Edwards Lifesciences Corp Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Edwards Lifesciences Corp has an operating margin of 25.4%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 26.1% the prior year.
Edwards Lifesciences Corp's revenue grew 8.6% year-over-year to $5.4B, a solid pace of expansion. This earns a growth score of 53/100.
Edwards Lifesciences Corp carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.18, Edwards Lifesciences Corp holds $4.18 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Edwards Lifesciences Corp's free cash flow margin of 5.3% results in a low score of 27/100. Capital expenditures of $252.4M absorb a large share of operating cash flow.
Edwards Lifesciences Corp earns a strong 41.8% return on equity (ROE), meaning it generates $42 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 21.1% the prior year.
Edwards Lifesciences Corp scores 11.44, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($44.0B) relative to total liabilities ($3.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Edwards Lifesciences Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Edwards Lifesciences Corp generates $0.13 in operating cash flow ($542.3M OCF vs $4.2B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Edwards Lifesciences Corp earns $69.6 in operating income for every $1 of interest expense ($1.4B vs $19.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Edwards Lifesciences Corp (EW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Edwards Lifesciences Corp generated $5.4B in revenue in fiscal year 2024. This represents an increase of 8.6% from the prior year.
Edwards Lifesciences Corp's EBITDA was $1.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.5% from the prior year.
Edwards Lifesciences Corp generated $289.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 54.9% from the prior year.
Edwards Lifesciences Corp reported $4.2B in net income in fiscal year 2024. This represents an increase of 197.7% from the prior year.
Edwards Lifesciences Corp earned $6.97 per diluted share (EPS) in fiscal year 2024. This represents an increase of 203.0% from the prior year.
Edwards Lifesciences Corp held $3.0B in cash against $597.7M in long-term debt as of fiscal year 2024.
Edwards Lifesciences Corp had 588M shares outstanding in fiscal year 2024. This represents a decrease of 2.2% from the prior year.
Edwards Lifesciences Corp's gross margin was 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Edwards Lifesciences Corp's operating margin was 25.4% in fiscal year 2024, reflecting core business profitability. This is down 0.8 percentage points from the prior year.
Edwards Lifesciences Corp's net profit margin was 76.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 48.8 percentage points from the prior year.
Edwards Lifesciences Corp's ROE was 41.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 20.7 percentage points from the prior year.
Edwards Lifesciences Corp invested $1.1B in research and development in fiscal year 2024. This represents an increase of 9.4% from the prior year.
Edwards Lifesciences Corp spent $1.2B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 31.8% from the prior year.
Edwards Lifesciences Corp invested $252.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 0.2% from the prior year.
EW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B+1.4% | $1.5B+8.5% | $1.4B+1.9% | $1.4B+2.3% | $1.4B-1.1% | $1.4B+3.0% | $1.3B+5.0% | $1.3B |
| Cost of Revenue | $345.2M+0.2% | $344.4M+14.2% | $301.6M+3.2% | $292.2M+11.1% | $262.9M-4.6% | $275.5M-4.0% | $286.9M+102.9% | $141.4M |
| Gross Profit | $1.2B+1.7% | $1.2B+6.9% | $1.1B+1.6% | $1.1B+0.2% | $1.1B-0.2% | $1.1B+4.9% | $1.0B+2.7% | $1.0B |
| R&D Expenses | $280.7M+1.6% | $276.2M+8.5% | $254.6M-6.1% | $271.1M+7.0% | $253.4M-6.8% | $271.8M+5.9% | $256.7M+19.3% | $215.2M |
| SG&A Expenses | $514.6M+2.5% | $502.0M+7.8% | $465.7M-5.3% | $491.9M+16.7% | $421.4M-5.8% | $447.5M+4.5% | $428.4M+21.1% | $353.9M |
