Edwards Lifesciences (EW) Financials

$77.72 +1.06 (+1.38%)

Closing price 03:59 PM Eastern

Extended Trading

$77.68 -0.04 (-0.05%)

As of 07:39 PM Eastern

Annual Income Statements for Edwards Lifesciences

This table shows Edwards Lifesciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	4,175	1,402	1,522	1,503	823	1,047	722	584	570	495
Consolidated Net Income / (Loss)	4,170	1,399	1,522	1,503	823	1,047	722	584	570	495
Net Income / (Loss) Continuing Operations	1,396	1,220	1,324	1,503	823	1,047	722	584	570	495
Total Pre-Tax Income	1,548	1,372	1,520	1,702	917	1,167	761	1,035	738	622
Total Operating Income	1,379	1,309	1,498	1,690	898	1,147	748	1,089	751	636
Total Gross Profit	4,322	4,032	3,740	3,984	3,306	3,234	2,783	2,560	2,166	1,877
Total Revenue	5,440	5,010	4,464	5,233	4,386	4,348	3,723	3,435	2,964	2,494
Operating Revenue	5,440	5,010	4,464	5,233	4,386	4,348	3,723	3,435	2,964	2,494
Total Cost of Revenue	1,118	978	724	1,249	1,081	1,114	939	875	797	617
Operating Cost of Revenue	1,118	978	724	1,249	1,081	1,114	939	875	797	617
Total Operating Expenses	2,943	2,723	2,242	2,293	2,408	2,087	2,035	1,471	1,415	1,241
Selling, General & Admin Expense	1,789	1,583	1,358	1,494	1,228	1,242	1,089	991	905	851
Research & Development Expense	1,053	963	844	903	761	753	622	553	442	383
Other Operating Expenses / (Income)	-0.30	0.00	0.00	-	-	-	-	0.70	0.00	-
Restructuring Charge	61	0.00	61	-	-	-	-	-	-	-
Other Special Charges / (Income)	40	177	-20	-104	419	92	325	-74	68	7.20
Total Other Income / (Expense), net	169	64	21	12	19	20	13	-55	-13	-13
Interest Expense	20	18	19	18	16	21	30	23	19	17
Interest & Investment Income	120	67	36	17	23	32	32	20	11	7.90
Other Income / (Expense), net	69	14	4.80	13	12	8.20	11	-52	-4.90	-4.00
Income Tax Expense	152	152	196	199	93	120	39	451	168	128
Net Income / (Loss) Discontinued Operations	2,774	179	198	-	-	-	-	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.90	-3.00	0.00	0.00	-	-	-	-	-	-
Basic Earnings per Share	$6.98	$2.31	$2.46	$2.41	$1.32	$1.68	$1.15	$2.77	$2.67	$2.30
Weighted Average Basic Shares Outstanding	597.70M	606.70M	619M	623.30M	622.60M	624.80M	627.60M	210.90M	213M	215.50M
Diluted Earnings per Share	$6.97	$2.30	$2.44	$2.38	$1.30	$1.64	$1.13	$2.70	$2.61	$2.25
Weighted Average Diluted Shares Outstanding	599.30M	609.40M	624.20M	631.20M	631.90M	636.70M	640.90M	215.90M	217.80M	220.30M
Weighted Average Basic & Diluted Shares Outstanding	587.90M	601.30M	608.31M	623.21M	624.52M	209.12M	209.30M	210.70M	213.30M	215.20M

This table shows Edwards Lifesciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	358	386	3,071	366	352	370	385	307	341	398	344
Consolidated Net Income / (Loss)	356	384	3,069	365	351	370	384	306	341	398	344
Net Income / (Loss) Continuing Operations	364	317	362	366	351	290	335	254	341	201	344
Total Pre-Tax Income	434	349	403	387	409	311	388	275	399	211	407
Total Operating Income	395	272	351	369	388	291	366	264	388	198	402
Total Gross Profit	1,111	917	1,092	1,101	1,213	870	993	1,039	1,130	529	1,065
Total Revenue	1,413	1,101	1,354	1,386	1,598	1,012	1,243	1,296	1,460	430	1,319
Operating Revenue	1,413	1,101	1,354	1,386	1,598	1,012	1,243	1,296	1,460	430	1,319
Total Cost of Revenue	302	184	263	285	386	141	251	257	330	-99	254
Operating Cost of Revenue	302	184	263	285	386	141	251	257	330	-99	254
Total Operating Expenses	716	646	741	732	825	579	627	775	742	331	663
Selling, General & Admin Expense	466	427	421	451	490	354	382	410	436	201	377
Research & Development Expense	255	242	253	273	285	215	243	244	261	131	234
Other Operating Expenses / (Income)	-19	-	22	-	-	-	0.00	-	-	-	-
Restructuring Charge	4.20	-	33	-	-	-	0.00	-	-	-	-
Other Special Charges / (Income)	11	-29	11	8.10	50	9.90	2.20	121	44	-61	52
Total Other Income / (Expense), net	39	78	52	18	22	20	22	12	10	14	4.90
Interest & Investment Income	37	-	-	-	-	-	-	-	-	-	-
Other Income / (Expense), net	2.60	34	28	2.00	5.40	3.20	6.60	2.50	1.60	5.80	-2.00
Income Tax Expense	70	33	41	20	58	21	53	21	58	11	64
Net Income / (Loss) Discontinued Operations	-7.20	-	2,707	-1.40	-	-	49	51	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.60	-1.30	-1.40	-1.30	-0.90	-0.20	-1.20	-1.60	0.00	-	0.00
Basic Earnings per Share	$0.61	$0.65	$5.14	$0.61	$0.58	$0.61	$0.63	$0.51	$0.56	$0.66	$0.55
Weighted Average Basic Shares Outstanding	586.90M	597.70M	597.20M	602.10M	601.60M	606.70M	607M	606.90M	607.50M	619M	619.80M
Diluted Earnings per Share	$0.61	$0.65	$5.13	$0.61	$0.58	$0.61	$0.63	$0.50	$0.56	$0.65	$0.55
Weighted Average Diluted Shares Outstanding	587.80M	599.30M	598.10M	604.30M	604.10M	609.40M	609.50M	610.30M	610.90M	624.20M	624.50M
Weighted Average Basic & Diluted Shares Outstanding	586.60M	587.90M	589.80M	602.40M	602.60M	601.30M	606.50M	607.92M	606.22M	608.31M	618.26M

