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Edwards Lifesciences (EW) stock

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NYSE: EW NYSE Health Care Equipment Next results ~November 4, 2026

B+ Fundamentals grade

Edwards Lifesciences is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$51

Cash-flow model

Base case. Range ~$40–$65 across our lower- and higher-growth cases (9.9%–19.9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 46% below it.

Price used: $93.26, November 2, 2026

Edwards Lifesciences valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Edwards Lifesciences files

Where Edwards Lifesciences stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.51bn, up 14.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 22.0% from 10.3% a year earlier. Operating margin narrowed to 22.3% from 25.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $51.66 a share, against a share price of $87.93.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Edwards Lifesciences's trailing-twelve-month revenue grew 14.6% year on year, with a free-cash-flow margin of 22.0%. Where it stands out: operating margin of 22.3% ranks 10 of 132 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$51 per share in the base case (~$40–$65 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 143.9% while net income fell 75.8%: a 220pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 22.0% of revenue turned into free cash flow, against a median of -3.4% for health care equipment companies we cover.
  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $2.3bn.

Things to watch

  • Priced above our value. The share price of $93.26 is 46% above our value per share of $51.
  • Margins narrowing. Operating margin is down 3.6 points on a year ago.
  • High earnings multiple. The shares trade at 54 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 9 insiders sold $28M of stock over the past 365 days and none bought (52% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.78 against an average estimate of $0.74: beat by 5.2%
Revenue
$1.74bn, up 13.6% on a year earlier
Share reaction
-2.1% in the first session after the results on July 23, 2026, against -1.1% for the S&P 500
Guidance given
total company constant currency sales growth guidance growth 10% to 11% (full-year 2026); TAVR constant currency sales growth guidance growth 8% to 9% (full-year 2026)
Next report
November 4, 2026; average EPS estimate $0.74

Edwards Lifesciences' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.4%
  • 1 week+3.0%
  • 1 month+9.5%
  • This year+9.4%
  • 1 year+13.1%
  • 5 years-20.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.5B
Operating margin
22.3%
Net margin
15.4%
EPS (TTM, diluted)
$1.73

Growth

Revenue growth
+14.6%
Change in growth rate
+0.4 pts
Share count change
−1.6%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
22.0%
Stock pay % of revenue
2.6%

Earnings

Last results
July 23, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Regulatory
  3. Regulatory
  4. Regulatory
  5. Announcement
  6. Regulatory
  7. Announcement
  8. Leadership
  9. Insider trade
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Edwards Lifesciences valuation models and calculator

What the price is pricing in

The share price implies about 26.2% a year of cash-flow growth for five years.That is faster than the 4.5% a year revenue growth Edwards Lifesciences has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in26.2%
  • Last 12 months14.6%
  • 3 years a year15.3%
  • 5 years a year4.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($93.47, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$51
Price used
$93.47close November 3, 2026
Implied change
▼ 46%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Edwards Lifesciences's free cash flow after stock-based pay with after-tax interest added back ($800M, FY2026 Q2 TTM), growing 10.4% and 13% in the next two years (forecasts, guidance and its record), then back to 14.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$40–~$65 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Edwards Lifesciences's free cash flow after stock-based pay ( $800M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Edwards Lifesciences as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$51 ~$40–$65 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$55 ~$49–$87 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$79–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$68 ~$58–$81 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$68 ~$51–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Edwards Lifesciences with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +98%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $26$33$43$55$72$93
8.5% $21$27$34$42$54$69
10% $19$23$28$35$44$55

