Edwards Lifesciences Corporation
EWFinancial 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.