Edwards Lifesciences Corp (EW)
Health Care · Health Care Equipment · US stock · S&P 500 component
$90.09
▲ +1.69 (1.91%)
Fair valueFair
$81 −10.5% to fair value
$40fair band $69–$98$121
Day's range
$88.28 – $90.18
52-week range
$74.66 – $96.29
About Edwards Lifesciences Corp
Edwards Lifesciences develops and sells medical devices for structural heart disease and critical care. Its best-known products are transcatheter heart valves, which can replace a diseased valve without open-heart surgery, along with surgical valves and hemodynamic monitoring systems used in hospitals. Revenue comes from selling these devices to hospitals and healthcare providers, and results depend on clinical adoption, reimbursement and regulatory approvals.
The X-Ray Score for Edwards Lifesciences Corp is 55 out of 100. Revenue over the last twelve months was $6.5 billion, and it grew 10.8% a year over the past three years. The business shows an operating margin of 22.3% and a return on invested capital of 15%. Net debt to EBITDA is -2.3 times, which means cash exceeds debt. The company does not pay a dividend.
Price chart
52-wk range $74.66 – $96.29Volume 3,054,068Daily, split-adjusted
Vitals
Market cap$52.0B
52-week range$74.66 – $96.29
Volume (last day)3,054,068
P/E (TTM)52.2
EBIT / EV yield3.0%
Free-cash-flow yield2.8%
Dividend yieldNo dividend
Revenue (TTM)$6.5B
Net income (TTM)$1.0B
Operating margin22.3%
Return on capital14.6%
Debt incl. leases$599M
Cash & securities$4.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$81middle half of models $80 – $94
Fair
−10.5% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $90
Undervalued < $69Fair $69 – $98Overvalued > $98
P/E multiple
$85
P/B multiple
$89
P/S multiple
$80
EV/EBITDA multiple
$82
EV/EBIT multiple
$85
EV/revenue multiple
$85
10-year DCF, EBITDA exit
$96
5-year DCF, EBITDA exit
$100
10-year DCF, revenue exit
$94
5-year DCF, revenue exit
$99
10-year DCF, growth exit
$50
5-year DCF, growth exit
$47
Earnings power value
$56
Growth the price implies
27.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
27/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.0%
Free-cash-flow yield2.8%
Fair value vs price0.9×
Growth
Fair
62/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)10.8%
EPS growth (3y)-9.1%
Growth consistency100%
Profitability
Fair
60/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital14.6%
Operating margin22.3%
Gross profitability36.6%
Financial health
Strong
77/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA-2.3×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+6.2%
Mar '25
+11.9%
Jun '25
+14.7%
Sep '25
+13.3%
Dec '25
+16.7%
Mar '26
+13.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.7B, diluted EPS $0.42.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 BSX Boston Scientific Corp67Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Edwards Lifesciences Corp
Strengthsinside the company
- Return on invested capital is 14.6%, against a median of 10.1% for industry peers.
- Revenue has grown 10.8% a year over three years (median 8.5% for industry peers).
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Earnings per share have declined 9.1% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 51.8x earnings, 75% above the 29.5x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare EW with peers and sector
Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABT 41, ISRG 62, MDT 57, SYK 56, BSX 67, BDX 47.
