# Edwards Lifesciences Corporation (EW) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EW/thesis · /stocks/EW/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EW/fundamental

## Navigation

- Overview: /stocks/EW
- Financials (this page): /stocks/EW/financials
- Thesis: /stocks/EW/thesis
- Investment Memo: /stocks/EW/memo
- Coverage universe: /stocks