This table details how cash moves in and out of Edwards Lifesciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,911	375	-95	-333	16	469	-104	-120	212	65
Net Cash From Operating Activities	542	896	1,218	1,732	1,054	1,183	927	1,001	704	550
Net Cash From Continuing Operating Activities	542	896	1,218	1,732	1,054	1,183	927	1,001	704	550
Net Income / (Loss) Continuing Operations	4,170	1,399	1,522	1,503	823	1,047	722	584	570	495
Consolidated Net Income / (Loss)	4,170	1,399	1,522	1,503	823	1,047	722	584	570	495
Depreciation Expense	155	145	140	135	107	89	77	82	71	66
Non-Cash Adjustments To Reconcile Net Income	-3,237	143	223	85	388	36	383	93	35	20
Changes in Operating Assets and Liabilities, net	-546	-792	-667	9.00	-264	-15	-256	242	29	-31
Net Cash From Investing Activities	2,313	174	252	-1,723	-531	-596	77	-647	-212	-316
Net Cash From Continuing Investing Activities	2,313	174	252	-1,723	-531	-596	77	-647	-212	-316
Purchase of Property, Plant & Equipment	-252	-253	-245	-326	-407	-254	-239	-168	-176	-103
Acquisitions	-1,138	-43	-130	-17	-10	-159	-3.00	-225	-49	-335
Purchase of Investments	-946	-76	-669	-1,879	-852	-568	-459	-1,335	-1,075	-1,309
Divestitures	3,927	0.00	0.00	-	-	-	-	-	1.90	3.00
Sale and/or Maturity of Investments	858	716	1,377	549	777	410	801	1,103	1,085	1,440
Other Investing Activities, net	-136	-170	-81	-50	-39	-24	-24	-23	1.20	-12
Net Cash From Financing Activities	-983	-711	-1,585	-356	-487	-116	-1,101	-473	-269	-159
Net Cash From Continuing Financing Activities	-983	-711	-1,585	-356	-487	-116	-1,101	-473	-269	-159
Repayment of Debt	-3.10	-1.30	-3.80	-7.30	-18	-32	-1,126	-818	-27	-38
Repurchase of Common Equity	-1,159	-880	-1,727	-513	-625	-263	-796	-763	-662	-280
Issuance of Common Equity	180	170	146	159	141	161	147	114	103	87
Effect of Exchange Rate Changes	39	17	19	14	-21	-3.00	-6.50	-	-13	-10

This table details how cash moves in and out of Edwards Lifesciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	90	-625	2,025	429	81	-266	366	171	104	-479	49
Net Cash From Operating Activities	280	-128	352	372	-54	137	412	34	314	283	310
Net Cash From Continuing Operating Activities	280	-128	352	372	-54	137	412	34	314	283	310
Net Income / (Loss) Continuing Operations	356	384	3,069	365	351	370	384	306	341	398	344
Consolidated Net Income / (Loss)	356	384	3,069	365	351	370	384	306	341	398	344
Depreciation Expense	37	43	35	40	39	37	37	36	35	35	35
Non-Cash Adjustments To Reconcile Net Income	26	-5.30	-3,325	47	47	31	38	-1.30	76	30	88
Changes in Operating Assets and Liabilities, net	-138	-549	573	-80	-490	-301	-47	-307	-138	-181	-157
Net Cash From Investing Activities	85	-577	2,702	125	63	14	89	70	0.50	95	-202
Net Cash From Continuing Investing Activities	85	-577	2,702	125	63	14	89	70	0.50	95	-202
Purchase of Property, Plant & Equipment	-56	-50	-52	-85	-65	-88	-55	-48	-62	-69	-60
Acquisitions	-3.00	-333	-774	-	-31	126	-	-141	-28	-22	-52
Purchase of Investments	-647	-391	-539	-13	-2.60	-44	-9.60	-6.60	-16	-81	-293
Sale and/or Maturity of Investments	846	268	176	247	167	137	180	134	264	274	224
Other Investing Activities, net	-54	-72	-36	-24	-4.80	-118	-27	132	-158	-6.70	-20
Net Cash From Financing Activities	-258	29	-977	-97	62	-413	-143	52	-207	-838	-70
Net Cash From Continuing Financing Activities	-258	29	-977	-97	62	-413	-143	52	-207	-838	-70
Repayment of Debt	0.70	0.10	-10	7.20	-0.20	2.00	-2.90	-1.20	0.80	0.10	-1.90
Repurchase of Preferred Equity	-50	-	-	-	-	-	-	-	-	-	-
Repurchase of Common Equity	-259	-100	-901	-158	-0.20	-448	-174	-7.50	-249	-866	-100
Issuance of Common Equity	50	29	35	54	62	33	34	61	42	28	32
Effect of Exchange Rate Changes	-18	51	-52	29	9.70	-3.40	9.20	15	-4.20	-18	10

This table presents Edwards Lifesciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	13,055	9,363	8,293	8,503	7,237	6,488	5,324	5,666	4,510	4,056
Total Current Assets	6,285	4,036	3,096	3,181	3,091	2,984	2,287	2,549	2,240	2,048
Cash & Equivalents	3,045	1,132	769	863	1,183	1,179	714	818	930	718
Short-Term Investments	931	501	446	604	219	338	242	519	341	506
Accounts Receivable	727	828	699	665	603	599	537	479	415	372
Inventories, net	1,087	904	876	727	802	641	607	555	397	340
Prepaid Expenses	121	129	110	85	75	59	54	61	46	45
Other Current Assets	348	225	196	237	208	168	132	117	112	66
Other Current Nonoperating Assets	27	318	-	-	-	-	-	-	-	-
Plant, Property, & Equipment, net	1,686	1,591	1,633	1,547	1,395	1,060	868	680	580	483
Total Noncurrent Assets	5,084	3,737	3,564	3,775	2,751	2,444	2,169	2,438	1,690	1,526
Long-Term Investments	308	584	1,239	1,834	802	586	506	567	532	380
Goodwill	1,777	1,145	1,164	1,168	1,173	1,168	1,112	1,127	626	628
Intangible Assets	1,177	399	285	324	331	337	343	468	205	205
Noncurrent Deferred & Refundable Income Taxes	992	749	484	247	231	172	174	167	204	181
Other Noncurrent Operating Assets	820	548	391	203	214	182	34	109	123	132
Other Noncurrent Nonoperating Assets	11	311	-	-	-	-	-	-	-	-
Total Liabilities & Shareholders' Equity	13,055	9,363	8,293	8,503	7,237	6,488	5,324	5,666	4,510	4,056
Total Liabilities	2,992	2,644	2,486	2,667	2,663	2,340	2,183	2,710	1,891	1,553
Total Current Liabilities	1,505	1,195	1,022	1,032	894	902	877	1,420	533	476
Accounts Payable	197	187	202	205	197	180	134	117	97	64
Accrued Expenses	1,282	856	795	802	670	697	743	654	435	412
Other Current Liabilities	23	23	26	26	27	26	-	-	-	-
Other Current Nonoperating Liabilities	2.00	130	-	-	-	-	-	-	-	-
Total Noncurrent Liabilities	1,487	1,448	1,463	1,634	1,769	1,437	1,307	1,290	1,359	1,077
Long-Term Debt	598	597	596	596	595	594	594	438	822	597
Capital Lease Obligations	79	65	70	69	73	59	-	-	-	-
Asset Retirement Reserve & Litigation Obligation	53	94	143	191	233	0.00	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	385	335	268	259	214	172	125	165	230	195
Other Noncurrent Operating Liabilities	373	332	387	519	654	612	588	687	306	285
Other Noncurrent Nonoperating Liabilities	0.00	25	-	-	-	-	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,063	6,719	5,807	5,836	4,574	4,148	3,140	2,956	2,619	2,503
Total Preferred & Common Equity	9,998	6,650	5,807	5,836	4,574	4,148	3,140	2,956	2,619	2,503
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	9,998	6,650	5,807	5,836	4,574	4,148	3,140	2,956	2,619	2,503
Common Stock	3,268	2,925	2,616	2,342	2,075	1,841	1,600	1,379	1,410	1,186
Retained Earnings	13,167	8,992	7,590	6,068	4,565	3,742	2,695	1,962	3,906	3,337
Treasury Stock	-6,192	-5,025	-4,144	-2,417	-1,904	-1,279	-1,015	-252	-2,499	-1,837
Accumulated Other Comprehensive Income / (Loss)	-245	-243	-255	-158	-161	-156	-139	-133	-198	-183
Noncontrolling Interest	65	69	0.00	-	-	-	-	-	-	-

