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 · 3 years

Total assets $13.7B

Total liabilities $3.4B

Shareholders equity $10.3B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	21.4%	23.3%	12.2%
Short Term Investments	9.4%	7.1%	5.3%
Accounts Receivable	4.8%	4.7%	8.3%
Inventory	8.2%	8.3%	12.5%
Prepaid Expenses	1.0%	0.9%	1.6%
Other Current Assets	2.5%	2.7%	2.6%
Total Current Assets	49.2%	48.1%	43.1%
Property,Plant and Equipment	13.2%	12.9%	18.7%
Operating Lease Assets	0.7%	0.8%	1.0%
Goodwill	12.9%	13.6%	12.2%
Intangible Assets	8.2%	9.0%	4.6%
Long Term Investments	2.0%	2.4%	6.2%
Deferred Tax Assets	8.3%	7.6%	8.1%
Other Noncurrent Assets	5.3%	5.5%	5.0%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.7%	1.5%	2.2%
Accrued Liabilities	0.9%	0.7%	1.0%
Operating Lease Liabilities	0.2%	0.2%	0.3%
Other Current Liabilities	0.2%	0.1%	0.3%
Total Current Liabilities	13.2%	11.5%	12.8%
Long Term Debt	4.4%	4.6%	6.4%
Operating Lease Liabilities Noncurrent	0.6%	0.6%	0.8%
Other Noncurrent Liabilities	2.6%	2.7%	2.8%
Total Liabilities	24.5%	22.9%	28.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	4.8%	5.0%	6.9%
Additional Paid In Capital	20.2%	20.0%	24.3%
Retained Earnings	104.0%	100.9%	96.0%
Treasury Stock	51.8%	47.4%	53.7%
Accumulated Other Comprehensive Income	-1.7%	-1.9%	-2.6%
Total Stockholders Equity	75.5%	76.6%	71.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $6.1B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	44.3%	41.7%	53.5%
Expenses Cost of Revenue	9.7%	8.6%	10.4%
Expenses Research and Development	7.9%	8.1%	10.3%
Expenses Selling,General and Administrative	15.2%	13.7%	16.9%
Expenses Depreciation and Amortization	1.1%	1.2%	1.5%
Expenses Share Based Compensation	1.2%	1.2%	1.5%
Expenses Restructuring and Asset Impairment	0.1%	0.3%	—
Other Income Expense Gross Profit	34.6%	33.1%	43.1%
Other Income Expense Operating Income	9.2%	10.6%	14.0%
Other Income Expense Interest Income	1.2%	0.9%	0.7%
Other Income Expense Interest Expense	0.1%	0.2%	0.2%
Other Income Expense Other Income/expense	0.1%	0.5%	0.1%
Other Income Expense Income Before Tax	9.3%	11.9%	14.7%
Income Tax Income Tax Expense	1.6%	1.2%	1.6%
net Income net Income	7.8%	32.0%	15.0%
net Income Comprehensive Income	7.9%	32.0%	15.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.3%	4.6%	6.5%
Earnings Per Share Weighted Average Shares Diluted	4.3%	4.6%	6.5%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $1.6B

Investing cash flow $-712.9M

Financing cash flow $-956.8M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	7.8%	32.0%	15.0%
Operating Activities Depreciation and Amortization	1.1%	1.1%	1.3%
Operating Activities Stock Based Compensation	1.2%	1.2%	1.5%
Operating Activities Deferred Income Taxes	-0.5%	-1.2%	-2.6%
Operating Activities Changes In Operating Assets and Liabilities	-0.2%	1.8%	4.0%
Operating Activities net Cash From Operating Activities	11.6%	4.2%	9.6%
Investing Activities Capital Expenditures	1.9%	1.9%	2.7%
Investing Activities Purchases of Investments	22.6%	6.9%	0.1%
Investing Activities Proceeds From Sale of Investments	20.6%	6.1%	6.6%
Investing Activities Other Investing Activities	0.1%	0.1%	-0.0%
Investing Activities net Cash From Investing Activities	-5.2%	17.7%	1.9%
Financing Activities Repurchase of Common Stock	6.5%	8.9%	9.4%
Financing Activities Proceeds From Stock Issuance	0.7%	0.7%	0.9%
Financing Activities Other Financing Activities	-0.0%	-0.0%	-0.0%
Financing Activities net Cash From Financing Activities	-7.0%	-7.5%	-7.6%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.3%	0.3%	0.2%
Cash Reconciliation net Change In Cash	-0.9%	14.6%	4.0%
Cash Reconciliation Cash At Beginning of Period	21.5%	23.4%	12.3%
Cash Reconciliation Cash At End of Period	21.5%	23.4%	12.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+78.0%	+79.5%	+80.5%
Operating margin	+20.8%	+25.3%	+26.1%
Net margin	+17.7%	+76.7%	+28.0%
FCF margin	+22.0%	+5.3%	+12.8%
Growth
Revenue CAGR (3y)	+10.8%	+1.3%	+4.5%
Returns
ROE	+10.4%	+41.8%	+21.1%
ROA	+7.8%	+32.0%	+15.0%
ROIC	+13.1%	+16.5%	+19.1%
Liquidity
Current ratio	3.72x	4.18x	3.38x
Quick ratio	1.98x	2.43x	1.61x
Leverage
D/E	0.32x	0.30x	0.40x
Interest coverage	61.97x	69.63x	74.37x
Efficiency
Asset turnover	0.44x	0.42x	0.54x
Cash conversion cycle	+286d	+331d	+417d

Valuation

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Edwards Lifesciences

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