Tearsheet

Edwards Lifesciences (EW)


Market Price (10/29/2025): $82.74 | Market Cap: $48.6 Bil
Sector: Health Care | Industry: Health Care Equipment

Edwards Lifesciences (EW)


Market Price (10/29/2025): $82.74
Market Cap: $48.6 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.1%
Trading close to highs
Dist 52W High is 0.0%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 29x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 61x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28%
Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -87%
 
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
  
3 Low stock price volatility
Vol 12M is 25%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.1%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
3 Low stock price volatility
Vol 12M is 25%
4 Trading close to highs
Dist 52W High is 0.0%
5 Weak multi-year price returns
2Y Excs Rtn is -46%, 3Y Excs Rtn is -87%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 29x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 61x

Market Valuation & Key Metrics

EW Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
EW Return17%42%-42%2%-3%11%-2%
Peers Return3%6%-14%2%5%5%5%
S&P 500 Return16%27%-19%24%23%17%110%

Monthly Win Rates [3]
EW Win Rate50%75%33%58%75%56% 
Peers Win Rate53%43%43%47%57%56% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
EW Max Drawdown-33%-14%-47%-17%-22%-9% 
Peers Max Drawdown-33%-10%-26%-17%-11%-8% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABT, BSX, MDT, ZBH, BAX. See EW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/28/2025 (YTD)

How Low Can It Go

Unique KeyEventEWS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-52.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven111.8%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-35.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven54.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven156 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-20.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven25.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven106 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-32.0%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven47.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven194 days1480 days

Compare to ABT, BSX, MDT, ZBH, BAX


In The Past

Edwards Lifesciences's stock fell -52.8% during the 2022 Inflation Shock from a high on 12/30/2021. A -52.8% loss requires a 111.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Edwards Lifesciences (EW)

Better Bets than Edwards Lifesciences (EW)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to EW. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
6.4%6.4%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
4.1%4.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.3%6.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
16.9%16.9%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
18.1%18.1%-8.0%
EW_12312022_Monopoly_xInd_xCD_Getting_Cheaper12312022EWEdwards LifesciencesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
26.4%2.2%-17.3%
EW_6302022_Monopoly_xInd_xCD_Getting_Cheaper06302022EWEdwards LifesciencesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-20.9%-0.8%-27.9%
EW_9302017_Monopoly_xInd_xCD_Getting_Cheaper09302017EWEdwards LifesciencesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
27.6%59.3%-7.3%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
6.4%6.4%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
4.1%4.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.3%6.3%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
16.9%16.9%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
18.1%18.1%-8.0%
EW_12312022_Monopoly_xInd_xCD_Getting_Cheaper12312022EWEdwards LifesciencesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
26.4%2.2%-17.3%
EW_6302022_Monopoly_xInd_xCD_Getting_Cheaper06302022EWEdwards LifesciencesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-20.9%-0.8%-27.9%
EW_9302017_Monopoly_xInd_xCD_Getting_Cheaper09302017EWEdwards LifesciencesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
27.6%59.3%-7.3%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Edwards Lifesciences

Financials

EWABTBSXMDTZBHBAXMedian
NameEdwards .Abbott L.Boston S.MedtronicZimmer B.Baxter I. 
Mkt Price82.19126.61100.9793.23101.1422.8697.10
Mkt Cap48.2220.7149.4119.520.011.783.9
Rev LTM5,68543,10918,49434,2007,83410,88714,690
Op Inc LTM1,5887,5153,3886,6471,4753982,488
FCF LTM5786,7753,2345,3031,3842182,309
FCF 3Y Avg5995,9722,1144,9641,1736581,643
CFO LTM7959,0374,2857,1461,6637652,974
CFO 3Y Avg8678,1303,0146,6251,5121,1662,263

Growth & Margins

EWABTBSXMDTZBHBAXMedian
NameEdwards .Abbott L.Boston S.MedtronicZimmer B.Baxter I. 
Rev Chg LTM9.1%5.9%21.4%5.0%4.1%3.6%5.4%
Rev Chg 3Y Avg3.0%-1.5%14.6%3.3%4.3%-5.7%3.1%
Rev Chg Q11.9%7.4%22.8%8.4%7.0%4.3%7.9%
QoQ Delta Rev Chg LTM2.9%1.8%5.4%2.0%1.8%1.1%1.9%
Op Mgn LTM27.9%17.4%18.3%19.4%18.8%3.7%18.6%
Op Mgn 3Y Avg29.5%16.2%17.6%18.6%19.2%2.9%18.1%
QoQ Delta Op Mgn LTM0.2%0.6%-0.2%-0.1%-0.4%0.1%0.0%
CFO/Rev LTM14.0%21.0%23.2%20.9%21.2%7.0%20.9%
CFO/Rev 3Y Avg17.2%19.6%18.8%20.2%20.1%11.2%19.2%
FCF/Rev LTM10.2%15.7%17.5%15.5%17.7%2.0%15.6%
FCF/Rev 3Y Avg11.9%14.4%13.1%15.1%15.5%6.3%13.7%

