At a glance
Edwards Lifesciences Corp is worth $53.76B, about 51 times its fiscal 2025 earnings. Revenue grew 11.5% to $6.07B in fiscal 2025, with 17.7% kept as profit; over 3 years it has grown 10.8% a year. It pays no dividend; it spent $5.17B buying back its shares over FY2021–FY2025. The stock returned +13.1% over the past year with dividends reinvested and −4.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.2% in the 2020 crash (S&P 500: 33.7%) and 36.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Edwards Lifesciences makes devices that repair or replace damaged heart valves. They treat structural heart disease, meaning problems with the heart's physical parts, such as a valve that has narrowed or leaks. Surgeons can implant Edwards tissue valves or repair rings during open-heart surgery. Interventional cardiologists can instead deliver its valves through a catheter, a thin tube threaded through a blood vessel, while the heart keeps beating.
Net sales were $6.07 billion in the fiscal year ended December 31, 2025. Transcatheter aortic valve replacement (TAVR), built on the SAPIEN valve family, brought in $4.49 billion, or 74%. Surgical Structural Heart, led by the INSPIRIS RESILIA aortic valve, added 17%. Transcatheter Mitral and Tricuspid Therapies, including the PASCAL repair system and EVOQUE replacement valve, made up 9%, up from 4% in 2023. Edwards has sold its Critical Care product group.
Customers are hospitals and health systems. Edwards reaches them through its own sales forces and independent distributors. It also holds contracts with group purchasing organizations, which negotiate prices for many hospitals at once. Its field clinical specialists attend procedures to guide doctors. No single customer made up 10% or more of 2025 net sales. By region, the United States supplied 58%, Europe 25%, the rest of the world 11% and Japan 6%. Medtronic and Abbott are its main rivals.
Price history
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EW +13.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Transcatheter Aortic Valve Replacement | $4.49B | 74% |
| Surgical Structural Heart | $1.03B | 17% |
| Transcatheter Mitral and Tricuspid Therapies | $550.6M | 9.1% |
By business segment
| United States | $3.54B | 58.4% |
| Europe | $1.52B | 25% |
| Rest of World | $652.3M | 10.8% |
| Japan | $354.7M | 5.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.74B, up 13.6% from a year earlier, and net income was $241.9M (-27.4%).
- For fiscal 2025, revenue was $6.07B (+11.5% year over year; +10.8% a year from FY2022 to FY2025) with a 17.7% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +10.8% good |
|---|---|
| Operating margin | 20.8% good |
| Free cash flow margin | 22% good |
| Return on equity (FY2025) | 10.4% watch |
| Return on assets (FY2025) | 7.8% watch |
| Net cash (cash minus debt) | $3.90B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.39B | $823.4M | $647.3M |
| FY2021 | $5.23B | $1.50B | $1.41B |
| FY2022 | $4.46B | $1.52B | $973.6M |
| FY2023 | $5.01B | $1.40B | $642.8M |
| FY2024 | $5.44B | $4.17B | $289.9M |
| FY2025 | $6.07B | $1.07B | $1.33B |
Valuation snapshot
| Market value | $53.76B |
|---|---|
| P/E ratio | 51 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Edwards Lifesciences’s market value went from $20.03B at the end of 2016 to $53.76B on Nov 2, 2026, about 2.7 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $53.76B | +8.7% |
| 2025 | $49.47B | +13.3% |
| 2024 | $43.66B | -5.6% |
| 2023 | $46.25B | +0.3% |
| 2022 | $46.13B | -43.0% |
| 2021 | $80.88B | +42.3% |
| 2020 | $56.86B | +16.9% |
| 2019 | $48.66B | +52.0% |
| 2018 | $32.02B | +34.2% |
| 2017 | $23.85B | +19.1% |
| 2016 | $20.03B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EW price data to Nov 2, 2026 | +9.4% | +13.1% | +12.5% | -4.4% | +12.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.4% |
| 2025 | +15.2% |
| 2024 | -2.9% |
| 2023 | +2.2% |
| 2022 | -42.4% |
| 2021 | +42.0% |
| 2020 | +17.3% |
| 2019 | +52.3% |
| 2018 | +35.9% |
| 2017 | +20.3% |
| 2016 | +18.6% |
| 2015 | +24.0% |
| 2014 | +93.7% |
| 2013 | -27.1% |
| 2012 | +27.5% |
| 2011 | -12.5% |
| 2010 | +86.2% |
| 2009 | +58.0% |
| 2008 | +19.5% |
| 2007 | -2.2% |
| 2006 | +13.1% |
| 2005 | +0.8% |
| 2004 | +37.2% |
| 2003 | +18.1% |
| 2002 | -7.8% |
| 2001 | +55.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 7% over that stretch · deepest drop along the way 32%, back to its old high 6.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.2% over that stretch · deepest drop along the way 33.2%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.6% over that stretch · deepest drop along the way 36%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 22 sales ($11.2M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 26, 2026 | Daveen Chopra CVP, TMTT, Surgical & IHFM | sell | $2.8M |
| May 12, 2026 | Bernard J Zovighian CEO, Director | sell (plan) | $2.8M |
| May 27, 2026 | Donald E Jr Bobo CVP,Strategy/Corp Development | sell | $2.0M |
| Jul 28, 2026 | Wayne Markowitz CVP, JAPAC | sell | $819K |
| May 15, 2026 | Donald E Jr Bobo CVP,Strategy/Corp Development | sell | $818K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| BlackRock, Inc. | 7.5% | Sep 30, 2025 |
| Wellington Management Group LLP | 3.4% | Jun 30, 2025 |
ETFs with the most weight in EW
| IHI iShares U.S. Medical Devices ETF | 4.81% |
| BMED iShares Health Innovation Active ETF | 2.83% |
| MDEV First Trust Indxx Medical Devices ETF | 2.39% |
| USRD Themes US R&D Champions ETF | 2.38% |
| FMED Fidelity Disruptive Medicine ETF | 2.31% |
| AGNG Global X Aging Population ETF | 2.28% |
| BAFE Brown Advisory Flexible Equity ETF | 2.03% |
| HTEC ROBO Global Healthcare Technology and Innovation ETF | 1.91% |
What could go wrong
- Most sales come from one product line. Transcatheter aortic valves made up 74% of net sales in fiscal 2025. Strong competition from Medtronic and Abbott, or new technologies including drug therapies, could slow this business and weigh heavily on overall results.