This table presents Edwards Lifesciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	13,022	13,055	12,971	10,099	9,736	9,363	9,371	9,004	8,651	8,293	8,638
Total Current Assets	6,213	6,285	6,728	4,516	4,171	4,036	4,068	3,647	3,257	3,096	3,514
Cash & Equivalents	3,141	3,045	3,676	1,645	1,225	1,132	1,410	1,043	873	769	1,248
Short-Term Investments	758	931	770	345	473	501	454	467	382	446	491
Accounts Receivable	752	727	812	834	877	828	802	817	779	699	661
Inventories, net	1,114	1,087	1,104	1,025	1,207	904	1,032	980	914	876	758
Prepaid Expenses	111	121	115	110	138	129	133	123	119	110	88
Other Current Assets	305	348	231	252	251	225	236	217	190	196	268
Other Current Nonoperating Assets	33	27	20	305	-	318	-	-	-	-	-
Plant, Property, & Equipment, net	1,698	1,686	1,676	1,640	1,768	1,591	1,681	1,662	1,646	1,633	1,566
Total Noncurrent Assets	5,111	5,084	4,568	3,943	3,798	3,737	3,622	3,695	3,748	3,564	3,558
Long-Term Investments	278	308	320	353	456	584	705	856	1,067	1,239	1,381
Goodwill	1,779	1,777	1,605	1,151	1,253	1,145	1,297	1,300	1,308	1,164	1,159
Intangible Assets	1,175	1,177	956	417	447	399	430	431	447	285	267
Noncurrent Deferred & Refundable Income Taxes	1,028	992	888	833	777	749	652	611	544	484	348
Other Noncurrent Operating Assets	840	820	788	883	866	548	538	497	382	391	404
Other Noncurrent Nonoperating Assets	12	11	11	307	-	311	-	-	-	-	-
Total Liabilities & Shareholders' Equity	13,022	13,055	12,971	10,099	9,736	9,363	9,371	9,004	8,651	8,293	8,638
Total Liabilities	2,831	2,992	3,360	2,595	2,550	2,644	2,644	2,558	2,589	2,486	2,420
Total Current Liabilities	1,395	1,505	1,944	1,217	1,111	1,195	1,239	1,157	1,082	1,022	918
Accounts Payable	172	197	173	186	212	187	191	193	181	202	155
Accrued Expenses	1,196	1,282	1,745	902	874	856	1,024	940	876	795	740
Other Current Liabilities	24	23	24	22	25	23	24	24	25	26	24
Other Current Nonoperating Liabilities	2.30	2.00	1.80	107	-	130	-	-	-	-	-
Total Noncurrent Liabilities	1,436	1,487	1,416	1,378	1,439	1,448	1,405	1,400	1,507	1,463	1,503
Long-Term Debt	598	598	598	597	597	597	597	597	597	596	596
Capital Lease Obligations	78	79	85	74	77	65	70	64	66	70	67
Noncurrent Deferred & Payable Income Tax Liabilities	403	385	346	343	337	335	312	304	284	268	296
Other Noncurrent Operating Liabilities	358	373	324	258	346	332	322	324	430	387	390
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,192	10,063	9,611	7,505	7,186	6,719	6,727	6,447	6,062	5,807	6,218
Total Preferred & Common Equity	10,129	9,998	9,546	7,437	7,118	6,650	6,658	6,376	5,978	5,807	6,218
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,129	9,998	9,546	7,437	7,118	6,650	6,658	6,376	5,978	5,807	6,218
Common Stock	3,309	3,268	3,106	3,130	3,032	2,925	2,861	2,795	2,696	2,616	2,560
Retained Earnings	13,525	13,167	12,781	9,711	9,344	8,992	8,623	8,238	7,931	7,590	7,192
Treasury Stock	-6,451	-6,192	-6,090	-5,183	-5,025	-5,025	-4,576	-4,401	-4,394	-4,144	-3,278
Accumulated Other Comprehensive Income / (Loss)	-255	-245	-253	-220	-233	-243	-250	-256	-255	-255	-256
Noncontrolling Interest	63	65	66	67	69	69	70	71	84	0.00	-

