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Edwards Lifesciences Corp. (EW)

Edwards Lifesciences makes repair and replacement technologies for the aortic, mitral, tricuspid and pulmonic heart valves, through both surgery and catheter-based therapies. The filing describes it as the leading global structural heart innovation company, in the field for over six decades since its founder, Miles Lowell Edwards, first dreamed of using engineering to address diseases of the human heart. Executive offices are in Irvine, California, and there were approximately 16,000 employees worldwide at the end of 2025, most of them in the United States, Singapore and Costa Rica. Products sell in approximately 100 countries. There are three product groups. The choice for a patient is surgery or a catheter: a surgeon may remove a faulty valve and replace it with a bioprosthetic tissue valve or reshape it with an annuloplasty ring, or a transcatheter valve or repair system can go in through a catheter, which needs no open-heart surgery and is done while the heart keeps beating.

Edwards Lifesciences Corp.

Edwards Lifesciences makes repair and replacement technologies for the aortic, mitral, tricuspid and pulmonic heart valves, through both surgery and catheter-based therapies. The filing describes it as the leading global structural heart innovation company, in the field for over six decades since its founder, Miles Lowell Edwards, first dreamed of using engineering to address diseases of the human heart. Executive offices are in Irvine, California, and there were approximately 16,000 employees worldwide at the end of 2025, most of them in the United States, Singapore and Costa Rica. Products sell in approximately 100 countries. There are three product groups. The choice for a patient is surgery or a catheter: a surgeon may remove a faulty valve and replace it with a bioprosthetic tissue valve or reshape it with an annuloplasty ring, or a transcatheter valve or repair system can go in through a catheter, which needs no open-heart surgery and is done while the heart keeps beating.

Transcatheter aortic valve replacement

This is the bulk of the business, 74 percent of net sales in 2025 against 75 percent in 2024 and 77 percent in 2023. The SAPIEN family treats severe aortic stenosis, delivered while the heart is beating, and the filing states most such procedures happen without general anaesthesia. The valves were first commercialised in Europe in 2007, the United States in 2011 and Japan in 2013. The SAPIEN 3 platform was the first transcatheter heart valve to carry an indication for placing a second valve inside an existing one, for patients at high surgical risk. The company reports EARLY TAVR data from 2024 demonstrating the superiority of early intervention over clinical surveillance on that platform, and records over 15 years of trials involving more than 10,000 patients and 1.2 million patients treated. The SAPIEN 3 and Alterra systems also offer minimally invasive pulmonary valve replacement for congenital heart disease.

Transcatheter mitral and tricuspid therapies

This group was 9 percent of net sales in 2025, up from 7 percent in 2024 and 4 percent in 2023. Three systems are commercially available: PASCAL, in Europe, the United States and Japan, which treats mitral or tricuspid regurgitation by leaflet approximation; EVOQUE, in Europe and the United States, which replaces the native tricuspid valve and which the filing calls the world's first such therapy to win regulatory approval; and SAPIEN M3, also in Europe and the United States, a mitral replacement built on the SAPIEN valve.

Surgical structural heart

RESILIA is the company's own tissue technology, and the filing cites published clinical data showing over 99 percent freedom from structural valve deterioration through eight years. INSPIRIS RESILIA is the aortic valve, combining RESILIA tissue with VFit technology, and the filing calls it the leading aortic surgical valve in the world. KONECT RESILIA is an aortic valved conduit, described as the first pre-assembled, ready-to-implant tissue valved conduit for complex combined procedures, launched in Europe in 2025. MITRIS RESILIA is the mitral valve, available in the United States, Europe, Japan, China and elsewhere.

Who it sells to

Distribution runs through several direct sales forces plus independent distributors. In the United States substantially all products go through the direct force, and the United States was 58 percent of net sales in 2025. The other 42 percent came from outside it, of which 60 percent was Europe, 14 percent Japan and 26 percent the rest of the world, sold mostly through direct sales and consignment arrangements. No single customer reached 10 percent of net sales in 2025. Beyond physicians and nurses, customers include service line leaders, material managers, hospital administrators and ministries of health, and the company seeks approval as a qualified supplier to hospital group purchasing organisations. Field clinical specialists routinely attend procedures where the products are used, to guide their use.

