Edwards Lifesciences Corporation (EW) Financial Ratios
27 years of historical data (1999–2025) · Healthcare · Medical - Devices
EV/EBITDA
↓
26.85
↓-13% vs avg
5yr avg: 30.83
30Y Low8.5·High46.0
P/FCF
↓
37.73
↓-49% vs avg
5yr avg: 74.28
30Y Low11.3·High153.0
P/B Ratio
↓
4.95
↓-35% vs avg
5yr avg: 7.64
30Y Low2.3·High14.0
ROE
↓
10.5%
↑-62% vs avg
5yr avg: 27.5%
30Y Low-33%·High50%
Debt/EBITDA
↑
0.39
↓-4% vs avg
5yr avg: 0.41
30Y Low0.1·High3.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EW Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Edwards Lifesciences Corporation trades at 47.7x earnings, 36% above its 5-year average of 35.1x, sitting at the 91st percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 116%. On a free-cash-flow basis, the stock trades at 37.7x P/FCF, 49% below the 5-year average of 74.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $50.4B | $49.9B | $44.4B | $46.5B | $46.6B | $81.8B | $57.6B | $49.5B | $32.7B | $24.3B | $20.4B |
| Enterprise Value | $48.1B | $47.7B | $42.0B | $46.0B | $46.5B | $81.6B | $57.2B | $49.0B | $32.6B | $24.6B | $20.3B |
| P/E Ratio → | 47.74 | 46.58 | 10.62 | 33.15 | 30.58 | 54.43 | 70.18 | 47.42 | 45.18 | 39.14 | 35.90 |
| P/S Ratio | 8.30 | 8.23 | 8.16 | 9.27 | 8.65 | 15.63 | 13.14 | 11.39 | 8.79 | 7.08 | 6.89 |
| P/B Ratio | 4.95 | 4.83 | 4.41 | 6.92 | 8.02 | 14.01 | 12.60 | 11.93 | 10.42 | 8.13 | 7.79 |
| P/FCF | 37.73 | 37.41 | 153.04 | 73.82 | 48.85 | 58.31 | 89.10 | 54.94 | 47.76 | 29.49 | 41.91 |
| P/OCF | 31.57 | 31.31 | 81.81 | 51.87 | 38.23 | 47.21 | 54.68 | 41.97 | 35.30 | 24.32 | 28.97 |
P/E links to full P/E history page with 30-year chart
EW EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Edwards Lifesciences Corporation's enterprise value stands at 26.8x EBITDA, 13% below its 5-year average of 30.8x. The Healthcare sector median is 14.2x, placing the stock at a 89% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.86 | 7.73 | 9.19 | 8.64 | 15.59 | 13.03 | 11.27 | 8.76 | 7.15 | 6.85 |
| EV / EBITDA | 26.85 | 26.61 | 27.39 | 29.27 | 24.87 | 46.01 | 39.93 | 37.34 | 27.87 | 22.48 | 22.89 |
| EV / EBIT | 29.42 | 37.48 | 26.80 | 33.11 | 25.92 | 47.25 | 60.88 | 41.05 | 41.01 | 23.20 | 26.86 |
| EV / FCF | — | 35.74 | 144.95 | 73.10 | 48.77 | 58.19 | 88.35 | 54.39 | 47.58 | 29.75 | 41.68 |
EW Profitability
Margins and return-on-capital ratios measuring operating efficiency
Edwards Lifesciences Corporation earns an operating margin of 27.0%. Operating margins have compressed from 28.5% to 27.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 10.5% is modest. ROIC of 15.5% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 79.5% | 79.3% | 78.3% | 76.6% | 74.9% | 73.4% | 75.2% | 74.3% | 72.8% |
| Operating Margin | 27.0% | 27.0% | 25.3% | 28.5% | 31.6% | 30.8% | 29.5% | 27.6% | 29.3% | 29.4% | 27.5% |
| Net Profit Margin | 17.7% | 17.7% | 76.7% | 28.0% | 28.3% | 28.7% | 18.8% | 24.1% | 19.4% | 18.1% | 19.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 49.8% | 22.4% | 26.1% | 28.9% | 18.9% | 28.7% | 23.5% | 22.2% | 22.2% |
| ROA | 8.0% | 8.0% | 37.2% | 15.9% | 18.1% | 19.1% | 12.0% | 17.7% | 13.1% | 12.2% | 13.3% |
| ROIC | 15.5% | 15.5% | 14.8% | 17.8% | 22.4% | 24.8% | 25.1% | 26.9% | 26.3% | 26.5% | 25.0% |
| ROCE | 14.0% | 14.0% | 14.0% | 18.5% | 23.1% | 23.3% | 21.7% | 23.9% | 25.0% | 24.4% | 21.6% |
EW Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Edwards Lifesciences Corporation carries a Debt/EBITDA ratio of 0.4x, which is very conservative (88% below the sector average of 3.2x). The company holds a net cash position — cash of $2.9B exceeds total debt of $705M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.07 | 0.10 | 0.12 | 0.12 | 0.15 | 0.16 | 0.19 | 0.35 | 0.31 |
| Debt / EBITDA | 0.39 | 0.39 | 0.46 | 0.44 | 0.37 | 0.39 | 0.49 | 0.52 | 0.51 | 0.95 | 0.93 |
| Net Debt / Equity | — | -0.22 | -0.23 | -0.07 | -0.01 | -0.03 | -0.11 | -0.12 | -0.04 | 0.07 | -0.04 |
| Net Debt / EBITDA | -1.25 | -1.25 | -1.53 | -0.28 | -0.04 | -0.10 | -0.34 | -0.38 | -0.10 | 0.20 | -0.12 |
| Debt / FCF | — | -1.67 | -8.09 | -0.71 | -0.08 | -0.12 | -0.75 | -0.56 | -0.18 | 0.26 | -0.22 |
| Interest Coverage | — | — | 79.19 | 78.98 | 68.46 | 69.63 | 42.29 | 43.73 | 23.80 | 45.61 | 41.99 |
Net cash position: cash ($2.9B) exceeds total debt ($705M)
EW Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Edwards Lifesciences Corporation's current ratio of 3.72x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 3.09x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 3.38x to 3.72x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.72 | 3.72 | 4.18 | 3.38 | 3.03 | 3.08 | 3.46 | 3.31 | 2.61 | 1.81 | 4.21 |
| Quick Ratio | 3.09 | 3.09 | 3.45 | 2.62 | 2.17 | 2.38 | 2.56 | 2.60 | 1.92 | 1.41 | 3.46 |
| Cash Ratio | 2.33 | 2.33 | 2.64 | 1.37 | 1.19 | 1.42 | 1.57 | 1.68 | 1.09 | 0.96 | 2.39 |
| Asset Turnover | — | 0.44 | 0.42 | 0.54 | 0.65 | 0.62 | 0.61 | 0.67 | 0.70 | 0.60 | 0.66 |
| Inventory Turnover | 1.18 | 1.18 | 1.03 | 1.15 | 1.33 | 1.69 | 1.37 | 1.80 | 1.52 | 1.59 | 2.03 |
| Days Sales Outstanding | — | 54.87 | 48.81 | 60.33 | 47.41 | 46.38 | 50.16 | 50.29 | 52.68 | 50.93 | 51.06 |
EW Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Edwards Lifesciences Corporation returns 1.8% to shareholders annually primarily through share buybacks. The earnings yield of 2.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.1% | 9.4% | 3.0% | 3.3% | 1.8% | 1.4% | 2.1% | 2.2% | 2.6% | 2.8% |
| FCF Yield | 2.7% | 2.7% | 0.7% | 1.4% | 2.0% | 1.7% | 1.1% | 1.8% | 2.1% | 3.4% | 2.4% |
| Buyback Yield | 1.8% | 1.8% | 2.6% | 1.9% | 3.7% | 0.6% | 1.1% | 0.5% | 2.4% | 3.1% | 3.2% |
| Total Shareholder Yield | 1.8% | 1.8% | 2.6% | 1.9% | 3.7% | 0.6% | 1.1% | 0.5% | 2.4% | 3.1% | 3.2% |
| Shares Outstanding | — | $586M | $599M | $609M | $624M | $631M | $632M | $637M | $641M | $648M | $653M |
Peer Comparison
Compare EW with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EWYou | $50B | 47.7 | 26.8 | 37.7 | 78.1% | 27.0% | 10.5% | 15.5% | 0.4 |
 MDT | $102B | 22.0 | 14.5 | 19.6 | 65.3% | 17.8% | 9.4% | 6.0% | 3.2 |
 ABT | $154B | 11.6 | 16.1 | 24.2 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 BSX | $67B | 23.3 | 20.8 | 18.4 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 SYK | $118B | 36.6 | 21.2 | 27.5 | 64.0% | 19.5% | 15.1% | 11.4% | 2.4 |
 ZBH | $17B | 24.8 | 9.8 | 11.7 | 61.6% | 16.5% | 5.6% | 5.4% | 3.1 |
 NVCR | $2B | -11.7 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 ATRC | $1B | -120.0 | 80.7 | 30.2 | 74.4% | -0.6% | -2.4% | -0.6% | 5.2 |
 NTRA | $33B | -152.2 | — | 303.7 | 64.8% | -13.4% | -14.3% | -36.1% | — |
 NNOX | $109M | -1.8 | — | — | -94.0% | -502.9% | -27.8% | -27.9% | — |
 IRTC | $3B | -75.3 | — | 99.6 | 70.6% | -4.9% | -36.6% | -5.2% | — |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 27 years · Updated daily
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EW — Frequently Asked Questions
Quick answers to the most common questions about buying EW stock.
What is Edwards Lifesciences Corporation's P/E ratio?
Edwards Lifesciences Corporation's current P/E ratio is 47.7x. The historical average is 33.7x. This places it at the 91th percentile of its historical range.
What is Edwards Lifesciences Corporation's EV/EBITDA?
Edwards Lifesciences Corporation's current EV/EBITDA is 26.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.6x.
What is Edwards Lifesciences Corporation's ROE?
Edwards Lifesciences Corporation's return on equity (ROE) is 10.5%. The historical average is 17.7%.
Is EW stock overvalued?
Based on historical data, Edwards Lifesciences Corporation is trading at a P/E of 47.7x. This is at the 91th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Edwards Lifesciences Corporation's profit margins?
Edwards Lifesciences Corporation has 78.1% gross margin and 27.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Edwards Lifesciences Corporation have?
Edwards Lifesciences Corporation's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.