This table displays calculated financial ratios and metrics derived from Edwards Lifesciences' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.57%	12.23%	-14.69%	19.29%	0.88%	16.79%	8.37%	15.91%	18.85%	7.35%
EBITDA Growth	9.20%	-10.66%	-10.61%	80.83%	-19.95%	51.74%	-25.27%	36.97%	17.20%	-42.99%
EBIT Growth	9.43%	-12.00%	-11.73%	87.33%	-21.29%	52.11%	-26.84%	39.06%	18.14%	-45.30%
NOPAT Growth	6.85%	-10.88%	-12.54%	85.15%	-21.66%	45.03%	15.52%	5.96%	14.70%	-38.67%
Net Income Growth	197.96%	-8.05%	1.25%	82.55%	-21.35%	44.96%	23.75%	2.48%	15.07%	-38.98%
EPS Growth	203.04%	-5.74%	2.52%	83.08%	-20.73%	44.96%	23.75%	3.45%	16.00%	-39.84%
Operating Cash Flow Growth	-39.46%	-26.47%	-29.67%	64.29%	-10.87%	27.65%	-7.39%	42.06%	28.14%	-46.23%
Free Cash Flow Firm Growth	-199.00%	0.79%	-63.40%	184.59%	-22.24%	4.04%	413.24%	-74.23%	264.60%	-86.58%
Invested Capital Growth	36.87%	16.74%	25.58%	5.33%	12.54%	18.83%	6.15%	30.63%	9.54%	34.75%
Revenue Q/Q Growth	-14.27%	-6.30%	-16.78%	2.71%	0.40%	4.73%	2.45%	3.64%	3.37%	2.18%
EBITDA Q/Q Growth	-11.54%	-9.60%	-9.37%	1.13%	2.60%	37.18%	-26.14%	8.89%	4.73%	-50.87%
EBIT Q/Q Growth	-12.93%	-10.62%	-10.28%	1.20%	5.13%	37.47%	-27.97%	9.41%	4.52%	-53.21%
NOPAT Q/Q Growth	-14.21%	-9.10%	-10.00%	1.93%	3.79%	35.99%	-0.61%	-21.24%	2.85%	-52.47%
Net Income Q/Q Growth	0.35%	-2.01%	4.33%	1.75%	3.69%	35.31%	1.38%	-21.65%	3.23%	6.80%
EPS Q/Q Growth	0.58%	-1.71%	3.83%	0.42%	1.56%	35.31%	1.38%	-23.51%	0.77%	4.65%
Operating Cash Flow Q/Q Growth	-32.75%	-14.03%	-6.94%	-1.49%	-0.29%	10.25%	-7.12%	19.43%	16.03%	1.97%
Free Cash Flow Firm Q/Q Growth	-162.71%	127.33%	-35.00%	-4.00%	-8.91%	16.00%	15.24%	-17.75%	25.28%	-82.54%
Invested Capital Q/Q Growth	16.74%	-2.79%	6.83%	4.56%	1.87%	-0.71%	-8.42%	-5.64%	0.83%	6.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.46%	80.47%	83.79%	76.13%	75.36%	74.37%	74.77%	74.52%	73.09%	75.25%
EBITDA Margin	29.47%	29.30%	36.80%	35.12%	23.17%	29.20%	22.48%	32.59%	27.58%	27.97%
Operating Margin	25.35%	26.13%	33.57%	32.30%	20.46%	26.38%	20.10%	31.71%	25.35%	25.49%
EBIT Margin	26.61%	26.40%	33.67%	32.55%	20.73%	26.56%	20.40%	30.21%	25.18%	25.33%
Profit (Net Income) Margin	76.66%	27.93%	34.09%	28.73%	18.77%	24.08%	19.40%	16.99%	19.22%	19.85%
Tax Burden Percent	269.34%	101.97%	100.16%	88.31%	89.82%	89.75%	94.85%	56.39%	77.18%	79.51%
Interest Burden Percent	106.94%	103.75%	101.08%	99.94%	100.84%	101.00%	100.28%	99.72%	98.87%	98.53%
Effective Tax Rate	9.82%	11.10%	12.87%	11.69%	10.18%	10.25%	5.15%	43.61%	22.82%	20.49%
Return on Invested Capital (ROIC)	22.38%	26.72%	36.18%	47.86%	28.11%	41.41%	32.18%	32.52%	37.00%	38.81%
ROIC Less NNEP Spread (ROIC-NNEP)	-80.82%	14.36%	26.40%	47.37%	26.96%	39.89%	30.69%	35.94%	38.04%	39.82%
Return on Net Nonoperating Assets (RNNOA)	27.31%	-4.38%	-10.03%	-18.99%	-9.23%	-12.69%	-8.48%	-11.59%	-14.77%	-17.72%
Return on Equity (ROE)	49.69%	22.34%	26.14%	28.88%	18.88%	28.73%	23.69%	20.94%	22.24%	21.08%
Cash Return on Invested Capital (CROIC)	-8.75%	11.27%	13.50%	42.67%	16.30%	24.20%	26.21%	5.96%	27.90%	9.20%
Operating Return on Assets (OROA)	12.91%	14.98%	17.90%	21.64%	13.25%	19.56%	13.82%	20.40%	17.42%	16.67%
Return on Assets (ROA)	37.20%	15.85%	18.12%	19.10%	12.00%	17.73%	13.14%	11.47%	13.30%	13.06%
Return on Common Equity (ROCE)	49.30%	22.22%	26.14%	28.88%	18.88%	28.73%	23.69%	20.94%	22.24%	21.08%
Return on Equity Simple (ROE_SIMPLE)	41.70%	21.04%	26.21%	25.76%	18.00%	25.24%	23.00%	19.74%	21.74%	19.77%
Net Operating Profit after Tax (NOPAT)	1,243	1,164	1,306	1,493	806	1,029	710	614	580	505
NOPAT Margin	22.86%	23.22%	29.25%	28.53%	18.38%	23.67%	19.06%	17.88%	19.56%	20.27%
Net Nonoperating Expense Percent (NNEP)	103.20%	12.36%	9.78%	0.50%	1.15%	1.53%	1.49%	-3.42%	-1.03%	-1.01%
Return On Investment Capital (ROIC_SIMPLE)	11.58%	15.76%	20.17%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	20.54%	19.53%	16.21%	23.87%	24.64%	25.63%	25.23%	25.48%	26.91%	24.75%
SG&A Expenses to Revenue	32.89%	31.59%	30.41%	28.55%	28.01%	28.57%	29.24%	28.84%	30.53%	34.11%
R&D to Revenue	19.36%	19.22%	18.90%	17.26%	17.34%	17.31%	16.71%	16.09%	14.92%	15.35%
Operating Expenses to Revenue	54.11%	54.35%	50.22%	43.83%	54.90%	47.99%	54.67%	42.81%	47.75%	49.76%
Earnings before Interest and Taxes (EBIT)	1,448	1,323	1,503	1,703	909	1,155	759	1,038	746	632
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,603	1,468	1,643	1,838	1,016	1,270	837	1,120	818	698
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.37	6.95	7.94	13.86	12.43	11.73	10.20	8.07	7.65	6.81
Price to Tangible Book Value (P/TBV)	6.20	9.06	10.59	18.62	18.52	18.40	19.00	17.52	11.20	10.21
Price to Revenue (P/Rev)	8.03	9.23	10.33	15.46	12.96	11.19	8.60	6.94	6.76	6.83
Price to Earnings (P/E)	10.46	32.98	30.31	53.81	69.05	46.48	44.34	40.87	35.18	34.42
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.56%	3.03%	3.30%	1.86%	1.45%	2.15%	2.26%	2.45%	2.84%	2.90%
Enterprise Value to Invested Capital (EV/IC)	6.25	9.54	11.03	24.45	18.21	17.49	13.71	10.77	11.63	10.72
Enterprise Value to Revenue (EV/Rev)	7.38	8.93	9.93	14.95	12.61	10.86	8.37	6.71	6.43	6.43
Enterprise Value to EBITDA (EV/EBITDA)	25.03	30.50	26.99	42.58	54.44	37.18	37.23	20.57	23.31	22.98
Enterprise Value to EBIT (EV/EBIT)	27.72	33.84	29.50	45.95	60.85	40.87	41.03	22.20	25.53	25.37
Enterprise Value to NOPAT (EV/NOPAT)	32.27	38.47	33.96	52.42	68.62	45.87	43.89	37.50	32.86	31.71
Enterprise Value to Operating Cash Flow (EV/OCF)	73.98	49.97	36.40	45.17	52.47	39.91	33.62	23.02	27.05	29.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	91.17	91.03	58.79	118.30	78.49	53.89	204.52	43.59	133.71
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.10	0.11	0.11	0.15	0.16	0.19	0.37	0.31	0.24
Long-Term Debt to Equity	0.07	0.10	0.11	0.11	0.15	0.16	0.19	0.15	0.31	0.24
Financial Leverage	-0.34	-0.30	-0.38	-0.40	-0.34	-0.32	-0.28	-0.32	-0.39	-0.45