Where it is made

TAVR, TMTT and surgical products are manufactured primarily in the United States, Singapore, Costa Rica and Ireland. Non-implantable products come from fabricated materials including resins, chemicals, electronics and metals; most replacement valves are made from natural animal tissue. Some supplies come from single sources, either because that is the only source or because of regulatory constraints. Bovine tissue for the pericardial tissue valve products comes only from the United States and Australia, and only from tissue types that global health and regulatory organisations consider to have shown no risk of infectibility.

From Edwards Lifesciences' annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Edwards Lifesciences became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 4 November 2026
Revenue
$1.7 billion
+10.5% on the year · -1.5% on the quarter
Q4 FY2024Q3 FY2026
Net income
$308 million
+5.6% on the year · +27.1% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.53
+6.0% on the year · +26.2% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 25 February 2026
Revenue
$6.1 billion
+11.5% on the year
FY2018FY2025
Net income
$1.1 billion
-74.3% on the year
FY2018FY2025
Diluted EPS
$1.83
-73.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsEdwards Lifesciences (EW) reported revenue of $6.1 billion for fiscal 2025, the year ended 31 December 2025, up 11.5% on the year before. Net income was $1.1 billion and diluted earnings per share $1.83. Revenue was $5.4 billion in fiscal 2024, $5.0 billion in fiscal 2023, $4.5 billion in fiscal 2022 and $5.2 billion in fiscal 2021. Net income in the same years was $4.2 billion, $1.4 billion, $1.5 billion and $1.5 billion. Over the twelve months to 30 September 2026, Edwards Lifesciences reported revenue of $6.7 billion and net income of $1.0 billion. Revenue grew 6.7% a year, compounded, over the five years to fiscal 2025. Edwards Lifesciences had 576 million shares outstanding at the latest filed count. At 30 September 2026 it carried $599 million of debt and $3.1 billion of cash. At the close of 6 November 2026 the market cap of Edwards Lifesciences was $58.8 billion, 57.7 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE9.4%
ROCE12.6%
Operating margin21.6%
Net margin15.3%
FCF margin21.3%
Interest covern/a
Debt to equity0.06x
Cash conversion1.68x
Share count, last 12 months-0.9%
Sales CAGR, 3 years10.8%
Profit CAGR, 3 years-11.0%
EPS, TTM$1.77

At the close of 6 November 2026

Price$102.08
Market cap$58.8 billion
Stock P/E57.7x
Price to book5.4x
EV / EBITDA34.9x
Dividend yieldn/a
Market cap / sales8.8x
52-week high$102.08
52-week low$75.87
Price, 1 year23.8%
Price CAGR, 3 years15.3%
Price CAGR, 5 years-3.0%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. 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.
EWgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. 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. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023 †Q2 FY2023 †Q3 FY2023 †Q4 FY2023Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue1,3301,3411,3741,3191,3481,2211,2791,2431,2661,3301,3691,3541,3861,4131,5321,5531,5701,6491,7411,716
Cost of revenue310299269254258330257251357287276263292302344345343363392369
Gross profit1,0201,0421,1041,0651,0909921,0319931,0151,0431,0941,0921,0941,1111,1881,2081,2271,2861,3491,346
Gross margin77%78%80%81%81%81%81%80%80%78%80%81%79%79%78%78%78%78%77%78%
R&D233229251234232261244243270257272253271255276281268263279281
SG&A424370409377411436410382480428448421492466502515603522561561
Operating income374439460402448388264366400349366351313395411307151478513299
Operating margin28%33%33%31%33%32%21%29%32%26%27%26%23%28%27%20%10%29%29%17%
Pre-tax income37643646540745939927538842237138440339043440034890.4459520363
Tax rate11%14%13%16%13%15%8%14%12%12%5%10%12%16%16%16%29%17%54%17%
Net income3353744063443983403073853703523663,07138635833329191.2381242308
Net margin25%28%30%26%30%28%24%31%29%26%27%227%28%25%22%19%6%23%14%18%
Diluted EPS$0.53$0.59$0.65$0.55$0.65$0.56$0.50$0.63$0.61$0.58$0.61$5.13$0.65$0.61$0.56$0.50$0.16$0.66$0.42$0.53
Operating cash flow37429333231028331433.6412137-53.5372352-12828029057445143.8652570
Capital expenditure89.872.743.159.968.961.547.955.388.365.385.451.949.856.049.357.597.464.966.963.6
Free cash flow284221289250214253-14.335648.3-119286300-177224241516354-21.1585507
Buybacks96.54063551008662497.51744480.21589011002595.558940.6422153139
Shares outstanding624m621m620m619m608m606m608m606m601m602m602m590m589m586m588m581m581m577m577m576m
Filing10-K10-Q10-Q10-Q10-K10-K10-K10-Q10-K10-K10-K10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

