EW · Edwards Lifesciences Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $6.07B | $5.44B | $6.00B | $5.38B | $5.23B | $4.39B |
| Cost of Revenue | $1.33B | $1.12B | $1.38B | $1.08B | $1.25B | $1.08B |
| Gross Profit | $4.73B | $4.32B | $4.63B | $4.30B | $3.98B | $3.31B |
| R&D | $1.08B | $1.05B | $1.07B | $945.20M | $903.10M | $760.70M |
| SG&A | $2.09B | $1.79B | $1.82B | $1.57B | $1.49B | $1.23B |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $156.60M | $155.20M | $144.90M | $139.60M | $134.80M | $107.20M |
| Operating Income | $1.26B | $1.38B | $1.53B | $1.75B | $1.69B | $897.60M |
| Interest Expense | $20.40M | $19.80M | $17.60M | $19.20M | $18.40M | $15.80M |
| Income Tax | $216.90M | $152.10M | $198.70M | $245.50M | $198.90M | $93.30M |
| Net Income | $1.07B | $4.17B | $1.40B | $1.52B | $1.50B | $823.40M |
| EPS - Basic | $1.84 | $6.98 | $2.31 | $2.46 | $2.41 | $1.32 |
| EPS - Diluted | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 | $1.30 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.94B | $3.05B | $1.14B | $769.00M | $862.80M | $1.18B |
| Accounts Receivable | $659.60M | $609.10M | $775.10M | $643.00M | $582.20M | $514.60M |
| Inventory | $1.13B | $1.09B | $1.17B | $875.50M | $726.70M | $802.30M |
| Accounts Payable | $227.50M | $197.40M | $201.40M | $201.90M | $204.50M | $196.50M |
| Current Assets | $6.74B | $6.29B | $4.04B | $3.10B | $3.18B | $3.09B |
| Total Assets | $13.70B | $13.06B | $9.36B | $8.29B | $8.50B | $7.24B |
| Current Liabilities | $1.81B | $1.51B | $1.20B | $1.02B | $1.03B | $893.90M |
| Long-term Debt | $598.30M | $597.70M | $597.00M | $596.30M | $595.70M | $595.00M |
| Total Liabilities | $3.36B | $2.99B | $2.64B | $2.49B | $2.67B | - |
| Stockholders' Equity | $10.34B | $10.00B | $6.65B | $5.81B | $5.84B | $4.57B |
| Retained Earnings | $14.24B | $13.17B | $8.99B | $7.59B | $6.07B | $4.57B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.60B | $542.30M | $895.80M | $1.22B | $1.73B | $1.05B |
| Investing Cash Flow | ($712.90M) | $2.31B | $173.80M | $252.30M | ($1.72B) | ($531.10M) |
| Financing Cash Flow | ($956.80M) | ($983.00M) | ($711.00M) | ($1.58B) | ($356.30M) | ($486.90M) |
| CapEx | $260.20M | $252.40M | $253.00M | $244.60M | $325.80M | $407.00M |
| Free Cash Flow | $1.33B | $289.90M | $642.80M | $973.60M | $1.41B | $647.30M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 78.0% | 79.5% | 77.0% | 79.9% | 76.1% | 75.4% |
| Operating margin | 20.8% | 25.3% | 25.5% | 32.5% | 32.3% | 20.5% |
| EBITDA margin | 23.4% | 28.2% | 28.0% | 35.1% | 34.9% | 22.9% |
| Net margin | 17.7% | 76.7% | 23.4% | 28.3% | 28.7% | 18.8% |
| Free cash flow margin | 22.0% | 5.3% | 10.7% | 18.1% | 26.9% | 14.8% |
| FCF / Net income | 1.24 | 0.07 | 0.46 | 0.64 | 0.94 | 0.79 |
| R&D / Revenue | 17.8% | 19.4% | 17.8% | 17.6% | 17.3% | 17.3% |
| SG&A / Revenue | 34.4% | 32.9% | 30.4% | 29.1% | 28.5% | 28.0% |
| Effective tax rate | 16.8% | 3.5% | 12.4% | 13.9% | 11.7% | 10.2% |
