		 4.87
Inventory turnover 1.3 1.8
19th		 2.7
Receivables turnover 8.9 6.4
92nd		 6.4
Days sales outstanding 41 days 57 days
8th		 57 days
Days inventory outstanding 289 days 207 days
81st		 136 days
Days payables outstanding 47 days 59 days
40th		 59 days
Cash conversion cycle (days) 283 days 214 days
85th		 70 days
Capex / revenue 4.4% 3.6%
64th		 2.6%
Capex / depreciation 1.73 0.67
79th		 0.55
Operating expense ratio 47.7% 57.4%
29th		 56.5%

Cash flow & earnings quality

MeasureEWIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.71 1.65
56th		 1.61
FCF / net income 1.43 1.30
63rd		 1.36
FCF / operating cash flow 83.3% 63.6%
74th		 81.2%
Capex / operating cash flow 16.7% 36.4%
26th		 18.8%
Accruals ratio -5.2% -5.2%
50th		 -5.4%
Sloan accruals ratio -0.2% -1.3%
55th		 -1.3%
Earnings quality score (0-1) 0.75 1.00
4th		 0.75

Dividends & buybacks

MeasureEWIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.9% 0.0%
70th		 0.0%
Shareholder yield (dividends + buybacks) 0.9% 0.0%
67th		 0.0%
Share count change (YoY) -1.8% 1.4%
14th		 2.0%
Buybacks, last 5 years $2.3B $0
95th		 $0

Scores & forensic checks

MeasureEWIndustry medianIndustry percentileSector median
IS score 65 41
83rd		 46
IS profitability 64 20
83rd		 22
IS growth 33 60
12th		 60
IS value 36 39
37th		 39
IS momentum 64 67
39th		 67
IS risk (safety) 100 65
62nd		 80
IS quality 82 49
85th		 49
IS balance sheet 94 50
98th		 55
IS earnings quality 75 56
82nd		 56
IS cash flow 89 32
97th		 41
Piotroski F-score (0-9) 6 6
47th		 5
Altman Z-score 12.7 3.0
88th		 3.2
Beneish M-score −2.66 −2.67
52nd		 −2.62
Ohlson O-score −10.85 −7.26
8th		 −7.16
IS credit score 93 62
88th		 62

Per share

MeasureEWIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.74 −$0.07
63rd		 −$0.03
Book value per share $18.38 $10.13
72nd		 $7.10
Tangible book per share $12.82 $2.24
85th		 $1.91
Revenue per share $11.27 $12.68
48th		 $9.38
FCF per share $2.48 $0.62
70th		 $0.46
Operating cash flow per share $2.98 $1.25
62nd		 $0.93
Cash per share $7.36 $2.47
82nd		 $3.51

Size (TTM)

MeasureEWIndustry medianIndustry percentileSector median
Market cap $49.9B $1.6B
93rd		 $2.4B
Revenue $6.5B $815.1M
88th		 $770.2M
EBITDA $1.6B $83.1M
88th		 $56.1M
Net income $1.0B −$7.2M
90th		 −$3.3M
Free cash flow $1.4B $38.8M
90th		 $41.2M
Total assets $13.9B $1.1B
90th		 $1.3B
Shareholders' equity $10.6B $496.6M
90th		 $568.4M
Employees 16,000 1,800
87th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-08Lippis Daniel J.
CVP, TAVR
 Option exercise 619$72.68$44,98940,653
2026-10-08Lippis Daniel J.
CVP, TAVR
 Open-market sale 619$85.65$53,01740,034
2026-10-08Lippis Daniel J.
CVP, TAVR
 Option exercise 619$72.68$44,9893,095
2026-09-14Markowitz Wayne
CVP, JAPAC
 Tax withholding 568$84.37$47,92219,371
2026-09-13Dahl Andrew M.
SVP, Corporate Controller
 Tax withholding 253$84.37$21,34614,615
2026-09-11Markowitz Wayne
CVP, JAPAC
 Tax withholding 355$86.77$30,80319,939
2026-09-11Chopra Daveen
CVP, TMTT, Surgical & IHFM
 Tax withholding 398$86.77$34,53443,926
2026-09-11Lippis Daniel J.
CVP, TAVR
 Option exercise 619$72.68$44,98940,653
2026-09-11Lippis Daniel J.
CVP, TAVR
 Open-market sale 619$87.51$54,16940,034
2026-09-11Lippis Daniel J.
CVP, TAVR
 Option exercise 619$72.68$44,9893,714
2026-08-31Dahl Andrew M.
SVP, Corporate Controller
 Open-market sale 544$91.06$49,53414,868
2026-08-28Bruls Annette
CVP, EMEACLA
 Open-market sale 2,644$89.98$237,90717,984

