EWNYSEOrthopedic, Prosthetic & Surgical Appliances & SuppliesFiscal year ends December 31
Edwards Lifesciences Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$87.22+0.62 (+0.72%)
Close on Oct 19, 2026
- Market cap
- $50.38B
- P/E (TTM)
- 50.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
78.0%+2.6 pts over 5 years
Operating margin
20.8%+0.4 pts over 5 years
Net margin
17.7%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.5% | +10.8% | +6.7% | +9.3% | |
| Gross profit | +9.5% | +8.2% | +7.4% | +9.7% | |
| Operating income | -8.3% | -5.5% | +7.1% | – | |
| Net income | -74.3% | -11.0% | – | – | |
| EPS, diluted | -73.7% | -9.1% | +7.1% | +9.3% | |
| Free cash flow | +360.5% | +11.1% | +15.6% | +11.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 10.6% | |
| Return on assets | – | – | 8.0% | |
| Current ratio | 4.21 | 3.46 | 3.72 | |
| Debt to equity | 0.31 | 0.13 | 0.06 | |
| Net debt to EBITDA | -0.13× | -0.60× | -1.65× | |
| Interest coverage | 39.1× | 56.8× | 62.0× | |
| Inventory turnover | 2.2× | 1.5× | 1.2× | |
| Capex to revenue | 5.9% | 9.3% | 4.3% | |
| Diluted shares | 653M | 632M | 586M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Edwards Lifesciences generated $5.98B from operations and spent $6.51B on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
Generated
$5.98B
Used
$6.51B
Capital expenditure$1.34B21%Dividends$00%Share buybacks$5.17B79%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin17.7%
×Asset turnover0.45×
×Equity multiplier1.32×
=Return on equity, FY202510.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.7% | 0.45× | 1.32× | 10.6% |
| FY2024 | 76.7% | 0.49× | 1.35× | 50.2% |
| FY2023 | 28.0% | 0.57× | 1.42× | 22.5% |
| FY2022 | 34.1% | 0.53× | 1.44× | 26.1% |
| FY2021 | 28.7% | 0.66× | 1.51× | 28.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.07B
- Cash generatingOperating cash flow above zero$1.60B
- Return on assets improvedROA up on the prior year44.6% → 8.2%
- Earnings backed by cashOperating cash flow above net income$1.60B vs $1.07B
- Less leverageLong-term debt to assets fell4.6% → 4.4%
- Better liquidityCurrent ratio rose4.18 → 3.72
- No dilutionShare count did not rise599M → 586M
- Gross margin improvedGross margin up on the prior year79.46% → 78.01%
- More efficientAsset turnover rose0.58 → 0.46