Company financials

Edwards Lifesciences

Health Care Health Care Equipment Irvine, California Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.1B
                    3y CAGR +10.8%
                    
                    P78
                    
                    +11.5%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +17.7%
                    
                    P72
                    
                    -74.3%
                    
                    Total assets
                    FY2025
                
$13.7B
                    ROA +7.8%
                    
                    P67
                    
                    +4.9%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +22.0%
                    
                    P80
                    
                    +194.2%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $13.7B

Total liabilities $3.4B

Shareholders equity $10.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	21.4%	23.3%	12.2%	9.3%	10.1%	16.3%	18.2%	13.4%	14.4%	20.6%
Short Term Investments	9.4%	7.1%	5.3%	5.4%	7.1%	3.0%	5.2%	4.6%	9.1%	7.6%
Accounts Receivable	4.8%	4.7%	8.3%	7.8%	6.8%	7.1%	8.4%	8.6%	7.4%	8.1%
Inventory	8.2%	8.3%	12.5%	10.6%	8.5%	11.1%	9.9%	11.4%	9.7%	8.8%
Prepaid Expenses	1.0%	0.9%	1.6%	1.3%	1.0%	1.0%	0.9%	1.0%	1.1%	1.0%
Other Current Assets	2.5%	2.7%	2.6%	2.4%	2.8%	2.9%	2.6%	2.5%	2.1%	2.5%
Total Current Assets	49.2%	48.1%	43.1%	37.3%	37.4%	42.7%	46.0%	43.0%	44.5%	49.7%
Property,Plant and Equipment	13.2%	12.9%	18.7%	19.7%	18.2%	19.3%	16.3%	16.3%	11.9%	12.9%
Operating Lease Assets	0.7%	0.8%	1.0%	1.1%	1.1%	1.3%	1.2%	—	—	—
Goodwill	12.9%	13.6%	12.2%	14.0%	13.7%	16.2%	18.0%	20.9%	19.8%	13.9%
Intangible Assets	8.2%	9.0%	4.6%	3.4%	3.8%	4.6%	5.2%	6.4%	8.2%	4.5%
Long Term Investments	2.0%	2.4%	6.2%	14.9%	21.6%	11.1%	9.0%	9.5%	10.0%	11.8%
Deferred Tax Assets	8.3%	7.6%	8.1%	5.8%	2.9%	3.2%	2.7%	3.3%	3.8%	6.4%
Other Noncurrent Assets	5.3%	5.5%	5.0%	3.6%	1.3%	1.7%	1.6%	0.6%	1.9%	2.7%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.7%	1.5%	2.2%	2.4%	2.4%	2.7%	2.8%	2.5%	2.0%	2.2%
Accrued Liabilities	0.9%	0.7%	1.0%	1.0%	1.0%	1.2%	1.4%	1.3%	1.3%	1.7%
Operating Lease Liabilities	0.2%	0.2%	0.3%	0.3%	0.3%	0.4%	0.4%	—	—	—
Other Current Liabilities	0.2%	0.1%	0.3%	0.2%	0.0%	0.5%	0.1%	0.1%	0.4%	0.1%
Total Current Liabilities	13.2%	11.5%	12.8%	12.3%	12.1%	12.4%	13.9%	16.5%	24.6%	11.8%
Long Term Debt	4.4%	4.6%	6.4%	7.2%	7.0%	8.2%	9.2%	11.2%	7.7%	18.2%
