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 revenue.

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	48.4%	56.0%	22.8%
Short Term Investments	21.2%	17.1%	10.0%
Accounts Receivable	10.9%	11.2%	15.5%
Inventory	18.6%	20.0%	23.3%
Prepaid Expenses	2.2%	2.2%	2.9%
Other Current Assets	5.6%	6.4%	4.8%
Total Current Assets	111.1%	115.6%	80.6%
Property,Plant and Equipment	29.9%	31.0%	34.9%
Operating Lease Assets	1.7%	1.8%	1.9%
Goodwill	29.1%	32.7%	22.9%
Intangible Assets	18.6%	21.6%	8.6%
Long Term Investments	4.6%	5.7%	11.7%
Deferred Tax Assets	18.8%	18.2%	15.1%
Other Noncurrent Assets	12.0%	13.3%	9.3%
Total Assets	225.7%	240.0%	186.9%
Liabilities
Accounts Payable	3.7%	3.6%	4.0%
Accrued Liabilities	2.0%	1.8%	1.8%
Operating Lease Liabilities	0.4%	0.4%	0.5%
Other Current Liabilities	0.4%	0.2%	0.5%
Total Current Liabilities	29.9%	27.7%	23.9%
Long Term Debt	9.9%	11.0%	11.9%
Operating Lease Liabilities Noncurrent	1.4%	1.5%	1.5%
Other Noncurrent Liabilities	6.0%	6.6%	5.3%
Total Liabilities	55.4%	55.0%	52.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	10.9%	12.0%	13.0%
Additional Paid In Capital	45.6%	48.0%	45.4%
Retained Earnings	234.7%	242.1%	179.5%
Treasury Stock	116.9%	113.8%	100.3%
Accumulated Other Comprehensive Income	-3.9%	-4.5%	-4.8%
Total Stockholders Equity	170.4%	183.8%	132.7%
Total Liabilitiesand Equity	225.7%	240.0%	186.9%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	22.0%	20.5%	19.5%
Expenses Research and Development	17.8%	19.4%	19.2%
Expenses Selling,General and Administrative	34.4%	32.9%	31.6%
Expenses Depreciation and Amortization	2.6%	2.9%	2.9%
Expenses Share Based Compensation	2.6%	3.0%	2.8%
Expenses Restructuring and Asset Impairment	0.2%	0.6%	—
Other Income Expense Gross Profit	78.0%	79.5%	80.5%
Other Income Expense Operating Income	20.8%	25.3%	26.1%
Other Income Expense Interest Income	2.8%	2.2%	1.3%
Other Income Expense Interest Expense	0.3%	0.4%	0.4%
Other Income Expense Other Income/expense	0.1%	1.3%	0.3%
Other Income Expense Income Before Tax	21.0%	28.5%	27.4%
Income Tax Income Tax Expense	3.6%	2.8%	3.0%
net Income net Income	17.7%	76.7%	28.0%
net Income Comprehensive Income	17.8%	76.7%	28.2%
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	9.6%	11.0%	12.1%
Earnings Per Share Weighted Average Shares Diluted	9.7%	11.0%	12.2%

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	17.7%	76.7%	28.0%
Operating Activities Depreciation and Amortization	2.4%	2.5%	2.4%
Operating Activities Stock Based Compensation	2.6%	3.0%	2.8%
Operating Activities Deferred Income Taxes	-1.1%	-3.0%	-4.8%
Operating Activities Changes In Operating Assets and Liabilities	-0.4%	4.3%	7.4%
Operating Activities net Cash From Operating Activities	26.3%	10.0%	17.9%
Investing Activities Capital Expenditures	4.3%	4.6%	5.0%
Investing Activities Purchases of Investments	51.0%	16.5%	0.2%
Investing Activities Proceeds From Sale of Investments	46.4%	14.7%	12.3%
Investing Activities Other Investing Activities	0.1%	0.2%	-0.1%
Investing Activities net Cash From Investing Activities	-11.7%	42.5%	3.5%
Financing Activities Repurchase of Common Stock	14.7%	21.3%	17.6%
Financing Activities Proceeds From Stock Issuance	1.5%	1.7%	1.7%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-15.8%	-18.1%	-14.2%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.7%	0.7%	0.3%
Cash Reconciliation net Change In Cash	-2.0%	35.1%	7.5%
Cash Reconciliation Cash At Beginning of Period	48.4%	56.2%	22.9%
Cash Reconciliation Cash At End of Period	48.4%	56.2%	22.9%

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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