NYSE : EW
Edwards Lifesciences Corporation — Financial statements
Healthcare · Medical Devices · United States
Last price 92.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 53.03B
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Financial statements
Edwards Lifesciences Corporation (EW) reported revenue of 6.51B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.51B | 6.07B | 5.44B | 5.01B | 4.46B | 5.23B |
| Cost of Revenue | 1.44B | 1.33B | 1.12B | 978.40M | 722.10M | 1.25B |
| Gross Profit | 5.07B | 4.73B | 4.32B | 4.03B | 3.74B | 3.98B |
| Selling, General & Admin | 2.20B | 2.08B | 1.79B | 1.58B | 1.36B | 1.49B |
| Research & Development | 1.09B | 1.08B | 1.05B | 962.90M | 843.60M | 903.10M |
| Other Operating Expenses | -52.00M | -67.20M | -300.00K | |||
| Operating Expenses | 3.24B | 3.10B | 2.84B | 2.54B | 2.20B | 2.40B |
| Operating Income | 1.83B | 1.64B | 1.48B | 1.49B | 1.54B | 1.59B |
| Interest Expense | -20.40M | -20.40M | -19.80M | -17.60M | -19.20M | -18.40M |
| Interest & Investment Income | 163.30M | 168.80M | 120.30M | 67.20M | 35.50M | 17.40M |
| Currency Exchange Gain (Loss) | 700.00K | 700.00K | 7.10M | 10.00M | 1.00M | 5.00M |
| Other Non Operating Income (Expenses) | -75.30M | 1.50M | 6.80M | 3.40M | 10.80M | |
| EBT Excluding Unusual Items | 1.90B | 1.79B | 1.60B | 1.55B | 1.56B | 1.60B |
| Merger & Restructuring Charges | -10.70M | -19.10M | -61.00M | -62.30M | ||
| Gain (Loss) on Sale of Investments | -101.40M | -143.60M | 54.40M | -700.00K | -1.10M | -2.80M |
| Asset Writedown | -40.00M | -40.00M | ||||
| Legal Settlements | -342.40M | -325.40M | -40.40M | -203.50M | -15.80M | -20.60M |
| Other Unusual Items | 12.50M | 12.50M | 26.20M | 35.80M | 124.10M | |
| Pretax Income | 1.42B | 1.27B | 1.55B | 1.37B | 1.52B | 1.70B |
| Income Tax Expense | 439.00M | 216.90M | 152.10M | 152.40M | 195.50M | 198.90M |
| Earnings From Continuing Operations | 978.60M | 1.06B | 1.40B | 1.22B | 1.32B | 1.50B |
| Earnings From Discontinued Operations | 25.00M | 13.40M | 2.77B | 179.40M | 197.90M | |
| Net Income to Company | 1.00B | 1.07B | 4.17B | 1.40B | 1.52B | 1.50B |
| Minority Interest in Earnings | 1.30M | 4.10M | 4.90M | 3.00M | ||
| Net Income | 1.00B | 1.07B | 4.17B | 1.40B | 1.52B | 1.50B |
| Net Income to Common | 1.00B | 1.07B | 4.17B | 1.40B | 1.52B | 1.50B |
| Shares Outstanding (Basic) | 580.25M | 584.80M | 597.70M | 606.70M | 619.00M | 623.30M |
| Shares Outstanding (Diluted) | 581.45M | 585.80M | 599.30M | 609.40M | 624.20M | 631.20M |
| EPS (Basic) | 1.73 | 1.84 | 6.98 | 2.31 | 2.46 | 2.41 |
| EPS (Diluted) | 1.72 | 1.83 | 6.97 | 2.30 | 2.44 | 2.38 |
| Free Cash Flow | 1.43B | 1.33B | 289.90M | 642.80M | 973.60M | 1.41B |
| Free Cash Flow Per Share | 2.47 | 2.28 | 0.48 | 1.05 | 1.56 | 2.23 |
| Gross Margin | 77.84% | 78.01% | 79.46% | 80.47% | 83.82% | 76.13% |
| Operating Margin | 28.12% | 26.99% | 27.22% | 29.69% | 34.54% | 30.32% |
| Profit Margin | 15.43% | 17.69% | 76.75% | 27.99% | 34.09% | 28.73% |
| Free Cash Flow Margin | 22.01% | 22.00% | 5.33% | 12.83% | 21.81% | 26.88% |
| EBITDA | 2.00B | 1.79B | 1.62B | 1.61B | 1.68B | 1.72B |
| EBITDA Margin | 30.66% | 29.58% | 29.85% | 32.12% | 37.67% | 32.90% |