| Return on assets | 7.8% | 32.0% | 15.0% | 18.4% | 17.7% | 11.4% |
| Return on equity | 10.4% | 41.8% | 21.1% | 26.2% | 25.8% | 18.0% |
| Return on invested capital | 9.6% | 12.6% | 18.5% | 23.5% | 23.2% | 15.6% |
| Liquidity | ||||||
| Current ratio | 3.72 | 4.18 | 3.38 | 3.03 | 3.08 | 3.46 |
| Quick ratio | 3.09 | 3.45 | 2.40 | 2.17 | 2.38 | 2.56 |
| Cash ratio | 1.62 | 2.02 | 0.96 | 0.75 | 0.84 | 1.32 |
| Leverage | ||||||
| Debt / Equity | 0.06 | 0.06 | 0.09 | 0.10 | 0.10 | 0.13 |
| Debt / Assets | 0.04 | 0.05 | 0.06 | 0.07 | 0.07 | 0.08 |
| Debt / EBITDA | 0.42 | 0.39 | 0.36 | 0.32 | 0.33 | 0.59 |
| Interest coverage | 62.0x | 69.6x | 87.2x | 91.1x | 91.9x | 56.8x |
| Equity multiplier | 1.32 | 1.31 | 1.41 | 1.43 | 1.46 | 1.58 |
| Liabilities / Assets | 0.25 | 0.23 | 0.28 | 0.30 | 0.31 | - |
| Efficiency | ||||||
| Asset turnover | 0.44 | 0.42 | 0.64 | 0.65 | 0.62 | 0.61 |
| Inventory turnover | 1.18 | 1.03 | 1.18 | 1.23 | 1.72 | 1.35 |
| Days sales outstanding | 40d | 41d | 47d | 44d | 41d | 43d |
| Days inventory outstanding | 308d | 355d | 309d | 296d | 212d | 271d |
| Days payable outstanding | 62d | 64d | 53d | 68d | 60d | 66d |
| Cash conversion cycle | 286d | 331d | 303d | 271d | 193d | 247d |
| Valuation | ||||||
| P / E | 46.6x | 10.6x | 33.2x | 30.6x | 54.4x | 70.2x |
| P / B | 4.8x | 4.4x | 7.0x | 8.0x | 14.0x | 12.6x |
| P / S | 8.2x | 8.2x | 7.7x | 8.7x | 15.6x | 13.1x |
| EV / EBITDA | 33.5x | 27.3x | 27.3x | 24.6x | 44.7x | 56.8x |
| Growth | ||||||
| Revenue growth (YoY) | 11.5% | -9.4% | 11.6% | 2.9% | 19.3% | 0.9% |
| Revenue CAGR (3y) | 4.1% | 1.3% | 11.0% | 7.4% | 20.9% | 8.5% |
| Revenue CAGR (5y) | 6.7% | 4.6% | 15.2% | 9.4% | 12.0% | 12.0% |
| Gross profit growth (YoY) | 9.5% | -6.6% | 7.5% | 8.0% | 20.5% | 2.2% |
| Operating income growth (YoY) | -8.3% | -10.1% | -12.3% | 3.4% | 88.3% | -21.7% |
| Net income growth (YoY) | -74.3% | 197.7% | -7.9% | 1.3% | 82.5% | -21.3% |
| EPS growth (YoY) | -73.7% | 203.0% | -5.7% | 2.5% | 83.1% | -73.6% |
| EPS CAGR (3y) | -9.1% | 43.1% | 20.9% | -20.9% | -11.0% | -21.6% |
| EPS CAGR (5y) | 7.1% | 7.2% | -7.4% | -2.0% | -1.8% | -10.4% |
| FCF growth (YoY) | 360.5% | -54.9% | -34.0% | -30.8% | 117.3% | -30.0% |
| FCF CAGR (5y) | 15.6% | -20.7% | -1.4% | 12.7% | 21.6% | 7.7% |
| Book value growth (YoY) | 3.4% | 50.4% | 14.5% | -0.5% | 27.6% | 10.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$6.07B totalUnited States Segment$3.54B · 58.4%
Europe Segment$1.52B · 25.0%
Rest Of World Segment$652.30M · 10.8%
Japan Segment$354.70M · 5.8%
Product / service
$6.07B totalTranscatheter Aortic Valve Replacement$4.49B · 74.0%
Surgical Heart Valve Therapy$1.03B · 17.0%
Transcatheter Mitral And Tricuspid Therapies$550.60M · 9.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.16
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Orthopedic, Prosthetic & Surgical Appliances & Supplies
Comparing Edwards Lifesciences Corp against the 5 most active filers in the same SIC group.