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Edwards Lifesciences Corporation (EW) 10-Year Financial Performance & Capital Metrics

EW • • Industrial / General
HealthcareMedical DevicesCardiovascular DevicesStructural Heart & Valve Devices
AboutEdwards Lifesciences Corporation provides products and technologies for structural heart disease, and critical care and surgical monitoring in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for the minimally invasive replacement of heart valves; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases. The company also provides the PASCAL and Cardioband transcatheter valve repair systems for minimally-invasive therapy. In addition, it offers surgical structural heart solutions, such as aortic surgical valve under the INSPIRIS name; KONECT RESILIA, a pre-assembled aortic tissue valved conduit for patients who require replacement of the valve, root, and ascending aorta; and HARPOON Beating Heart Mitral Valve Repair System for patients with degenerative mitral regurgitation. Further, the company provides critical care solutions, including advanced hemodynamic monitoring systems to measure a patient's heart function and fluid status in surgical and intensive care settings; and Acumen Hypotension Prediction Index software that alerts clinicians in advance of a patient developing dangerously low blood pressure. The company distributes its products through a direct sales force and independent distributors. Edwards Lifesciences Corporation was founded in 1958 and is headquartered in Irvine, California.Show more
  • Revenue $5.44B +8.6%
  • EBITDA $1.53B -2.4%
  • Net Income $4.17B +197.7%
  • EPS (Diluted) 6.97 +203.0%
  • Gross Margin 79.46% +0.2%
  • EBITDA Margin 28.2% -10.1%
  • Operating Margin 25.35% -11.0%
  • Net Margin 76.75% +174.2%
  • ROE 49.75% +122.2%
  • ROIC 14.78% -17.1%
  • Debt/Equity 0.07 -31.8%
  • Interest Coverage 69.63 -14.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Excellent 3Y average ROE of 32.8%
  • ✓Strong 5Y profit CAGR of 31.9%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Healthy 5Y average net margin of 36.1%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Low quality earnings: Net income not backed by cash flow

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.88%
5Y4.58%
3Y1.3%
TTM10.25%

Profit (Net Income) CAGR

10Y17.8%
5Y31.87%
3Y40.56%
TTM-67.17%

EPS CAGR

10Y18.75%
5Y33.56%
3Y43.07%
TTM-66.52%

ROCE

10Y Avg21.27%
5Y Avg20.12%
3Y Avg18.52%
Latest13.98%

Peer Comparison

Structural Heart & Valve Devices
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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Technical
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
LIVNLivaNova PLC3.35B61.3352.878.66%-16.12%-18.79%4.06%0.51
ABTAbbott Laboratories216.14B124.3016.274.59%31.88%27.26%2.94%0.32
EWEdwards Lifesciences Corporation48.65B83.8412.038.57%23.19%13.37%0.6%0.07
AVRAnteris Technologies Global Corp.184.98M4.49-1.19-1.16%-39.42%-25.1%0.02

