NYSE: EW · Health Care Equipment
Edwards Lifesciences
Edwards Lifesciences describes itself as the leading global structural heart disease innovation company. It sells transcatheter aortic valves (SAPIEN family), transcatheter mitral and tricuspid therapies (PASCAL, EVOQUE, SAPIEN M3) and surgical heart valves (INSPIRIS RESILIA, MITRIS RESILIA). 2025 net sales were $6,067.6 million, of which TAVR was $4,487.7 million (74%). It sold its Critical Care business to BD in September 2024, and in January 2026 a federal court blocked its planned acquisition of JenaValve at the FTC's request.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 22, 2026 12:01 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 10.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 20.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -2.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.49x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 55.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.73
Higher than 67% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 59% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 42% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 3% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 47% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$98.19close on 2026-11-04
Market cap$57.02B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 55.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 5.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 37.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 46.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 4.8x
Book value at FY2025 year-end
At FY2025 year-end: 33.2x
EBITDA for FY2025
At FY2025 year-end: 2.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.55B → $1.72B (vs. a year earlier)↑ +10.5%$1.55B → $1.72B (vs. a year earlier)
- Operating margin19.8% → 17.4% (vs. a year earlier)↓ −2.3 pts19.8% → 17.4% (vs. a year earlier)
- Net income$291M → $308M (vs. a year earlier)↑ +5.6%$291M → $308M (vs. a year earlier)
- Diluted EPS$0.50 → $0.53 (vs. a year earlier)↑ +6.0%$0.50 → $0.53 (vs. a year earlier)
- Cash$2.91B → $3.11B (vs. previous quarter-end)↑ +7.0%$2.91B → $3.11B (vs. previous quarter-end)
- Long-term debt$599M → $599M (vs. previous quarter-end)→ +0.0%$599M → $599M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Management outlook ↑ Raised
Raised sales growth guidance to about 11.5% from 10%–11%. Source sentence
Increasing total company sales 2 growth guidance to approximately 11.5% from 10% to 11%
Key changes
Q3 sales up 10.5% to $1.72B. Source sentence
Q3 sales grew 10.5% to $1.72 billion 1 , constant currency 2 sales grew 11.2%
Adjusted EPS $0.80, up 19%. Source sentence
Q3 EPS of $0.53 1 ; adjusted 2 EPS of $0.80 1 which grew 19% versus prior year
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Edwards Lifesciences Corp
- Headquarters
- IRVINE, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EW
- Industry
- Health Care Equipment
- CIK
- 1099800
- Website
- https://www.edwards.com/ ↗
- IR page
- https://ir.edwards.com/ ↗
Workforce (as of FY2025 year-end)
Employees
16,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 37–42 days after quarter end (Feb 10, 2026; Feb 11, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 23–42 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 10, 2026 (+41 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 24, 2025 (+24 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 11, 2025 (+42 days) | Feb 28, 2025 10-K (+59 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Nov 6, 2024 10-Q (+37 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 29, 2024 10-Q (+29 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 12, 2024 10-K (+43 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
TAVR
Edwards SAPIEN family of valves
Examples: SAPIEN 3 Ultra
Transcatheter aortic valves delivered while the heart is beating; first commercialized in Europe in 2007.
TMTT
PASCAL, EVOQUE and SAPIEN M3 systems
Examples: PASCAL (Europe, U.S., Japan); EVOQUE and SAPIEN M3 (Europe, U.S.)
Transcatheter repair and replacement for mitral and tricuspid valve disease; EVOQUE was the world's first approved transcatheter tricuspid valve replacement therapy.
Surgical
Surgical heart valves
Examples: INSPIRIS RESILIA, KONECT RESILIA, MITRIS RESILIA
Tissue valves for open-heart surgery; INSPIRIS is described as the leading aortic surgical valve in the world.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
INSPIRIS RESILIA aortic surgical valve
Surgical aortic valves
U.S. share
—
Not disclosedWorldwide share
Leading aortic surgical valve worldwide
Company-disclosedThe 10-K states INSPIRIS is the leading aortic surgical valve in the world.
Sources:
The 10-K gives no percentage share; it calls Edwards a leading global competitor in each product line.