Operating Lease Liabilities Noncurrent	0.6%	0.6%	0.8%	0.8%	0.8%	1.0%	0.9%	—	—	—
Other Noncurrent Liabilities	2.6%	2.7%	2.8%	2.6%	3.1%	3.5%	3.1%	2.8%	2.6%	6.8%
Total Liabilities	24.5%	22.9%	28.2%	30.0%	31.4%	—	—	—	—	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	4.8%	5.0%	6.9%	7.8%	7.6%	8.8%	3.4%	4.0%	3.7%	5.4%
Additional Paid In Capital	20.2%	20.0%	24.3%	23.7%	20.0%	19.9%	25.0%	26.0%	20.5%	25.9%
Retained Earnings	104.0%	100.9%	96.0%	91.5%	71.4%	63.1%	57.7%	50.6%	34.4%	86.6%
Treasury Stock	51.8%	47.4%	53.7%	50.0%	28.4%	26.3%	19.7%	19.1%	4.4%	55.4%
Accumulated Other Comprehensive Income	-1.7%	-1.9%	-2.6%	-3.1%	-1.9%	-2.2%	-2.4%	-2.6%	-2.3%	-4.4%
Total Stockholders Equity	75.5%	76.6%	71.0%	70.0%	68.6%	63.2%	63.9%	59.0%	51.9%	58.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $6.1B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	44.3%	41.7%	53.5%	53.8%	61.5%	60.6%	67.0%	69.9%	60.3%	65.7%
Expenses Cost of Revenue	9.7%	8.6%	10.4%	8.7%	14.7%	14.9%	17.2%	17.6%	15.4%	17.7%
Expenses Research and Development	7.9%	8.1%	10.3%	10.2%	10.6%	10.5%	11.6%	11.7%	9.7%	9.8%
Expenses Selling,General and Administrative	15.2%	13.7%	16.9%	16.4%	17.6%	17.0%	19.1%	20.4%	17.4%	20.1%
Expenses Depreciation and Amortization	1.1%	1.2%	1.5%	1.7%	1.6%	1.5%	1.4%	1.5%	1.4%	1.6%
Expenses Share Based Compensation	1.2%	1.2%	1.5%	1.5%	1.3%	1.3%	1.3%	1.3%	1.1%	1.3%
Expenses Restructuring and Asset Impairment	0.1%	0.3%	—	—	—	—	—	—	—	—
Other Income Expense Gross Profit	34.6%	33.1%	43.1%	45.1%	46.9%	45.7%	49.8%	52.3%	44.9%	48.0%
Other Income Expense Operating Income	9.2%	10.6%	14.0%	18.1%	19.9%	12.4%	17.7%	14.1%	19.1%	16.7%
Other Income Expense Interest Income	1.2%	0.9%	0.7%	0.4%	0.2%	0.3%	0.5%	0.6%	0.4%	0.2%
Other Income Expense Interest Expense	0.1%	0.2%	0.2%	0.2%	0.2%	0.2%	0.3%	0.6%	0.4%	0.4%
Other Income Expense Other Income/expense	0.1%	0.5%	0.1%	0.1%	0.1%	0.2%	0.1%	0.1%	-0.0%	-0.1%
Other Income Expense Income Before Tax	9.3%	11.9%	14.7%	18.3%	20.0%	12.7%	18.0%	14.3%	18.2%	16.4%
Income Tax Income Tax Expense	1.6%	1.2%	1.6%	2.4%	2.3%	1.3%	1.8%	0.7%	7.9%	3.7%
net Income net Income	7.8%	32.0%	15.0%	18.4%	17.7%	11.4%	16.1%	13.6%	10.2%	12.6%
net Income Comprehensive Income	7.9%	32.0%	15.1%	17.2%	17.7%	11.3%	15.9%	13.6%	11.4%	12.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.3%	4.6%	6.5%	7.5%	7.3%	8.6%	9.6%	11.8%	3.7%	4.7%
Earnings Per Share Weighted Average Shares Diluted	4.3%	4.6%	6.5%	7.5%	7.4%	8.7%	9.8%	12.0%	3.8%	4.8%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $1.6B

