Edwards Lifesciences Corporation

EW
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.6B
Q1 2026 · +15.4% YoY
TTM ROIC
23.5%
FY2025 · NOPAT (Adj. Operating Income × (1 - tax rate)) / Invested Capital (equity + net debt) · WACC ~8.5% · Moat spread +15pp

Financial Snapshot


ticker: EW step: 04 generated: 2026-05-12 source: quick-research

Edwards Lifesciences Corporation (EW) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$5.38B* $5.01B $5.44B +9%
Gross Margin ~81% ~76.8% ~79.5% +270bps
Operating Margin ~26% ~23% ~25%
Net Income ~$1.5B ~$1.1B ~$1.3B
EPS (GAAP diluted) ~$2.40 $2.02 $2.34 +16%

FY2022 includes Critical Care segment divested to BD in 2023.

Cash Flow & Balance Sheet (FY2023/FY2024)

Metric Value
Operating Cash Flow ~$1.2B
Free Cash Flow (adj.) ~$943M (FY2023)
Cash & Equivalents ~$1.9B
Total Debt ~$0.6B

Note: EW carries minimal debt — a net cash position. Balance sheet is exceptionally clean post-Critical Care divestiture.

Key Ratios (approximate)

  • P/E (forward FY2026): ~28–32x | EV/EBITDA: ~22x | FCF Yield: ~2%
  • Revenue Growth (FY2024): +9% | Gross Margin: ~79.5%

Growth Profile

Edwards is a focused structural heart pure-play growing mid-to-high single digits in TAVR and 35–45%+ in TMTT. The asymptomatic TAVR approval (FDA 2025) expands the addressable population meaningfully — severe aortic stenosis affects ~500,000 people annually in the US, and treating earlier (before symptoms emerge) could expand procedures by 20–30% over time pending NCD update. TMTT is becoming a second growth engine, targeting the 5M+ patients with mitral/tricuspid valve disease who have no good treatment option today.

Forward Estimates

  • FY2026: Revenue growth 8–10% constant currency; TAVR $4.6–4.9B; TMTT $740–780M (+35–45%); adj. EPS guidance $2.80–$2.95
  • Long-term: Structural heart disease addressable market estimated >$10B globally; TMTT alone could reach $1B+ by 2027

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $EW.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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