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Net sales $3,389.6M versus $2,944.9M; net income attributable to Edwards $622.6M versus $691.2M.
Source: Form 10-Q Q2 2026
JenaValve
A court blocked the acquisition on January 9, 2026 and the merger agreement was terminated on January 14, 2026.
Source: Form 10-K FY2025
Securities class action
A proposed settlement, not material to the financial statements, was preliminarily approved on August 3, 2026.
Source: Form 10-Q Q2 2026
Capex ÷ D&A (FY2025)
1.66x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$260M ÷ $157M = 1.66x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
17.8%
formularesearch & development expense ÷ revenue × 100
e.g.$1,079M ÷ $6,068M × 100 = 17.8%
Where the money goes, over time
Unit: $M. Capex went from $245M in FY2022 to $260M in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Revenue (FY2025)
$6.07B
As reported in the 10-K
Revenue CAGR (3 years)
+10.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,068M ÷ $4,464M) ^ (1÷3) − 1 = 10.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
20.8%▼caution
-12.7pt vs. 3 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,264M ÷ $6,068M × 100 = 20.8%
ROE (FY2025)
10.6%▲favorable
4-year average: 27.3%
As reported in the 10-K
P/B (FY2025 end)
4.79x
formulafiscal year-end closing price ÷ book value per share
e.g.$85.25 ÷ $17.80 = 4.79x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
33.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($49,505M + $598M − $2,938M) ÷ ($1,264M + $157M) = 33.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +10.8% a year over 3 years (strong growth)
From $4.46B in FY2022 to $6.07B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 33.6% → 20.8%
How much operating profit is left per $100 of revenue. It moved -12.7 points over 3 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 75.5% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 27.3% over 4 years (latest: 10.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- BD (Becton, Dickinson and Company)
- JenaValve Technology
07 · what it does
Key activities
- Research, clinical trials and regulatory approval
- Valve manufacturing from natural tissues
- Direct sales forces and independent distributors
06 · what it draws on
Key resources
- About 16,000 employees
- Manufacturing mainly in the U.S., Singapore, Costa Rica and Ireland
- R&D spending $1,079.2M (2025)
02 · why customers buy
Value propositions
- Implantable heart valves and delivery systems; RESILIA tissue has data showing over 99% freedom from structural valve deterioration through eight years.
04 · how it keeps them
Customer relationships
- Field clinical specialists routinely attend procedures.
03 · how it reaches them
Channels
- Direct sales forces and independent distributors (42% of 2025 sales outside the U.S.).
01 · who it serves
Customer segments
- Hospitals and physicians worldwide; no customer was 10% or more of 2025 net sales
09 · where money goes
Cost structure
FY2025, share of revenue ($6.07B)
- Cost of revenue22.0%
- Research & development17.8%
- Selling, general & administrative34.4%
- Other operating costs5.0%
Operating profit left: 20.8% of revenue. Depreciation & amortization (inside the costs above): $157M. Capital spending: $260M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- TAVR $4,487.7M
- TMTT $550.6M
- Surgical $1,029.3M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Designs, manufactures and sells implantable heart valves and delivery systems used by cardiologists and cardiac surgeons in hospitals.
01 what it draws on
Inputs & resources
- About 16,000 employees
- Manufacturing mainly in the U.S., Singapore, Costa Rica and Ireland
- R&D spending $1,079.2M (2025)
02 what it does
Activities
- Research, clinical trials and regulatory approval
- Valve manufacturing from natural tissues
- Direct sales forces and independent distributors
03 who it serves
Customers
- Hospitals and physicians worldwide; no customer was 10% or more of 2025 net sales
04 how money comes in
How it earns
- TAVR $4,487.7M
- TMTT $550.6M
- Surgical $1,029.3M (2025)
How the business makes money
- United States sales were $3,543.1M (58%) of 2025 net sales.
- TMTT sales rose to $550.6M in 2025 and $373.7M in H1 2026 (H1 2025: $249.7M).
- Most replacement heart valves are made from natural tissues.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Edwards’ heart-valve sales depend on regulatory approval and are exposed to regulatory change.