Investing cash flow $-712.9M

Financing cash flow $-956.8M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.8%	32.0%	15.0%	18.4%	17.7%	—	—	—	—	—
Operating Activities Depreciation and Amortization	1.1%	1.1%	1.3%	1.4%	1.5%	1.4%	1.3%	1.4%	1.3%	1.4%
Operating Activities Stock Based Compensation	1.2%	1.2%	1.5%	1.5%	1.3%	1.3%	1.3%	1.3%	1.1%	1.3%
Operating Activities Deferred Income Taxes	-0.5%	-1.2%	-2.6%	-3.2%	-0.5%	-0.7%	0.2%	-0.4%	0.5%	-0.5%
Operating Activities Changes In Operating Assets and Liabilities	-0.2%	1.8%	4.0%	2.6%	-0.3%	2.1%	1.7%	0.9%	2.4%	1.7%
Operating Activities net Cash From Operating Activities	11.6%	4.2%	9.6%	14.7%	20.4%	14.6%	18.2%	17.4%	17.6%	15.6%
Investing Activities Capital Expenditures	1.9%	1.9%	2.7%	2.9%	3.8%	5.6%	3.9%	4.5%	3.0%	3.9%
Investing Activities Purchases of Investments	22.6%	6.9%	0.1%	3.8%	19.2%	9.5%	6.7%	4.7%	9.3%	10.4%
Investing Activities Proceeds From Sale of Investments	20.6%	6.1%	6.6%	11.3%	4.6%	7.8%	5.5%	4.2%	7.9%	5.2%
Investing Activities Other Investing Activities	0.1%	0.1%	-0.0%	0.3%	0.5%	0.2%	0.2%	0.4%	0.4%	-0.0%
Investing Activities net Cash From Investing Activities	-5.2%	17.7%	1.9%	3.0%	-20.3%	-7.3%	-9.2%	1.4%	-11.4%	-4.7%
Financing Activities Repurchase of Common Stock	6.5%	8.9%	9.4%	20.8%	6.0%	8.6%	4.1%	14.9%	13.4%	14.7%
Financing Activities Proceeds From Stock Issuance	0.7%	0.7%	0.9%	0.8%	1.0%	1.1%	1.7%	1.9%	1.4%	1.6%
Financing Activities Other Financing Activities	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.1%
Financing Activities net Cash From Financing Activities	-7.0%	-7.5%	-7.6%	-19.1%	-4.2%	-6.7%	-1.8%	-20.7%	-8.3%	-6.0%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.3%	0.3%	0.2%	0.2%	0.2%	-0.3%	-0.0%	-0.1%	0.1%	-0.3%
Cash Reconciliation net Change In Cash	-0.9%	14.6%	4.0%	-1.1%	-3.9%	0.2%	7.2%	-2.0%	-2.0%	4.7%
Cash Reconciliation Cash At Beginning of Period	21.5%	23.4%	12.3%	9.3%	10.2%	16.6%	18.3%	13.4%	14.4%	20.6%
Cash Reconciliation Cash At End of Period	21.5%	23.4%	12.3%	9.3%	10.2%	16.6%	18.3%	13.4%	14.4%	20.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+78.0%	+79.5%	+80.5%	+83.8%	+76.1%	+75.4%	+74.4%	+74.8%	+74.5%	+73.1%
Operating margin	+20.8%	+25.3%	+26.1%	+33.6%	+32.3%	+20.5%	+26.4%	+20.1%	+31.7%	+25.3%
Net margin	+17.7%	+76.7%	+28.0%	+34.1%	+28.7%	+18.8%	+24.1%	+19.4%	+17.0%	+19.2%
FCF margin	+22.0%	+5.3%	+12.8%	+21.8%	+26.9%	+14.8%	+21.4%	+18.5%	+24.2%	+17.8%
Growth
Revenue CAGR (3y)	+10.8%	+1.3%	+4.5%	+0.9%	+12.0%	+8.5%	+13.6%	+14.3%	+13.9%	+13.2%
Returns
ROE	+10.4%	+41.8%	+21.1%	+26.2%	+25.8%	+18.0%	+25.2%	+23.0%	+19.7%	+21.7%
ROA	+7.8%	+32.0%	+15.0%	+18.4%	+17.7%	+11.4%	+16.1%	+13.6%	+10.2%	+12.6%
ROIC	+13.1%	+16.5%	+19.1%	+23.2%	+26.8%	+20.2%	+28.9%	+23.5%	+19.4%	+23.1%
Liquidity
Current ratio	3.72x	4.18x	3.38x	3.03x	3.08x	3.46x	3.31x	2.61x	1.80x	4.21x
Quick ratio	1.98x	2.43x	1.61x	1.38x	1.40x	1.90x	1.91x	1.34x	0.88x	2.43x
Leverage
D/E	0.32x	0.30x	0.40x	0.43x	0.46x	0.58x	0.56x	0.70x	0.93x	0.72x
Interest coverage	61.97x	69.63x	74.37x	78.04x	91.86x	56.81x	55.40x	25.02x	46.96x	39.12x
Efficiency
Asset turnover	0.44x	0.42x	0.54x	0.54x	0.62x	0.61x	0.67x	0.70x	0.60x	0.66x
Cash conversion cycle	+286d	+331d	+417d	+392d	+193d	+247d	+196d	+229d	+228d	+182d

Valuation

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FY2025 fundamentals · no price

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Edwards Lifesciences

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