A Business at a Glance
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Edwards Lifesciences Corp
EW
$48.5B
Mkt Cap
$82.63
-1.42%
Edwards Lifesciences Corp (EW) has a current P/E ratio of 45.2, compared to its historical median P/E of 43.5. The stock is currently considered Fair based on its historical valuation range.
Edwards Lifesciences Corp (EW) has a 5-year average return on invested capital (ROIC) of 28.6%. This indicates strong capital allocation and a potential competitive advantage.
Edwards Lifesciences Corp (EW) has a market capitalization of $47.7B. It is classified as a large-cap stock.
Edwards Lifesciences Corp (EW) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.22%.
Based on historical P/E analysis, Edwards Lifesciences Corp (EW) appears fair. The current P/E of 45.2 is 4% above its historical median of 43.5. The estimated fair value CAGR (P/E method) is 19.4%.
Edwards Lifesciences Corp (EW) operates in the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry, within the Healthcare sector.
Edwards Lifesciences is the leading global structural heart innovation company focused exclusively on treating advanced cardiovascular disease through surgical and transcatheter therapies. The company operates three primary product segments: Transcatheter Aortic Valve Replacement (TAVR), which represented 74% of 2025 net sales and includes the SAPIEN family of valves delivered via catheter-based procedures; Transcatheter Mitral and Tricuspid Therapies (TMTT), representing 9% of 2025 net sales and comprising repair systems like PASCAL and replacement systems like EVOQUE and SAPIEN M3; and Surgical Structural Heart, representing 17% of 2025 net sales and featuring tissue valves with RESILIA technology including INSPIRIS, KONECT, and MITRIS products. The company generates revenue through a direct sales force model in the United States (58% of 2025 sales) and a combination of direct sales and independent distributors outside the United States (42% of 2025 sales, with 60% in Europe, 14% in Japan, and 26% in Rest of World), selling in approximately 100 countries. Edwards manufactures products primarily in the United States, Singapore, Costa Rica, and Ireland, utilizing both natural animal tissues and fabricated materials, with a strategy centered on transformative product innovation, robust clinical evidence generation, and comprehensive physician and hospital support. The company's competitive moat derives from its extensive clinical data—SAPIEN is the most studied valve globally with over 15 years of trials involving over 10,000 patients and 1.2 million patients treated worldwide—combined with differentiated innovation pipelines, strong physician relationships through field clinical specialists, and established relationships with hospital group purchasing organizations and healthcare systems globally.
【Sustained structural growth ahead】 Management expects Edwards to deliver 8%-10% full-year 2026 sales growth with approximately 150 basis points of constant currency operating margin expansion, reflecting confidence in multiple product catalysts including TAVR indication expansion, TMTT portfolio advancement, and surgical RESILIA adoption. Looking beyond 2026, the company targets average annual sales growth of 10% with 50 to 100 basis points of underlying operating margin expansion annually, supported by continued clinical evidence generation, guideline evolution, and penetration of large patient populations including asymptomatic aortic stenosis and structural heart failure. Management is pursuing an updated national coverage determination for TAVR that may present a tailwind later in 2026, while advancing next-generation PASCAL technology expected in Q4 2026 for both mitral and tricuspid indications in the U.S. and Europe, and expects to launch PASCAL for tricuspid patients in the U.S. in Q4 2026. The company remains focused on achieving its $2 billion revenue expectation for TMTT by 2030 and continues to invest in patient access initiatives, clinical evidence, and operational efficiency to drive sustainable long-term value creation.
| Metric | Target | Period |
|---|---|---|
| Total company sales growth | 9%-11% | FY2026 |
| Adjusted EPS | $2.95-$3.05 | FY2026 |
| TAVR sales growth | 7%-9% | FY2026 |
| Total company sales | $6.5-$6.9 billion | FY2026 |
| TAVR sales | $4.7-$5.0 billion | FY2026 |
| TMTT sales | $740-$780 million | FY2026 |
| Gross margin | 78%-79% | FY2026 |
| Operating margin expansion | approximately 150 basis points constant currency | FY2026 |
| Tax rate | 16%-19% | FY2026 |
| Average diluted shares outstanding | 575-580 million | FY2026 |
| TMTT revenue expectation | $2 billion |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.3B | 6.1B | 5.4B | 5.0B | 4.5B | 5.2B |
| Net Income | 1.1B | 1.1B | 4.2B | 1.4B | 1.5B | 1.5B |
| EPS | $1.88 | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 |
| Free Cash Flow | 1.1B | 1.3B | 290M | 643M | 974M | 1.4B |
| ROIC | 15.4% | 15.6% | 46.8% | 21.4% | 25.5% | 33.8% |
| Gross Margin | 77.9% | 78.0% | 79.5% | 80.5% | 83.8% | 76.1% |
| Debt/Equity | 0.06 | 0.07 | 0.07 | 0.10 | 0.12 | 0.12 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.3B | 1.3B | 1.4B | 1.3B | 1.5B | 1.7B |
| Operating Margin | 21.4% | 20.8% | 25.3% | 26.1% | 33.6% | 32.3% |
| ROE | 10.6% | 10.6% | 50.2% | 22.5% | 26.1% | 28.9% |
| Shares Outstanding | 577M | 587M | 599M | 610M | 624M | 632M |
Edwards Lifesciences Corp passes 9 of 9 quality checks, indicating strong fundamentals.