Approvals & licenses
FDA device clearance
U.S. sales require FDA 510(k) clearance or premarket approval for each device; noncompliance can bring warning letters, recalls or other sanctions.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Regulatory environment
Significant changes in the regulatory environment could hurt future sales.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
TAVR
4,487.7 (74%)Surgical Structural Heart
1,029.3 (17%)TMTT
550.6 (9%)
Source: Form 10-K (FY2025) — net sales by product group Net sales by major product group total $6,067.6M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
BD (Becton, Dickinson and Company)
Sold the Critical Care business to BD on September 3, 2024.
Source: Form 10-K (FY2025)
Capital tie / equity stake
JenaValve Technology
After the merger agreement was terminated in January 2026, Edwards invested in a $45.0M convertible promissory note in JenaValve.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Hospitals and physicians worldwide, reached through direct sales forces and distributors.
Named by the company
No customer is named; no customer accounted for 10% or more of 2025 net sales.
Suppliers
Natural tissues, resins, chemicals, electronics and metals.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
In TAVR, Edwards' primary competitors are Medtronic and Abbott; in TMTT, Abbott; in Surgical, Medtronic and Abbott.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group (17 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Medical technology and life science companies used to benchmark executive pay.
- Abbott Laboratoriessite ↗
- CooperCompaniessite ↗
- Intuitive Surgicalsite ↗
- Agilent Technologiessite ↗
- DexComsite ↗
- Medtronicsite ↗
- Align Technologysite ↗
- GE HealthCaresite ↗
- ResMedsite ↗
- Baxter Internationalsite ↗
- Hologicsite ↗
- Strykersite ↗
- Becton Dickinsonsite ↗
- IDEXX Laboratoriessite ↗
- Zimmer Biometsite ↗
- Boston Scientificsite ↗
- Illuminasite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 4,464 | 5,010 | 5,440 | 6,068 |
| Operating income | 1,498 | 1,309 | 1,379 | 1,264 |
| Pretax income | 1,520 | 1,372 | 1,548 | 1,273 |
| Net income (attributable) | 1,522 | 1,402 | 4,175 | 1,074 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.2% | 8.6% | 11.5% |
| Operating margincalcoperating income ÷ revenue × 100 | 33.6% | 26.1% | 25.3% | 20.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 34.1% | 28.0% | 76.7% | 17.7% |
| Balance sheet ($M) | ||||
| Total assets | 8,293 | 9,363 | 13,055 | 13,697 |
| Total equity | 5,807 | 6,719 | 10,063 | 10,338 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 596 | 597 | 598 | 598 |
| Equity ratio | 70.0% | 71.0% | 76.6% | 75.5% |
| ROE | 26.1% | 22.5% | 50.2% | 10.6% |
| Cash flow ($M) | ||||
| Operating CF | 1,218 | 896 | 542 | 1,595 |
| Investing CF | 252 | 174 | 2,313 | -713 |
| Financing CF | -1,584 | -711 | -983 | -957 |
| Free cash flowcalccash flow from operations − capital expenditures | 974 | 643 | 290 | 1,335 |
| Cash and equivalents | 769 | 1,132 | 3,045 | 2,938 |
| Per share & other | ||||
| EPS ($) | 2.44 | 2.30 | 6.97 | 1.83 |
| BVPS ($) | 9.55 | 11.06 | 16.99 | 17.80 |
| P/E (x) | 30.6 | 33.2 | 10.6 | 46.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 27.6 | 31.2 | 26.8 | 33.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 7.82 | 6.89 | 4.36 | 4.79 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.72B+10.5% | $299M-2.6% | $308M+5.6% | $0.53 |
| 2026-06-30 | $1.74B+13.6% | $513M+24.8% | $242M-27.4% | $0.42 |
| 2026-03-31 | $1.65B+16.7% | $478M+21.0% | $381M+6.3% | $0.66 |
| 2025-12-31 † | $1.57B+13.3% | $151M-51.7% | $91M-76.3% | — |
| 2025-09-30 | $1.55B | $307M | $291M | $0.50 |
| 2025-06-30 | $1.53B | $411M | $333M | $0.56 |
| 2025-03-31 | $1.41B | $395M | $358M | $0.61 |
| 2024-12-31 † | $1.39B | $313M | $386M | $0.65 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020: Critical Care (sold to BD on September 3, 2024) is not restated as discontinued operations for FY2020, so it is not comparable.
