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Stocks / United States / EW · Orthopedic, Prosthetic & Surgical Appliances & Supplies · NYSE

Edwards Lifesciences Corp. (EW)

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Edwards Lifesciences Corp. (EW) reported revenue of $1.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 13.6% on the same quarter a year earlier. Net income was $242 million, down 27.4% on the year, and diluted earnings per share $0.42. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue$1.7 billionup 13.6%
Net income$242 milliondown 27.4%
Diluted EPS$0.42
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE9.5%
ROCE12.9%
Operating margin22.3%
Net margin15.4%
FCF margin22.0%
Interest covern/a
Debt to equity0.06
Cash conversion1.71
Share count, 1 year-1.9%
Sales CAGR, 3 years10.8%
Profit CAGR, 3 years-11.0%
EPS, TTM$1.74

At the close of 21 September 2026

Price$88.34
Market cap$50.9 billion
Stock P/E50.77
Price to book4.80
EV / EBITDA30.12
Dividend yieldn/a
Market cap / sales7.82
52-week high$95.18
52-week low$72.65
Price, 1 year18.7%
Price CAGR, 3 years8.2%
Price CAGR, 5 years-5.9%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Edwards Lifesciences Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on EW

Filings21 in twelve months: 9 current reports (8-K), about 4 officer or director change; 4 results of operations; 3 regulation fd disclosure; 1 shareholder vote
Planned insider sales35 Form 144 notices in twelve months, $40.4 million; latest 31 August 2026
Options tapeput/call 0.43 by open interest on 23 September 2026; the straddle prices a 5.6% move to 16 October 2026
Holders11 of the followed funds hold it; largest Geode Capital Management; 3 Schedule 13D or 13G filings in twelve months
Insider trading35 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest9.0 million shares short, 3.21 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,4811,2661,5981,3861,3541,3861,4131,5321,5531,5701,6491,741
Cost of revenue350357386285263184302344345343363392
Gross profit1,1301,0151,2131,1011,0921,0941,1111,1881,2081,2271,2861,349
Gross margin76%80%76%79%81%79%79%78%78%78%78%77%
R&D270270285273253242255276281268263279
SG&A440480490451421427466502515603522561
Operating income418400388369351272395411307151478513
Operating margin28%32%24%27%26%20%28%27%20%10%29%29%
Pre-tax income43942240938740334943440034890.4459520
Tax rate13%12%14%5%10%9%16%16%16%29%17%54%
Net income3853703523663,07138635833329191.2381242
Net margin26%29%22%26%227%28%25%22%19%6%23%14%
Diluted EPS$0.63$0.61$0.58$0.61$5.13$0.65$0.61$0.56$0.50$0.16$0.66$0.42
Operating cash flow412137-53.5372352-12828029057445143.8652
Capital expenditure55.388.365.385.451.949.856.049.357.597.464.966.9
Free cash flow35648.3-119286300-177224241516354-21.1585
Buybacks1744480.21589011002595.558940.6422153
Shares outstanding606m601m602m602m590m589m586m588m581m581m577m577m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014FY2015 FY2016 FY2017 FY2018FY2019 FY2020FY2021FY2022 FY2023 FY2024FY2025TTM
Revenue2,3232,4942,9643,4353,7234,3484,3865,2324,4645,0105,4406,0686,512
Cost of revenue6266177978759391,1141,0811,2497249781,1181,3341,443
Gross profit1,6971,8762,1662,5602,7833,2343,3063,9843,7404,0324,3224,7335,069
Gross margin73.1%75.2%73.1%74.5%74.8%74.4%75.4%76.1%83.8%80.5%79.5%78.0%77.8%
Research and development3463834425536227537619038449631,0531,0791,091
Selling, general and administrative8588519059911,0881,2421,2281,4941,3581,5821,7892,0852,201
Operating incomen/an/a7511,0897481,1478981,6901,4981,3091,3791,2641,449
Operating marginn/an/a25.3%31.7%20.1%26.4%20.5%32.3%33.6%26.1%25.3%20.8%22.3%
Interest expense17.217.219.223.229.920.715.818.419.217.619.820.4n/a
Pre-tax income1,1446227381,0357611,1669171,7021,5201,3721,5481,2731,418
Income tax33312816845139.212093.3199196152152217439
Effective tax rate29.1%20.5%22.8%43.6%5.1%10.3%10.2%11.7%12.9%11.1%9.8%17.0%31.0%
Net income8114955705847221,0478231,5031,5221,4024,1751,0741,005
Net margin34.9%19.8%19.2%17.0%19.4%24.1%18.8%28.7%34.1%28.0%76.7%17.7%15.4%
Diluted EPS$7.48$2.25$2.61$2.70$3.38$4.93$1.30$2.38$2.44$2.30$6.97$1.83$1.74
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed. FY2024: the four quarters as first filed in the 10-Qs do not add to the year as filed in the 10-K, because the company later restated them (a spin-off or discontinued operations).

Cash flow and capital returned

FY2014FY2015 FY2016 FY2017 FY2018FY2019 FY2020FY2021FY2022 FY2023 FY2024FY2025TTM
Operating cash flown/a5507041,0019271,1831,0541,7321,2188965421,5951,720
Capital expenditure82.9103176168239254407326245253252260287
Free cash flown/a4475288336889286471,4069746432901,3351,434
Free cash flow marginn/a17.9%17.8%24.2%18.5%21.4%14.8%26.9%21.8%12.8%5.3%22.0%22.0%
Depreciation and amortisation68.665.871.281.977.489.3107135140145155157166
Share-based compensation48.349.956.961.671.081.392.6109127139162158168
Buybacks3012806627637962636255131,7278801,1598931,204
Diluted shares, weighted108m220m218m216m214m212m632m631m624m609m599m586m578m
Shares outstanding at period end108m215m212m210m208m209m624m624m608m601m589m581m577m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 FY2016 FY2017 FY2018FY2019 FY2020FY2021FY2022 FY2023 FY2024FY2025TTM
Total assets3,5244,0594,5105,6665,3246,4887,2378,5038,2929,36313,05513,69713,867
Cash and equivalents6547189308187141,1791,1838637691,1323,0452,9382,906
Receivables288315366439457544515582643772609660770
Inventory2973403975556076418027278769041,0871,1261,131
Goodwill3766286261,1261,1121,1681,1731,1681,0651,1451,7771,7691,951
Long-term debt598597822438594594595596596597598598599
Borrowings, as the company tags them6006008251,038600n/an/an/an/an/an/an/an/a
Operating lease liabilitiesn/an/an/an/an/a58.972.769.169.565.278.982.681.6
Shareholders' equity2,1912,5032,6192,9563,1404,1484,5745,8365,8076,6509,99810,33810,618
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.3%6.7%10.8%14.6%
Profit growth, compounded8.1%5.4%-11.0%-75.8%
Return on equity, average23.3%25.0%24.4%10.4%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Orthopedic, Prosthetic & Surgical Appliances & Supplies

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$142.1 billion46.1117.3%31.3%20.7%n/an/a
Edwards Lifesciences Corp. EW$50.9 billion50.779.5%22.3%14.6%0.06n/a
Steris plc STE$20.2 billion25.2911.2%18.9%8.4%0.261.2%
Zimmer Biomet Holdings, Inc. ZBH$18.0 billion22.896.4%14.2%8.6%0.501.0%
Align Technology Inc. ALGN$10.5 billion25.599.8%13.2%4.4%n/an/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 20264 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-K31 December 202428 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 202429 April 2024EDGAR

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