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 Aug 9, 2026, 10:14 UTC 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 50.1× (Nov '26).
The price-to-sales ratio has fallen from 10.7× (Mar '23) to 8.9× (Nov '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?

Edwards Lifesciences's P/E (TTM) is 53.49 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the EW stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 50.1× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.