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.33$31.23$37.57$51.06$77.76$91.23$129.55$74.61$76.25$74.03$85.25$93.26
Market value$17.4bn$20.4bn$24.3bn$32.7bn$49.5bn$57.6bn$81.8bn$46.6bn$46.5bn$44.4bn$49.9bn$54.2bn
+ Net debt (− = net cash)−$118m−$105m$220m−$114m−$585m−$588m−$267m−$173m−$535m−$2.4bn−$2.3bn−$2.3bn
Enterprise value$17.3bn$20.3bn$24.6bn$32.6bn$48.9bn$57.1bn$81.5bn$46.4bn$45.9bn$41.9bn$47.6bn$51.9bn
Multiples
Price / sales 7.0x6.9x7.1x8.8x11.4x13.1x15.6x10.4x9.3x8.2x8.2x8.3x
Price / earnings 35.2x35.8x41.7x45.3x47.3x70.0x54.4x30.6x33.1x10.6x46.5x54.0x
Price / free cash flow 38.9x38.6x29.2x47.6x53.3x89.1x58.1x47.8x72.3x153.0x37.4x37.8x
EV / EBITDA —24.7x21.0x39.5x39.6x56.8x44.7x28.3x31.6x27.3x33.5x32.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

96 /100

Strong moat

How hard Edwards Lifesciences's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 25.2% of total assets over 8 years.

  • Pricing power 19 / 20

    Gross margin has been a median 76.7%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.4%; its worst year was 18.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.9% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.2% over five years; stock-based pay has been a median 2.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.7bn and EPS of $0.74 (range $0.72 to $0.77) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.00 +17% $6.8bn +11%
Next $3.38 +13% $7.4bn +10%

Next year's EPS estimate has moved +0.2% in 90 days, across 29 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 1 analyst raised Edwards Lifesciences's forecast and 0 cut it.

Consensus EPS forecast Edwards Lifesciences, last 90 days
$2.90 $3.00 $3.10 $3.20 $3.30 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.00 Current fiscal year, 60 days ago: $3.00 Current fiscal year, 30 days ago: $3.00 Current fiscal year, 7 days ago: $3.00 Current fiscal year, Now: $3.00 $3.00 Next fiscal year, 90 days ago: $3.38 Next fiscal year, 60 days ago: $3.38 Next fiscal year, 30 days ago: $3.38 Next fiscal year, 7 days ago: $3.38 Next fiscal year, Now: $3.38 $3.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.00$3.38
60 days ago $3.00$3.38
30 days ago $3.00$3.38
7 days ago $3.00$3.38
Now $3.00$3.38

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.74 $0.78 +5.2%
Mar 2026 $0.73 $0.78 +7.3%
Dec 2025 $0.62 $0.58 −6.3%
Sept 2025 $0.59 $0.67 +12.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 23, 2026
  • total company constant currency sales growth guidance full-year 2026 10% growth to 11% growth Non-GAAP Raised
    “Increasing total company constant currency 2 sales growth guidance: 10% to 11% from 9% to 11%” source
  • full-year total company sales full-year 2026 $6.6bn to $6.9bn
    “Edwards now expects full-year total company sales of $6.6 billion to $6.9 billion and TAVR sales of $4.75 billion to $5.0 billion at current exchange rates.” source
  • total sales third quarter of 2026 $1.63bn to $1.71bn
    “For the third quarter of 2026, the company projects total sales to be between $1.63 and $1.71 billion and adjusted EPS of $0.71 to $0.77.” source
  • adjusted EPS guidance full-year 2026 $2.95 to $3.05 Non-GAAP Maintained
    “Reaffirming adjusted EPS guidance of $2.95 to $3.05, growing 17% at midpoint” source
  • adjusted EPS third quarter of 2026 $0.71 to $0.77 Non-GAAP
    “For the third quarter of 2026, the company projects total sales to be between $1.63 and $1.71 billion and adjusted EPS of $0.71 to $0.77.” source
  • gross profit margin guidance full-year 2026 78% to 79% Non-GAAP Narrowed
    “The company now expects gross profit margin to be at the lower end of its full-year 78% to 79% gross margin guidance, driven by the impacts of foreign exchange through its hedging program.” source
Show 6 more items
  • operating profit margin guidance full-year 2026 28% to 29% Narrowed
    “In 2026, Edwards continues to expect full-year operating profit margin to be at the high end of the company's original 28% to 29% guidance range, resulting in approximately 150 basis points of constant currency operating margin expansion for the full year.” source
  • TAVR constant currency sales growth guidance full-year 2026 8% growth to 9% growth Non-GAAP Raised
    “Increasing TAVR constant currency 2 sales growth guidance: 8% to 9% from 7% to 9%” source
  • TMTT sales guidance full-year 2026 $760m to $780m Non-GAAP Raised
    “Increasing TMTT sales guidance: $760 to $780 million from $740 to $780 million” source
  • TAVR sales full-year 2026 $4.75bn to $5bn
    “Edwards now expects full-year total company sales of $6.6 billion to $6.9 billion and TAVR sales of $4.75 billion to $5.0 billion at current exchange rates.” source
  • R&D expense as a percentage of sales 2026 about 17% Maintained
    “The company continues to expect R&D expense as a percentage of sales to be approximately 17% in 2026.” source
  • effective tax rate 2026 16% to 19% Non-GAAP Narrowed
    “Edwards now expects its 2026 effective tax rate, excluding special items, to be at the high end of its previous range of 16% to 19%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Edwards Lifesciences's revenue by +10.4% next year and +13.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.0%, weight 57%) , management guidance (+8.8%, weight 18%) and the company's own record (+14.9%, weight 24%) . How the weights are set.

