10 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 6.7% per year over the past 5 years.
Net income has grown slower than revenue (-8.1% vs 6.7% per year).
Operating margin has been roughly flat, at 20.8% in the latest year.
Free cash flow has grown 15.6% per year over the past 5 years.
Financial health
The company holds more cash ($2.9B) than total debt ($598M).
Total debt has grown slower than revenue (0.1% vs 6.7% per year).
Operating income covered interest expense 62× in the latest year.
Total debt is 0.4× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$6.1B
$1.1B
78.0%
20.8%
$1.3B
$598M
$2.9B
2024
$5.4B
$4.2B
79.5%
25.3%
$290M
$598M
$3.0B
2023
$5.0B
$1.4B
80.5%
26.1%
$643M
$597M
$1.1B
2022
$4.5B
$1.5B
83.8%
33.6%
$974M
$596M
$769M
2021
$5.2B
$1.5B
76.1%
32.3%
$1.4B
$596M
$863M
2020
$4.4B
—
75.4%
20.5%
$647M
$595M
$1.2B
2019
$4.3B
—
74.4%
26.4%
$929M
$594M
$1.2B
2018
$3.7B
—
74.8%
20.1%
$688M
$594M
$714M
2017
$3.4B
—
74.5%
31.7%
$833M
$1.0B
$818M
2016
$3.0B
—
73.1%
25.3%
$528M
$822M
$930M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$1.6B
$381M
78.0%
29.0%
-$21M
$599M
$2.4B
Dec '25
$1.6B
$91M
78.1%
9.6%
$354M
$598M
$2.9B
Sep '25
$1.6B
$291M
77.8%
19.8%
$516M
$598M
$2.7B
Jun '25
$1.5B
$333M
77.5%
26.8%
$241M
$598M
$3.3B
Mar '25
$1.4B
$358M
78.7%
27.9%
$224M
$598M
$3.1B
Dec '24
$1.4B
$386M
78.9%
22.6%
-$177M
$598M
$3.0B
Sep '24
$1.4B
$3.1B
80.6%
25.9%
$300M
$598M
$3.7B
Jun '24
$1.4B
$366M
79.9%
26.8%
$286M
$597M
$1.6B
Mar '24
$1.3B
$352M
78.4%
26.2%
-$119M
$597M
$1.2B
Dec '23
$1.3B
$370M
80.2%
27.4%
$48M
$597M
$1.1B
Sep '23
$1.2B
$385M
79.8%
29.4%
$356M
$597M
$1.4B
Jun '23
$1.3B
$307M
80.6%
20.6%
-$14M
$597M
$1.0B
Mar '23
$1.5B
$341M
77.4%
26.6%
$253M
$597M
$873M
Dec '22
$1.3B
$398M
80.9%
33.2%
$214M
$596M
$769M
Sep '22
$1.3B
$344M
80.8%
30.5%
$250M
$596M
$1.2B
Jun '22
$1.4B
$406M
80.4%
33.4%
$289M
$596M
$1.2B
Mar '22
$1.3B
—
77.7%
32.7%
$221M
$596M
$1.0B
Dec '21
$1.3B
—
76.7%
28.2%
$284M
$596M
$863M
Sep '21
$1.3B
—
76.2%
29.8%
$471M
$596M
$1.5B
Jun '21
$1.4B
—
75.7%
39.4%
$457M
$595M
$1.3B
Valuation over time
How the market has priced EW against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 31.3× (Mar '23) to 48.1× (Jun '26).
The price-to-sales ratio has fallen from 10.7× (Mar '23) to 8.5× (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is EW growing its revenue and profit?
Over the past 5 years, Edwards Lifesciences's revenue has grown 6.7% per year, and net income declined 8.1% per year. These are computed facts, not advice.
How much debt does EW have?
As of FY2025, Edwards Lifesciences reported $598M of total debt against $2.9B of cash; operating income covered interest expense 62×.
What is EW's profit margin?
In FY2025, gross margin was 78.0%, operating margin 20.8%, and net margin 17.7%.
What is EW's P/E ratio?
As of Jun '26, Edwards Lifesciences traded at a price-to-earnings ratio of about 48.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.