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired35818,257$42.5M
GiftAcquired537,194—
GiftDisposed537,194—
Open-market saleDisposed26135,323$11.4M
Option exerciseAcquired15154,258$4.2M
Option exerciseDisposed15154,258$4.2M
Tax withholdingDisposed3185,791$7.0M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 30 notices · 425,570 shares · $36.4M
FiledFilerShares proposedEst. proceeds
2026-08-31Dahl Andrew M.544$49,534
2026-08-28Bruls Annette2,644$237,907
2026-08-26Markowitz Wayne1,240$113,417
2026-08-26Chopra Daveen31,800$2.9M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 5 trades (1 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2026-01-13Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-11-19Josh GottheimerHouseSale$1,001 - $15,0002025-12-30
2025-11-19Josh GottheimerHouseSale (Full)$1,001 - $15,0002025-12-30
2024-08-20Markwayne MullinSenateSale (Partial)$15,001 - $50,0002024-09-19
2024-08-20Markwayne MullinSenateSale (Partial)$15,001 - $50,0002024-09-18
2023-10-03Markwayne MullinSenatePurchase$1,001 - $15,0002023-11-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.58,789,433$5.3B10.20%
VANGUARD CAPITAL MANAGEMENT LLC37,615,952$3.4B6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC26,411,402$2.4B4.58%
STATE STREET CORP26,321,940$2.4B4.57%
JPMORGAN CHASE & CO20,584,277$1.9B3.57%
WELLINGTON MANAGEMENT GROUP LLP16,827,967$1.5B2.92%
GEODE CAPITAL MANAGEMENT, LLC15,437,251$1.4B2.68%
Bank of New York Mellon Corp14,005,186$1.3B2.43%
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main13,002,965$1.2B2.26%
Ninety One UK Ltd12,337,502$1.1B2.14%
Aristotle Capital Management, LLC8,665,712$783.9M1.50%
FMR LLC8,435,949$763.1M1.46%
NORGES BANK8,373,783$757.5M1.45%
BANK OF AMERICA CORP /DE/6,692,424$605.4M1.16%
Artisan Partners Limited Partnership6,625,703$599.4M1.15%

Institutional ownership by quarter

2023-092026-0691.1%
% of shares held by 13F filers
2023-092026-061,331
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,33191.1%166471465103
2026-03-311,28587.4%117454452117
2025-12-311,30987.6%18642447295
2025-09-301,24685.3%116445435107
2025-06-301,25287.2%16542345194
2025-03-311,19987.7%127384482127
2024-12-311,22087.1%195353494139
2024-09-301,18683.2%143362497227
2024-06-301,28685.5%12746145992
2024-03-311,26784.5%163431454110
2023-12-311,23483.4%174370498131
2023-09-301,20885.3%111428456145

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%43,477,533
2025-10-17SCHEDULE 13G/ABlackRock, Inc.7.5%44,267,376
2025-08-12SCHEDULE 13G/AWellington Investment Advisors Holdings LLP3.4%19,826,483
2025-01-30SCHEDULE 13G/AThe Vanguard Group11.7%69,131,602
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.07%$1.6B
VTI0.07%$1.6B
VTSAX0.07%$1.6B
VSMPX0.07%$1.6B
VFINX0.08%$1.3B
VFIAX0.08%$1.3B

Share structure

Shares outstanding576,266,670
Float569,351,781
Free float98.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$5.2B$5.4B$5.0B$5.4B$6.1B
Cost of revenue$1.2B$1.2B$1.0B$1.1B$1.3B
Gross profit$4.0B$4.2B$4.0B$4.3B$4.7B
R&D$903.1M$945.2M$962.9M$1.1B$1.1B
SG&A$1.5B$1.6B$1.6B$1.8B$2.1B
Operating income$1.6B$1.7B$1.4B$1.4B$1.6B
EBITDA$1.9B$2.0B$1.5B$1.7B$1.4B
Pretax income$1.7B$1.8B$1.4B$1.5B$1.3B
Income tax$198.9M$245.5M$152.4M$152.1M$216.9M
Net income$1.5B$1.5B$1.4B$4.2B$1.1B
EPS, diluted$2.38$2.44$2.30$6.97$1.83
Diluted shares631.2M624.2M609.4M599.3M585.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$1.2B$1.6B$4.0B$4.2B
Receivables$664.9M$699.1M$828.1M$727.4M$912.1M
Inventory$726.7M$875.5M$903.5M$1.1B$1.1B
Total current assets$3.2B$3.1B$4.0B$6.3B$6.7B
PP&E, net$1.6B$1.7B$1.7B$1.8B$1.9B
Goodwill & intangibles$1.5B$1.4B$1.5B$3.0B$2.9B
Total assets$8.5B$8.3B$9.4B$13.1B$13.7B
Accounts payable$204.5M$201.9M$186.6M$197.4M$227.5M
Total current liabilities$1.0B$1.0B$1.2B$1.5B$1.8B
Long-term debt$595.7M$596.3M$597.0M$597.7M$598.3M
Total liabilities$2.7B$2.5B$2.6B$3.0B$3.4B
Shareholders' equity$5.8B$5.8B$6.7B$10.1B$10.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.5B$1.5B$1.4B$4.2B$1.1B
Depreciation & amortization$134.8M$139.6M$144.9M$155.2M$156.6M
Stock-based compensation$109.3M$126.8M$139.4M$162.3M$158.1M
Change in working capital$145.3M−$421.4M−$526.3M−$259.3M$154.6M
Operating cash flow$1.7B$1.2B$895.8M$542.3M$1.6B
Capital expenditure−$329.8M−$264.8M−$266.3M−$252.4M−$260.2M
Free cash flow$1.4B$953.4M$629.5M$289.9M$1.3B
Investing cash flow−$1.7B$252.3M$173.8M$2.3B−$712.9M
Net debt issued / repaid−$1.8M−$200,000−$300,000$0$0
Buybacks−$512.8M−$1.7B−$879.6M−$1.2B−$893.4M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin76.6%78.3%78.1%79.1%78.1%
Operating margin30.8%31.6%28.0%25.4%26.7%
Net margin28.7%28.3%26.6%76.5%17.6%
FCF margin26.8%17.7%12.0%5.3%22.0%
ROE28.9%26.1%22.5%50.1%10.5%
ROIC28.1%27.7%22.9%18.6%19.7%
ROA19.1%18.1%15.9%37.2%8.0%
Debt / equity0.120.120.100.070.07
Interest coverage231.0x842.6x———
Current ratio3.083.033.384.183.72
Revenue growth+19.3%+2.9%−2.2%+3.6%+11.2%
EPS growth+82.5%+3.8%−6.4%+205.8%−74.0%
P/E at year end54.5x30.2x33.0x10.5x46.3x
EV / EBITDA at year end43.3x23.5x28.7x23.1x33.1x
FCF yield at year end1.71%2.07%1.36%0.66%2.69%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Transcatheter Heart Valves$3.4B$3.5B$3.9B$4.1B$4.5B
Surgical Heart Valve Therapy$889.1M$893.1M$999.3M$981.3M$1.0B
Critical Care$834.9M$855.0M$928.1M——
Transcatheter Mitral And Tricuspid Therapies$86.0M$116.1M$197.6M$352.1M$550.6M