| Operating Income | $307.1M-25.3% | $411.2M+4.2% | $394.8M+26.3% | $312.6M-10.8% | $350.6M-4.3% | $366.5M+5.0% | $349.0M+19.9% | $291.1M |
| Interest Expense | $38.6M+3.2% | $37.4M+2.5% | $36.5M+200.0% | -$36.5M-250.2% | $24.3M+56.8% | $15.5M-6.1% | $16.5M+208.6% | -$15.2M |
| Income Tax | $56.1M-12.8% | $64.3M-8.5% | $70.3M+55.9% | $45.1M+10.8% | $40.7M+103.5% | $20.0M-56.8% | $46.3M+123.7% | $20.7M |
| Net Income | $291.1M-12.6% | $333.2M-6.9% | $358.0M-7.2% | $385.6M-87.4% | $3.1B+738.3% | $366.3M+4.1% | $351.9M-4.9% | $369.9M |
| EPS (Diluted) | $0.50-10.7% | $0.56-8.2% | $0.61-6.2% | $0.65-87.3% | $5.13+741.0% | $0.61+5.2% | $0.58-4.9% | $0.61 |
EW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.3B-1.6% | $13.5B+3.6% | $13.0B-0.3% | $13.1B+0.6% | $13.0B+28.4% | $10.1B+3.7% | $9.7B+4.0% | $9.4B |
| Current Assets | $6.4B-3.3% | $6.6B+5.9% | $6.2B-1.2% | $6.3B-6.6% | $6.7B+49.0% | $4.5B+8.3% | $4.2B+3.3% | $4.0B |
| Cash & Equivalents | $2.7B-17.9% | $3.3B+4.2% | $3.1B+3.1% | $3.0B-17.2% | $3.7B+123.6% | $1.6B+34.3% | $1.2B+8.2% | $1.1B |
| Inventory | $1.1B-0.1% | $1.1B+2.5% | $1.1B+2.5% | $1.1B-1.6% | $1.1B+7.8% | $1.0B-15.1% | $1.2B+33.6% | $903.5M |
| Accounts Receivable | $693.3M-0.5% | $697.0M+4.2% | $669.2M+9.9% | $609.1M-14.9% | $716.0M-8.0% | $778.3M-4.8% | $817.6M+6.0% | $771.5M |
| Goodwill | $1.8B-0.5% | $1.8B-0.1% | $1.8B+0.1% | $1.8B+10.7% | $1.6B+39.5% | $1.2B-8.1% | $1.3B+9.4% | $1.1B |
| Total Liabilities | $3.1B+6.4% | $2.9B+1.8% | $2.8B-5.4% | $3.0B-10.9% | $3.4B+29.5% | $2.6B+1.8% | $2.5B-3.6% | $2.6B |
| Current Liabilities | $1.6B+13.0% | $1.4B+0.7% | $1.4B-7.3% | $1.5B-22.6% | $1.9B+59.7% | $1.2B+9.6% | $1.1B-7.1% | $1.2B |
| Long-Term Debt | $598.2M0.0% | $598.0M0.0% | $597.8M0.0% | $597.7M0.0% | $597.5M0.0% | $597.3M0.0% | $597.2M0.0% | $597.0M |
| Total Equity | $10.2B-3.2% | $10.5B+4.1% | $10.1B+1.3% | $10.0B+4.7% | $9.5B+28.3% | $7.4B+4.5% | $7.1B+7.0% | $6.7B |
| Retained Earnings | $14.1B+2.1% | $13.9B+2.5% | $13.5B+2.7% | $13.2B+3.0% | $12.8B+31.6% | $9.7B+3.9% | $9.3B+3.9% | $9.0B |
EW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $573.7M+97.7% | $290.2M+3.5% | $280.4M+319.9% | -$127.5M-136.2% | $351.8M-5.3% | $371.5M+794.4% | -$53.5M-139.2% | $136.6M |
| Capital Expenditures | $57.5M+16.6% | $49.3M-12.0% | $56.0M+12.4% | $49.8M-4.0% | $51.9M-39.2% | $85.4M+30.8% | $65.3M-26.0% | $88.3M |
| Free Cash Flow | $516.2M+114.3% | $240.9M+7.4% | $224.4M+226.6% | -$177.3M-159.1% | $299.9M+4.8% | $286.1M+340.8% | -$118.8M-346.0% | $48.3M |
| Investing Cash Flow | -$427.8M-148.6% | -$172.1M-301.8% | $85.3M+114.8% | -$576.7M-121.3% | $2.7B+2064.8% | $124.8M+97.8% | $63.1M+347.5% | $14.1M |
| Financing Cash Flow | -$740.1M-1504.4% | $52.7M+120.4% | -$258.0M-1002.1% | $28.6M+102.9% | -$976.7M-911.1% | -$96.6M-256.6% | $61.7M+114.9% | -$413.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $588.7M+10603.6% | $5.5M-97.9% | $258.6M+158.3% | $100.1M-88.9% | $901.0M+469.9% | $158.1M+78950.0% | $200K-100.0% | $448.4M |
EW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.8%+0.2pp | 77.5%-1.1pp | 78.6%-0.3pp | 78.9%-1.7pp | 80.6%+0.7pp | 79.9%+1.4pp | 78.4%-1.7pp | 80.2% |
| Operating Margin | 19.8%-7.1pp | 26.8%-1.1pp | 28.0%+5.4pp | 22.6%-3.3pp | 25.9%-0.9pp | 26.8%+0.5pp | 26.2%+3.3pp | 23.0% |
| Net Margin | 18.7%-3.0pp | 21.8%-3.6pp | 25.3%-2.5pp | 27.8%-198.9pp | 226.7%+200.0pp | 26.8%+0.3pp | 26.5%-2.8pp | 29.2% |
| Return on Equity | 2.9%-0.3pp | 3.2%-0.4pp | 3.5%-0.3pp | 3.9%-28.3pp | 32.2%+27.2pp | 4.9%-0.0pp | 4.9%-0.6pp | 5.6% |
| Return on Assets | 2.2%-0.3pp | 2.5%-0.3pp | 2.8%-0.2pp | 2.9%-20.7pp | 23.7%+20.0pp | 3.6%+0.0pp | 3.6%-0.3pp | 4.0% |
| Current Ratio | 4.00-0.7 | 4.68+0.2 | 4.45+0.3 | 4.18+0.7 | 3.46-0.3 | 3.71-0.0 | 3.75+0.4 | 3.38 |
| Debt-to-Equity | 0.060.0 | 0.060.0 | 0.060.0 | 0.060.0 | 0.06-0.0 | 0.080.0 | 0.080.0 | 0.09 |
| FCF Margin | 33.2%+17.5pp | 15.7%-0.2pp | 15.9%+28.7pp | -12.8%-34.9pp | 22.1%+1.3pp | 20.9%+29.8pp | -8.9%-12.7pp | 3.8% |
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Frequently Asked Questions
What is Edwards Lifesciences Corp's annual revenue?
Edwards Lifesciences Corp (EW) reported $5.4B in total revenue for fiscal year 2024. This represents a 8.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Edwards Lifesciences Corp's revenue growing?
Edwards Lifesciences Corp (EW) revenue grew by 8.6% year-over-year, from $5.0B to $5.4B in fiscal year 2024.
Is Edwards Lifesciences Corp profitable?
Yes, Edwards Lifesciences Corp (EW) reported a net income of $4.2B in fiscal year 2024, with a net profit margin of 76.8%.
What is Edwards Lifesciences Corp's earnings per share (EPS)?
Edwards Lifesciences Corp (EW) reported diluted earnings per share of $6.97 for fiscal year 2024. This represents a 203.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Edwards Lifesciences Corp's EBITDA?
Edwards Lifesciences Corp (EW) had EBITDA of $1.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Edwards Lifesciences Corp have?
As of fiscal year 2024, Edwards Lifesciences Corp (EW) had $3.0B in cash and equivalents against $597.7M in long-term debt.
What is Edwards Lifesciences Corp's gross margin?
Edwards Lifesciences Corp (EW) had a gross margin of 79.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Edwards Lifesciences Corp's operating margin?
Edwards Lifesciences Corp (EW) had an operating margin of 25.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Edwards Lifesciences Corp's net profit margin?
Edwards Lifesciences Corp (EW) had a net profit margin of 76.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Edwards Lifesciences Corp's return on equity (ROE)?
Edwards Lifesciences Corp (EW) has a return on equity of 41.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Edwards Lifesciences Corp's free cash flow?
Edwards Lifesciences Corp (EW) generated $289.9M in free cash flow during fiscal year 2024. This represents a -54.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Edwards Lifesciences Corp's operating cash flow?
Edwards Lifesciences Corp (EW) generated $542.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Edwards Lifesciences Corp's total assets?
Edwards Lifesciences Corp (EW) had $13.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Edwards Lifesciences Corp's capital expenditures?
Edwards Lifesciences Corp (EW) invested $252.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Edwards Lifesciences Corp spend on research and development?
Edwards Lifesciences Corp (EW) invested $1.1B in research and development during fiscal year 2024.
Does Edwards Lifesciences Corp buy back shares?
Yes, Edwards Lifesciences Corp (EW) spent $1.2B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Edwards Lifesciences Corp have outstanding?
Edwards Lifesciences Corp (EW) had 588M shares outstanding as of fiscal year 2024.
What is Edwards Lifesciences Corp's current ratio?
Edwards Lifesciences Corp (EW) had a current ratio of 4.18 as of fiscal year 2024, which is generally considered healthy.
What is Edwards Lifesciences Corp's debt-to-equity ratio?
Edwards Lifesciences Corp (EW) had a debt-to-equity ratio of 0.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Edwards Lifesciences Corp's return on assets (ROA)?
Edwards Lifesciences Corp (EW) had a return on assets of 32.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Edwards Lifesciences Corp's Altman Z-Score?
Edwards Lifesciences Corp (EW) has an Altman Z-Score of 11.44, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Edwards Lifesciences Corp's Piotroski F-Score?
Edwards Lifesciences Corp (EW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Edwards Lifesciences Corp's earnings high quality?
Edwards Lifesciences Corp (EW) has an earnings quality ratio of 0.13x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Edwards Lifesciences Corp cover its interest payments?
Edwards Lifesciences Corp (EW) has an interest coverage ratio of 69.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Edwards Lifesciences Corp?
Edwards Lifesciences Corp (EW) scores 80 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.