Loading…
Maker of transcatheter and surgical heart valves and repair devices for aortic, mitral and tricuspid heart disease.
Maker of transcatheter and surgical heart valves and repair devices for aortic, mitral and tricuspid heart disease.
Sells single-use valves and delivery systems per procedure to hospitals, so revenue follows procedure volume and, in the US, depends on Medicare coverage rules that decide who can receive them. Its transcatheter aortic valve, placed through a catheter instead of open-heart surgery, is the main product. In 2024 it sold its critical-care monitoring business to BD.
Moat: wide (IP / patents, switching costs, installed base). Pioneer and share leader in TAVR with a deep clinical-evidence base and physician training lock-in.
Headquarters: Irvine, California, USA · Founded: 1958 · Employees: 16,000
Size Edwards Lifesciences (EW) is a United States Health Care company (Medical Specialties) with a market value of $58.9B, the 221st largest of 3,117 United States companies the cockpit tracks. Shares closed at $102.14 on 6 Nov 2026.
Performance Over six months the shares gained 27.7%, against +25.8% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +8.2%); the operating margin is 28.5% (peer median 21.1%).
Valuation It trades at 31.4× forward earnings against a peer median of 26.6× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.1 points above its cost of capital (9.0% WACC).
Credit Edwards Lifesciences has 1 bond outstanding ($600M), rated BBB by the agencies and trading like BBB+ at a weighted spread of 64 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.51B | $6.07B | $5.44B | $5.01B | $5.38B |
| Revenue growth | — | +12% | +9% | -7% | — |
| Gross profit | $5.10B | $4.73B | $4.29B | $3.97B | $4.22B |
| EBITDA | $2.02B | $1.79B | $1.60B | $1.57B | $1.87B |
| Net income | $980M | $1.06B | $875M | $1.40B | $1.52B |
| Free cash flow | $1.43B | $1.33B | $290M | $643M | $974M |
| Capital expenditure | $287M | $260M | $282M | $266M | $265M |
| Total debt | $704M | $705M | $700M | $685M | $691M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Edwards Lifesciences EW | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.2% | +11.8% | 4th highest of 21 |
| 6-month return | +27.7% | +25.8% | 11th highest of 21 |
| Distance from 52-week high | -1.9% | -11.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +14.6% | +8.2% | 2nd highest of 21 |
| Operating margin | 28.5% | 21.1% | 4th highest of 21 |
| Forward P/E | 31.4× | 26.6× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.2% | 15.2% | 10th most demanding of 21 |
| Growth delivered (Del g) | +6.7% | +9.4% | 9th lowest of 21 |
| Hurdle (Req g minus delivered) | +10.5 pp | +4.8 pp | 8th most demanding of 21 |
| ROIC minus cost of capital | +11.1 pp | +4.1 pp | 8th highest of 21 |
| EV / EBITDA | 27.4× | 18.4× | 5th most expensive of 20 |
| Net debt / EBITDA | -1.8× | 1.6× | least indebted of 20 |
| Bond spread | 64 bp | 69 bp | 5th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
Edwards Lifesciences has 1 bond outstanding with $600M face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.04%, a spread of 64 bp over government bonds.