NYSE: EW
Edwards Lifesciences
Health Care · Orthopedic, Prosthetic & Surgical Appliances & Supplies
52-week range
$74.66$96.29
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$52.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.9B |
| FY2017, ended Dec 31, 2017 | $23.7B |
| FY2018, ended Dec 31, 2018 | $31.8B |
| FY2019, ended Dec 31, 2019 | $48.8B |
| FY2020, ended Dec 31, 2020 | $57.0B |
| FY2021, ended Dec 31, 2021 | $80.7B |
| FY2022, ended Dec 31, 2022 | $45.4B |
| FY2023, ended Dec 31, 2023 | $45.8B |
| FY2024, ended Dec 31, 2024 | $43.5B |
| FY2025, ended Dec 31, 2025 | $49.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $52.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$6.51B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.96B |
| FY2017, ended Dec 31, 2017 | $3.44B |
| FY2018, ended Dec 31, 2018 | $3.72B |
| FY2019, ended Dec 31, 2019 | $4.35B |
| FY2020, ended Dec 31, 2020 | $4.39B |
| FY2021, ended Dec 31, 2021 | $5.23B |
| FY2022, ended Dec 31, 2022 | $4.46B |
| FY2023, ended Dec 31, 2023 | $5.01B |
| FY2024, ended Dec 31, 2024 | $5.44B |
| FY2025, ended Dec 31, 2025 | $6.07B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.51B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $570M | $528M |
| FY2017, ended Dec 31, 2017 | $584M | $833M |
| FY2018, ended Dec 31, 2018 | $722M | $688M |
| FY2019, ended Dec 31, 2019 | $1.05B | $929M |
| FY2020, ended Dec 31, 2020 | $823M | $647M |
| FY2021, ended Dec 31, 2021 | $1.50B | $1.41B |
| FY2022, ended Dec 31, 2022 | $1.52B | $974M |
| FY2023, ended Dec 31, 2023 | $1.40B | $643M |
| FY2024, ended Dec 31, 2024 | $4.17B | $290M |
| FY2025, ended Dec 31, 2025 | $1.07B | $1.33B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.00B | $1.43B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.91B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $930M |
| FY2017, ended Dec 31, 2017 | $818M |
| FY2018, ended Dec 31, 2018 | $714M |
| FY2019, ended Dec 31, 2019 | $1.18B |
| FY2020, ended Dec 31, 2020 | $1.18B |
| FY2021, ended Dec 31, 2021 | $863M |
| FY2022, ended Dec 31, 2022 | $769M |
| FY2023, ended Dec 31, 2023 | $1.13B |
| FY2024, ended Dec 31, 2024 | $3.05B |
| FY2025, ended Dec 31, 2025 | $2.94B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.91B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$599M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $822M |
| FY2017, ended Dec 31, 2017 | $1.04B |
| FY2018, ended Dec 31, 2018 | $594M |
| FY2019, ended Dec 31, 2019 | $594M |
| FY2020, ended Dec 31, 2020 | $595M |
| FY2021, ended Dec 31, 2021 | $596M |
| FY2022, ended Dec 31, 2022 | $596M |
| FY2023, ended Dec 31, 2023 | $597M |
| FY2024, ended Dec 31, 2024 | $598M |
| FY2025, ended Dec 31, 2025 | $598M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $599M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 9.6% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.576M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 637M |
| FY2017, ended Dec 31, 2017 | 630M |
| FY2018, ended Dec 31, 2018 | 623M |
| FY2019, ended Dec 31, 2019 | 627M |
| FY2020, ended Dec 31, 2020 | 625M |
| FY2021, ended Dec 31, 2021 | 623M |
| FY2022, ended Dec 31, 2022 | 608M |
| FY2023, ended Dec 31, 2023 | 601M |
| FY2024, ended Dec 31, 2024 | 588M |
| FY2025, ended Dec 31, 2025 | 581M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 576M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.04B more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $662M | $56.9M | $0 |
| FY2017, ended Dec 31, 2017 | $763M | $61.6M | $267M |
| FY2018, ended Dec 31, 2018 | $796M | $71.0M | $34.9M |
| FY2019, ended Dec 31, 2019 | $263M | $81.3M | — |
| FY2020, ended Dec 31, 2020 | $625M | $92.6M | — |
| FY2021, ended Dec 31, 2021 | $513M | $109M | — |
| FY2022, ended Dec 31, 2022 | $1.73B | $127M | — |
| FY2023, ended Dec 31, 2023 | $880M | $139M | — |
| FY2024, ended Dec 31, 2024 | $1.16B | $162M | — |
| FY2025, ended Dec 31, 2025 | $893M | $158M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.20B | $168M | — |
Revenue (TTM)
$6.51B
+14.6% YoY
Net income (TTM)
$1.00B
−75.8% YoY
Cash
$2.91B
−11.2% YoY
Total debt
$599M
+0.1% YoY
Valuation
At current price- Market Cap
- $53.0B
- P/E
- 52.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 8.1×
- Price / Book
- 5.0×
- EV / EBITDA
- 31.4×
Growth
Trailing 12 months- Revenue (TTM)
- $6.51B
- Revenue Growth YoY
- 14.6%
- Revenue CAGR 3Y
- 10.8%
- Revenue CAGR 5Y
- 6.7%
- EPS Growth YoY
- −75.3%
- Net Income Growth YoY
- −75.8%
Profitability
Trailing 12 months- Gross Margin
- 77.8%
- Operating Margin
- 22.3%
- Net Margin
- 15.4%
- FCF Margin
- 22.0%
- Return on Equity
- 9.5%
Earnings
Trailing 12 months- Net Income
- $1.00B
- EPS (diluted)
- $1.72
- EBITDA
- $1.61B
- Operating Income
- $1.45B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $2.91B
- Total Debt
- $599M
- Net Cash
- $2.31B
- Total Assets
- $13.9B
- Total Liabilities
- $3.14B
- Shareholders' Equity
- $10.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.72B
- Capital Expenditure
- $287M
- Free Cash Flow
- $1.43B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.86
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 14.6% year over year, at $6.51B.
