Edwards Lifesciences Corp EW
Edwards Lifesciences Corporation is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and meaningful partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Edwards Lifesciences has been a leader in our field for over six decades. Since our founder, Miles "Lowell" Edwards, first dreamed of using engineering to address diseases of the human heart, we have steadily built a company on the premise of imagining, building, and realizing a better future for patients.
Our innovative work encompasses both surgical and transcatheter therapies. In addition, our unique portfolio of repair and replacement technologies for aortic, mitral, tricuspid and pulmonic heart valves provides a broad set of treatment options to serve the many diverse and complex patients in need. Edwards remains committed to its strategy of transformative product innovation, high-quality, expansive clinical evidence to support approvals and adoption, as well as comprehensive support to ensure excellent real-world patient outcomes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.07B | $5.44B | $5.01B | $4.46B | $5.23B | $4.39B | $4.35B | $3.72B | $3.44B | $2.96B |
| Cost of revenue | $1.33B | $1.12B | $978.4M | $723.7M | $1.25B | $1.08B | $1.11B | $939.4M | $875.3M | $797.4M |
| Gross profit | $4.73B | $4.32B | $4.03B | $3.74B | $3.98B | $3.31B | $3.23B | $2.78B | $2.56B | $2.17B |
| R&D | $1.08B | $1.05B | $962.9M | $843.6M | $903.1M | $760.7M | $752.7M | $622.2M | $552.6M | $442.2M |
| SG&A | $2.09B | $1.79B | $1.58B | $1.36B | $1.49B | $1.23B | $1.24B | $1.09B | $990.8M | $904.7M |
| Operating income | $1.26B | $1.38B | $1.31B | $1.50B | $1.69B | $897.6M | $1.15B | $748.2M | $1.09B | $751.2M |
| Interest expense | $20.4M | $19.8M | $17.6M | $19.2M | $18.4M | $15.8M | $20.7M | $29.9M | $23.2M | $19.2M |
| Pre-tax income | $1.27B | $1.55B | $1.37B | $1.52B | $1.70B | $916.7M | $1.17B | $761.4M | $1.03B | $737.9M |
| Income tax | $216.9M | $152.1M | $152.4M | $195.5M | $198.9M | $93.3M | $119.6M | $39.2M | $451.3M | $168.4M |
| Net income | $1.07B | $4.17B | $1.40B | $1.52B | $1.50B | — | — | — | — | — |
| EPS, basic | 1.84 | 6.98 | 2.31 | 2.46 | 2.41 | 1.32 | 1.68 | 1.15 | 2.77 | 2.67 |
| EPS, diluted | 1.83 | 6.97 | 2.30 | 2.44 | 2.38 | 1.30 | 1.64 | 1.13 | 2.70 | 2.61 |
| Shares, diluted (wtd. avg.) | $585.8M | $599.3M | $609.4M | $624.2M | $631.2M | $631.9M | $636.7M | $640.9M | $215.9M | $217.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.94B | $3.05B | $1.15B | $772.6M | $867.4M | $1.20B | $1.18B | $715.9M | $820.2M | $930.1M |
| Short-term investments | $1.29B | $930.7M | $500.5M | $446.3M | $604.0M | $219.4M | $337.8M | $242.4M | $519.2M | $341.0M |
| Receivables | $659.6M | $609.1M | $771.5M | $643.0M | $582.2M | $514.6M | $543.6M | $456.9M | $438.7M | $365.5M |
| Inventory | $1.13B | $1.09B | $903.5M | $875.5M | $726.7M | $802.3M | $640.9M | $607.0M | $554.9M | $396.6M |
| Total current assets | $6.74B | $6.29B | $4.04B | $3.10B | $3.18B | $3.09B | $2.98B | $2.29B | $2.55B | $2.24B |
| Property, plant and equipment | $1.81B | $1.69B | $1.59B | $1.63B | $1.55B | $1.40B | $1.06B | $867.5M | $679.7M | $580.0M |
| Goodwill | $1.77B | $1.78B | $1.15B | $1.06B | $1.17B | $1.17B | $1.17B | $1.11B | $1.13B | $626.1M |
| Other intangibles | $1.13B | $1.18B | $399.4M | $285.2M | $323.6M | $331.4M | $336.5M | $343.2M | $468.0M | $204.8M |
| Total assets | $13.70B | $13.06B | $9.36B | $8.29B | $8.50B | $7.24B | $6.49B | $5.32B | $5.67B | $4.51B |
| Accounts payable | $227.5M | $197.4M | $186.6M | $201.9M | $204.5M | $196.5M | $180.4M | $134.0M | $116.6M | $97.1M |
| Short-term debt | — | — | — | — | — | — | — | $0 | $598.0M | $0 |
| Total current liabilities | $1.81B | $1.51B | $1.20B | $1.02B | $1.03B | $893.9M | $902.4M | $876.6M | $1.42B | $532.5M |
| Long-term debt | $598.3M | $597.7M | $597.0M | $596.3M | $595.7M | $595.0M | $594.4M | $593.8M | $438.4M | $822.3M |
| Total liabilities | $3.36B | $2.99B | $2.64B | $2.49B | $2.67B | $2.66B | — | — | — | — |
| Retained earnings | $14.24B | $13.17B | $8.99B | $7.59B | $6.07B | $4.57B | $3.74B | $2.69B | $1.96B | $3.91B |
| Total equity | $10.34B | $10.00B | $6.72B | $5.81B | $5.84B | $4.57B | $4.15B | $3.14B | $2.96B | $2.62B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.60B | $542.3M | $895.8M | $1.22B | $1.73B | $1.05B | $1.18B | $926.7M | $1.00B | $704.4M |
| Depreciation and amortisation | $156.6M | $155.2M | $144.9M | $139.6M | $134.8M | $107.2M | $89.3M | $77.4M | $81.9M | $71.2M |
| Stock-based compensation | $158.1M | $162.3M | $139.4M | $126.8M | $109.3M | $92.6M | $81.3M | $71.0M | $61.6M | $56.9M |
| Capital expenditure | $260.2M | $252.4M | $253.0M | $244.6M | $325.8M | $407.0M | $254.4M | $238.7M | $168.1M | $176.1M |
| Investing cash flow | -$712.9M | $2.31B | $173.8M | $252.3M | -$1.72B | -$531.1M | -$595.8M | $76.7M | -$647.2M | -$211.7M |
| Financing cash flow | -$956.8M | -$983.0M | -$711.0M | -$1.58B | -$356.3M | -$486.9M | -$115.6M | -$1.10B | -$473.2M | -$268.5M |
| Buybacks | $893.4M | $1.16B | $879.6M | $1.73B | $512.8M | $625.4M | $263.3M | $795.5M | $763.3M | $662.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001099800-26-000009.
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