XStocksXray

Research report · 16 October 2026

Edwards Lifesciences Corp (EW)

Health Care · Health Care Equipment · US stock · price as of 16 Oct 2026

Key indicators

Price	$86.60
52-week range	$72.42 – $96.29
Market cap	$50.0B
P/E (trailing)	50.2×
EV / EBITDA	28.7×
Free-cash-flow yield	2.9%
Dividend yield	–
Revenue (last 12 months)	$6.5B
Revenue growth (3y a year)	10.8%
Operating margin	22.3%
Return on invested capital	14.6%
Net debt / EBITDA	-2.3×

Fair value

Blended fair value$56.04 range $54 – $59

Versus priceOvervalued−35% to fair value

Peer multiples	$54.24
Fundamentals-adjusted multiple	$57.07
10-year DCF (market-scaled)	$56.81
Earnings power value (floor, not blended)	$31.24
Model uncertainty	Medium

X-Ray Score

55/ 100 · High confidence · ahead of 60% of sector peers

Valuation27

Growth62

Profitability60

Financial health76

Dividends–

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Edwards Lifesciences develops and sells medical devices for structural heart disease and critical care. Its best-known products are transcatheter heart valves, which can replace a diseased valve without open-heart surgery, along with surgical valves and hemodynamic monitoring systems used in hospitals. Revenue comes from selling these devices to hospitals and healthcare providers, and results depend on clinical adoption, reimbursement and regulatory approvals.

Revenue over the last twelve months was $6.5 billion, and it grew 10.8% a year over the past three years. The business shows an operating margin of 22.3% and a return on invested capital of 15%. Net debt to EBITDA is -2.3 times, which means cash exceeds debt. The company does not pay a dividend.

StocksXray gives Edwards Lifesciences Corp an X-Ray Score of 55 out of 100 (high confidence), ahead of 60% of the S&P 500 stocks in its sector. Its strongest lens is financial health (76) and its weakest is valuation (27).

Our fair value blend is $56.04 (range $53.81 to $58.86). At $86.60 the stock trades 55% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Edwards Lifesciences Corp (EW)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$129.55	$74.61	$76.25	$74.03	$85.25	$86.60
Market cap	$81.8B	$46.6B	$46.5B	$44.4B	$49.9B	$50.0B
P/E	54.4×	30.6×	33.2×	10.6×	46.6×	50.2×
EV / revenue	15.5×	10.3×	9.1×	7.5×	7.6×	7.1×
EV / EBITDA	44.3×	28.1×	31.3×	26.8×	32.6×	28.8×
Price / free cash flow	58.1×	47.8×	72.3×	153.0×	37.4×	34.9×
Free-cash-flow yield	1.7%	2.1%	1.4%	0.7%	2.7%	2.9%
Price / book	14.0×	8.0×	7.0×	4.4×	4.8×	4.7×
Dividend yield	–	–	–	–	–	–

Fundamentals checklist ● 8 Good · ● 4 Average · ● 4 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−5.2%Good

Free-cash-flow yield2.9%Bad

Risk models

Altman Z score10.3×Good

Piotroski F-Score6 of 9Average

Growth

EPS growth (3y)−9.1%Bad

Free-cash-flow growth (3y)11.1%Average

Revenue growth (3y)10.8%Good

Growth consistency100%Good

Balance sheet

Current ratio4.5×Good

Net debt / EBITDA-2.3×Good

Interest coverno interest costGood

Valuation

Fair value vs price0.6×Bad

EBIT / EV yield3.1%Bad

Profitability

Return on invested capital14.6%Average

Operating margin22.3%Good

Gross profitability36.6%Average

XStocksXray

Edwards Lifesciences Corp (EW)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	5,233	4,464	5,010	5,440	6,068	6,512
Gross profit	3,984	3,740	4,032	4,322	4,733	5,069
Operating income	1,690	1,498	1,309	1,379	1,264	1,449
Net income	1,503	1,522	1,402	4,175	1,074	1,005
Diluted EPS ($)	2.38	2.44	2.30	6.97	1.83	1.73
Free cash flow	1,406	974	643	290	1,335	1,434
Gross margin	76.1%	83.8%	80.5%	79.5%	78.0%	77.8%
Operating margin	32.3%	33.6%	26.1%	25.3%	20.8%	22.3%
Net margin	28.7%	34.1%	28.0%	76.7%	17.7%	15.4%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	8,503	8,293	9,363	13,055	13,697	13,867
Cash	863	769	1,132	3,045	2,938	2,907
Total debt	596	596	597	598	598	599
Equity	5,836	5,807	6,650	9,998	10,338	10,618
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	1,413	1,532	1,553	1,570	1,649	1,741
Growth vs a year earlier	+6.2%	+11.9%	+14.7%	+13.3%	+16.7%	+13.6%
Net income ($M)	358	333	291	91	381	242
Diluted EPS ($)	0.61	0.56	0.50	–	0.66	0.42

XStocksXray

Edwards Lifesciences Corp (EW)

Peers in Health Care Equipment

Company	X-Ray
EW · Edwards Lifesciences Corp	55
RMD · Resmed Inc	73
DXCM · Dexcom Inc	71
PODD · Insulet Corp	69
IDXX · Idexx Laboratories Inc	67

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+1.6%
1 month	−1.9%
3 months	+1.9%
6 months	+6.9%
1 year	+18.7%
3 years	+21.7%
5 years	−20.4%

Technical summary

DailyNeutral6 bullish · 4 neutral · 6 bearish

WeeklyBullish7 bullish · 1 neutral · 4 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$88.42 / $85.14
52-week low / high	$72.42 / $96.29
Classic pivot, support and resistance	S2 84.72 · S1 85.66 · P – · R1 87.97 · R2 89.34

XStocksXray

Edwards Lifesciences Corp (EW)

Strengths

Operating margin of 22.3% is ahead of 73% of its sector peers.
Revenue growth of 10.8% a year over three years is ahead of 78% of its sector peers.
Interest cover of no interest cost is ahead of 82% of its sector peers.
Holds more cash than debt (net debt to EBITDA of -2.3×).
Piotroski F-Score of 6 out of 9: most of the nine accounting health tests pass.

Risks and weak spots

Free-cash-flow yield is weak against Health Care peers (2.9%).
EPS growth (3y) is weak against Health Care peers (−9.1%).
Fair value vs price is weak against Health Care peers (0.6×).
EBIT / EV yield is weak against Health Care peers (3.1%).
The price is above our fair value range, so good news may already be in the price.

Latest SEC filings

Date	Form	Items
28 Aug 2026	8-K	5.02
4 Aug 2026	10-Q
23 Jul 2026	8-K	2.02,9.01
8 May 2026	8-K	5.02,5.07,9.01
6 May 2026	10-Q
4 May 2026	8-K	5.02,7.01
23 Apr 2026	8-K	2.02,9.01
26 Mar 2026	DEF 14A

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.