Income statement (profit and loss)

FY2008FY2009FY2010FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Revenue1,2381,3211,4471,6791,9002,0462,3232,4942,9643,4353,7234,3484,3865,2324,4645,0105,4406,0686,675
Cost of revenue4203994084904915176266177978759391,1141,0811,2497249781,1181,3341,467
Gross profit8189221,0391,1891,4091,5291,6971,8762,1662,5602,7833,2343,3063,9843,7404,0324,3224,7335,208
Gross margin66.1%69.8%71.8%70.8%74.2%74.7%73.1%75.2%73.1%74.5%74.8%74.4%75.4%76.1%83.8%80.5%79.5%78.0%78.0%
Research and development1391762042462913233463834425536227537619038449631,0531,0791,091
Selling, general and administrative4815095506426977338588519059911,0881,2421,2281,4941,3581,5821,7892,0852,247
Operating incomen/an/an/an/an/an/an/an/a7511,0897481,1478981,6901,4981,3091,3791,2641,441
Operating marginn/an/an/an/an/an/an/an/a25.3%31.7%20.1%26.4%20.5%32.3%33.6%26.1%25.3%20.8%21.6%
Interest expense7.22.72.43.14.49.817.217.219.223.229.920.715.818.419.217.619.820.4n/a
Pre-tax income1643042682843885111,1446227381,0357611,1669171,7021,5201,3721,5481,2731,432
Income tax35.575.350.246.996.712233312816845139.212093.3199196152152217445
Effective tax rate21.6%24.7%18.7%16.5%24.9%23.9%29.1%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 income1292292182372923898114955705847221,0478231,5031,5221,4024,1751,0741,021
Net margin10.4%17.3%15.1%14.1%15.3%19.0%34.9%19.8%19.2%17.0%19.4%24.1%18.8%28.7%34.1%28.0%76.7%17.7%15.3%
Diluted EPS$0.18$0.33$0.30$0.33$0.41$0.57$1.25$0.75$0.87$0.90$1.13$1.64$1.30$2.38$2.44$2.30$6.97$1.83$1.77
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree 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.

Revenue by segment FY2011 to FY2025, 1 year left out

Edwards Lifesciences runs its business by region, so its segments are regions.

FY2011FY2012FY2013FY2014FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
United States6068129401,0471,6161,9082,0552,5332,5172,9632,6282,9483,2063,54358.4%
Europe5495776227417468018269269451,1001,0401,1801,3221,51825.0%
Rest of World20123625328530435739643345253343653157265210.8%
Japan2272932942712803563984414495283603513403555.8%
Not assigned to a part in the filing96.0n/an/an/an/an/an/an/an/a109n/an/an/an/an/a
Sales between segments, taken outn/an/a-62.8n/an/an/an/an/an/an/an/an/an/an/an/a
United StatesEuropeRest of WorldJapan
1,918FY20122,345FY20143,422FY20174,334FY20195,124FY20215,010FY20236,068FY2025

$ million; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Not assigned to a part in the filing and Sales between segments, taken out are the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2011 to FY2025, 1 year left out

The profit before tax each segment reports. Costs Edwards Lifesciences does not charge to a segment are left out, so the segments can add up to more than the company's own profit before tax.

FY2011FY2012FY2013FY2014FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
United States3154655506061,0501,2421,3681,7421,7272,0511,8642,0082,1592,34566.2%
Europe23825128832836137839547247956960465572579652.5%
Rest of World60.368.868.378.673.092.811612815018517722924329845.8%
Japan10815314612514020123727228634829921321323465.9%
United StatesEuropeRest of WorldJapan
938FY20121,138FY20141,915FY20172,614FY20193,153FY20213,105FY20233,674FY2025

$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
United States58%64%
Europe25%22%
Rest of World11%8%
Japan6%6%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has a profit before tax figure. A margin is a segment's profit before tax over its own sales.

Revenue by product or service FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Transcatheter Aortic Valve Replacementn/a2063345527089441,1801,6282,0242,2842,7382,8573,4223,5183,8804,1064,48874.0%
Surgical Structural Heartn/a7327847888018267857758077628427628898309339811,02917.0%
Transcatheter Mitral and Tricuspid Therapiesn/an/an/an/an/an/an/an/a3.42.928.241.886.01161983525519.1%
Cardiac Surgery Systems92.8n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Critical Care452508560560537553528560601674740725835n/an/an/an/an/a
Heart Valve Therapy715n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Vascular61.2n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Transcatheter Aortic Valve Replacement FY2010 to FY2025Surgical Structural Heart FY2010 to FY2025Transcatheter Mitral and Tricuspid Therapies FY2017 to FY2025Critical Care FY2009 to FY2021Heart Valve Therapy FY2009Cardiac Surgery Systems FY2009Vascular FY2009
1,447FY20102,046FY20132,964FY20164,348FY20194,464FY20226,068FY2025

$ million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2008FY2009FY2010FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow153165251n/an/a4731,0225507041,0019271,1831,0541,7321,2188965421,5951,717
Capital expenditure50.664.061.876.610910982.9103176168239254407326245253252260293
Free cash flow103101190n/an/a3649394475288336889286471,4069746432901,3351,424
Free cash flow margin8.3%7.7%13.1%n/an/a17.8%40.4%17.9%17.8%24.2%18.5%21.4%14.8%26.9%21.8%12.8%5.3%22.0%21.3%
Cash from investing58.840.1-61.5n/an/an/an/a-316-212-64776.7-596-531-1,7222521742,313-713-741
Cash from financing-134-91.8-104n/an/an/an/a-159-268-473-1,101-116-487-356-1,584-711-983-957-564
Depreciation and amortisation55.658.756.558.053.762.968.665.871.281.977.489.3107135140145155157171
Share-based compensation28.728.329.335.042.147.448.349.956.961.671.081.392.6109127139162158173
Buybacks30695.52003033444973012806627637962636255131,7278801,159893755
Diluted shares, weighted715m705m715m716m710m683m651m661m653m648m641m637m632m631m624m609m599m586m578m
Shares outstanding at period endn/a341m690m685m686m328m647m646m635m629m623m627m624m624m608m601m589m581m576m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe 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

FY2008FY2009FY2010FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity8791,1581,3081,3271,4671,5442,1912,5032,6192,9563,1404,1484,5745,8365,8076,6509,99810,33810,861
Non-controlling interestn/an/an/an/an/an/an/an/an/an/an/an/an/an/a0.069.464.50.0100
Debtn/a90.341.81501896005985978221,036594594595596596597598598599
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a58.972.769.169.565.278.982.680.8
Other liabilitiesn/a3674175035655667359591,0691,6741,5901,6861,9952,0021,8201,9822,3162,6792,503
Total liabilities and equityn/a1,6161,7671,9802,2222,7103,5244,0594,5105,6665,3246,4887,2378,5038,2929,36313,05513,69714,144
Owned
Fixed assetsn/a2522703043734224434825806808681,0601,3951,5471,6331,5911,6861,8121,858
Goodwill3163153153503853853766286261,1261,1121,1681,1731,1681,0651,1451,7771,7691,952
Intangible assetsn/a86.767.166.967.033.523.42052054683433363313242853991,1771,1281,161
Investmentsn/a22.325.021.821.15381,0268868731,0867499231,0212,4381,6851,0841,2391,5671,796
Cash and equivalents2193343961713114206547189308187141,1791,1838637691,1323,0452,9383,111
Receivablesn/a249277284321302288315366439457544515582643772609660785
Inventoryn/a1662042612813092973403975556076418027278769041,0871,1261,159
Other assetsn/a1902135214622994184835344944746378168551,3372,3362,4362,6982,322
Total assetsn/a1,6161,7671,9802,2222,7103,5244,0594,5105,6665,3246,4887,2378,5038,2929,36313,05513,69714,144
Filing10-K10-K10-K10-K10-K10-K10-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.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded9.3%6.7%10.8%13.4%
Profit growth, compounded8.1%5.4%-11.0%-25.3%
Return on equity, average23.3%25.0%24.4%10.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn 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.

Questions

What was Edwards Lifesciences' revenue in fiscal 2025?

Edwards Lifesciences (EW) reported revenue of $6.1 billion for fiscal 2025, the year ended 31 December 2025, up 11.5% on the year before.

How much did Edwards Lifesciences earn in fiscal 2025?

Net income was $1.1 billion for fiscal 2025, and diluted earnings per share $1.83.

What is Edwards Lifesciences' P/E ratio?

At the close of 6 November 2026, Edwards Lifesciences traded at 57.7 times its earnings over the twelve months to 30 September 2026.

What is Edwards Lifesciences' market cap?

The market cap of Edwards Lifesciences was $58.8 billion at the close of 6 November 2026.

How much debt does Edwards Lifesciences have?

At 30 September 2026 Edwards Lifesciences carried $599 million of debt and $3.1 billion of cash.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$156.9 billion54.7518.5%28.4%20.5%0.00n/a
Edwards Lifesciences Corp. EW$58.8 billion57.679.4%21.6%13.4%0.06n/a
Steris plc STE$24.5 billion29.9311.4%19.0%8.1%0.261.0%
Zimmer Biomet Holdings, Inc. ZBH$20.0 billion26.736.0%13.6%7.0%0.590.9%
Smith & Nephew plc SNN *$13.7 billion21.7611.8%12.9%6.1%0.592.4%
Align Technology Inc. ALGN$11.7 billion24.1711.4%14.9%4.4%0.00n/a
MSA Safety Inc. MSA$6.6 billion21.8621.1%20.2%8.1%0.781.3%
Establishment Labs Holdings Inc. ESTA$2.0 billionn/a-246.6%-6.6%38.3%17.17n/a
Enovis Corp. ENOV$1.6 billionn/a-35.3%-20.6%3.3%0.84n/a
Cadre Holdings, Inc. CDRE$1.4 billion34.4211.2%10.7%18.3%1.011.2%
Anteris Technologies Global Corp. AVR$553 millionn/a-41.2%-4,738.4%-9.6%0.00n/a
Sanara MedTech Inc. SMTI$291 millionn/a-403.0%n/a12.9%5.85n/a
All 110 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$156.9 billion54.7518.5%28.4%20.5%0.00n/a
Medtronic plc MDT$130.3 billion25.0710.4%18.1%9.8%0.562.8%
Stryker Corp. SYK$124.0 billion34.7015.4%20.7%7.9%0.641.1%
3M Co. MMM$95.7 billion27.6185.7%18.8%1.7%3.631.7%
Boston Scientific Corp. BSX$62.0 billion18.1113.7%18.7%8.9%0.47n/a
Edwards Lifesciences Corp. EW$58.8 billion57.679.4%21.6%13.4%0.06n/a
Becton Dickinson & Co. BDX$57.7 billion63.803.9%9.6%-2.6%0.692.0%
Medline Inc. MDLN$52.2 billion57.614.9%5.7%n/a1.07n/a
GE HealthCare Technologies Inc. GEHC$37.2 billion17.3818.5%13.3%6.9%0.860.2%
Resmed Inc. RMD$33.1 billion21.4226.8%33.0%9.0%0.071.0%
Dexcom Inc. DXCM$29.6 billion31.1439.1%24.0%13.0%0.49n/a
Koninklijke Philips N.V. PHG *$29.2 billion29.228.2%8.0%-1.0%0.741.3%
West Pharmaceutical Services Inc. WST$27.9 billion44.8721.5%23.0%12.6%0.070.2%
Steris plc STE$24.5 billion29.9311.4%19.0%8.1%0.261.0%
Zimmer Biomet Holdings, Inc. ZBH$20.0 billion26.736.0%13.6%7.0%0.590.9%
Solventum Corp. SOLV$15.4 billion101.513.2%5.6%-2.8%1.05n/a
Smith & Nephew plc SNN *$13.7 billion21.7611.8%12.9%6.1%0.592.4%
Baxter International Inc. BAX$13.3 billionn/a-11.1%-1.9%5.3%1.322.0%
Glaukos Corp. GKOS$13.3 billionn/a-23.7%-25.5%46.9%0.00n/a
Penumbra Inc. PEN$12.6 billion80.459.9%12.1%17.0%0.00n/a
Cooper Companies, Inc. COO$11.9 billion21.296.8%12.8%4.7%0.31n/a
Align Technology Inc. ALGN$11.7 billion24.1711.4%14.9%4.4%0.00n/a
Insulet Corp. PODD$10.2 billion23.8727.2%18.4%26.5%0.61n/a
Globus Medical Inc. GMED$9.5 billion17.4511.6%21.6%13.4%0.00n/a
Bausch & Lomb Corp. BLCO$7.1 billionn/a-1.7%7.1%8.9%0.79n/a
MSA Safety Inc. MSA$6.6 billion21.8621.1%20.2%8.1%0.781.3%
Teleflex Inc. TFX$6.0 billion18.338.7%9.4%20.9%0.460.9%
Haemonetics Corp. HAE$5.5 billion53.8311.6%12.8%4.1%1.26n/a
Merit Medical Systems Inc. MMSI$5.2 billion32.809.2%13.5%9.1%0.42n/a
LivaNova plc LIVN$5.0 billion30.0114.3%10.7%11.7%0.22n/a
MiniMed Group, Inc. MMED$4.7 billionn/an/an/an/a0.00n/a
Heartflow, Inc. HTFL$4.5 billionn/a-42.3%-37.8%n/a0.00n/a
Integer Holdings Corp. ITGR$4.3 billion42.486.0%8.2%-0.3%0.71n/a
ICU Medical Inc. ICUI$4.3 billion71.992.8%5.1%-5.9%0.53n/a
Envista Holdings Corp. NVST$4.0 billion6.5120.5%25.4%9.8%0.46n/a
Pulse Biosciences, Inc. PLSE$3.9 billionn/a-45.6%-5,821.1%1,637.2%0.00n/a
Warby Parker Inc. WRBY$3.2 billion424.581.9%0.2%9.9%0.00n/a
TransMedics Group, Inc. TMDX$3.1 billion23.8926.2%11.9%28.5%0.930.0%
iRhythm Holdings, Inc. IRTC$3.0 billionn/a-21.8%-5.7%21.6%3.68n/a
Axogen, Inc. AXGN$3.0 billionn/a-6.4%-5.2%24.3%0.00n/a
AtriCure, Inc. ATRC$3.0 billion195.032.8%2.9%13.8%0.11n/a
UFP Technologies Inc. UFPT$2.3 billion30.9015.8%15.5%8.6%0.20n/a
Establishment Labs Holdings Inc. ESTA$2.0 billionn/a-246.6%-6.6%38.3%17.17n/a
Dentsply Sirona Inc. XRAY$1.9 billionn/a-8.9%-1.5%-1.4%1.626.8%
Lemaitre Vascular Inc. LMAT$1.9 billion29.4214.7%27.7%11.8%0.391.2%
Inspire Medical Systems, Inc. INSP$1.8 billion18.5712.2%1.8%-0.2%0.00n/a
Kestra Medical Technologies, Ltd. KMTS$1.7 billionn/a-67.4%-134.5%60.7%0.33n/a
Butterfly Network, Inc. BFLY$1.7 billionn/a-29.1%-46.9%39.3%0.000.0%
Enovis Corp. ENOV$1.6 billionn/a-35.3%-20.6%3.3%0.84n/a
NovoCure Ltd. NVCR$1.6 billionn/a-34.7%-17.2%12.9%0.56n/a
Conmed Corp. CNMD$1.5 billion21.306.9%9.9%1.6%0.771.2%
National Vision Holdings, Inc. EYE$1.4 billion29.335.6%4.1%7.8%0.26n/a
Cadre Holdings, Inc. CDRE$1.4 billion34.4211.2%10.7%18.3%1.011.2%
Staar Surgical Co. STAA$1.3 billion1,815,851,369,755,783,936.000.1%0.2%42.4%0.00n/a
Procept BioRobotics Corp. PRCT$1.2 billionn/a-34.9%-33.6%17.5%0.16n/a
Tandem Diabetes Care Inc. TNDM$1.2 billionn/a-36.4%-2.4%6.8%4.47n/a
Alphatec Holdings, Inc. ATEC$1.2 billionn/an/a-3.6%15.3%n/an/a
Iradimed Corp. IRMD$1.1 billion46.1422.5%32.3%11.0%0.000.9%
Si-Bone, Inc. SIBN$1.1 billionn/a-7.4%-7.6%14.0%0.190.0%
Integra LifeSciences Holdings Corp. IART$1.0 billion78.971.2%4.4%0.8%1.71n/a
Ceribell, Inc. CBLL$1.0 billionn/a-62.9%-69.8%31.3%0.17n/a
Artivion, Inc. AORT$986 millionn/a-3.9%2.3%14.0%0.81n/a
Bioventus Inc. BVS$893 million13.2523.8%9.7%3.9%0.96n/a
Beta Bionics, Inc. BBNX$855 millionn/a-20.7%-72.7%43.7%0.00n/a
Orthopediatrics Corp. KIDS$828 millionn/a-10.0%-9.4%16.1%0.31n/a
Tactile Systems Technology Inc. TCMD$585 million25.2610.5%9.4%14.4%0.00n/a
Sight Sciences, Inc. SGHT$558 millionn/a-57.8%-29.5%16.2%0.83n/a
Anteris Technologies Global Corp. AVR$553 millionn/a-41.2%-4,738.4%-9.6%0.00n/a
Delcath Systems, Inc. DCTH$517 million1,494.000.4%-1.9%35.8%0.00n/a
Avita Medical, Inc. RCEL$513 millionn/an/a-33.9%17.0%n/an/a
Angiodynamics Inc. ANGO$497 millionn/a-20.1%-11.2%8.2%0.00n/a
Mimedx Group, Inc. MDXG$482 millionn/a-9.1%-8.3%-22.8%0.00n/a
SS Innovations International, Inc. SSII$430 millionn/a-23.3%-15.8%89.7%0.00n/a
NeuroPace Inc. NPCE$428 millionn/a-160.9%-15.3%11.6%4.970.0%
Shoulder Innovations, Inc. SI$426 millionn/a-28.2%-54.4%n/a0.13n/a
Cerus Corp. CERS$407 millionn/a-9.7%-1.0%n/a0.84n/a
Carlsmed, Inc. CARL$395 millionn/a-43.1%-61.1%n/a0.18n/a
Mobia Medical, Inc. MOBI$372 millionn/an/an/an/a0.05n/a
Embecta Corp. EMBC$350 million4.18n/a21.9%-7.6%n/a7.4%
Orchestra BioMed Holdings, Inc. OBIO$341 millionn/a-305.5%-181.4%986.1%1.80n/a
Orthofix Medical Inc. OFIX$320 millionn/a-14.4%-4.7%3.0%0.52n/a
CapsoVision, Inc. CV$316 millionn/a-226.6%-217.1%n/a0.00n/a
Cytosorbents Corp. CTSO$308 millionn/an/a-34.7%3.1%n/an/a
Sanara MedTech Inc. SMTI$291 millionn/a-403.0%n/a12.9%5.85n/a
ClearPoint Neuro, Inc. CLPT$276 millionn/a-132.5%-70.6%32.5%1.86n/a
InfuSystem Holdings, Inc. INFU$272 million33.3414.4%9.3%2.5%0.35n/a
Treace Medical Concepts, Inc. TMCI$265 millionn/a-90.5%-24.4%-7.1%0.91n/a
Profound Medical Corp. PROF$264 millionn/a-76.4%-145.1%65.3%0.11n/a
Orasure Technologies Inc. OSUR$238 millionn/a-15.5%-48.1%-18.9%0.00n/a
Utah Medical Products Inc. UTMD$231 million22.138.6%28.4%-7.0%0.00n/a
Electromed, Inc. ELMD$226 million20.5820.9%18.8%15.3%0.00n/a
PRO DEX Inc. PDEX$202 million17.3524.4%16.8%13.3%0.33n/a
TriSalus Life Sciences, Inc. TLSI$200 millionn/a-430.7%-67.7%25.2%5.05n/a
Anika Therapeutics, Inc. ANIK$195 millionn/a-1.3%-2.1%9.4%0.00n/a
RxSight, Inc. RXST$190 millionn/a-20.9%-50.4%-14.3%0.00n/a
Inogen Inc. INGN$161 millionn/a-14.1%-8.7%3.2%0.00n/a
Edap TMS SA FOCL$158 millionn/a-104.3%-35.4%n/a0.99n/a
Koru Medical Systems, Inc. KRMD$143 millionn/a-10.1%-3.7%22.4%0.00n/a
Apyx Medical Corp. APYX$124 millionn/a-87.6%-5.5%24.4%3.89n/a
Pulmonx Corp. LUNG$112 millionn/a-124.4%-44.4%-3.2%1.11n/a
Stereotaxis, Inc. STXS$111 millionn/a-182.3%-75.7%-5.5%0.00n/a
SkinHealth Systems Inc. SKIN$102 millionn/a-32.8%2.4%-4.4%4.36n/a
Lakeland Industries Inc. LAKE$88 millionn/a-21.4%-4.1%-0.4%0.23n/a
Outset Medical, Inc. OM$79 millionn/a-85.4%-51.2%1.6%1.18n/a
Neuraxis, Inc. NRXS$77 millionn/a-114.0%-144.5%65.2%0.01n/a
Lucid Diagnostics Inc. LUCD$76 millionn/a-478.3%-930.8%24.9%2.15n/a
Lensar, Inc. LNSR$66 millionn/a232.8%-13.5%3.3%0.25n/a
NutriBand Inc. NTRB$66 millionn/a-130.7%-435.6%-37.3%0.00n/a
RenovoRx, Inc. RNXT$55 millionn/a-140.2%-489.0%n/a0.00n/a
PAVmed Inc. PAVM$10 millionn/a-34.5%-23,841.1%-89.0%0.43n/a
14 companies share its SEC industry code (Orthopedic, Prosthetic & Surgical Appliances & Supplies); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on EW

Dividendsno dividend in its filings for fiscal 2008 onward
Filings20 in twelve months: 8 current reports (8-K), about 4 results of operations; 3 officer or director change; 2 regulation FD disclosure; 1 shareholder vote
Planned insider sales34 Form 144 notices in twelve months, $39.7 million; latest 31 August 2026
Options tapeput/call 0.96 by open interest at the 6 November 2026 close; the straddle prices a 4.9% move to 20 November 2026
13F holders1,341 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading54 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest9.3 million shares short, 2.46 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 20264 November 2026EDGAR
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

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