Edwards Lifesciences CorporationEW
NYSE•Healthcare•Medical Devices
Edwards Lifesciences Corporation provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for minimally invasive replacement of aortic heart valves under the Edwards SAPIEN family of valves system; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases under the PASCAL and EVOQUE brands. The company also provides surgical structural heart solutions, such as aortic surgical valve under the INSPIRIS brand name; INSPIRIS RESILIA aortic valve, which offers RESILIA tissue and VFit technology; KONECT RESILIA, a pre-assembled tissue valve conduit for complex combined procedures; and MITRIS RESILIA valve. It distributes its products through a direct sales force and independent distributors. Edwards Lifesciences Corporation was founded in 1958 and is headquartered in Irvine, California.
Edwards Lifesciences Corporatio (EW) reported trailing twelve months revenue of $6.30B as of March 2026, a 20.0% increase year-over-year. Quarterly revenue reached $1.65B, reflecting continued top-line momentum.
Edwards Lifesciences Corporatio generated $1.10B in TTM net income, with quarterly EBITDA of $518.50M. The operating margin expanded from 27.9% to 29.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (29.0%) and net margin (23.1%) indicates moderate non-operating costs. Net margin has narrowed from 25.3% a year ago, reflecting increased costs or interest expense.
EW trades at a P/E of 42.0x (a premium multiple) and a P/S of 7.3x. The price-to-book ratio of 4.5x reflects a moderate premium to book value.
The company reported negative free cash flow of $-21.10M, indicating cash consumption over the period. The balance sheet shows $13.32B in total assets with $598.50M in long-term debt against $10.33B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~23.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 28.5% but has fluctuated — the competitive advantage may be cyclical or emerging.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 18.9% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 3.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation