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Edwards Lifesciences Corp.

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Key Metrics

Previous Close: $92.28
52-Week Range: $72.30 – $96.29
Market Cap: $51.78B
P/E (TTM): 55.11
EPS (TTM): 1.63
Dividend Yield: —

Advanced Metrics

Price/Book: 4.88
PEG Ratio: 2.22
Return on Equity: 9.18%
Return on Assets: 8.37%
Gross Margin: 77.84%
Operating Margin: 29.84%
Profit Margin: 15.43%
Current Ratio: 4.52
Debt/Equity: 0.07
Total Debt: $704.40M
Free Cash Flow: $1.23B
Revenue Growth: 13.60%
Earnings Growth: -25.40%
Enterprise Value: $48.34B

EW Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$4.46B	$5.01B	$5.44B	$6.07B
Cost of Revenue	$723.70M	$978.40M	$1.12B	$1.33B
Gross Profit	$3.74B	$4.03B	$4.32B	$4.73B
Research & Development	$843.60M	$962.90M	$1.05B	$1.08B
Selling, General & Admin	$1.36B	$1.58B	$1.79B	$2.09B
Operating Expenses	$2.20B	$2.55B	$2.84B	$3.10B
Operating Income	$1.54B	$1.49B	$1.48B	$1.64B
EBITDA	$1.68B	$1.53B	$1.72B	$1.45B
Pretax Income	$1.52B	$1.37B	$1.55B	$1.27B
Income Tax	$195.50M	$152.40M	$152.10M	$216.90M
Net Income	$1.52B	$1.40B	$4.17B	$1.07B
Diluted EPS	2.44	2.30	6.97	1.83
Diluted Shares	624.20M	609.40M	599.30M	585.80M

EW Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$769.00M	$1.13B	$3.05B	$2.94B
Receivables	$699.10M	$828.10M	$727.40M	$912.10M
Inventory	$875.50M	$903.50M	$1.09B	$1.13B
Current Assets	$3.10B	$4.04B	$6.29B	$6.74B
Total Assets	$8.29B	$9.36B	$13.06B	$13.70B
Current Liabilities	$1.02B	$1.20B	$1.51B	$1.81B
Long-Term Debt	$596.30M	$597.00M	$597.70M	$598.30M
Total Debt	$691.30M	$685.10M	$700.00M	$705.40M
Total Liabilities	$2.49B	$2.64B	$2.99B	$3.36B
Retained Earnings	$7.59B	$8.99B	$13.17B	$14.24B
Shareholders' Equity	$5.81B	$6.65B	$10.00B	$10.34B
Working Capital	$2.07B	$2.84B	$4.78B	$4.93B

EW Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.22B	$895.80M	$542.30M	$1.60B
Capital Expenditure	-$264.80M	-$266.30M	-$282.40M	-$260.20M
Free Cash Flow	$953.40M	$629.50M	$259.90M	$1.33B
Depreciation & Amortisation	$139.60M	$144.90M	$155.20M	$156.60M
Stock-Based Compensation	$126.80M	$139.40M	$162.30M	$158.10M
Investing Cash Flow	$252.30M	$173.80M	$2.31B	-$712.90M
Financing Cash Flow	-$1.58B	-$711.00M	-$983.00M	-$956.80M
Share Repurchases	-$1.73B	-$879.60M	-$1.16B	-$893.40M
Net Change in Cash	-$114.00M	$358.60M	$1.87B	-$74.50M

EW Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$1.53B	$1.55B	$1.57B	$1.65B	—
Cost of Revenue	$344.40M	$345.20M	$343.00M	$362.60M	—
Gross Profit	$1.19B	$1.21B	$1.23B	$1.29B	—
Research & Development	$276.20M	$280.70M	$267.70M	$263.30M	—
Selling, General & Admin	$502.00M	$514.60M	$602.90M	$522.20M	—
Operating Expenses	$756.90M	$782.80M	$856.30M	$771.30M	—
Operating Income	$430.90M	$425.10M	$370.30M	$514.70M	—
EBITDA	$469.00M	$464.30M	$70.10M	$555.60M	—
Pretax Income	$400.20M	$348.40M	$90.40M	$459.00M	—
Income Tax	$64.30M	$56.10M	$26.20M	$78.30M	—
Net Income	$329.80M	$291.10M	$91.20M	$380.70M	—
Diluted EPS	0.56	0.50	0.16	0.66	0.42
Diluted Shares	587.90M	585.70M	581.80M	580.70M	577.60M

EW Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$3.14B	$3.27B	$2.69B	$2.94B	$2.45B
Receivables	$751.90M	$902.60M	$892.80M	$912.10M	$973.00M
Inventory	$1.11B	$1.14B	$1.14B	$1.13B	$1.12B
Current Assets	$6.21B	$6.58B	$6.36B	$6.74B	$6.23B
Total Assets	$13.02B	$13.49B	$13.27B	$13.70B	$13.32B
Current Liabilities	$1.39B	$1.40B	$1.59B	$1.81B	$1.41B
Long-Term Debt	$597.80M	$598.00M	$598.20M	$598.30M	$598.50M
Total Debt	$699.40M	$702.60M	$700.30M	$705.40M	$702.90M
Total Liabilities	$2.83B	$2.88B	$3.07B	$3.36B	$2.99B
Retained Earnings	$13.53B	$13.86B	$14.15B	$14.24B	$14.62B
Shareholders' Equity	$10.13B	$10.55B	$10.21B	$10.34B	$10.33B
Working Capital	$4.82B	$5.17B	$4.77B	$4.93B	$4.82B

EW Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$280.40M	$290.20M	$573.70M	$450.90M	$43.80M
Capital Expenditure	-$56.00M	-$49.30M	-$57.50M	-$97.40M	-$64.90M
Free Cash Flow	$224.40M	$240.90M	$516.20M	$353.50M	-$21.10M
Depreciation & Amortisation	$36.60M	$38.10M	$39.20M	$42.70M	$40.90M
Stock-Based Compensation	$40.20M	$37.50M	$41.20M	$39.20M	$45.40M
Investing Cash Flow	$85.30M	-$172.10M	-$427.80M	-$198.30M	-$92.80M
Financing Cash Flow	-$258.00M	$52.70M	-$740.10M	-$11.40M	-$451.20M
Share Repurchases	-$258.60M	-$5.50M	-$588.70M	-$40.60M	-$421.80M
Net Change in Cash	$107.70M	$170.80M	-$594.20M	$241.20M	-$500.20M

Market Snapshot

About

Edwards Lifesciences Corp. is a global leader in patient-focused medical innovations for structural heart disease and critical care monitoring. The company is best known for its transcatheter aortic valve replacement (TAVR) systems, which provide a minimally invasive alternative to open-heart surgery for patients with aortic stenosis. Edwards also produces surgical heart valves, hemodynamic monitoring systems, and is developing technologies for treating mitral and tricuspid valve diseases. The company's products are used in hospitals worldwide and have transformed the treatment of structural heart disease.