Valuation

EWABTBSXMDTZBHBAXMedian
NameEdwards .Abbott L.Boston S.MedtronicZimmer B.Baxter I. 
Mkt Cap48.2220.7149.4119.520.011.783.9
P/S8.55.18.13.52.61.14.3
P/EBIT28.826.244.918.716.2366.527.5
P/E11.615.859.725.624.3-75.720.0
P/CFO60.724.434.916.712.015.320.6
Total Yield8.6%8.1%1.7%6.9%5.1%2.7%6.0%
Dividend Yield0.0%1.8%0.0%3.0%1.0%4.0%1.4%
FCF Yield 3Y Avg1.1%3.0%1.8%4.5%5.3%3.5%3.2%
D/E0.00.10.10.20.40.80.2
Net D/E-0.10.00.10.20.40.70.1

Returns

EWABTBSXMDTZBHBAXMedian
NameEdwards .Abbott L.Boston S.MedtronicZimmer B.Baxter I. 
1M Rtn7.8%-4.8%2.8%-1.1%3.0%4.0%2.9%
3M Rtn2.1%-0.7%-5.2%1.6%6.8%-20.2%0.5%
6M Rtn7.7%-2.1%-1.7%12.0%-1.1%-25.3%-1.4%
12M Rtn20.0%13.1%19.1%6.3%-1.5%-35.1%9.7%
3Y Rtn16.0%34.9%133.9%18.6%-8.6%-55.0%17.3%
1M Excs Rtn3.0%-7.9%0.6%-4.2%-0.5%-1.3%-0.9%
3M Excs Rtn-7.0%-9.4%-13.7%-5.8%0.3%-26.2%-8.2%
6M Excs Rtn-16.2%-26.0%-25.6%-12.0%-25.0%-49.2%-25.3%
12M Excs Rtn-1.8%-7.9%0.0%-12.8%-20.4%-55.0%-10.3%
3Y Excs Rtn-86.7%-42.4%65.3%-59.9%-87.0%-139.7%-73.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Transcatheter Aortic Valve Replacement3,8803,5183,4222,8572,738
Surgical Structural Heart933830889762842
Transcatheter Mitral and Tricuspid Therapies198116864228
Critical Care  835725740
Total5,0104,4645,2324,3864,348


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity7,787,459
Short Interest: % Change Since 93020254.4%
Average Daily Volume4,052,352
Days-to-Cover Short Interest1.92
Basic Shares Quantity587,000,000
Short % of Basic Shares1.3%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/24/20255.5%4.6%8.0%
4/23/20256.6%7.1%6.1%
2/11/20256.9%5.3%-4.2%
10/24/2024-1.4%-4.7%0.2%
4/25/2024-1.8%-3.4%-0.0%
2/6/2024-1.9%-2.3%6.3%
10/25/2023-8.1%-6.6%-0.6%
7/26/2023-9.8%-12.3%-18.1%
...
SUMMARY STATS   
# Positive111211
# Negative121112
Median Positive1.6%4.1%4.6%
Median Negative-5.8%-4.7%-6.1%
Max Positive6.9%7.3%8.0%
Max Negative-17.9%-20.4%-18.1%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025806202510-Q 6/30/2025
3312025506202510-Q 3/31/2025
12312024228202510-K 12/31/2024
93020241106202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024429202410-Q 3/31/2024
12312023212202410-K 12/31/2023
93020231027202310-Q 9/30/2023
6302023728202310-Q 6/30/2023
3312023428202310-Q 3/31/2023
12312022213202310-K 12/31/2022
93020221028202210-Q 9/30/2022
6302022729202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021214202210-K 12/31/2021
93020211029202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Chopra DaveenCVP, TMTT8252025Sell81.952,500204,8652,539,998Form
1Lippis Daniel J.CVP, JAPAC7282025Sell79.464,114326,9001,748,283Form
2Zovighian Bernard JCEO6032025Sell77.2116,0991,243,065738,438Form
3BOBO DONALD E JRCVP,Strategy/Corp Development6022025Sell77.402,570198,9113,897,452Form
4Chopra DaveenCVP, TMTT5222025Sell75.081,500112,6122,514,712Form