Revenue by region · FY2025

UNITED STATES$3.5B · 58%
Europe$1.5B · 25%
Rest of World$652.3M · 11%
JAPAN$354.7M · 6%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $0.74 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.8B$6.7B – $6.8B$3.00$2.97 – $3.051628.9x
2027$7.4B$7.2B – $7.5B$3.39$3.29 – $3.461625.5x
2028$8.2B$7.9B – $8.6B$3.81$3.66 – $3.89722.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$0.74$0.78+5.0%$1.7B$1.7B+2.4%
2026-04-23$0.73$0.78+7.0%$1.6B$1.6B+3.2%
2026-02-10$0.62$0.58−6.1%$1.5B$1.6B+1.5%
2025-10-30$0.60$0.67+12.4%$1.5B$1.6B+3.7%
2025-07-24$0.62$0.67+7.4%$1.5B$1.5B+3.0%
2025-04-23$0.60$0.64+7.4%$1.4B$1.4B+0.9%
2025-02-11$0.55$0.59+7.1%$1.4B$1.4B+2.0%
2024-10-24$0.67$0.67+0.8%$1.5B$1.4B−12.3%
2024-07-24$0.69$0.70+1.4%$1.7B$1.4B−16.2%
2024-04-25$0.64$0.66+3.1%$1.6B$1.6B+1.8%
2024-02-06$0.64$0.640.0%$1.5B$1.5B+2.7%
2023-10-25$0.59$0.590.0%$1.5B$1.5B+0.1%
2023-07-26$0.65$0.66+1.5%$1.5B$1.5B+1.8%
2023-04-26$0.61$0.62+1.6%$1.4B$1.5B+4.8%
2023-01-31$0.61$0.64+4.9%$1.3B$1.3B+1.1%
2022-10-27$0.62$0.61−1.6%$1.3B$1.3B−1.1%
2022-07-28$0.64$0.63−1.6%$1.4B$1.4B−1.6%
2022-04-26$0.57$0.60+5.3%$1.3B$1.3B+2.4%
2022-01-26$0.55$0.51−7.3%$1.4B$1.3B−1.7%
2021-10-27$0.53$0.54+1.9%$1.3B$1.3B−1.5%
2021-07-29$0.56$0.64+14.3%$1.4B$1.4B0.0%
2021-04-20$0.47$0.54+14.9%$1.2B$1.2B+4.5%
2021-01-27$0.53$0.50−5.7%$1.3B$1.2B−5.4%
2020-10-21$0.44$0.51+15.9%$984.3M$1.1B+15.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.406-290.607-060.807-130.907-200.707-270.408-030.508-100.408-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$360.4M3,979,81480,258
2026-08-24$372.5M4,113,10583,909
2026-08-17$368.2M4,048,15785,967
2026-08-10$455.2M4,917,13392,677
2026-08-03$432.7M4,862,22693,886
2026-07-27$717.5M8,496,801120,894

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1556.3%
DateShort shareShort volumeTotal volume
2026-10-1556.3%975,8991,734,690
2026-10-1464.9%1,065,8681,642,238
2026-10-1363.3%794,2191,254,796
2026-10-1264.9%821,3221,264,604
2026-10-0963.1%980,4391,554,254
2026-10-0880.8%2,161,5712,675,760
2026-10-0737.6%475,0871,262,074
2026-10-0651.6%717,7041,391,748
2026-10-0540.8%452,8391,110,454
2026-10-0257.5%500,498870,793
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.6Jan+0.4Feb+2.6Mar+3.3Apr+0.9May+4.2Jun-0.0Jul+1.2Aug+1.1Sep-2.5Oct+2.9Nov+4.2Dec
MonthAvg returnUp yearsYears
Jan+1.6%55%20
Feb+0.4%55%20
Mar+2.6%81%21
Apr+3.3%65%20
May+0.9%65%20
Jun+4.2%75%20
Jul−0.0%55%20
Aug+1.2%60%20
Sep+1.1%45%20
Oct−2.5%45%20
Nov+2.9%70%20
Dec+4.2%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1449.2
MFI49.4
ADX13.2
Stochastic %K / %D78.1 / 70.0
Williams %R-30.3
CCI47
TSI / signal-5.8 / -9.2
Chaikin money flow0.06
ATR$2.16
Bollinger width5.4%
Volume vs 20-day avg0.75x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$86.46 (+0.2%)
SMA 50$88.42 (−2.1%)
SMA 200$85.14 (+1.7%)
EMA 21$86.63 (−0.0%)
EMA 50$87.33 (−0.8%)
EMA 200$85.43 (+1.4%)
Bollinger upper$88.80 (−2.5%)
Bollinger lower$84.12 (+2.9%)
Parabolic SAR$82.55 (+4.9%)
Open the live chart, 110+ indicators