Leverage Ratio	1.34	1.41	1.44	1.51	1.57	1.62	1.80	1.83	1.67	1.61
Compound Leverage Factor	1.43	1.46	1.46	1.51	1.59	1.64	1.81	1.82	1.65	1.59
Debt to Total Capital	6.30%	8.97%	10.29%	10.23%	12.74%	13.61%	15.90%	26.90%	23.90%	19.25%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.06%	0.00%	0.00%
Long-Term Debt to Total Capital	6.30%	8.97%	10.29%	10.23%	12.74%	13.61%	15.90%	10.84%	23.90%	19.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.60%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.10%	90.09%	89.71%	89.77%	87.26%	86.39%	84.10%	73.10%	76.11%	80.75%
Debt to EBITDA	0.42	0.45	0.41	0.36	0.66	0.51	0.71	0.97	1.01	0.86
Net Debt to EBITDA	-2.25	-1.06	-1.09	-1.43	-1.51	-1.14	-1.04	-0.73	-1.20	-1.44
Long-Term Debt to EBITDA	0.42	0.45	0.41	0.36	0.66	0.51	0.71	0.39	1.01	0.86
Debt to NOPAT	0.54	0.57	0.51	0.45	0.83	0.63	0.84	1.77	1.42	1.18
Net Debt to NOPAT	-2.90	-1.34	-1.37	-1.77	-1.91	-1.41	-1.22	-1.33	-1.69	-1.99
Long-Term Debt to NOPAT	0.54	0.57	0.51	0.45	0.83	0.63	0.84	0.71	1.42	1.18
Altman Z-Score	11.39	13.21	13.85	20.78	15.08	14.93	11.00	7.22	9.23	9.33
Noncontrolling Interest Sharing Ratio	0.80%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.18	3.38	3.03	3.08	3.46	3.31	2.61	1.80	4.21	4.30
Quick Ratio	3.12	2.06	1.87	2.07	2.24	2.34	1.70	1.28	3.17	3.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-486	491	487	1,331	468	601	578	113	437	120
Operating Cash Flow to CapEx	214.86%	354.07%	498.04%	531.65%	259.04%	464.98%	388.23%	595.30%	400.00%	535.25%
Free Cash Flow to Firm to Interest Expense	-24.55	27.90	25.37	72.33	29.60	29.05	19.33	4.85	22.76	6.97
Operating Cash Flow to Interest Expense	27.39	50.90	63.45	94.14	66.73	57.14	30.99	43.13	36.69	31.96
Operating Cash Flow Less CapEx to Interest Expense	14.64	36.52	50.71	76.43	40.97	44.86	23.01	35.89	27.52	25.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.57	0.53	0.66	0.64	0.74	0.68	0.68	0.69	0.66
Accounts Receivable Turnover	6.99	6.56	6.55	8.26	7.30	7.65	7.32	7.69	7.54	7.16
Inventory Turnover	1.12	1.10	0.90	1.63	1.50	1.79	1.62	1.84	2.17	1.94
Fixed Asset Turnover	3.32	3.11	2.81	3.56	3.57	4.51	4.81	5.45	5.58	5.39
Accounts Payable Turnover	5.82	5.04	3.56	6.23	5.73	7.09	7.50	8.19	9.91	10.11
Days Sales Outstanding (DSO)	52.19	55.63	55.76	44.22	50.01	47.70	49.84	47.49	48.43	50.99
Days Inventory Outstanding (DIO)	325.02	331.84	404.04	223.43	243.74	204.36	225.73	198.39	168.56	188.27
Days Payable Outstanding (DPO)	62.71	72.47	102.48	58.60	63.65	51.49	48.68	44.56	36.85	36.10
Cash Conversion Cycle (CCC)	314.50	315.00	357.32	209.05	230.09	200.57	226.88	201.32	180.14	203.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,420	4,691	4,018	3,200	3,038	2,699	2,271	2,140	1,638	1,495
Invested Capital Turnover	0.98	1.15	1.24	1.68	1.53	1.75	1.69	1.82	1.89	1.91
Increase / (Decrease) in Invested Capital	1,729	673	819	162	339	428	132	502	143	386
Enterprise Value (EV)	40,120	44,761	44,340	78,246	55,322	47,208	31,151	23,035	19,053	16,029
Market Capitalization	43,663	46,246	46,128	80,883	56,859	48,657	32,020	23,852	20,034	17,037
Book Value per Share	$16.95	$10.96	$9.39	$9.35	$7.34	$19.89	$15.02	$13.97	$12.25	$23.21
Tangible Book Value per Share	$11.94	$8.42	$7.05	$6.96	$4.93	$12.68	$8.06	$6.43	$8.36	$15.48
Total Capital	10,740	7,382	6,473	6,501	5,242	4,802	3,734	4,044	3,441	3,100
Total Debt	677	662	666	665	668	653	594	1,088	822	597
Total Long-Term Debt	677	662	666	665	668	653	594	438	822	597
Net Debt	-3,607	-1,555	-1,789	-2,636	-1,537	-1,449	-869	-816	-981	-1,008
Capital Expenditures (CapEx)	252	253	245	326	407	254	239	168	176	103
Debt-free, Cash-free Net Working Capital (DFCFNWC)	804	1,208	858	682	795	565	454	441	436	347
Debt-free Net Working Capital (DFNWC)	4,780	2,840	2,073	2,148	2,197	2,082	1,410	1,779	1,708	1,572
Net Working Capital (NWC)	4,780	2,840	2,073	2,148	2,197	2,082	1,410	1,129	1,708	1,572
Net Nonoperating Expense (NNE)	-2,926	-236	-216	-10	-17	-18	-13	31	10	11
Net Nonoperating Obligations (NNO)	-3,643	-2,029	-1,789	-2,636	-1,537	-1,449	-869	-816	-981	-1,008
Total Depreciation and Amortization (D&A)	155	145	140	135	107	115	77	82	71	66
Debt-free, Cash-free Net Working Capital to Revenue	14.79%	24.10%	19.22%	13.03%	18.11%	12.99%	12.19%	12.85%	14.72%	13.92%
Debt-free Net Working Capital to Revenue	87.88%	56.69%	46.45%	41.06%	50.09%	47.87%	37.88%	51.78%	57.61%	63.03%
Net Working Capital to Revenue	87.88%	56.69%	46.45%	41.06%	50.09%	47.87%	37.88%	32.87%	57.61%	63.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.98	$2.31	$2.46	$2.41	$1.32	$1.68	$1.15	$0.92	$0.89	$0.77
Adjusted Weighted Average Basic Shares Outstanding	597.70M	606.70M	619M	623.30M	622.60M	624.90M	627.60M	632.70M	639M	646.50M
Adjusted Diluted Earnings per Share	$6.97	$2.30	$2.44	$2.38	$1.30	$1.64	$1.13	$0.90	$0.87	$0.75
Adjusted Weighted Average Diluted Shares Outstanding	599.30M	609.40M	624.20M	631.20M	631.90M	636.60M	640.80M	647.70M	653.40M	660.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	587.90M	601.30M	608.31M	623.21M	624.52M	627.37M	623.30M	630.07M	637.49M	643.79M
Normalized Net Operating Profit after Tax (NOPAT)	1,335	1,321	1,341	1,401	1,183	1,112	1,017	573	632	511
Normalized NOPAT Margin	24.54%	26.37%	30.04%	26.78%	26.96%	25.57%	27.33%	16.68%	21.34%	20.50%
Pre Tax Income Margin	28.46%	27.39%	34.04%	32.53%	20.90%	26.83%	20.45%	30.13%	24.90%	24.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	73.11	75.16	78.29	92.55	57.54	55.80	25.39	44.73	38.87	36.73
NOPAT to Interest Expense	62.79	66.11	68.00	81.13	51.03	49.72	23.74	26.48	30.20	29.39
EBIT Less CapEx to Interest Expense	60.36	60.78	65.55	74.85	31.78	43.51	17.41	37.49	29.70	30.76
NOPAT Less CapEx to Interest Expense	50.04	51.74	55.26	63.42	25.27	37.43	15.75	19.23	21.02	23.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	27.81%	62.86%	113.48%	34.12%	75.95%	25.15%	110.15%	130.79%	116.30%	56.60%