Analyst recommendations

30 analysts, Oct 2026
Buy2377%
Hold723%
Sell00%

Monthly trend

  1. Oct 2026518730
  2. Sep 2026418729
  3. Aug 2026418729
  4. Jul 2026418729

Counts of recommendations published by analysts covering Edwards Lifesciences, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
2.43
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.2%
of shares
Employees
16,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.1%

$82.45 on October 31, 2025 to $93.26

ThenNowEffect
Revenue (last 12 months) $5.7bn $6.5bn +14.6%
Net margin 73.0% 15.4% −78.8%
P/E multiple 11.8x 54.0x +359.2%
Share count 591m 581m +1.7%

Biggest factor: net margin.

Last 3 years +39.0%

$67.07 on November 3, 2023 to $93.26

ThenNowEffect
Revenue (last 12 months) $4.2bn $6.5bn +53.3%
Net margin 32.7% 15.4% −52.8%
P/E multiple 29.7x 54.0x +81.6%
Share count 615m 581m +5.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EW+42%−42%+2%−3%+15%+9%
Industry peers (median)−9%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EW75%33%58%75%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EW−14%−47%−35%−38%−12%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from December 30, 2021 to July 25, 2024. Getting back needed a 119% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$75.87 – $95.18
From 52-week high
−2.0%
vs 50-day average
+5.7%
vs 200-day average
+9.1%
Volatility (1 year)
25%
Beta vs S&P 500
0.56

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.1%
After a week
7 up, 5 down
typical move ±5.8%
After a month
7 up, 5 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
July 23, 2026 −2.1% −1.1% +3.0% +6.4%
April 23, 2026 +3.2% +0.4% +2.4% +5.2%
February 10, 2026 +3.3% −0.3% +2.8% +10.2%
October 30, 2025 −0.3% −0.8% −0.3% +3.1%
July 24, 2025 +4.0% +0.5% +3.1% +6.4%
April 23, 2025 +6.4% +3.7% +6.9% +5.9%
February 11, 2025 +6.6% −0.2% +5.0% −4.4%
October 24, 2024 −1.7% +0.2% −5.1% −0.2%
July 24, 2024 −31.4% −2.8% −27.6% −18.1%
April 25, 2024 −2.5% +0.6% −4.0% −0.7%
February 6, 2024 +0.6% +1.1% +0.2% +9.0%
October 25, 2023 −10.9% −2.6% −9.4% −3.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Edwards Lifesciences’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.66× the last 60 days’ realised volatility , richer than 99% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.66x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

EW Edwards Lifesciences Grade B+ $92.51

Own 100 shares, sell the $97.50 call expiring December 18, 2026 (46 days) for $2.65 a share — $265 per contract.

