EW Financials Edwards Lifesciences

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 41 d ago 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$6.1B	$1.1B	78.0%	20.8%	10.4%	7.8%	$1.3B	$598M	$2.9B
2024	$5.4B	$4.2B	79.5%	25.3%	41.8%	32.0%	$290M	$598M	$3.0B
2023	$5.0B	$1.4B	80.5%	26.1%	21.1%	15.0%	$643M	$597M	$1.1B
2022	$4.5B	$1.5B	83.8%	33.6%	26.2%	18.4%	$974M	$596M	$769M
2021	$5.2B	$1.5B	76.1%	32.3%	25.8%	17.7%	$1.4B	$596M	$863M
2020	$4.4B	—	75.4%	20.5%	0.0%	0.0%	$647M	$595M	$1.2B
2019	$4.3B	—	74.4%	26.4%	0.0%	0.0%	$929M	$594M	$1.2B
2018	$3.7B	—	74.8%	20.1%	0.0%	0.0%	$688M	$594M	$714M
2017	$3.4B	—	74.5%	31.7%	0.0%	0.0%	$833M	$1.0B	$818M
2016	$3.0B	—	73.1%	25.3%	0.0%	0.0%	$528M	$822M	$930M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.7B	$242M	77.5%	29.5%	2.3%	1.7%	$585M	$599M	$2.9B
Mar '26	$1.6B	$381M	78.0%	29.0%	3.7%	2.9%	-$21M	$599M	$2.4B
Dec '25	$1.6B	$91M	78.1%	9.6%	0.9%	0.7%	$354M	$598M	$2.9B
Sep '25	$1.6B	$291M	77.8%	19.8%	2.9%	2.2%	$516M	$598M	$2.7B
Jun '25	$1.5B	$333M	77.5%	26.8%	3.2%	2.5%	$241M	$598M	$3.3B
Mar '25	$1.4B	$358M	78.7%	27.9%	3.5%	2.7%	$224M	$598M	$3.1B
Dec '24	$1.4B	$386M	78.9%	22.6%	3.9%	3.0%	-$177M	$598M	$3.0B
Sep '24	$1.4B	$3.1B	80.6%	25.9%	32.2%	23.7%	$300M	$598M	$3.7B
Jun '24	$1.4B	$366M	79.9%	26.8%	4.9%	3.6%	$286M	$597M	$1.6B
Mar '24	$1.3B	$352M	78.4%	26.2%	4.9%	3.6%	-$119M	$597M	$1.2B
Dec '23	$1.3B	$370M	80.2%	27.4%	5.6%	4.0%	$48M	$597M	$1.1B
Sep '23	$1.2B	$385M	79.8%	29.4%	5.8%	4.1%	$356M	$597M	$1.4B
Jun '23	$1.3B	$307M	80.6%	20.6%	4.8%	3.4%	-$14M	$597M	$1.0B
Mar '23	$1.5B	$341M	77.4%	26.6%	5.7%	3.9%	$253M	$597M	$873M
Dec '22	$1.3B	$398M	80.9%	33.2%	6.9%	4.8%	$214M	$596M	$769M
Sep '22	$1.3B	$344M	80.8%	30.5%	5.5%	4.0%	$250M	$596M	$1.2B
Jun '22	$1.4B	$406M	80.4%	33.4%	6.8%	4.8%	$289M	$596M	$1.2B
Mar '22	$1.3B	—	77.7%	32.7%	0.0%	0.0%	$221M	$596M	$1.0B
Dec '21	$1.3B	—	76.7%	28.2%	0.0%	0.0%	$284M	$596M	$863M
Sep '21	$1.3B	—	76.2%	29.8%	0.0%	0.0%	$471M	$596M	$1.5B

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 48.2× (Sep '26).
The price-to-sales ratio has fallen from 10.7× (Mar '23) to 8.5× (Sep '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 Sep '26, Edwards Lifesciences traded at a price-to-earnings ratio of about 48.2× (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.