| D&A For EBITDA | 165.50M | 156.60M | 143.20M | 122.00M | 139.60M | 134.80M |
| EBIT | 1.83B | 1.64B | 1.48B | 1.49B | 1.54B | 1.59B |
| EBIT Margin | 28.12% | 26.99% | 27.22% | 29.69% | 34.54% | 30.32% |
| Effective Tax Rate | 30.97% | 17.04% | 9.83% | 11.11% | 12.87% | 11.69% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.91B | 2.94B | 3.05B | 1.13B | 769.00M | 862.80M |
| Short-Term Investments | 1.35B | 1.29B | 930.70M | 500.50M | 446.30M | 604.00M |
| Cash & Short-Term Investments | 4.25B | 4.23B | 3.98B | 1.63B | 1.22B | 1.47B |
| Accounts Receivable | 770.40M | 659.60M | 609.10M | 771.50M | 643.00M | 582.20M |
| Other Receivables | 185.30M | 252.50M | 118.30M | 56.60M | 56.10M | 82.70M |
| Receivables | 955.70M | 912.10M | 727.40M | 828.10M | 699.10M | 664.90M |
| Inventory | 1.13B | 1.13B | 1.09B | 903.50M | 875.50M | 726.70M |
| Prepaid Expenses | 119.00M | 135.00M | 121.00M | 128.80M | 110.00M | 85.20M |
| Restricted Cash | 2.40M | 500.00K | 3.20M | 3.30M | 500.00K | 1.50M |
| Other Current Assets | 357.90M | 338.80M | 371.20M | 539.20M | 195.40M | 235.60M |
| Total Current Assets | 6.82B | 6.74B | 6.29B | 4.04B | 3.10B | 3.18B |
| Property, Plant & Equipment | 1.94B | 1.91B | 1.78B | 1.68B | 1.73B | 1.64B |
| Long-Term Investments | 244.10M | 278.60M | 307.90M | 583.90M | 1.24B | 1.83B |
| Goodwill | 1.95B | 1.77B | 1.78B | 1.15B | 1.16B | 1.17B |
| Other Intangible Assets | 1.38B | 1.13B | 1.18B | 399.40M | 285.20M | 323.60M |
| Long-Term Deferred Tax Assets | 911.80M | 1.14B | 992.10M | 749.40M | 484.00M | 246.70M |
| Other Long-Term Assets | 547.60M | 556.50M | 603.10M | 619.20M | 299.10M | 110.80M |
| Total Assets | 13.87B | 13.70B | 13.06B | 9.36B | 8.29B | 8.50B |
| Accounts Payable | 210.50M | 227.50M | 197.40M | 186.60M | 201.90M | 204.50M |
| Accrued Expenses | 954.40M | 1.06B | 790.40M | 667.20M | 593.10M | 643.40M |
| Current Portion of Leases | 24.10M | 24.50M | 23.40M | 22.90M | 25.50M | 25.50M |
| Current Income Taxes Payable | 192.90M | 192.50M | 286.60M | 52.70M | 50.60M | 30.60M |
| Current Unearned Revenue | 20.30M | 27.20M | 53.70M | |||
| Other Current Liabilities | 105.70M | 277.00M | 153.70M | 266.00M | 151.30M | 128.30M |
| Total Current Liabilities | 1.51B | 1.81B | 1.51B | 1.20B | 1.02B | 1.03B |
| Long-Term Debt | 598.70M | 598.30M | 597.70M | 597.00M | 596.30M | 595.70M |
| Long-Term Leases | 81.60M | 82.60M | 78.90M | 65.20M | 69.50M | 69.10M |
| Long-Term Unearned Revenue | 10.10M | 35.10M | ||||
| Pension & Post-Retirement Benefits | 28.90M | 32.10M | 36.20M | 23.50M | 41.00M | |
| Other Long-Term Liabilities | 954.00M | 826.00M | 743.40M | 750.00M | 774.10M | 928.60M |
| Total Liabilities | 3.14B | 3.36B | 2.99B | 2.64B | 2.49B | 2.67B |
| Common Stock | 661.70M | 658.70M | 654.80M | 650.50M | 646.30M | 642.00M |
| Additional Paid-In Capital | 2.98B | 2.77B | 2.61B | 2.27B | 1.97B | 1.70B |
| Retained Earnings | 14.86B | 14.24B | 13.17B | 8.99B | 7.59B | 6.07B |
| Treasury Stock | -7.67B | -7.09B | -6.19B | -5.02B | -4.14B | -2.42B |
| Comprehensive Income & Other | -214.60M | -238.30M | -244.50M | -242.80M | -254.90M | -157.70M |
| Total Common Equity | 10.62B | 10.34B | 10.00B | 6.65B | 5.81B | 5.84B |