Previous session · Bid $2.65, ask $3.50, quoted Mon 2 Nov, 17:22 New York time with EW at $92.51. Option prices move with the shares: check the live chain at your broker before trading.

  • If EW ends below $97.50: you keep your shares and the $265 — 2.9% extra on the position, 22.7% a year at that pace.
  • If it ends above $97.50: your shares are sold at $97.50, a total return of 8.3% including the premium — at or above our value of ~$51.
$764 $0 −$1.8k Break-even $89.86 Price $92.51 ← Our value ~$51
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$265
Annualised
22.7%
Break-even
$89.86
Max gain
$764
Chance of selling
~39%

Results are expected around October 23, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $90.00 put and sell the $97.50 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.85 a share ($85.00 per contract of 100 shares).
  • Worst case at expiry: -3.6%, if the shares fall below $90.00 (-2.7% from today).
  • Best case at expiry: +4.5%, if the shares rise above $97.50 (+5.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $51.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Edwards Lifesciences in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Edwards Lifesciences
$4B $5B $6B $7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.2B Revenue (TTM), FY23 Q4: $5B Revenue (TTM), FY24 Q1: $5.1B Revenue (TTM), FY24 Q2: $5.2B Revenue (TTM), FY24 Q3: $5.3B Revenue (TTM), FY24 Q4: $5.4B Revenue (TTM), FY25 Q1: $5.5B Revenue (TTM), FY25 Q2: $5.7B Revenue (TTM), FY25 Q3: $5.9B Revenue (TTM), FY25 Q4: $6.1B Revenue (TTM), FY26 Q1: $6.3B Revenue (TTM), FY26 Q2: $6.5B $6.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.2B
FY23 Q4 $5B
FY24 Q1 $5.1B
FY24 Q2 $5.2B
FY24 Q3 $5.3B
FY24 Q4 $5.4B
FY25 Q1 $5.5B
FY25 Q2 $5.7B
FY25 Q3 $5.9B
FY25 Q4 $6.1B
FY26 Q1 $6.3B
FY26 Q2 $6.5B
Revenue growth, TTM YoY Edwards Lifesciences
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -22.2% Revenue growth, TTM YoY, FY23 Q4: 12.2% Revenue growth, TTM YoY, FY24 Q1: 17.8% Revenue growth, TTM YoY, FY24 Q2: 22.6% Revenue growth, TTM YoY, FY24 Q3: 27.5% Revenue growth, TTM YoY, FY24 Q4: 8.6% Revenue growth, TTM YoY, FY25 Q1: 7.9% Revenue growth, TTM YoY, FY25 Q2: 9.1% Revenue growth, TTM YoY, FY25 Q3: 10.6% Revenue growth, TTM YoY, FY25 Q4: 11.5% Revenue growth, TTM YoY, FY26 Q1: 14.1% Revenue growth, TTM YoY, FY26 Q2: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -22.2%
FY23 Q4 12.2%
FY24 Q1 17.8%
FY24 Q2 22.6%
FY24 Q3 27.5%
FY24 Q4 8.6%
FY25 Q1 7.9%
FY25 Q2 9.1%
FY25 Q3 10.6%
FY25 Q4 11.5%
FY26 Q1 14.1%
FY26 Q2 14.6%
Operating margin (TTM) Edwards Lifesciences
20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 29.1% Operating margin (TTM), FY23 Q4: 27.2% Operating margin (TTM), FY24 Q1: 25.9% Operating margin (TTM), FY24 Q2: 27.4% Operating margin (TTM), FY24 Q3: 26.6% Operating margin (TTM), FY24 Q4: 25.3% Operating margin (TTM), FY25 Q1: 25.8% Operating margin (TTM), FY25 Q2: 25.8% Operating margin (TTM), FY25 Q3: 24.2% Operating margin (TTM), FY25 Q4: 20.8% Operating margin (TTM), FY26 Q1: 21.4% Operating margin (TTM), FY26 Q2: 22.3% 22.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 29.1%
FY23 Q4 27.2%
FY24 Q1 25.9%
FY24 Q2 27.4%
FY24 Q3 26.6%
FY24 Q4 25.3%
FY25 Q1 25.8%
FY25 Q2 25.8%
FY25 Q3 24.2%
FY25 Q4 20.8%
FY26 Q1 21.4%
FY26 Q2 22.3%
FCF margin (TTM) Edwards Lifesciences
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 19.4% FCF margin (TTM), FY23 Q4: 12.8% FCF margin (TTM), FY24 Q1: 5.3% FCF margin (TTM), FY24 Q2: 11.0% FCF margin (TTM), FY24 Q3: 9.7% FCF margin (TTM), FY24 Q4: 5.3% FCF margin (TTM), FY25 Q1: 11.5% FCF margin (TTM), FY25 Q2: 10.3% FCF margin (TTM), FY25 Q3: 13.7% FCF margin (TTM), FY25 Q4: 22.0% FCF margin (TTM), FY26 Q1: 17.3% FCF margin (TTM), FY26 Q2: 22.0% 22.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 19.4%
FY23 Q4 12.8%
FY24 Q1 5.3%
FY24 Q2 11.0%
FY24 Q3 9.7%
FY24 Q4 5.3%
FY25 Q1 11.5%
FY25 Q2 10.3%
FY25 Q3 13.7%
FY25 Q4 22.0%
FY26 Q1 17.3%
FY26 Q2 22.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Edwards Lifesciences took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $6.1B
  2. Cost of revenue $1.3B · 22.0%
  3. Gross profit $4.7B · 78.0%
  4. Research and development $1.1B · 17.8%
  5. Selling, general and admin $2.1B · 34.4%
  6. Other operating costs $305M · 5.0%
  7. Operating income $1.3B · 20.8%
  8. Income tax $217M · 3.6%
  9. Net income $1.1B · 17.7%