- FY2021: Critical Care (sold to BD on September 3, 2024) is not restated as discontinued operations for FY2021, so it is not comparable.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,264M × (1 − 12.5%) ÷ $10,798M × 100 = 10.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.89%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $49.5B ÷ ($49.5B + $598M) = 98.8%
e.g.Debt weight: $598M ÷ ($49.5B + $598M) = 1.2%
e.g.WACC: 9.0% × 98.8% + 3.4% × (1 − 12.5%) × 1.2% = 8.89%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.3%–10.9% and ROIC − WACC runs −0.7 to +3.0 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 8.89% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.73 (price-derived adjusted beta, but correlation with the market is low (R² 0.09), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.96%
- Cost of debt
- 3.41%
- Tax rate
- 12.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 99% : 1%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.89%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.73 (price-derived adjusted beta. Raw β 0.60, R² 0.09, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.598 + 0.33 = 0.731
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.73 × 5.5% = 9.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.9% − 2.5%
Past FCF growth (FY2022–FY2025)
+11.1%
Compound annual rate, 3 years
Past revenue growth (FY2022–FY2025)
+10.8%
Compound annual rate, 3 years
Inputs (FY2025): free cash flow $1.34B (operating CF − capex); enterprise value $53.39B = market cap $57.02B (latest close, 2026-11-04) + debt $598M − cash and short-term investments $4.23B; r = WACC of 8.9% using this page’s default assumptions (β 0.73, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$53.4B
FCF $1.34B ÷ (8.9% − 6.4%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.9% | 7.9% | 8.9% | 9.9% | 10.9% |
|---|---|---|---|---|---|
| 0% | 0.36x | 0.32x | 0.28x | 0.25x | 0.23x |
| 2% | 0.51x | 0.42x | 0.36x | 0.32x | 0.28x |
| 4% | 0.86x | 0.64x | 0.51x | 0.42x | 0.36x |
| 6% | 2.78x | 1.32x | 0.86x | 0.64x | 0.51x |
| 8% | — | — | 2.78x | 1.32x | 0.86x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.76x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): -3.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 99%
Most profit comes from core operations.
- ✓
Days sales outstanding: 53 → 38 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,595M ÷ $1,074M = 1.49x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,264M ÷ $1,273M × 100 = 99%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($609M + $660M) ÷ 2 ÷ $6,068M × 365 = 38 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,087M + $1,126M) ÷ 2 ÷ $1,334M × 365 = 303 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 91.0%
- Directors & officers (shares)
- 0.3%
- Everyone else (est.)
- 8.7%
- Directors & officers (voting power)
- 0.3%
- Institutional-ownership rank
- 181 of 416
- Beta (adjusted)
- 0.73
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 43% of covered companies have more
above 1 = swings more than the market
- 524.3M shares reported by 1,330 13F filers ÷ 576.4M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Leading TAVR franchise
TAVR sales of $4,487.7M made up 74% of 2025 net sales.
Evidence: Form 10-K FY2025
2. Fast-growing TMTT
H1 2026 TMTT sales $373.7M, up 50% from $249.7M.
Evidence: Form 10-Q Q2 2026
3. Strong balance sheet
Equity of $10.3B against interest-bearing debt of about $0.6B at end-2025.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Concentration in TAVR
About three-quarters of sales come from one product group.
Evidence: Form 10-K FY2025
2. Blocked acquisition
The FTC obtained an injunction blocking the JenaValve acquisition in January 2026.
Evidence: Form 10-K FY2025
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
46.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.7%
(Operating CF − capex) ÷ market cap
1. Structural heart growth
Net sales from continuing operations rose from $4,464.0M (2022) to $6,067.6M (2025).
- What has to hold
- TAVR and TMTT procedures keep growing.
- The other side
- Competition from Medtronic and Abbott.
Evidence: SEC EDGAR XBRL
2. Low leverage
Interest-bearing debt stayed at about $0.6B from 2022 to 2025.
- What has to hold
- Cash generation continues.