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.49B2.96B3.44B3.72B4.35B4.39B5.23B5.38B5.01B5.44B
Revenue Growth %0.07%0.19%0.16%0.08%0.17%0.01%0.19%0.03%-0.07%0.09%
Cost of Goods Sold+684.3M805.8M882.9M922.1M1.16B1.1B1.23B1.17B1.04B1.12B
COGS % of Revenue0.27%0.27%0.26%0.25%0.27%0.25%0.23%0.22%0.21%0.21%
Gross Profit+1.81B2.16B2.55B2.8B3.19B3.29B4.01B4.22B3.97B4.32B
Gross Margin %0.73%0.73%0.74%0.75%0.73%0.75%0.77%0.78%0.79%0.79%
Gross Profit Growth %0.07%0.19%0.18%0.1%0.14%0.03%0.22%0.05%-0.06%0.09%
Operating Expenses+1.23B1.34B1.54B1.71B1.99B1.99B2.4B2.51B2.55B2.94B
OpEx % of Revenue0.49%0.45%0.45%0.46%0.46%0.45%0.46%0.47%0.51%0.54%
Selling, General & Admin850.4M900.2M989.7M1.09B1.24B1.23B1.49B1.57B1.58B1.79B
SG&A % of Revenue0.34%0.3%0.29%0.29%0.29%0.28%0.29%0.29%0.32%0.33%
Research & Development383.1M442.2M552.6M622.2M752.7M760.7M903.1M945.2M962.9M1.05B
R&D % of Revenue0.15%0.15%0.16%0.17%0.17%0.17%0.17%0.18%0.19%0.19%
Other Operating Expenses000000000101.1M
Operating Income+575.9M815.5M1.01B1.09B1.2B1.3B1.61B1.7B1.43B1.38B
Operating Margin %0.23%0.28%0.29%0.29%0.28%0.3%0.31%0.32%0.28%0.25%
Operating Income Growth %0.18%0.42%0.24%0.08%0.1%0.08%0.24%0.06%-0.16%-0.03%
EBITDA+641.7M886.7M1.09B1.17B1.31B1.43B1.77B1.87B1.57B1.53B
EBITDA Margin %0.26%0.3%0.32%0.31%0.3%0.33%0.34%0.35%0.31%0.28%
EBITDA Growth %0.15%0.38%0.23%0.07%0.12%0.09%0.24%0.05%-0.16%-0.02%
D&A (Non-Cash Add-back)65.8M71.2M81.9M77.4M114.6M135.4M163.3M166.8M144.9M155.2M
EBIT640.8M755.9M1.06B794.8M1.19B938.9M1.73B1.79B1.39B1.57B
Net Interest Income+-10.5M-7.2M-2.9M-1.4M4.9M1.2M-7.4M9.3M49.6M100.5M
Interest Income7.9M10.8M20.3M32M32.2M23.4M17.4M35.5M67.2M120.3M
Interest Expense18.4M18M23.2M33.4M27.3M22.2M24.8M26.2M17.6M19.8M
Other Income/Expense46.5M-77.6M24.8M-330.9M-31.4M-379.3M91.6M65M-54.9M169.4M
Pretax Income+622.4M737.9M1.03B761.4M1.17B916.7M1.7B1.77B1.37B1.55B
Pretax Margin %0.25%0.25%0.3%0.2%0.27%0.21%0.33%0.33%0.27%0.28%
Income Tax+127.5M168.4M451.3M39.2M119.6M93.3M198.9M245.5M152.4M152.1M
Effective Tax Rate %0.8%0.77%0.6%0.95%0.9%0.9%0.88%0.86%1.02%2.7%
Net Income+494.9M569.5M622.1M722.2M1.05B823.4M1.5B1.52B1.4B4.17B
Net Margin %0.2%0.19%0.18%0.19%0.24%0.19%0.29%0.28%0.28%0.77%
Net Income Growth %-0.39%0.15%0.09%0.16%0.45%-0.21%0.83%0.01%-0.08%1.98%
Net Income (Continuing)494.9M569.5M583.6M722.2M1.05B823.4M1.5B1.52B1.22B1.4B
Discontinued Operations00000000179.4M2.77B
Minority Interest0000000069.4M64.5M
EPS (Diluted)+0.750.870.961.131.641.302.382.442.306.97
EPS Growth %-0.4%0.16%0.1%0.18%0.45%-0.21%0.83%0.03%-0.06%2.03%
EPS (Basic)0.770.890.981.151.681.322.412.462.316.98
Diluted Shares Outstanding660.9M653.4M647.7M640.8M636.6M631.9M631.2M624.2M609.4M599.3M
Basic Shares Outstanding646.5M639M632.7M627.6M624.9M622.6M623.3M619M606.7M597.7M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+2.05B2.24B2.53B2.29B2.98B3.09B3.18B3.1B4.04B6.29B
Cash & Short-Term Investments1.22B1.27B1.34B956.5M1.52B1.4B1.47B1.22B1.63B3.98B
Cash Only718.4M930.1M818.3M714.1M1.18B1.18B862.8M769M1.13B3.05B
Short-Term Investments506.3M341M519.2M242.4M337.8M219.4M604M446.3M500.5M930.7M
Accounts Receivable371.8M414.6M479.3M537.3M599.1M602.8M664.9M699.1M828.1M727.4M
Days Sales Outstanding54.4251.0650.9352.6850.2950.1646.3847.4160.3348.81
Inventory339.9M396.6M554.9M607M640.9M802.3M726.7M875.5M903.5M1.09B
Days Inventory Outstanding181.3179.65229.4240.27202.48266.46216.37273.78317.92354.94
Other Current Assets122.8M111.8M116.9M131.8M168M208.2M237.1M195.9M542.5M374.4M
Total Non-Current Assets+2.01B2.27B3.16B3.04B3.5B4.15B5.32B5.2B5.33B6.77B
Property, Plant & Equipment482.5M580M679.7M867.5M1.14B1.49B1.64B1.73B1.68B1.78B
Fixed Asset Turnover5.17x5.11x5.05x4.29x3.81x2.95x3.19x3.12x2.99x3.05x
Goodwill628.3M626.1M1.13B1.11B1.17B1.17B1.17B1.16B1.15B1.78B
Intangible Assets205.4M204.8M468M343.2M336.5M331.4M323.6M285.2M399.4M1.18B
Long-Term Investments379.9M532.1M567M506.3M585.5M801.6M1.83B1.24B583.9M307.9M
Other Non-Current Assets131.8M123.2M108.9M33.6M101.8M119.6M110.8M299.1M774.3M732.4M
Total Assets+4.06B4.51B5.7B5.32B6.49B7.24B8.5B8.29B9.36B13.06B
Asset Turnover0.61x0.66x0.60x0.70x0.67x0.61x0.62x0.65x0.54x0.42x
Asset Growth %0.15%0.11%0.26%-0.07%0.22%0.12%0.17%-0.02%0.13%0.39%
Total Current Liabilities+476.2M532.5M1.4B876.6M902.4M893.9M1.03B1.02B1.2B1.51B
Accounts Payable63.9M97.1M116.6M134M180.4M196.5M204.5M201.9M186.6M197.4M
Days Payables Outstanding34.0843.9848.253.0456.9965.2660.8963.1465.6664.48
Short-Term Debt00598M0000000
Deferred Revenue (Current)0000000001000K
Other Current Liabilities219.2M234.1M349.1M434M338.9M290.5M342.7M305M530.2M442.7M
Current Ratio4.30x4.21x1.81x2.61x3.31x3.46x3.08x3.03x3.38x4.18x
Quick Ratio3.59x3.46x1.41x1.92x2.60x2.56x2.38x2.17x2.62x3.45x
Cash Conversion Cycle201.64186.72232.12239.91195.78251.36201.86258.05312.59339.27
Total Non-Current Liabilities+1.08B1.36B1.3B1.31B1.44B1.77B1.63B1.46B1.45B1.49B
Long-Term Debt596.9M822.3M438.4M593.8M594.4M595M595.7M596.3M597M597.7M
Capital Lease Obligations000058.9M72.7M69.1M69.5M65.2M78.9M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities480.1M536.2M851.8M712.9M784.1M1.1B969.6M797.6M786.2M810.6M
Total Liabilities1.56B1.89B2.7B2.18B2.34B2.66B2.67B2.49B2.64B2.99B
Total Debt+596.9M822.3M1.04B593.8M678.8M694.9M690.3M691.3M685.1M700M
Net Debt-121.5M-107.8M218.1M-120.3M-500.3M-488.3M-172.5M-77.7M-447.2M-2.35B
Debt / Equity0.24x0.31x0.35x0.19x0.16x0.15x0.12x0.12x0.10x0.07x
Debt / EBITDA0.93x0.93x0.95x0.51x0.52x0.49x0.39x0.37x0.44x0.46x