Shares of revenue. Source: Edwards Lifesciences's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,321 1,447 1,679 1,900 2,046 2,323 2,494 2,964 3,435 3,723 4,348 4,386 5,233 4,464 5,010 5,440 6,068 6,512
Gross profit 922 1,039 1,189 1,409 1,529 1,697 1,877 2,166 2,560 2,783 3,234 3,306 3,984 3,740 4,032 4,322 4,733 5,069
EBITDA — — — — — — — 822 1,171 826 1,236 1,005 1,825 1,638 1,454 1,534 1,421 1,615
Operating income — — — — — — — 751 1,089 748 1,147 898 1,690 1,498 1,309 1,379 1,264 1,449
Net income 229 218 237 292 389 811 495 570 584 722 1,047 823 1,503 1,522 1,402 4,175 1,074 1,005
Diluted EPS $0.33 $0.30 $0.33 $0.41 $0.57 $1.25 $0.75 $0.87 $0.90 $1.13 $1.64 $1.30 $2.38 $2.44 $2.30 $6.97 $1.83 $1.73
Growth (year on year)
Revenue +6.8% +9.5% +16.0% +13.2% +7.7% +13.6% +7.4% +18.8% +15.9% +8.4% +16.8% +0.9% +19.3% −14.7% +12.2% +8.6% +11.5% +14.6%
EBITDA — — — — — — — — +42.4% −29.5% +49.7% −18.7% +81.6% −10.3% −11.2% +5.5% −7.4% −0.4%
Operating income — — — — — — — — +45.0% −31.3% +53.3% −21.7% +88.3% −11.4% −12.6% +5.3% −8.3% −1.4%
Net income +77.7% −4.8% +8.6% +23.2% +33.5% +108.5% −39.0% +15.1% +2.5% +23.7% +45.0% −21.3% +82.5% +1.3% −7.9% +197.7% −74.3% −75.8%
Diluted EPS +77.3% −6.2% +8.2% +24.2% +39.0% +118.7% −39.8% +16.0% +3.4% +25.6% +45.1% −20.7% +83.1% +2.5% −5.7% +203.0% −73.7% −75.4%
Margins
Gross margin 69.8% 71.8% 70.8% 74.2% 74.7% 73.1% 75.2% 73.1% 74.5% 74.8% 74.4% 75.4% 76.1% 83.8% 80.5% 79.5% 78.0% 77.8%
EBITDA margin — — — — — — — 27.7% 34.1% 22.2% 28.4% 22.9% 34.9% 36.7% 29.0% 28.2% 23.4% 24.8%
Operating margin — — — — — — — 25.3% 31.7% 20.1% 26.4% 20.5% 32.3% 33.6% 26.1% 25.3% 20.8% 22.3%
Net margin 17.3% 15.1% 14.1% 15.3% 19.0% 34.9% 19.8% 19.2% 17.0% 19.4% 24.1% 18.8% 28.7% 34.1% 28.0% 76.7% 17.7% 15.4%
Free-cash-flow margin 7.7% 13.1% 13.8% 13.3% 17.8% 40.4% 17.9% 17.8% 24.2% 18.5% 21.4% 14.8% 26.9% 21.8% 12.8% 5.3% 22.0% 22.0%
Cash flow
Cash from operations 165 251 308 362 473 1,022 550 704 1,001 927 1,183 1,054 1,732 1,218 896 542 1,595 1,720
Capital spending 64 62 77 109 109 83 103 176 168 239 254 407 326 245 253 252 260 287
Free cash flow 101 190 232 253 364 939 447 528 833 688 929 647 1,406 974 643 290 1,335 1,434
Stock-based pay 28 29 35 42 47 48 50 57 62 71 81 93 109 127 139 162 158 168
Free cash flow after stock pay 73 160 197 211 316 891 397 471 771 617 847 555 1,297 847 503 128 1,177 1,266
Balance sheet
Cash 334 396 171 311 420 654 718 930 818 714 1,179 1,183 863 769 1,132 3,045 2,938 2,907
Total debt 90 219 150 189 600 600 600 825 1,038 600 594 595 596 596 597 598 598 599
Net debt (negative = net cash) −244 −177 −21 −122 180 −54 −118 −105 220 −114 −585 −588 −267 −173 −535 −2,448 −2,340 −2,308
Diluted shares 705m 715m 716m 710m 683m 651m 661m 653m 648m 641m 637m 632m 631m 624m 609m 599m 586m 581m
Returned to shareholders
Buybacks 96 200 303 344 497 301 280 662 763 796 263 625 513 1,727 880 1,159 893 1,204
Total returned 96 200 303 344 497 301 280 662 763 796 263 625 513 1,727 880 1,159 893 1,204