- Growth depends on new products and approvals. Edwards spends heavily on research, but products in development may not win regulatory approval on time or at all. Unfavorable clinical trial data, even from competitors' studies, could hurt approvals and investor expectations.
- Hospital capacity and Medicare coverage limits. Procedures need available staff, catheterization labs and payment. Restrictive terms in the US national coverage determination for TAVR, Medicare's nationwide payment rule, or cuts in government reimbursement could hold back sales.
- Manufacturing, quality or supplier failures. Edwards relies on outside vendors to help design, make and sterilize its products. A quality or safety problem, or the loss of a key supplier, could delay shipments and raise costs.
- Dependence on key doctors and hospitals. Many products rely on support from certain key physicians, research institutions and hospital systems to gain adoption. Continued consolidation among health care buyers could also put pressure on sales and results.
- Lawsuits, product liability and patent claims. Edwards faces product liability claims and other legal proceedings, and third parties may claim it infringes their patents. Losing could mean large costs, licensing fees or being blocked from selling certain products.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Edwards Lifesciences does not pay a dividend and paid none from fiscal 2021 through 2025. For an income investor, that means no regular cash; any income would have to come from selling shares. The company instead returned $5.17 billion through buybacks over those five years. Its share count fell 7.7% between October 2021 and July 31, 2026, to about 576 million. As of June 30, 2026, it held $3.90 billion more in cash and investments than debt.
The stock has fallen hard in past downturns. It dropped 32% from July to November 2008 and recovered in about six months; across the market's full October 2007 to March 2009 slide, it still gained 7%. It fell 33% in the 2020 COVID crash and recovered in about four months. In the 2022 bear market it fell 36% and, as of October 28, 2026, had not regained its January 2022 high. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Edwards Lifesciences make money?
Edwards sells devices that repair or replace damaged heart valves, mainly to hospitals. Net sales were $6.07 billion in fiscal 2025. Transcatheter aortic valves, led by the SAPIEN family, brought in 74%. Surgical heart valves such as INSPIRIS RESILIA added 17%, and transcatheter mitral and tricuspid therapies such as PASCAL and EVOQUE made up 9%. The United States supplied 58% of sales and Europe 25%. The company kept a 78% gross margin and earned $1.07 billion in net income.
Does Edwards Lifesciences pay a dividend?
No. Edwards Lifesciences paid no dividends from fiscal 2021 through 2025, so the stock has no dividend yield. Instead, the company spent $5.17 billion on share buybacks over those five years, which helped cut the share count by 7.7% between October 2021 and July 2026. Buybacks can raise each remaining share's claim on profits, but they don't put cash in shareholders' pockets. Investors who need regular income would get none directly from this stock.
What is TAVR and why does it matter for Edwards?
TAVR, short for transcatheter aortic valve replacement, replaces a narrowed aortic valve with a new one delivered by catheter, a thin tube threaded through a blood vessel. It avoids open-heart surgery and is done while the heart keeps beating. Most procedures skip general anesthesia, and patients usually go home within one to two days. TAVR made up 74% of Edwards' net sales in fiscal 2025. The company says its SAPIEN valves have treated 1.2 million patients worldwide.
How has Edwards Lifesciences stock performed over the long run?
Results have been mixed. Based on share price as of October 28, 2026, the stock returned 11.1% a year over 10 years, a 186% cumulative gain, and 14.1% a year over three years. Over five years, though, it lost 4.7% a year, or 21% in total, partly because of a 42% drop in calendar 2022. Its worst decline over about 26 years of trading was 54%. Because it pays no dividend, price changes make up the whole return.
Why is Edwards Lifesciences' P/E ratio so high?
The stock traded at 50.2 times fiscal 2025 earnings as of October 28, 2026, partly because those earnings dipped. The price-to-earnings (P/E) ratio compares the share price with profit per share. Diluted earnings fell to $1.83 per share in fiscal 2025, below the $2.30 to $2.44 of fiscal 2022 and 2023, even though sales grew 11.5%. A high P/E means investors are paying up for expected growth, which leaves less room for disappointment.