Net Debt / EBITDA-0.19x-0.12x0.20x-0.10x-0.38x-0.34x-0.10x-0.04x-0.28x-1.53x
Interest Coverage31.30x45.31x43.54x32.70x43.88x58.38x64.94x64.98x81.10x69.63x
Total Equity+2.5B2.62B2.99B3.14B4.15B4.57B5.84B5.81B6.72B10.06B
Equity Growth %0.14%0.05%0.14%0.05%0.32%0.1%0.28%-0.01%0.16%0.5%
Book Value per Share3.794.014.624.906.527.249.259.3011.0316.79
Total Shareholders' Equity2.5B2.62B2.99B3.14B4.15B4.57B5.84B5.81B6.65B10B
Common Stock239.1M242.6M212M215.2M218.1M636.4M642M646.3M650.5M654.8M
Retained Earnings3.34B3.91B2B2.69B3.74B4.57B6.07B7.59B8.99B13.17B
Treasury Stock-1.84B-2.5B-252.1M-1.02B-1.28B-1.9B-2.42B-4.14B-5.02B-6.19B
Accumulated OCI-182.6M-198.4M-132.7M-138.5M-156M-161.1M-157.7M-254.9M-242.8M-244.5M
Minority Interest0000000069.4M64.5M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+549.7M704.4M1B926.8M1.18B1.05B1.73B1.22B895.8M542.3M
Operating CF Margin %0.22%0.24%0.29%0.25%0.27%0.24%0.33%0.23%0.18%0.1%
Operating CF Growth %-0.46%0.28%0.42%-0.07%0.27%-0.11%0.64%-0.3%-0.26%-0.39%
Net Income494.9M569.5M583.6M722.2M1.05B823.4M1.5B1.52B1.4B4.17B
Depreciation & Amortization65.8M71.2M81.9M77.4M89.3M107.2M134.8M139.6M144.9M155.2M
Stock-Based Compensation49.9M56.9M61.6M71M81.3M92.6M109.3M126.8M139.4M162.3M
Deferred Taxes-95M-37.4M17.8M-27.3M12.1M-49.4M-41.4M-254.5M-272.1M-323.4M
Other Non-Cash Items-30.3M-21.9M21.6M126.1M154.1M38.3M-119M105.8M7.5M-3.36B
Working Capital Changes64.4M66.1M234.2M-42.6M-204.3M42.2M145.3M-421.4M-526.3M-259.3M
Change in Receivables-38.3M-56.7M-3.9M-13M-94.8M283.9M-112.4M-84.1M-141.2M121.2M
Change in Inventory-67.7M-65.6M-124M-65.7M-105.4M-120.6M19M-213.4M-289M-256.1M
Change in Payables29.4M74M85.2M192.5M-63.5M-84.5M195.2M-21.4M146M89.5M
Cash from Investing+-316.1M-211.7M-647.2M76.7M-595.8M-531.1M-1.72B252.3M173.8M2.31B
Capital Expenditures-106.5M-217.4M-175.5M-241.7M-278.4M-407.3M-329.8M-264.8M-266.3M-282.4M
CapEx % of Revenue0.04%0.07%0.05%0.06%0.06%0.09%0.06%0.05%0.05%0.05%
Acquisitions----------
Investments----------
Other Investing2.4M1.2M-43.1M-4.8M-24M-446.4M-359.3M-63.1M-75M3.75B
Cash from Financing+-158.6M-268.5M-473.2M-1.1B-115.6M-486.9M-356.3M-1.58B-711M-983M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing119.6M171.7M113.8M131.6M157.7M139.3M158.3M142.8M168.9M176.4M
Net Change in Cash----------
Free Cash Flow+443.2M487M825.2M685.1M901M647M1.4B953.4M629.5M289.9M
FCF Margin %0.18%0.16%0.24%0.18%0.21%0.15%0.27%0.18%0.13%0.05%
FCF Growth %-0.52%0.1%0.69%-0.17%0.32%-0.28%1.17%-0.32%-0.34%-0.54%
FCF per Share0.670.751.271.071.421.022.221.531.030.48
FCF Conversion (FCF/Net Income)1.11x1.24x1.61x1.28x1.13x1.28x1.15x0.80x0.64x0.13x
Interest Paid14.1M16.1M19.9M30.1M19.9M19.9M20.2M19.3M19.9M19.6M
Taxes Paid86.9M99.9M143.7M223.7M61.5M197.9M182.5M504.1M470.1M1.2B