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $13.9bn
Short-term assets $6.8bnLonger-term assets $7.0bn
What it owes, and who funded it · $13.8bn
Short-term liabilities $1.5bnLonger-term liabilities $1.6bnShareholders' equity $10.6bn
  • Short-term assets cover short-term liabilities $6.8bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.8bn short-term assets against $1.6bn of longer-dated liabilities.
  • More cash than debt $2.9bn of cash against $599m of debt.
  • Debt below 40% of shareholders' equity Debt is 6% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 10% to 6% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.7bn of operating cash flow against $599m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Edwards Lifesciences's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.2B
Returned to shareholders
84%
of free cash flow
Buybacks, last 3 fiscal years
$2.9B
Diluted share count
−1.6%
year over year
Total shareholder yield
2.2%
dividends 0.0% + buybacks 2.2% of market value
R&D spending
16.7%
of revenue
Sales & admin spending
33.8%
of revenue
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated EW STE RMD BLCO DXCM ZBH Median
Revenue, last 12 months $6.5bn $6.0bn $5.7bn $5.4bn $5.1bn $8.5bn $99m
Revenue growth, last 12 months 14.6% 8.4% 9.0% 8.9% 13.0% 8.6% 9.2%
Revenue growth, 3-year average 15.3% 9.0% 9.4% 10.9% 14.5% 5.7% 13.5%
Revenue growth, latest quarter 13.6% 7.3% 5.9% 7.3% 11.2% 4.8% 10.2%
Gross margin 77.8% 44.4% 61.1% — 63.4% 69.9% 61.2%
Operating margin 22.3% 18.9% 33.0% 7.1% 24.0% 14.2% −8.5%
Operating margin, 3-year average 25.2% 17.1% 31.9% 3.8% 19.0% 15.6% −17.9%
Net margin 15.4% 13.3% 27.8% −2.0% 19.4% 9.5% −12.0%
Cash from operations / revenue 26.4% 21.3% 30.9% 10.2% 27.7% 20.5% −1.9%
Free-cash-flow margin 22.0% 15.3% 28.1% 4.7% 21.5% 17.9% −3.9%
Free-cash-flow margin, 3-year average 14.4% 14.3% 29.9% −0.2% 19.5% 17.9% −7.0%
Stock pay / revenue 2.6% 1.0% 2.0% 3.2% 3.0% 1.2% 6.1%
Change in share count −1.6% −0.5% −1.3% 1.2% −3.9% −1.9% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 14.6% 9.1% 49 of 129
Change in growth rate Growth +0.4pp -0.6pp 49 of 129
Gross margin Profitability 77.8% 61.9% 21 of 123
Operating margin Profitability 22.3% -8.3% 10 of 132
Net margin Profitability 15.4% -12.0% 15 of 133
Free-cash-flow margin Cash generation 22.0% -3.4% 10 of 128
Stock pay as % of revenue Cash generation 2.6% 6.1% 35 of 123
Long-term debt as % of assets Balance sheet 4.3% 24.2% 18 of 87
Change in share count Balance sheet -1.6% 3.3% 21 of 115
Days sales outstanding Balance sheet 43 days 57 days 26 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Transcatheter Aortic Valve Replacement $4.5B 74.0% ▲ 9.3%
Surgical Heart Valve Therapy $1B 17.0% ▲ 4.9%
Transcatheter Mitral and Tricuspid Therapies $551M 9.1% ▲ 56.4%