Watch
Operating margin narrowed 3.6 pts in a year, to 22.3%.
Strength
Holds more cash than debt, with $2.31B in net cash.
Strength
Turns 22.0% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- Edwards sold its Critical Care business to Becton Dickinson for $4.2B in cash instead of spinning it off. It booked a $3.3B pre-tax gain and treats the business as discontinued.
- Sales from the remaining businesses rose 8.6% to $5.4B. Mitral and tricuspid therapies grew 78%, and profit rose because 2023 carried a one-time patent charge.
- Edwards spent about $1.1B on three acquisitions, including Endotronix, and $1.2B on share buybacks. It also cut about 360 jobs.
- New tax fights: Israel claims about $126M, and Edwards paid a $305M deposit to the IRS while it fights the US transfer pricing claim.
Business momentum
Improving
“Our net sales for 2024 were $5.4 billion, representing an increase of $429.5 million over 2023, driven by sales growth of our TAVR and TMTT products.”
Outlook
Neutral
“We currently anticipate making capital expenditures of approximately $250.0 million in 2025 as we continue to invest in our operations.”
Financial stress
None
“As of December 31, 2024, cash, cash equivalents, and short-term investments held in the United States and outside of the United States were $3.3 billion and $658.4 million, respectively.”
Tone against the previous report
About the same
Red flags
- Medium
Other
“we received a notice of assessment from the Israel Tax Authority (the "ITA") wherein the ITA claimed that we owed approximately $110 million of tax excluding interest and penalties in connection with a claimed 2017 transfer of intellectual property.”
Positives
Critical Care sold for $4.2B in cash
“we sold our Critical Care product group to Becton, Dickinson and Company in an all-cash transaction for $4.2 billion.”
Mitral and tricuspid sales up 78%
“Transcatheter Mitral and Tricuspid Therapies 352.1 197.6 154.5 78.2 %”
Positive trial results and FDA approval for EVOQUE
“we received United States Food and Drug Administration ("FDA") approval and launched the EVOQUE tricuspid valve replacement system for the treatment of tricuspid regurgitation in the United States;”
Concerns
IRS transfer pricing dispute continues and may spread to later years
“Surgical/TAVR intercompany royalty transactions covering tax years 2018 through 2024 remain subject to IRS examination, and those transactions and related tax positions remain uncertain as of December 31, 2024.”
Operating cash flow fell sharply because of large tax payments
“Net cash flows provided by operating activities of $542.3 million for 2024 decreased $353.5 million from 2023 primarily due to tax payments of $1.2 billion in 2024”
Core TAVR heart valve growth slowed to 5.8%
“Transcatheter Aortic Valve Replacement $ 4,106.1 $ 3,879.8 $ 226.3 5.8 %”
New risks since the previous report
Israel tax assessment
“There can be no assurance that this matter will be resolved in our favor and an adverse outcome could have a material effect on our consolidated financial statements.”
Global 15% minimum tax (Pillar Two)
“The Pillar Two provisions may have a material impact on our consolidated financial statements in 2025 and future years, depending on future legislation, regulatory guidance, and business events.”
Slower TAVR procedures at some US hospitals
“we experienced some regional sales pressure and a reduction in procedures with certain hospital centers in the United States related to a variety of factors including, but not limited to, resources and priorities.”
Transition after the Critical Care sale
“We are subject to risks involved with transferring the Critical Care product group and operating under interim operating model arrangements, such as increased complexity of operations”
Large possible milestone payments for acquisitions and deals
“We estimate that these contingent payments could be up to $2.5 billion if all milestones or other contingent obligations are met.”
Biggest risks named
- IRS and Israel tax disputes and uncertain tax positions
- Slower TAVR growth and US hospital capacity limits
- Competition, patent claims and need for new products
- Integrating acquisitions and possible milestone payments
- Global minimum tax and currency swings
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | +2 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 64 | Improving | 1 medium | |
| 10-K | Feb 12, 2024 | 50 | Mixed | 1 medium1 minor | |
| 10-K | Feb 13, 2023 | 53 | Stable | 1 minor | |
| 10-K | Feb 14, 2022 | 67 | Strong improvement | 1 medium | |
| 10-K | Feb 12, 2021 | 49 | Mixed | 1 medium | |
| 10-K | Feb 14, 2020 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 15, 2019 | 62 | Improving | 1 medium | |
| 10-K | Feb 16, 2018 | 70 | Strong improvement | None | |
| 10-K | Feb 17, 2017 | 72 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR