Edwards Lifesciences Corp
Orthopedic, Prosthetic & Surgical Appliances & Supplies
Spun off from Baxter International in 2000, Edwards Lifesciences designs, manufactures, and markets a range of medical devices and equipment for advanced stages of structural heart disease.
It is a $49.1B healthcare company. Revenue grew 15.2% over the last year, it keeps 15¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 48.9× earnings — in the most expensive third of its own history.
- Website
- edwards.com
- Location
- Irvine, CA
- Employees
- 16 000
- Sector
- Healthcare
- Founded
- 2013
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong health, quality and moat; Valuation and Growth lag behind.
Valuation22
- P/E vs own history88th pct · 0/25
- FCF yield2.9% · 5/25
- P/S7.5x · 12/25
- EV/EBITDA34.6x · 5/25
Growth43
- Revenue CAGR3.8% · 6/25
- Net income CAGR-8.1% · 0/25
- EPS CAGR ~5Y7.1% · 12/25
- Fwd implied growth72.1% · 25/25
Profitability72
- ROIC16.0% · 20/25
- ROE9.7% · 12/25
- Net margin15.4% · 20/25
- Operating margin18.2% · 20/25
Health85
- Altman Z11.86 · 25/25
- Current ratio4.52 · 25/25
- Interest coverage3.1x · 10/25
- Net cash / debtNet cash · 25/25
Quality85
- Piotroski F6/9 · 15/25
- Beneish M-2.59 · 25/25
- FCF conversion143% · 25/25
- Margin stabilityσ 5.5% · 20/25
Moat100
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin75.7% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 17.0% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025AcquisitionEdwards completed the full acquisition of heart failure monitoring company Vectorious Medical…
- FY2024FinancialBest year on record$4.17B net income
- 2024ProductEdwards launched the SAPIEN 3 Ultra RESILIA valve in Europe
- 2024AcquisitionEdwards made agreements with Affluent Medical for an equity stake, IP licensing and an exclusive…
- 2023AcquisitionIt was announced that the critical care business unit was to be spun off into its own entity, however in…
- 2023MilestoneEdwards announced that its critical care business unit would be spun off into a separate entity
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$2.96B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2013FoundedHarpoon, founded in 2013, developed a minimally invasive heart surgery product for mitral valve repair to treat…
- 2011ProductEdwards introduced the transcatheter heart valve replacement procedure to U.S
- 2000MilestoneIt was spun off from Baxter in 2000
- 1985AcquisitionEdwards was acquired by Baxter in 1985
- 1960ProductAlbert Starr, a surgeon at the Oregon Health and Sciences University, is credited as the first to successfully…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (77.8%)
- Revenue growing 15.2% year over year
- Strong cash conversion — FCF is 22.0% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 16.0%)
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+15.2% YoY
- Profitable — makes more than it spends$1.00B TTM
- Profit growing — earnings are higher than last year-9.1% YoY
- Generates cash — cash left after running and investing$1.43B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$49.1B market cap
- Not printing shares — share count not ballooning — you keep your slice-7.3% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 11.9 — safe
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 48.9
Peer comparisonEdwards Lifesciences Corp vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| EW this company | $49.1B | 48.9 | +15.2% | 15.4% | Strong |
| LLY Eli Lilly & Co. | $1.0T | 41.6 | +49.6% | 33.5% | Solid |
| JNJ Johnson & Johnson | $630.9B | 29.9 | +8.1% | 21.5% | Mixed |
| ABBV Abbvie Inc. | $488.5B | 77.4 | +10.4% | 9.8% | Mixed |
| MRK Merck & Co., Inc. | $361.0B | 113.2 | +4.6% | 4.8% | Mixed |
| UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) | $340.7B | 24.1 | +6.5% | 3.1% | Mixed |
| NVS Novartis AG | $273.2B | 20.3 | +9.6% | 24.7% | Solid |
Head-to-head: EW vs LLY · EW vs JNJ · EW vs ABBV
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/EW
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Deeper analysis of EW on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $85.21 · market cap $49.1B.