| Metric | EW | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 55 | 57 | 49 |
| Valuation | 27 | 60 | 55 |
| Growth | 62 | 74 | 47 |
| Profitability | 60 | 49 | 49 |
| Financial health | 76 | 55 | 48 |
| Dividends | – | 46 | 51 |
Sector leaders: highest X-Ray Score in Health Care
EW ranks #24 of 60 in Health Care and #10 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for EW
Each factor is rated by where EW stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 6 Average · 7 Bad of 23
Growth: 2 · 0 · 1
Profitability: 2 · 2 · 1
Financial strength: 3 · 1 · 0
Valuation: 0 · 1 · 4
Cash flow: 2 · 2 · 0
Efficiency: 1 · 0 · 1
| Factor | EW | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.8% | Good beats 78% | +5.5% | – | – |
| Revenue growth, last year | +11.5% | Good beats 78% | +7.1% | +11.5% | ≈ In line |
| EPS growth, 3 years a year | −9.1% | Bad beats 19% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 77.8% | Good beats 87% | 65.0% | 79.5% | ≈ In line |
| Operating margin | 22.3% | Good beats 73% | 16.4% | 26.1% | ▼ Worse |
| Net margin | 15.4% | Average beats 65% | 11.1% | 28.7% | ▼ Worse |
| Return on invested capital | 14.6% | Average beats 57% | 12.2% | – | – |
| Return on equity | 9.5% | Bad beats 33% | 13.7% | 25.8% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -2.3x | Good beats 97% | 2.0x | -0.7x | ▲ Better |
| Interest cover | 50.0x | Good beats 82% | 9.4x | 50.0x | ≈ In line |
| Current ratio | 4.52 | Good beats 94% | 1.52 | 3.38 | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 43% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 51.8x | Bad beats 14% | 28.2x | 33.1x | ▼ Worse |
| Price / book | 4.9x | Average beats 45% | 3.7x | 7.0x | ▲ Better |
| Price / sales | 8.0x | Bad beats 19% | 3.7x | 9.3x | ▲ Better |
| EV / EBITDA | 30.0x | Bad beats 24% | 17.6x | 31.2x | ≈ In line |
| Free cash flow yield | 2.8% | Bad beats 20% | 4.4% | 1.7% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 22.0% | Good beats 69% | 16.3% | 21.8% | ≈ In line |
| Cash from operations / net income | 1.71 | Average beats 64% | 1.61 | 0.80 | ▲ Better |
| Free cash flow growth, 3 years a year | +11.1% | Average beats 66% | +4.3% | – | – |
| Accruals (lower is better) | −5.2% | Good beats 72% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 1.3x | Bad beats 13% | 2.9x | 1.1x | ≈ In line |
| Days sales outstanding | 43 days | Good beats 82% | 62 days | 41 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 8 Good · ● 4 Average · ● 4 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 59/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.2B | $4.5B | $5.0B | $5.4B | $6.1B |
| Operating income | $1.7B | $1.5B | $1.3B | $1.4B | $1.3B |
| Net income | $1.5B | $1.5B | $1.4B | $4.2B | $1.1B |
| Operating cash flow | $1.7B | $1.2B | $896M | $542M | $1.6B |
| Operating margin | 32.3% | 33.6% | 26.1% | 25.3% | 20.8% |
| Free cash flow | $1.4B | $974M | $643M | $290M | $1.3B |
| Diluted EPS | $2.38 | $2.44 | $2.30 | $6.97 | $1.83 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 87.20 | Bullish |
| EMA 10 | 87.68 | Bullish |
| SMA 20 | 86.68 | Bullish |
| EMA 20 | 87.26 | Bullish |
| SMA 50 | 88.13 | Bullish |
| EMA 50 | 87.51 | Bullish |
| SMA 100 | 88.25 | Bullish |
| EMA 100 | 87.17 | Bullish |
| SMA 200 | 85.21 | Bullish |
| EMA 200 | 85.55 | Bullish |
Oscillators (daily)
| RSI (14) | 60.13 | Neutral |
| MACD (12, 26) | 0.23 | Bullish |
| Momentum (12) | 4.17 | Bullish |
| Stochastic %K (14) | 98.84 | Bearish |
| Williams %R (14) | -1.16 | Bearish |
| CCI (20) | 213.2 | Bearish |
Pivot points (classic, last session)
S3 86.95 | S2 87.62 | S1 88.85 | Pivot 89.52 | R1 90.75 | R2 91.42 | R3 92.65 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold EW
| ETF | Share of the fund |
|---|---|
| IHI iShares U.S. Medical Devices | 4.75% |
| VOT Vanguard Mid-Cap Growth | 1.15% |
| XLV Health Care Select Sector SPDR | 0.91% |
| IYH iShares U.S. Healthcare | 0.81% |
| VHT Vanguard Health Care | 0.79% |
| NULV Nuveen ESG Large-Cap Value | 0.78% |
| FHLC Fidelity MSCI Health Care Index | 0.72% |
| IXJ iShares Global Healthcare | 0.68% |
The eight funds with the largest weight in EW among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
EW stock splits
EW has split its stock 3 times since 2010. The latest was a 3-for-1 split on 1 Jun 2020.
Full EW stock split history →EW SEC filings
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.