| Minority Interest | 106.90M | 64.50M | 69.40M | |||
| Shareholders' Equity | 10.72B | 10.34B | 10.06B | 6.72B | 5.81B | 5.84B |
| Total Liabilities & Equity | 13.87B | 13.70B | 13.06B | 9.36B | 8.29B | 8.50B |
| Total Debt | 704.40M | 705.40M | 700.00M | 685.10M | 691.30M | 690.30M |
| Net Cash (Debt) | 3.58B | 3.53B | 3.28B | 947.70M | 524.00M | 776.50M |
| Net Cash Per Share | 6.15 | 6.02 | 5.48 | 1.56 | 0.84 | 1.23 |
| Filing Date Shares Outstanding | 576.40M | 580.80M | 587.90M | 601.30M | 608.31M | 623.21M |
| Total Common Shares Outstanding | 576.60M | 580.70M | 588.60M | 601.10M | 608.30M | 624.10M |
| Working Capital | 5.31B | 4.93B | 4.78B | 2.84B | 2.07B | 2.15B |
| Book Value Per Share | 18.41 | 17.80 | 16.99 | 11.06 | 9.55 | 9.35 |
| Tangible Book Value | 7.28B | 7.44B | 7.05B | 5.11B | 4.36B | 4.34B |
| Tangible Book Value Per Share | 12.63 | 12.81 | 11.97 | 8.49 | 7.16 | 6.96 |
| Land | 152.40M | 123.90M | 112.40M | 116.30M | 116.50M | |
| Buildings | 1.39B | 1.34B | 1.19B | 1.19B | 1.01B | |
| Machinery | 739.80M | 689.40M | 618.60M | 735.00M | 652.60M | |
| Construction In Progress | 301.20M | 244.00M | 292.50M | 255.20M | 333.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.00B | 1.07B | 4.17B | 1.40B | 1.52B | 1.50B |
| Depreciation & Amortization | 165.50M | 156.60M | 143.20M | 122.00M | 139.60M | 134.80M |
| Loss (Gain) From Sale of Assets | -33.90M | -33.90M | -3.35B | |||
| Asset Writedown & Restructuring Costs | 40.00M | 40.00M | 55.10M | 4.00M | ||
| Loss (Gain) From Sale of Investments | 14.70M | 146.90M | -55.00M | 51.50M | -36.80M | |
| Stock-Based Compensation | 168.00M | 158.10M | 162.30M | 139.40M | 126.80M | 109.30M |
| Other Operating Activities | 289.90M | -100.60M | -287.30M | -264.60M | -255.30M | -127.60M |
| Change in Accounts Receivable | -82.50M | -23.00M | 121.20M | -141.20M | -84.10M | -91.10M |
| Change in Inventory | -15.90M | 50.70M | -256.10M | -289.00M | -213.40M | 19.00M |
| Change in Accounts Payable | 171.40M | 395.10M | 89.50M | 146.00M | -21.40M | 195.20M |
| Change in Income Taxes | 101.30M | -141.80M | -186.70M | -5.80M | -5.60M | 62.00M |
| Change in Other Net Operating Assets | -103.10M | -126.40M | -27.20M | -236.30M | -96.90M | -39.80M |
| Operating Cash Flow | 1.72B | 1.60B | 542.30M | 895.80M | 1.22B | 1.73B |
| Capital Expenditures | -286.70M | -260.20M | -252.40M | -253.00M | -244.60M | -325.80M |
| Cash Acquisitions | -33.70M | -1.06B | -95.20M | |||
| Divestitures | 42.50M | 42.50M | 3.93B | |||
| Sale (Purchase) of Intangibles | -30.00M | -13.30M | -20.20M | -4.00M | ||
| Investment in Securities | -527.60M | -321.80M | -148.50M | 624.50M | 689.80M | -1.35B |
| Other Investing Activities | -106.60M | -173.40M | -121.80M | -89.20M | -172.70M | -42.60M |
| Investing Cash Flow | -912.10M | -712.90M | 2.31B | 173.80M | 252.30M | -1.72B |
| Long-Term Debt Issued | 5.20M | |||||
| Long-Term Debt Repaid | -7.00M | |||||
| Net Debt Issued (Repaid) | -1.80M | |||||
| Issuance of Common Stock | 189.70M | 174.10M | 179.50M | 169.90M | 146.40M | 158.60M |
| Repurchase of Common Stock | -1.15B | -893.40M | -1.16B | -879.60M | -1.73B | -512.80M |
| Other Financing Activities | -238.30M | -237.50M | -3.10M | -1.30M | -3.80M | -300.00K |
| Financing Cash Flow | -1.20B | -956.80M | -983.00M | -711.00M | -1.58B | -356.30M |
| Foreign Exchange Rate Adjustments | 14.50M | -44.80M | 38.60M | 16.80M | 19.20M | 13.90M |
| Net Cash Flow | -380.30M | -119.30M | 1.91B | 375.40M | -94.80M | -332.80M |
| Free Cash Flow | 1.43B | 1.33B | 289.90M | 642.80M | 973.60M | 1.41B |
| Free Cash Flow Margin | 22.01% | 22.00% | 5.33% | 12.83% | 21.81% | 26.88% |
| Free Cash Flow Per Share | 2.47 | 2.28 | 0.48 | 1.05 | 1.56 | 2.23 |
| Levered Free Cash Flow | 1.23B | 1.17B | 1.34B | 566.92M | 776.73M | 1.01B |
| Unlevered Free Cash Flow | 1.25B | 1.18B | 1.35B | 577.92M | 788.73M | 1.02B |
| Cash Interest Paid | 20.20M | 20.20M | 19.60M | 19.90M | 19.30M | 20.20M |
| Cash Income Tax Paid | 220.10M | 490.40M | 1.17B | 444.90M | 466.70M | 182.50M |
| Change in Working Capital | 71.20M | 154.60M | -259.30M | -526.30M | -421.40M | 145.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 53.76B | 49.47B | 43.66B | 46.25B | 46.13B | 80.88B |
| Enterprise Value | 50.18B | 46.32B | 39.98B | 45.14B | 45.08B | 79.77B |
| Last Close Price | 92.01 | 85.25 | 74.03 | 76.25 | 74.61 | 129.55 |
| PE Ratio | 54.25 | 46.08 | 10.46 | 32.98 | 30.31 | 53.81 |
| Forward PE | 29.72 | 30.93 | 31.19 | 28.41 | 30.35 | 52.98 |
| PS Ratio | 8.40 | 8.15 | 8.03 | 9.23 | 10.33 | 15.46 |
| PB Ratio | 5.00 | 4.79 | 4.34 | 6.88 | 7.94 | 13.86 |
| P/TBV Ratio | 7.51 | 6.65 | 6.20 | 9.06 | 10.59 | 18.62 |
| P/FCF Ratio | 38.14 | 37.06 | 150.61 | 71.94 | 47.38 | 57.51 |
| P/OCF Ratio | 31.79 | 31.01 | 80.51 | 51.62 | 37.87 | 46.70 |
| PEG Ratio | 2.58 | 3.24 | 3.69 | 2.77 | 2.95 | 3.38 |
| EV/Sales Ratio | 7.85 | 7.63 | 7.35 | 9.01 | 10.10 | 15.24 |
| EV/EBITDA Ratio | 25.59 | 25.81 | 24.62 | 28.05 | 26.81 | 46.34 |
| EV/EBIT Ratio | 27.91 | 28.28 | 27.00 | 30.35 | 29.24 | 50.28 |
| EV/FCF Ratio | 35.65 | 34.70 | 137.92 | 70.23 | 46.30 | 56.73 |
| Debt / Equity Ratio | 0.07 | 0.07 | 0.07 | 0.10 | 0.12 | 0.12 |
| Debt / EBITDA Ratio | 0.35 | 0.39 | 0.42 | 0.42 | 0.40 | 0.39 |
| Debt / FCF Ratio | 0.49 | 0.53 | 2.42 | 1.07 | 0.71 | 0.49 |
| Net Debt / Equity Ratio | -0.33 | -0.34 | -0.33 | -0.14 | -0.09 | -0.13 |
| Net Debt / EBITDA Ratio | -1.79 | -1.97 | -2.02 | -0.59 | -0.31 | -0.45 |
| Net Debt / FCF Ratio | -2.50 | -2.64 | -11.32 | -1.47 | -0.54 | -0.55 |
| Asset Turnover | 0.48 | 0.45 | 0.48 | 0.57 | 0.53 | 0.67 |
| Inventory Turnover | 1.27 | 1.21 | 1.12 | 1.10 | 0.90 | 1.63 |
| Quick Ratio | 3.45 | 2.83 | 3.12 | 2.06 | 1.87 | 2.06 |
| Current Ratio | 4.52 | 3.72 | 4.18 | 3.38 | 3.03 | 3.08 |
| Return on Equity (ROE) | 9.18% | 10.35% | 16.64% | 19.48% | 22.74% | 28.88% |
| Return on Assets (ROA) | 8.37% | 7.65% | 8.26% | 10.53% | 11.47% | 12.60% |
| Return on Invested Capital (ROIC) | 17.39% | 19.98% | 21.26% | 23.92% | 25.98% | 31.39% |
| Return on Capital Employed (ROCE) | 14.80% | 13.80% | 12.80% | 18.20% | 21.20% | 21.20% |
| Earnings Yield | 1.84% | 2.17% | 9.56% | 3.03% | 3.30% | 1.86% |
| FCF Yield | 2.62% | 2.70% | 0.66% | 1.39% | 2.11% | 1.74% |
| Buyback Yield / Dilution | 1.64% | 2.25% | 1.66% | 2.37% | 1.11% | 0.11% |