- The other side
- Edwards pays no dividend.
Evidence: SEC EDGAR XBRL
FY2020–FY2021 are omitted because they include the Critical Care business sold in 2024. 2024 net income includes the gain on the Critical Care sale. Edwards has not paid dividends.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$4.23B vs. —
Interest coverage (operating income ÷ interest expense)
62.0x
$1.26B vs. $20M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -12.6% in FY2023 ($1.5B → $1.31B) | Not yet, as of FY2025 |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Geographic manufacturing
TAVR, TMTT and Surgical products are made mainly in the U.S., Singapore, Costa Rica and Ireland.
Source: Form 10-K FY2025
Broad customer base
No customer was 10% or more of 2025 net sales.
Source: Form 10-K FY2025
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Edwards faces patent suits over SAPIEN 3 Ultra and PASCAL, a Valtech milestone suit, and securities and derivative suits. The FTC blocked its JenaValve deal. Accrued legal liabilities were $56.9M at June 30, 2026.
4 open matters · 1 settled or closed
Aortic Innovations patent suit
PendingPatent / IPAortic Innovations LLC v. Edwards (D. Del.)
Filed September 2021, alleging SAPIEN 3 Ultra infringes its patents. Edwards won summary judgment of non-infringement.
- Next step
- Aortic has filed a notice of appeal.
Source: Form 10-Q (quarter ended 2026-06-30) — Contingencies
Cardiovalve PASCAL patent suit
PendingPatent / IPCardiovalve, Ltd. and MTH IP, L.P. v. Edwards (D. Del.)
Filed January 14, 2026, alleging PASCAL products infringe their patent; seeks damages and a permanent injunction.
- Next step
- Trial scheduled for November 13, 2028.
Source: Form 10-Q (quarter ended 2026-06-30) — Contingencies
Valtech milestone suit
PendingContract disputeValtech Shareholder Representative LLC v. Edwards (Del. Ch.)
Filed February 16, 2026, alleging Edwards failed to use commercially reasonable efforts so milestone payments did not come due. A 2023 suit was dismissed on procedural grounds in July 2024.
Source: Form 10-Q (quarter ended 2026-06-30) — Contingencies
Securities class action and derivative suits
PendingClass actionPatel v. Edwards Lifesciences (C.D. Cal.); Ho and Sheridan derivative actions; Webb v. Valeriani (Del. Ch.)
Filed October 2024 over alleged misleading statements on business prospects. The settlement amount is not material.
- Next step
- Settlement preliminarily approved August 3, 2026; derivative suits are stayed or pending.
Source: Form 10-Q (quarter ended 2026-06-30) — Contingencies
FTC challenge to JenaValve acquisition
ResolvedAntitrustFTC v. Edwards Lifesciences and JenaValve (D.D.C.)
The FTC moved on August 6, 2025 to block the acquisition, alleging anticompetitive concerns. The court granted an injunction on January 9, 2026.
- Next step
- Merger agreement terminated January 14, 2026.
Company statement: Management does not believe other pending lawsuits would have a material adverse effect on the overall financial condition.
Based on Form 10-Q (quarter ended 2026-06-30) — Contingencies, reviewed 2026-10-22. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition in each product line
- Company disclosure (summarized from the 10-K)
- Medtronic and Abbott compete in TAVR, Abbott in TMTT and Medtronic and Abbott in surgical valves.
- Company’s stated mitigation
- R&D spending and clinical evidence.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Regulatory approvals and reimbursement
- Company disclosure (summarized from the 10-K)
- Products need regulatory approval and clinical trial success; unsuccessful clinical trials are listed as a risk.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3M&A & integration
Antitrust limits on acquisitions
- Company disclosure (summarized from the 10-K)
- The FTC successfully sued to block the JenaValve deal, showing deal risk in structural heart.
- Company’s stated mitigation
- Merger agreement terminated in January 2026.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Governance & quality
Manufacturing and quality
- Company disclosure (summarized from the 10-K)
- Manufacturing, logistics or quality issues are named as risks; most valves are made from natural tissues.
- Company’s stated mitigation
- Multiple plants in four countries.
