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Edwards Lifesciences key statistics and ratios

In fiscal 2025, Edwards Lifesciences had return on equity of 10.6% and a net margin of 17.7%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin17.3%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%
Return on equity19.8%17.7%18.0%20.9%25.8%43.4%21.1%22.2%20.9%23.7%28.7%18.9%28.9%26.1%22.5%50.2%10.6%9.6%
Return on assets14.2%12.9%12.6%13.9%15.8%26.0%13.1%13.3%11.5%13.1%17.7%12.0%19.1%18.1%15.9%37.2%8.0%7.3%
Effective tax rate24.7%18.7%16.5%24.9%23.9%29.1%20.5%22.8%43.6%5.1%10.3%10.2%11.7%12.9%11.1%9.8%17.0%31.0%
R&D as % of revenue13.3%14.1%14.7%15.3%15.8%14.9%15.4%14.9%16.1%16.7%17.3%17.3%17.3%18.9%19.2%19.4%17.8%16.7%
SG&A as % of revenue38.5%38.0%38.3%36.7%35.9%36.9%34.1%30.5%28.8%29.2%28.6%28.0%28.5%30.4%31.6%32.9%34.4%33.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: EW vs STEEW vs RMDBLCO vs EWEW vs ZBH

More: Health Care Equipment stocks compared, Health Care sector, rankings of US companies

Figures from Edwards Lifesciences's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Edwards Lifesciences.