This table displays calculated financial ratios and metrics derived from Edwards Lifesciences' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.23%	8.85%	8.93%	6.98%	9.50%	135.29%	-5.73%	-5.71%	8.83%	-67.67%	0.67%
EBITDA Growth	10.38%	5.05%	0.88%	35.95%	1.46%	38.55%	-6.06%	-39.33%	-9.57%	-41.56%	2.47%
EBIT Growth	12.04%	3.67%	1.61%	39.51%	0.74%	44.62%	-6.97%	-42.65%	-10.45%	-45.85%	2.22%
NOPAT Growth	8.30%	-9.47%	-0.31%	43.67%	0.13%	44.92%	-6.84%	-39.41%	-11.74%	-43.79%	-0.06%
Net Income Growth	1.54%	3.95%	699.95%	19.48%	3.08%	-7.20%	11.70%	-24.83%	-8.86%	18.82%	1.00%
EPS Growth	5.17%	6.56%	714.29%	22.00%	3.57%	-6.15%	14.55%	-23.08%	-5.08%	20.37%	1.85%
Operating Cash Flow Growth	624.11%	-193.34%	-14.51%	1,005.65%	-117.03%	-51.70%	32.78%	-89.89%	7.09%	-24.30%	-41.74%
Free Cash Flow Firm Growth	38.92%	-270.02%	52.01%	70.29%	-42.37%	36.47%	-106.63%	-2,079.61%	-737.10%	-467.48%	-238.47%
Invested Capital Growth	16.48%	36.87%	13.97%	13.03%	29.61%	16.74%	28.29%	31.83%	29.92%	25.58%	22.92%
Revenue Q/Q Growth	28.31%	-18.71%	-2.27%	-13.28%	-9.65%	-18.65%	-4.02%	-11.24%	8.25%	-67.41%	-4.00%
EBITDA Q/Q Growth	24.82%	-15.81%	0.56%	-4.80%	-14.57%	-19.15%	35.52%	-28.95%	-12.65%	-45.18%	-12.47%
EBIT Q/Q Growth	30.25%	-19.39%	1.99%	-5.55%	-16.10%	-20.99%	40.04%	-31.79%	-13.60%	-49.18%	-13.67%
NOPAT Q/Q Growth	34.48%	-21.95%	-9.90%	5.29%	-17.46%	-14.05%	29.85%	-26.62%	-14.58%	-44.75%	-15.55%
Net Income Q/Q Growth	-7.26%	-87.48%	740.93%	3.99%	-5.06%	-3.65%	25.60%	-10.28%	-14.53%	15.98%	-15.48%
EPS Q/Q Growth	-6.15%	-87.33%	740.98%	5.17%	-4.92%	-3.17%	26.00%	-10.71%	-13.85%	18.18%	-15.38%
Operating Cash Flow Q/Q Growth	319.92%	-136.24%	-5.30%	794.39%	-139.17%	-66.80%	1,124.70%	-89.30%	11.07%	-8.74%	-6.71%
Free Cash Flow Firm Q/Q Growth	58.89%	-313.26%	-34.03%	72.44%	-232.52%	46.40%	17.02%	-32.06%	-58.67%	-74.34%	-775.34%
Invested Capital Q/Q Growth	3.55%	16.74%	2.63%	-6.11%	21.11%	-2.79%	1.78%	7.66%	9.60%	6.83%	4.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.65%	83.32%	80.59%	79.41%	75.87%	86.02%	79.85%	80.17%	77.43%	122.98%	80.76%
EBITDA Margin	30.72%	31.58%	30.49%	29.63%	26.99%	32.72%	32.93%	23.32%	29.13%	55.57%	33.04%
Operating Margin	27.95%	24.66%	25.89%	26.63%	24.25%	28.78%	29.43%	20.34%	26.61%	45.99%	30.51%
EBIT Margin	28.13%	27.71%	27.95%	26.78%	24.58%	29.10%	29.96%	20.53%	26.72%	47.34%	30.36%
Profit (Net Income) Margin	25.23%	34.90%	226.62%	26.34%	21.96%	36.55%	30.86%	23.58%	23.33%	92.67%	26.04%
Tax Burden Percent	82.14%	110.02%	762.02%	94.41%	85.74%	118.84%	98.99%	111.05%	85.42%	188.46%	84.34%
Interest Burden Percent	109.18%	114.49%	106.42%	104.18%	104.20%	105.71%	104.05%	103.42%	102.21%	103.88%	101.72%
Effective Tax Rate	16.20%	9.39%	10.10%	5.23%	14.26%	6.65%	13.60%	7.60%	14.58%	5.16%	15.66%
Return on Invested Capital (ROIC)	20.93%	21.88%	28.60%	31.16%	25.26%	30.91%	31.66%	24.45%	32.09%	53.95%	40.46%
ROIC Less NNEP Spread (ROIC-NNEP)	19.92%	17.00%	-63.00%	30.37%	24.06%	25.77%	28.56%	21.38%	31.67%	44.42%	40.29%
Return on Net Nonoperating Assets (RNNOA)	-5.76%	-5.75%	23.19%	-8.38%	-5.70%	-7.85%	-9.62%	-6.99%	-10.94%	-16.88%	-16.92%
Return on Equity (ROE)	15.18%	16.13%	51.79%	22.77%	19.56%	23.05%	22.05%	17.45%	21.15%	37.07%	23.54%
Cash Return on Invested Capital (CROIC)	5.31%	-8.75%	15.01%	16.48%	0.79%	11.27%	5.03%	3.81%	11.48%	13.50%	21.97%
Operating Return on Assets (OROA)	13.65%	13.45%	15.87%	17.48%	16.43%	16.51%	17.79%	12.78%	17.22%	25.16%	19.39%
Return on Assets (ROA)	12.24%	16.94%	128.72%	17.19%	14.68%	20.74%	18.32%	14.67%	15.03%	49.26%	16.63%
Return on Common Equity (ROCE)	15.06%	16.00%	51.36%	22.55%	19.34%	22.93%	21.93%	17.35%	21.00%	37.07%	23.54%
Return on Equity Simple (ROE_SIMPLE)	41.22%	0.00%	43.53%	19.76%	19.81%	0.00%	21.45%	21.77%	24.90%	0.00%	23.46%
Net Operating Profit after Tax (NOPAT)	331	246	315	350	332	272	316	243	332	188	339
NOPAT Margin	23.42%	22.34%	23.27%	25.24%	20.79%	26.86%	25.43%	18.79%	22.73%	43.62%	25.73%
Net Nonoperating Expense Percent (NNEP)	1.02%	4.88%	91.60%	0.79%	1.20%	5.13%	3.10%	3.06%	0.42%	9.53%	0.17%
Return On Investment Capital (ROIC_SIMPLE)	3.04%	2.29%	-	-	-	3.68%	-	-	-	2.90%	-
Cost of Revenue to Revenue	21.35%	16.68%	19.41%	20.59%	24.13%	13.98%	20.15%	19.83%	22.57%	-22.98%	19.24%
SG&A Expenses to Revenue	32.97%	38.81%	31.11%	32.53%	30.64%	34.99%	30.71%	31.68%	29.89%	46.76%	28.61%
R&D to Revenue	18.02%	21.96%	18.71%	19.67%	17.85%	21.28%	19.53%	18.81%	17.90%	30.38%	17.71%
Operating Expenses to Revenue	50.70%	58.66%	54.70%	52.78%	51.63%	57.24%	50.42%	59.83%	50.82%	76.99%	50.25%
Earnings before Interest and Taxes (EBIT)	397	305	379	371	393	294	373	266	390	204	400
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	434	348	413	411	431	331	409	302	425	239	436
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.21	4.37	4.16	7.48	8.14	6.95	6.33	8.97	8.42	7.94	8.24
Price to Tangible Book Value (P/TBV)	5.94	6.20	5.69	9.48	10.70	9.06	8.54	12.31	11.92	10.59	10.69
Price to Revenue (P/Rev)	7.72	8.03	6.27	8.93	9.43	9.23	7.88	10.55	9.15	10.33	9.55
Price to Earnings (P/E)	10.19	10.46	9.56	37.79	40.99	32.98	29.43	41.15	33.80	30.31	35.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.81%	9.56%	10.46%	2.65%	2.44%	3.03%	3.40%	2.43%	2.96%	3.30%	2.85%
Enterprise Value to Invested Capital (EV/IC)	5.89	6.25	6.50	10.09	9.91	9.54	8.35	11.72	11.07	11.03	12.97
Enterprise Value to Revenue (EV/Rev)	7.09	7.38	5.63	8.67	9.20	8.93	7.53	10.24	8.86	9.93	9.09
Enterprise Value to EBITDA (EV/EBITDA)	23.83	25.03	19.72	29.90	33.27	30.50	24.81	33.67	26.41	26.99	26.90
Enterprise Value to EBIT (EV/EBIT)	26.29	27.72	21.49	32.63	36.45	33.84	27.22	36.84	28.58	29.50	29.11
Enterprise Value to NOPAT (EV/NOPAT)	30.88	32.27	24.66	37.28	42.09	38.47	31.47	42.62	33.36	33.96	33.62
Enterprise Value to Operating Cash Flow (EV/OCF)	44.71	73.98	44.31	62.42	107.06	49.97	38.66	59.07	39.35	36.40	37.26
Enterprise Value to Free Cash Flow (EV/FCFF)	119.37	0.00	46.10	64.95	1,422.09	91.17	186.53	349.92	109.01	91.03	65.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.07	0.07	0.09	0.09	0.10	0.10	0.10	0.11	0.11	0.11
Long-Term Debt to Equity	0.07	0.07	0.07	0.09	0.09	0.10	0.10	0.10	0.11	0.11	0.11
Financial Leverage	-0.29	-0.34	-0.37	-0.28	-0.24	-0.30	-0.34	-0.33	-0.35	-0.38	-0.42
Leverage Ratio	1.31	1.34	1.37	1.37	1.39	1.41	1.39	1.41	1.43	1.44	1.43
Compound Leverage Factor	1.43	1.53	1.46	1.43	1.45	1.49	1.45	1.45	1.47	1.50	1.45
Debt to Total Capital	6.22%	6.30%	6.63%	8.21%	8.58%	8.97%	9.02%	9.29%	9.85%	10.29%	9.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	6.22%	6.30%	6.63%	8.21%	8.58%	8.97%	9.02%	9.29%	9.85%	10.29%	9.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.58%	0.60%	0.64%	0.82%	0.87%	0.94%	0.94%	1.00%	1.25%	0.00%	0.00%
Common Equity to Total Capital	93.20%	93.10%	92.73%	90.97%	90.55%	90.09%	90.04%	89.71%	88.90%	89.71%	90.36%
Debt to EBITDA	0.41	0.42	0.38	0.37	0.40	0.45	0.41	0.40	0.36	0.41	0.37
Net Debt to EBITDA	-2.13	-2.25	-2.25	-0.92	-0.87	-1.06	-1.17	-1.03	-0.90	-1.09	-1.36
Long-Term Debt to EBITDA	0.41	0.42	0.38	0.37	0.40	0.45	0.41	0.40	0.36	0.41	0.37
Debt to NOPAT	0.53	0.54	0.47	0.46	0.50	0.57	0.52	0.51	0.45	0.51	0.46
Net Debt to NOPAT	-2.76	-2.90	-2.82	-1.15	-1.10	-1.34	-1.49	-1.31	-1.13	-1.37	-1.69
Long-Term Debt to NOPAT	0.53	0.54	0.47	0.46	0.50	0.57	0.52	0.51	0.45	0.51	0.46
Altman Z-Score	11.45	11.10	9.51	15.35	16.12	12.84	11.91	15.73	14.03	13.33	15.00
Noncontrolling Interest Sharing Ratio	0.76%	0.80%	0.83%	0.99%	1.15%	0.55%	0.54%	0.57%	0.71%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.45	4.18	3.46	3.71	3.75	3.38	3.28	3.15	3.01	3.03	3.83
Quick Ratio	3.33	3.12	2.70	2.32	2.32	2.06	2.15	2.01	1.88	1.87	2.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-610	-1,483	-359	-268	-972	-401	-748	-901	-682	-631	-362
Operating Cash Flow to CapEx	500.71%	-256.02%	677.84%	435.01%	-81.93%	154.70%	744.12%	70.15%	510.73%	410.45%	517.36%
Free Cash Flow to Firm to Interest Expense	0.00	-19.49	0.00	0.00	0.00	-7.95	0.00	0.00	0.00	-22.86	0.00
Operating Cash Flow to Interest Expense	0.00	-1.68	0.00	0.00	0.00	2.71	0.00	0.00	0.00	10.25	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-2.33	0.00	0.00	0.00	0.96	0.00	0.00	0.00	7.75	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.49	0.57	0.65	0.67	0.57	0.59	0.62	0.64	0.53	0.64
Accounts Receivable Turnover	6.78	6.99	7.86	7.55	7.42	6.56	7.31	7.25	7.51	6.55	8.09
Inventory Turnover	0.98	1.12	1.38	1.46	1.35	1.10	1.22	1.28	1.35	0.90	1.51
Fixed Asset Turnover	3.19	3.32	3.78	3.78	3.60	3.11	3.29	3.37	3.44	2.81	3.54
Accounts Payable Turnover	5.89	5.82	8.13	7.73	7.31	5.04	6.34	6.18	6.54	3.56	7.69
Days Sales Outstanding (DSO)	53.83	52.19	46.41	48.34	49.20	55.63	49.95	50.35	48.62	55.76	45.10
Days Inventory Outstanding (DIO)	374.16	325.02	264.07	249.88	269.65	331.84	298.39	285.89	270.30	404.04	241.12
Days Payable Outstanding (DPO)	62.01	62.71	44.91	47.22	49.96	72.47	57.59	59.08	55.81	102.48	47.46
Cash Conversion Cycle (CCC)	365.97	314.50	265.57	251.00	268.89	315.00	290.76	277.16	263.12	357.32	238.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,648	6,420	5,500	5,359	5,708	4,691	4,825	4,741	4,404	4,018	3,761
Invested Capital Turnover	0.89	0.98	1.23	1.23	1.22	1.15	1.25	1.30	1.41	1.24	1.57
Increase / (Decrease) in Invested Capital	941	1,729	674	618	1,304	673	1,064	1,145	1,014	819	701
Enterprise Value (EV)	39,173	40,120	35,735	54,058	56,547	44,761	40,284	55,550	48,752	44,340	48,769
Market Capitalization	42,611	43,663	39,752	55,662	57,957	46,246	42,116	57,185	50,326	46,128	51,226
Book Value per Share	$17.23	$16.95	$15.85	$12.34	$11.83	$10.96	$10.95	$10.52	$9.83	$9.39	$10.03
Tangible Book Value per Share	$12.20	$11.94	$11.59	$9.74	$9.01	$8.42	$8.11	$7.66	$6.94	$7.05	$7.73
Total Capital	10,867	10,740	10,294	8,176	7,861	7,382	7,394	7,107	6,725	6,473	6,881
Total Debt	676	677	683	672	674	662	667	660	663	666	663
Total Long-Term Debt	676	677	683	672	674	662	667	660	663	666	663
Net Debt	-3,501	-3,607	-4,083	-1,672	-1,479	-1,555	-1,902	-1,705	-1,658	-1,789	-2,456
Capital Expenditures (CapEx)	56	50	52	85	65	88	55	48	62	69	60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	919	804	338	1,309	1,362	1,208	965	981	921	858	857
Debt-free Net Working Capital (DFNWC)	4,818	4,780	4,784	3,299	3,060	2,840	2,829	2,490	2,175	2,073	2,596
Net Working Capital (NWC)	4,818	4,780	4,784	3,299	3,060	2,840	2,829	2,490	2,175	2,073	2,596
Net Nonoperating Expense (NNE)	-26	-138	-2,754	-15	-19	-98	-68	-62	-8.71	-211	-4.13
Net Nonoperating Obligations (NNO)	-3,543	-3,643	-4,112	-2,146	-1,479	-2,029	-1,902	-1,705	-1,658	-1,789	-2,456
Total Depreciation and Amortization (D&A)	37	43	35	40	39	37	37	36	35	35	35
Debt-free, Cash-free Net Working Capital to Revenue	16.65%	14.79%	5.32%	21.00%	22.17%	24.10%	18.04%	18.08%	16.74%	19.22%	15.98%
Debt-free Net Working Capital to Revenue	87.24%	87.88%	75.39%	52.92%	49.80%	56.69%	52.90%	45.92%	39.54%	46.45%	48.40%
Net Working Capital to Revenue	87.24%	87.88%	75.39%	52.92%	49.80%	56.69%	52.90%	45.92%	39.54%	46.45%	48.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.65	$5.14	$0.61	$0.58	$0.61	$0.63	$0.51	$0.56	$0.66	$0.55
Adjusted Weighted Average Basic Shares Outstanding	586.90M	597.70M	597.20M	602.10M	601.60M	606.70M	607M	606.90M	607.50M	619M	619.80M
Adjusted Diluted Earnings per Share	$0.61	$0.65	$5.13	$0.61	$0.58	$0.61	$0.63	$0.50	$0.56	$0.65	$0.55
Adjusted Weighted Average Diluted Shares Outstanding	587.80M	599.30M	598.10M	604.30M	604.10M	609.40M	609.50M	610.30M	610.90M	624.20M	624.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	586.60M	587.90M	589.80M	602.40M	602.60M	601.30M	606.50M	607.92M	606.22M	608.31M	618.26M
Normalized Net Operating Profit after Tax (NOPAT)	343	220	354	357	375	281	318	355	370	129	383
Normalized NOPAT Margin	24.31%	19.98%	26.17%	25.79%	23.48%	27.78%	25.58%	27.42%	25.32%	30.09%	29.05%
Pre Tax Income Margin	30.71%	31.73%	29.74%	27.90%	25.62%	30.76%	31.17%	21.24%	27.31%	49.17%	30.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	4.01	0.00	0.00	0.00	5.84	0.00	0.00	0.00	7.37	0.00
NOPAT to Interest Expense	0.00	3.23	0.00	0.00	0.00	5.39	0.00	0.00	0.00	6.79	0.00
EBIT Less CapEx to Interest Expense	0.00	3.35	0.00	0.00	0.00	4.09	0.00	0.00	0.00	4.88	0.00
NOPAT Less CapEx to Interest Expense	0.00	2.58	0.00	0.00	0.00	3.64	0.00	0.00	0.00	4.30	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	33.96%	27.81%	36.29%	53.16%	44.72%	62.86%	90.83%	88.13%	105.51%	113.48%	65.64%