- This site’s assessment
- Impact High / Likelihood Low
- 5Law & regulation
Patent and other litigation
- Company disclosure (summarized from the 10-K)
- Patent suits against SAPIEN 3 Ultra and PASCAL and a Valtech milestone suit are pending.
- Company’s stated mitigation
- Vigorous defense.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (7)
Our use of, or our failure to effectively and timely utilize, emerging technologies, including AI, could adversely impact our business and financial results.
We use AI and other emerging technologies in various facets of our operations and our business. Read more
The legal and regulatory landscape surrounding AI technologies is rapidly evolving and uncertain. The rapid advancement of these technologies entails risks, including potential deficiencies in AI-generated information and increased regulatory, cybersecurity, privacy, intellectual property and data-related risks. Another risk may arise if we are unable to timely utilize AI for technological innovation and business operation efficiency in a manner that is faster and more effective than our competitors. In addition, compliance with new or changing laws, regulations or industry standards relating to AI may impose significant costs on us and limit our ability to effectively develop, deploy or use AI technologies. Furthermore, if we are unable to effectively manage the use of AI technologies by our…
We may be adversely impacted by global economic, political and social conditions.
Additionally, the U.S. Department of Commerce recently initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into (among other things) imports of personal protective equipment, medical consumables and medical equipment (including devices), to determine whether they threaten U.S. national security, which further creates policy uncertainty in terms of tariffs. The current tariff environment is dynamic, as the U.S. government has imposed, modified and paused tariffs multiple times since the beginning of 2025. Changes to tariffs and other trade restrictions can be announced at any time with little or no notice. We cannot predict with certainty the future trade policy of the U.S. or other countr ies. We are monitoring recent judicial developments and executive branch responses related to U.S. tariffs; however, the impact, if any, cannot be reasonably…
margins for our products, any of which could negatively affect our business, financial condition, and results of operations. Read more
The ultimate impact of any existing or new tariffs or other changes in international trade policies on our business, financial condition, results of operations and cash flows is subject to a number of factors, including, but not limited to, the duration of such tariffs, changes in tariff rates, the amount, scope and nature of the tariffs, the results of the Section 232 investigation referenced above, any countermeasures that target countries may take or any mitigating actions that may become available.
We are subject to litigation, investigations, and other legal proceedings relating to our products, customers, competitors, and government regulators that could materially adversely affect our financial condition, divert management’s attention, and harm our business.
We are, and may become, subject to various legal proceedings, investigations and claims that arise in or outside the ordinary course of business. Read more
The outcome of these legal proceedings cannot be predicted with certainty. We purchase and maintain business insurance for certain liabilities; however, we cannot determine whether our existing business insurance program would be sufficient to cover the costs or potential losses related to our lawsuits and legal proceedings or otherwise be excluded under the terms of any insurance policy. Regardless of merit, litigation may be time-consuming and disruptive to our operations and cause significant legal costs (including settlements, judgments, legal fees and other related defense costs) and diversion of management attention. We could also be subject to governmental investigations in connection with some of these claims. If we do not prevail in…
No longer in the text (4)
Because we operate globally, our business is subject to a variety of risks associated with international sales and operations.
Our extensive global operations and business activity as well as the fact that many of our manufacturing facilities and suppliers are outside of the United States expose us to certain financial, economic, political, and other risks, including those listed below.
In addition, the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act, and similar laws in other jurisdictions contain prohibitions against bribery and other illegal payments, and make it an offense to fail to have procedures in place that prevent such payments. Penalties resulting from any violation of these laws could adversely affect us and our business.
Additional risks related to government regulation are also described under " Health Care Legislation and Other Regulations " in the risk factor above titled " Because we operate globally, our business is subject to a variety of risks associated with international sales and operations. "
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 28, 2025 ↗.
25
What to watch going forwardSite analysis
- TMTT growth: Whether EVOQUE, PASCAL and SAPIEN M3 keep TMTT growth high.
- Litigation: Accrued legal liabilities fell to $56.9M at June 30, 2026 from $146.2M at December 31, 2025.
- Leadership change: Corporate VP of Strategy and Corporate Development Donald E. Bobo, Jr. plans to retire by mid-2027.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 22, 2026 12:01 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Edwards Lifesciences’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.