Edwards Lifesciences Corp trades at 45.2x trailing earnings, compared to its 15-year median P/E of 43.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 36.3x vs a median of 46.8x. The company's 5-year average ROIC is 28.6% with a gross margin of 79.6%. Total shareholder yield (buybacks) is 2.2%. At current prices, the estimated annualized return to fair value is -2.0%.
Edwards Lifesciences Corp (EW) reported annual revenue of $6.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Edwards Lifesciences Corp (EW) has a net profit margin of 17.7%. This is a healthy margin.
Edwards Lifesciences Corp (EW) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Edwards Lifesciences Corp (EW) has a debt-to-equity ratio of 0.07. This indicates a conservatively financed balance sheet.
Edwards Lifesciences Corp (EW) reported earnings per share (EPS) of $1.83 in its most recent fiscal year.
Edwards Lifesciences Corp (EW) has a return on equity (ROE) of 10.6%. This indicates moderate shareholder returns.
Edwards Lifesciences Corp (EW) has a 5-year average gross margin of 79.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for Edwards Lifesciences Corp (EW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Edwards Lifesciences Corp (EW) has a book value per share of $17.62, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects Edwards to deliver 8%-10% full-year 2026 sales growth with approximately 150 basis points of constant currency operating margin expansion, reflecting confidence in multiple product catalysts including TAVR indication expansion, TMTT portfolio advancement, and surgical RESILIA adoption. Looking beyond 2026, the company targets average annual sales growth of 10% with 50 to 100 basis points of underlying operating margin expansion annually, supported by continued clinical evidence generation, guideline evolution, and penetration of large patient populations including asymptomatic aortic stenosis and structural heart failure. Management is pursuing an updated national coverage determination for TAVR that may present a tailwind later in 2026, while advancing next-generation PASCAL technology expected in Q4 2026 for both mitral and tricuspid indications in the U.S. and Europe, and expects to launch PASCAL for tricuspid patients in the U.S. in Q4 2026. The company remains focused on achieving its $2 billion revenue expectation for TMTT by 2030 and continues to invest in patient access initiatives, clinical evidence, and operational efficiency to drive sustainable long-term value creation.
Based on recent SEC filings and earnings calls, Edwards Lifesciences Corp (EW) has provided the following forward guidance: Total company sales growth: 9%-11% (FY2026); Adjusted EPS: $2.95-$3.05 (FY2026); TAVR sales growth: 7%-9% (FY2026); Total company sales: $6.5-$6.9 billion (FY2026); TAVR sales: $4.7-$5.0 billion (FY2026), plus 7 additional metrics.
| 2030 |
| Operating margin expansion | 50 to 100 basis points annually | 2027 and beyond |
Total company sales growth (FY2026): “we are raising our full year 2026 sales growth guidance to 9%-11%”
Adjusted EPS (FY2026): “adjusted EPS guidance to $2.95-$3.05”
TAVR sales growth (FY2026): “we are raising our full year TAVR sales growth guidance to 7%-9%”
Total company sales (FY2026): “Edwards now expects total company sales of $6.5-$6.9 billion”
TAVR sales (FY2026): “TAVR sales of $4.7-$5.0 billion”
TMTT sales (FY2026): “We continue to expect $740-$780 million in TMTT sales”
Gross margin (FY2026): “We are maintaining our full-year 78%-79% gross margin guidance”
Operating margin expansion (FY2026): “We expect full-year operating margin to be at the high end of the original 28%-29% guidance, resulting in approximately 150 basis points constant currency operating margin expansion for the full year”