About Edwards Lifesciences Corporation

Edwards Lifesciences Corporation is a global medical technology firm specializing in sophisticated products and technologies for structural heart conditions, alongside critical care and surgical patient monitoring. With operations spanning the United States, Europe, Japan, and various international territories, the company offers a comprehensive suite of solutions. Their structural heart disease portfolio encompasses transcatheter heart valve replacement systems designed for minimally invasive procedures, as well as transcatheter repair and replacement options specifically targeting mitral and tricuspid valve pathologies, exemplified by their PASCAL and Cardioband systems. Additionally, they provide advanced surgical structural heart solutions, including the INSPIRIS aortic surgical valve, the KONECT RESILIA pre-assembled aortic tissue valved conduit for complex valve, root, and ascending aorta replacements, and the HARPOON Beating Heart Mitral Valve Repair System for patients suffering from degenerative mitral regurgitation. In the realm of critical care, Edwards supplies advanced hemodynamic monitoring systems that assess patients' cardiac function and fluid status in both surgical and intensive care environments. This offering also features the Acumen Hypotension Prediction Index software, which provides early alerts to clinicians regarding potential dangerously low blood pressure. The company distributes its products to healthcare providers through a combination of its proprietary sales force and independent distributor networks. Founded in 1958, Edwards Lifesciences Corporation maintains its headquarters in Irvine, California.

https://www.edwards.com

Key executives

NameTitlePayBorn
Bernard J. ZovighianChief Executive Officer & Director$3.8M1968
Theodora MistrasCorporate Vice President & Chief Financial Officer$1.8M1982
Annette Maria BrulsCorporate Vice President of EMEA, Canada, & Latin America$1.6M1971
Donald E. Bobo Jr.Corporate Vice President of Strategy & Corporate Development$1.6M1962
Daveen ChopraCorporate Vice President of Transcatheter Mitral & Tricuspid Therapies$1.6M1979
Joseph NuzzoleseCorporate Vice President of Global Operations & Quality——
Mark D. PetersonCorporate Vice President & General Counsel—1963
Snehashish SarkarSenior VP and Chief Information & Digital Officer—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Mr. Zovighian Chief Executive Officer and Director2025$1.2M$7.2M$2.4M$17.5M
Mr. Ullem Corporate Vice President, Chief Financial Officer2025$807,898$2.2M$966,435$6.1M
Mr. Wood Former Corporate Vice President and Group President, Transcatheter Aortic Valve Replacement and Surgical Structural Heart2025$635,919$1.8M$689,382$4.9M
Mr. Chopra Corporate Vice President, Transcatheter Mitral and Tricuspid Therapies2025$671,042$1.8M$824,239$4.7M
Mr. Bobo Corporate Vice President, Strategy & Corporate Development2025$759,783$1.4M$786,899$4.2M
Ms. Brüls Corporate Vice President, EMEACLA2025$726,586$1.0M$719,581$3.7M

Employees

13k201814k201915k202016k202117k202220k202316k202416k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage68
Intangibles60
Switching costs33
Network effect65
Efficient scale83
Our component scores (0-100) and overall 59.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms