FirmAtlas
Company handbook · EW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
EW · CIK 1099800 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
EDWARDS LIFESCIENCES CORPORATION
$86.60
−1.50 (−1.70%)
Close, Oct 16, 2026 · 52-week $73–96
Last fiscal year
EDWARDS LIFESCIENCES CORPORATION reported revenue of $6.1B for the year ended Dec 31, 2025 (FY25), up 11.5% from FY24. Net income was $1.1B, operating cash flow $1.6B and free cash flow $1.3B. Source: 10-K filed Feb 25, 2026.
Market cap
$50.3B
P/E
50.0
EV/EBITDA
32.8x
P/B
4.7
ROIC
15.8%
Revenue 1Y
11.5%/yr
EPS 1Y
−73.7%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQIrvine, CA
AuditorPricewaterhouseCoopers LLP
Employees16,000
Year endsDecember
Revenue by segment · FY25
United States58%
Europe25%
Rest Of World11%
Japan6%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.4%
−5.0%
6.7%
19.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.6B deployed
Capex
$513M
20.0%
Buybacks
$2.1B
80.0%
Operating cash flow over the period: $2.1B. Total debt changed by +$1M. R&D of $2.1B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (3-for-1 split after FY19).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,440
6,068+11.5%
6,512
YoY
+11.5%
Gross profit
4,322
4,733+9.5%
5,069
Gross margin
79.5%
78.0%−1.4 pp
—
Operating income
1,379
1,264−8.3%
1,449
Operating margin
25.3%
20.8%−4.5 pp
—
EBITDA
1,534
1,421−7.4%
—
EBITDA margin
28.2%
23.4%−4.8 pp
—
Interest expense
20
20+3.0%
—
Interest coverage
77.47x
69.65x−7.82x
—
Net income
4,175
1,074−74.3%
1,005
YoY
−74.3%
Net margin
76.7%
17.7%−59.1 pp
—
EPS (diluted, $)
6.97
1.83−73.7%
1.74
YoY
−73.7%
Balance sheet
Total assets
13,055
13,697+4.9%
13,867
Cash & short-term investments
3,990
4,228+6.0%
—
Accounts receivable
609
660+8.3%
—
Inventory
1,087
1,126+3.6%
—
Net PP&E
1,686
1,812+7.5%
—
Other assets
5,684
5,872+3.3%
—
Total liabilities
3,057
3,360+9.9%
3,249
Accounts payable
197
228+15.2%
—
Total debt
598
598+0.1%
599
Other liabilities
2,262
2,534+12.0%
—
Shareholders’ equity
9,998
10,338+3.4%
10,618
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
542
1,595+194.2%
1,720
Net income
4,170
1,069−74.4%
—
Depreciation & amortization
155
157+0.9%
—
Stock-based compensation
162
158−2.6%
—
Working capital & other
(3,945)
211n/m
—
Cash from investing
2,313
(713)−130.8%
—
Capex
(252)
(260)n/m
—
Investments bought
(900)
(3,092)n/m
—
Investments sold / matured
800
2,816+252.0%
—
Other investing
2,665
(177)−106.6%
—
Cash from financing
(983)
(957)n/m
—
Buybacks
(1,159)
(893)n/m
—
Shares issued
91
89−1.5%
—
Other financing
86
(153)−277.9%
—
Net change in cash
1,911
(119)−106.2%
—
Free cash flow (OCF − capex)
290
1,335+360.5%
1,434
Where the cash went
Operating cash flow
542
1,595+194.2%
1,720
Reinvested in the business
252
260+3.1%
—
% of operating cash flow
46.5%
16.3%
Capex
252
260+3.1%
287
R&D (memo, already in costs)
1,053
1,079+2.5%
—
Free cash flow
290
1,335+360.5%
1,434
YoY
+360.5%
Returned to shareholders
1,159
893−22.9%
—
% of free cash flow
399.9%
66.9%
Buybacks
1,159
893−22.9%
—
Change in total debt
—
0.6
—
Cash left over
—
442
—
FCF conversion (FCF ÷ net income)
6.9%
124.4%+117.4 pp
—
Owner earnings
—
910
—
Owner earnings margin
—
15.0%
—
Returns & ratios
ROIC (all capital)
18.8%
15.8%−3.1 pp
—
ROIC (operating)
39.0%
32.0%−7.0 pp
—
Net debt / EBITDA
−2.21x
−2.55x−0.34x
—
Debt / equity
0.06x
0.06x−0.00x
—
Cash conversion cycle (days)
331
286−46 d
—
ROE
41.8%
10.4%−31.4 pp
—
ROA
32.0%
7.8%−24.1 pp
—
ROCE
11.9%
10.6%−1.3 pp
—
NOPAT
1,243
1,049−15.6%
—
Invested capital (operating)
3,184
3,370+5.8%
—
Invested capital (all)
6,607
6,708+1.5%
—
Reinvestment rate
—
17.7%
—
Debtor days
41
40−1 d
—
Inventory days
355
308−47 d
—
Days payable
64
62−2 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,553
1,570
1,649
1,741
vs year-ago quarter
Gross profit
1,208
1,227
1,286
1,349
Gross margin
77.8%
78.1%
78.0%
77.5%
Operating income
307
151
478
513
Net income
291
91
381
242
vs year-ago quarter
Net margin
18.7%
5.8%
23.1%
13.9%
EPS (diluted, $)
0.50
0.16
0.66
0.42
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
13,272
13,697
13,321
13,867
Cash & equivalents
2,695
4,228
2,448
2,910
Total debt
598
598
598
599
Shareholders’ equity
10,205
10,338
10,328
10,618
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
574
451
44
652
Capex
58
97
65
67
Free cash flow
516
354
(21)
585
vs year-ago quarter