Frequently Asked Questions About Edwards Lifesciences' Financials

When does Edwards Lifesciences's fiscal year end?

According to the most recent income statement we have on file, Edwards Lifesciences' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Edwards Lifesciences' net income changed over the last 9 years?

Edwards Lifesciences' net income appears to be on an upward trend, with a most recent value of $4.17 billion in 2024, rising from $494.90 million in 2015. The previous period was $1.40 billion in 2023. View Edwards Lifesciences' forecast to see where analysts expect Edwards Lifesciences to go next.

What is Edwards Lifesciences's operating income?

Edwards Lifesciences's total operating income in 2024 was $1.38 billion, based on the following breakdown:

Total Gross Profit: $4.32 billion
Total Operating Expenses: $2.94 billion

How has Edwards Lifesciences revenue changed over the last 9 years?

Over the last 9 years, Edwards Lifesciences' total revenue changed from $2.49 billion in 2015 to $5.44 billion in 2024, a change of 118.1%.

How much debt does Edwards Lifesciences have?

Edwards Lifesciences' total liabilities were at $2.99 billion at the end of 2024, a 13.2% increase from 2023, and a 92.7% increase since 2015.

How much cash does Edwards Lifesciences have?

In the past 9 years, Edwards Lifesciences' cash and equivalents has ranged from $714.10 million in 2018 to $3.05 billion in 2024, and is currently $3.05 billion as of their latest financial filing in 2024.

How has Edwards Lifesciences' book value per share changed over the last 9 years?

Over the last 9 years, Edwards Lifesciences' book value per share changed from 23.21 in 2015 to 16.95 in 2024, a change of -27.0%.

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This page (NYSE:EW) was last updated on 5/29/2025 by MarketBeat.com Staff

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Edwards Lifesciences (EW) Financials

Frequently Asked Questions About Edwards Lifesciences' Financials

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Edwards Lifesciences (EW) Financials

Annual Income Statements for Edwards Lifesciences

Quarterly Income Statements for Edwards Lifesciences

Annual Cash Flow Statements for Edwards Lifesciences

Quarterly Cash Flow Statements for Edwards Lifesciences

Annual Balance Sheets for Edwards Lifesciences

Quarterly Balance Sheets for Edwards Lifesciences

Annual Metrics And Ratios for Edwards Lifesciences

Quarterly Metrics And Ratios for Edwards Lifesciences

Frequently Asked Questions About Edwards Lifesciences' Financials

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