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)21.08%22.24%22.16%23.54%28.73%18.88%28.88%26.14%22.39%49.75%
Return on Invested Capital (ROIC)19.12%25%26.47%26.29%26.95%25.14%24.78%22.41%17.84%14.78%
Gross Margin72.56%72.81%74.3%75.23%73.43%74.94%76.57%78.31%79.3%79.46%
Net Margin19.85%19.22%18.11%19.4%24.08%18.77%28.73%28.28%27.99%76.75%
Debt / Equity0.24x0.31x0.35x0.19x0.16x0.15x0.12x0.12x0.10x0.07x
Interest Coverage31.30x45.31x43.54x32.70x43.88x58.38x64.94x64.98x81.10x69.63x
FCF Conversion1.11x1.24x1.61x1.28x1.13x1.28x1.15x0.80x0.64x0.13x
Revenue Growth7.35%18.85%15.91%8.37%16.79%0.88%19.29%2.86%-6.92%8.57%

Revenue by Segment

2015201620172018201920202021202220232024
Transcatheter Heart Valves1.18B1.63B2.03B2.29B2.74B2.86B3.42B3.52B3.88B4.11B
Transcatheter Heart Valves Growth-37.97%24.48%12.80%19.73%4.36%19.78%2.80%10.28%5.83%
Surgical Heart Valve Therapy785M774.9M807.1M761.6M841.7M761.8M889.1M893.1M999.3M981.3M
Surgical Heart Valve Therapy Growth--1.29%4.16%-5.64%10.52%-9.49%16.71%0.45%11.89%-1.80%
Transcatheter Mitral And Tricuspid Therapies----28.2M41.8M86M116.1M197.6M352.1M
Transcatheter Mitral And Tricuspid Therapies Growth-----48.23%105.74%35.00%70.20%78.19%
Critical Care528.4M560.3M601M674.5M740.2M725.4M834.9M855M928.1M-
Critical Care Growth-6.04%7.26%12.23%9.74%-2.00%15.10%2.41%8.55%-

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES1.26B1.62B1.91B2.06B2.53B2.52B2.96B3.13B3.51B3.21B
UNITED STATES Growth-27.94%18.07%7.74%23.23%-0.63%17.73%5.72%12.01%-8.63%
Europe717.3M749M831M885.1M941.2M973.6M1.19B1.17B1.33B1.32B
Europe Growth-4.42%10.95%6.51%6.34%3.44%22.26%-1.30%13.59%-0.96%
World267.3M289.7M346.4M385.6M429.4M435.8M550.2M601.4M709.2M572M
World Growth-8.38%19.57%11.32%11.36%1.49%26.25%9.31%17.92%-19.35%
JAPAN246.2M309.3M350.3M396.8M444.7M460.1M528.9M473.6M452.4M339.8M
JAPAN Growth-25.63%13.26%13.27%12.07%3.46%14.95%-10.46%-4.48%-24.89%

Frequently Asked Questions

Valuation & Price

Edwards Lifesciences Corporation (EW) has a price-to-earnings (P/E) ratio of 12.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Edwards Lifesciences Corporation (EW) reported $5.88B in revenue for fiscal year 2024. This represents a 251% increase from $1.68B in 2011.

Edwards Lifesciences Corporation (EW) grew revenue by 8.6% over the past year. This is steady growth.

Yes, Edwards Lifesciences Corporation (EW) is profitable, generating $1.36B in net income for fiscal year 2024 (76.7% net margin).

Dividend & Returns

Edwards Lifesciences Corporation (EW) has a return on equity (ROE) of 49.8%. This is excellent, indicating efficient use of shareholder capital.

Edwards Lifesciences Corporation (EW) generated $804.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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