From Edwards Lifesciences's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$47.3B
Institutions reporting
1,318
Shares held vs prior quarter
▲ 4.0%
Positions opened / closed
139 / 100

Top buyers and sellers, Q2 2026: 604 institutions bought and 560 sold ; the biggest buyer was Aristotle Capital Management, LLC (+8.7M shares) and the biggest seller Jennison Associates LLC (−12.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.3B 58.8M 11.3% ▲ 11.8%
Vanguard Capital Management LLC $3.4B 37.6M 7.2% ▼ 0.3%
Vanguard Portfolio Management LLC $2.4B 26.4M 5.1% 0.0%
State Street Corp $2.4B 26.3M 5.0% ▲ 0.1%
Jpmorgan Chase & Co $2.1B 22.8M 4.4% ▲ 4.8%
Wellington Management Group LLP $1.5B 16.8M 3.2% ▼ 23.5%
Geode Capital Management, LLC $1.4B 15.4M 2.9% ▲ 17.5%
Bank Of New York Mellon Corp $1.3B 14.1M 2.7% ▼ 15.9%
DZ Bank AG Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main $1.2B 13.0M 2.5% ▲ 1.5%
Ninety One Uk Ltd $1.1B 12.3M 2.4% ▼ 0.5%
Aristotle Capital Management, LLC $784M 8.7M 1.7% New
FMR LLC $763M 8.4M 1.6% ▼ 41.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Edwards Lifesciences's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $27.7M 54 trades by 9 insiders · 52% under pre-set plans
Net ▼ $27.7M net selling
Insider Date Trade Shares Price Value
Lippis Daniel J. CVP, TAVR October 8, 2026 Sell pre-set plan 619 $85.65 $53,017
Lippis Daniel J. CVP, TAVR September 11, 2026 Sell pre-set plan 619 $87.51 $54,169
Dahl Andrew M. SVP, Corporate Controller August 31, 2026 Sell 544 $91.06 $49,534
Bruls Annette CVP, EMEACLA August 28, 2026 Sell 2,644 $89.98 $237,907
Markowitz Wayne CVP, JAPAC August 26, 2026 Sell 1,240 $91.47 $113,417
Chopra Daveen CVP, TMTT, Surgical & IHFM August 26, 2026 Sell 30,646 $90.99 $2.8M
Chopra Daveen CVP, TMTT, Surgical & IHFM August 26, 2026 Sell 1,154 $91.76 $105,893
Lippis Daniel J. CVP, TAVR August 11, 2026 Sell pre-set plan 619 $92.03 $56,967
Markowitz Wayne CVP, JAPAC July 30, 2026 Sell 146 $86.03 $12,588
Markowitz Wayne CVP, JAPAC July 28, 2026 Sell 9,628 $85.06 $818,958
Zovighian Bernard J CEO July 27, 2026 Sell 2,921 $83.93 $245,134
Lippis Daniel J. CVP, TAVR July 10, 2026 Sell pre-set plan 619 $91.70 $56,762

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 28 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Edwards Lifesciences shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded November 19, 2025, filed December 29, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $50,001 - $100,000, traded May 12, 2025, filed June 22, 2025
  • Bruce Westerman(R-AR 4):Sale (full), $1,001 - $15,000, traded April 21, 2025, filed May 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 23, 2026 estimated from the company's past filing pattern, not announced

  • July 23, 2026
  • April 23, 2026
  • February 10, 2026
  • October 30, 2025
  • July 24, 2025
  • April 23, 2025

Recent SEC filings

Data status

When each part of this page on Edwards Lifesciences was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Edwards Lifesciences in brief

What does Edwards Lifesciences do?
Edwards Lifesciences is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Edwards Lifesciences's stock ticker?
Edwards Lifesciences trades under the ticker EW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Edwards Lifesciences's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Edwards Lifesciences reported revenue of $6.5B, 14.6% higher than a year earlier, according to its SEC filings.
What is Edwards Lifesciences's free cash flow?
Edwards Lifesciences's free-cash-flow margin is 22.0% of revenue over the trailing twelve months, ranking 10 of the 128 health care equipment companies we cover.
What is Edwards Lifesciences's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Edwards Lifesciences's free cash flow after stock-based pay gives ~$51 per share in the base case, and ~$40–$65 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Edwards Lifesciences's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Edwards Lifesciences buying back stock, and does it pay a dividend?
Edwards Lifesciences spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Edwards Lifesciences's market cap?
On November 2, 2026, Edwards Lifesciences's market capitalisation was about $54.2B, with a price-to-earnings ratio of 54.0 and net debt of -$2.3B. Market figures come from third-party market data and may be delayed.
How much debt does Edwards Lifesciences have?
Edwards Lifesciences's debt-to-equity ratio is 5.6%, from its latest balance sheet (10.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Edwards Lifesciences's competitors?
In our Health Care Equipment peer group, the companies closest to Edwards Lifesciences are Steris, ResMed|, Bausch & Lomb Corp, Dexcom and Zimmer Biomet. The side-by-side comparison below sets their revenue, margins and growth against Edwards Lifesciences's.
Are insiders buying or selling Edwards Lifesciences stock?
Over the last 12 months, Edwards Lifesciences's directors and officers reported 0 open-market purchases and 54 sales on Form 4. The insider trading page charts every trade.
When is Edwards Lifesciences's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Edwards Lifesciences announces its own schedule.