Health Care · Health Care Equipment · US stock · price as of 22 Oct 2026
Key indicators
Price
$90.09
52-week range
$74.66 – $96.29
Market cap
$52.0B
P/E (trailing)
52.2×
EV / EBITDA
30.0×
Free-cash-flow yield
2.8%
Dividend yield
–
Revenue (last 12 months)
$6.5B
Revenue growth (3y a year)
10.8%
Operating margin
22.3%
Return on invested capital
14.6%
Net debt / EBITDA
-2.3×
Fair value
Fair value (average of valid models)$80.66 middle half of models $80 – $94
Versus priceFair−11% to fair value
P/E multiple
$85.27
P/B multiple
$88.60
P/S multiple
$80.44
EV/EBITDA multiple
$81.97
EV/EBIT multiple
$84.64
EV/revenue multiple
$84.65
10-year DCF, EBITDA exit
$96.18
5-year DCF, EBITDA exit
$99.55
10-year DCF, revenue exit
$94.36
5-year DCF, revenue exit
$98.69
10-year DCF, growth exit
$50.48
5-year DCF, growth exit
$47.37
Earnings power value
$56.33
Model uncertainty
Medium
X-Ray Score
55/ 100 · High confidence · ahead of 60% of sector peers
Valuation27
Growth62
Profitability60
Financial health76
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
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.
StocksXray gives Edwards Lifesciences Corp an X-Ray Score of 55 out of 100 (high confidence), ahead of 60% of the S&P 500 stocks in its sector. Its strongest lens is financial health (76) and its weakest is valuation (27).
Our fair value (the average of the valid models) is $80.66 (range $80.44 to $94.36). At $90.09 the stock trades 12% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Edwards Lifesciences Corp (EW)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$129.55
$74.61
$76.25
$74.03
$85.25
$90.09
Market cap
$81.8B
$46.6B
$46.5B
$44.4B
$49.9B
$52.0B
P/E
54.4×
30.6×
33.2×
10.6×
46.6×
52.2×
EV / revenue
15.5×
10.3×
9.1×
7.5×
7.6×
7.4×
EV / EBITDA
44.3×
28.1×
31.3×
26.8×
32.6×
30.0×
Price / free cash flow
58.1×
47.8×
72.3×
153.0×
37.4×
36.3×
Free-cash-flow yield
1.7%
2.1%
1.4%
0.7%
2.7%
2.8%
Price / book
14.0×
8.0×
7.0×
4.4×
4.8×
4.9×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 8 Good · ● 4 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.2%Good
Free-cash-flow yield2.8%Bad
Risk models
Altman Z score10.3×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−9.1%Bad
Free-cash-flow growth (3y)11.1%Average
Revenue growth (3y)10.8%Good
Growth consistency100%Good
Balance sheet
Current ratio4.5×Good
Net debt / EBITDA-2.3×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield3.0%Bad
Profitability
Return on invested capital14.6%Average
Operating margin22.3%Good
Gross profitability36.6%Average
XStocksXray
Edwards Lifesciences Corp (EW)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,233
4,464
5,010
5,440
6,068
6,512
Gross profit
3,984
3,740
4,032
4,322
4,733
5,069
Operating income
1,690
1,498
1,309
1,379
1,264
1,449
Net income
1,503
1,522
1,402
4,175
1,074
1,005
Diluted EPS ($)
2.38
2.44
2.30
6.97
1.83
1.73
Free cash flow
1,406
974
643
290
1,335
1,434
Gross margin
76.1%
83.8%
80.5%
79.5%
78.0%
77.8%
Operating margin
32.3%
33.6%
26.1%
25.3%
20.8%
22.3%
Net margin
28.7%
34.1%
28.0%
76.7%
17.7%
15.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
8,503
8,293
9,363
13,055
13,697
13,867
Cash
863
769
1,132
3,045
2,938
2,907
Total debt
596
596
597
598
598
599
Equity
5,836
5,807
6,650
9,998
10,338
10,618
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
