olivLaw · US equity research
Edwards Lifesciences Corp EW
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Edwards Lifesciences is a global structural heart innovation company with net sales of 6.1 billion USD in fiscal 2025. In the first six months of 2026, net sales grew 15.1%, and the company raised its 2026 constant currency sales growth guidance to 10% to 11%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Edwards Lifesciences Corp (EW) stock was 99.37 USD (+4.39% on the day), with market capitalisation 57.3 bn USD, P/E 57.2 on diluted EPS of 1.74 USD over the last 12 months, beta 0.55, 52-week range 75.87–99.37 USD. Latest reported quarter (Q2 2026): revenue of 1.7 bn USD (+13.6% YoY), net income of 241.9 m USD (−27.4% YoY), diluted EPS 0.42 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 82.10 – 97.18
- above the upper band · %B 1.15 · band width 16.8%
- SMA 50 / 200
- 88.48 / 85.61
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.24 / 1.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.9% | −1.1% | +15.0 pp | — |
| 3 months | +11.7% | −0.5% | +12.1 pp | — |
| 6 months | +19.4% | +4.4% | +15.0 pp | — |
| Year to date | +16.6% | +12.3% | +4.2 pp | — |
| 1 year | +18.1% | +13.5% | +4.5 pp | −2.5% |
| 3 years | +48.2% | +76.4% | −28.3 pp | −4.2% |
| 5 years | −16.2% | +63.7% | −79.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.7 bn |
| Cost of revenue | 262.9 m | 292.2 m | 301.6 m | 344.4 m | 345.2 m | 343.0 m | 362.6 m | 392.4 m |
| Gross profit | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn |
| Research & development | 253.4 m | 271.1 m | 254.6 m | 276.2 m | 280.7 m | 267.7 m | 263.3 m | 278.9 m |
| SG&A | 421.4 m | 491.9 m | 465.7 m | 502.0 m | 514.6 m | 602.9 m | 522.2 m | 561.2 m |
| Operating income | 350.6 m | 312.6 m | 394.8 m | 411.2 m | 307.1 m | 151.1 m | 477.6 m | 513.2 m |
| Depreciation & amortisation | 34.5 m ≈ | 42.6 m | 36.6 m | 38.1 m ≈ | 39.2 m ≈ | 42.7 m | 40.9 m | 42.7 m ≈ |
| Pre-tax income | 402.8 m | 390.1 m | 433.9 m | 400.2 m | 348.4 m | 90.4 m | 459.0 m | 519.8 m |
| Income tax | 40.7 m | 45.1 m | 70.3 m | 64.3 m | 56.1 m | 26.2 m | 78.3 m | 278.4 m |
| Net income | 3.1 bn | 385.6 m | 358.0 m | 333.2 m | 291.1 m | 91.2 m | 380.7 m | 241.9 m |
| Diluted EPS | 5.13 | 0.65 | 0.61 | 0.56 | 0.50 | 0.16 ≈ | 0.66 | 0.42 |
| Operating cash flow | 351.8 m ≈ | -127.5 m | 280.4 m | 290.2 m ≈ | 573.7 m ≈ | 450.9 m | 43.8 m | 651.9 m ≈ |
| Capex | 51.9 m ≈ | 49.8 m | 56.0 m | 49.3 m ≈ | 57.5 m ≈ | 97.4 m | 64.9 m | 66.9 m ≈ |
| Share repurchases | 901.0 m ≈ | 100.1 m | 258.6 m | 5.5 m ≈ | 588.7 m ≈ | 40.6 m | 421.8 m | 153.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 87 percentile of its own 39-quarter history (min 9.5, median 30.6, max 70.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 bn | 4.3 bn | 4.4 bn | 5.2 bn | 4.5 bn | 5.0 bn | 5.4 bn | 6.1 bn |
| Revenue YoY | +8.4% | +16.8% | +0.9% | +19.3% | −14.7% | +12.2% | +8.6% | +11.5% |
| Net income | unavailable | unavailable | unavailable | 1.5 bn | 1.5 bn | 1.4 bn | 4.2 bn | 1.1 bn |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | +1.3% | −7.9% | +197.7% | −74.3% |
| Diluted EPS | 1.13 | 1.64 | 1.30 | 2.38 | 2.44 | 2.30 | 6.97 | 1.83 |
| Diluted EPS YoY | −58.1% | +45.1% | −20.7% | +83.1% | +2.5% | −5.7% | +203.0% | −73.7% |
| net % | unavailable | unavailable | unavailable | 28.7% | 34.1% | 28.0% | 76.7% | 17.7% |
| Free cash flow | 688.0 m | 928.5 m | 647.3 m | 1.4 bn | 973.6 m | 642.8 m | 289.9 m | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.9 bn USD
- Financial debt
- 598.3 m USD
- Net debt
- -2.3 bn USD
- Equity
- 10.3 bn USD
- Total assets
- 13.7 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 3.72x
- ROE
- 10.5%
- ROA
- 8.0%
- FCF margin
- 22.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.4 bn | 5.2 bn | 4.5 bn | 5.0 bn | 5.4 bn | 6.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.2 bn | 723.7 m | 978.4 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 3.3 bn | 4.0 bn | 3.7 bn | 4.0 bn | 4.3 bn | 4.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 760.7 m | 903.1 m | 843.6 m | 962.9 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 1.2 bn | 1.5 bn | 1.4 bn | 1.6 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 897.6 m | 1.7 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 107.2 m | 134.8 m | 139.6 m | 144.9 m | 155.2 m | 156.6 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 1.0 bn ≈ | 1.8 bn ≈ | 1.6 bn ≈ | 1.5 bn ≈ | 1.5 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 15.8 m | 18.4 m | 19.2 m | 17.6 m | 19.8 m | 20.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 916.7 m | 1.7 bn | 1.5 bn | 1.4 bn | 1.5 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 93.3 m | 198.9 m | 195.5 m | 152.4 m | 152.1 m | 216.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | — | 1.5 bn | 1.5 bn | 1.4 bn | 4.2 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 1.30 | 2.38 | 2.44 | 2.30 | 6.97 | 1.83 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 631.9 m | 631.2 m | 624.2 m | 609.4 m | 599.3 m | 585.8 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 862.8 m | 769.0 m | 1.1 bn | 3.0 bn | 2.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 514.6 m | 582.2 m | 643.0 m | 771.5 m | 609.1 m | 659.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 802.3 m | 726.7 m | 875.5 m | 903.5 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 3.1 bn | 3.2 bn | 3.1 bn | 4.0 bn | 6.3 bn | 6.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 331.4 m | 323.6 m | 285.2 m | 399.4 m | 1.2 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 7.2 bn | 8.5 bn | 8.3 bn | 9.4 bn | 13.1 bn | 13.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 196.5 m | 204.5 m | 201.9 m | 186.6 m | 197.4 m | 227.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 595.0 m | 595.7 m | 596.3 m | 597.0 m | 597.7 m | 598.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 893.9 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 2.7 bn | 2.7 bn | 2.5 bn | 2.6 bn | 3.0 bn | 3.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 4.6 bn | 5.8 bn | 5.8 bn | 6.7 bn | 10.1 bn | 10.3 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.7 bn | 1.2 bn | 895.8 m | 542.3 m | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 407.0 m | 325.8 m | 244.6 m | 253.0 m | 252.4 m | 260.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 647.3 m ≈ | 1.4 bn ≈ | 973.6 m ≈ | 642.8 m ≈ | 289.9 m ≈ | 1.3 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -531.1 m | -1.7 bn | 252.3 m | 173.8 m | 2.3 bn | -712.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -486.9 m | -356.3 m | -1.6 bn | -711.0 m | -983.0 m | -956.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 625.4 m | 512.8 m | 1.7 bn | 879.6 m | 1.2 bn | 893.4 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 57.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation22
- Balance sheet100
- Quality86
- Growth45
- Returns30
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 38.00 – 69.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)42.08 – 62.14 (Mid 49.89)WACC 9.2% · starting FCFF 1.4 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA38.00 – 48.78 (Mid 47.90)5 companies used · median multiple 15.7x · quartiles 12.1x – 16.0xCDRE, ENOV, MSA, STE, ZBH
- Peers: P/E44.79 – 69.20 (Mid 50.96)8 companies used · median multiple 29.3x · quartiles 25.8x – 39.8xALGN, APT, CDRE, ISRG, MSA, SNN, STE, ZBH
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.2% | 73 (vs peers) | 11% |
| Net margin · Quality | 15.4% | 95 (vs peers) | 7% |
| FCF conversion · Quality | 142.7% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 10.8% | 90 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -9.1% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -1.4x | 100 (vs peers) | 11% |
| Interest coverage · Balance sheet | 71.0x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 57.2x | 22 (vs peers) | 11% |
| EV/EBITDA · Valuation | 34.0x | 14 (vs peers) | 11% |
| FCF yield · Valuation | 2.5% | 31 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.1% | 30 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth45/100 · 2/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns· partial30/100 · 1/2 factors with a value
- Valuation22/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Edwards Lifesciences Corporation (EW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.1 bn USD in 2025; YoY growth 11.5%; net margin 15.4%; ROE 9.5%; net debt/EBITDA -1.4x.
The estimated value range is 42.08–62.14 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 49.89 USD, the price of 99.37 USD leaves a potential of -49.8% (value / price − 1) and a margin of safety of -99.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.2%
- Net margin: 15.4%
- FCF conversion: 142.7%
- Revenue CAGR 3Y: 10.8%
- Net debt / EBITDA: -1.4x
- Interest coverage: 71.0x
- Current ratio: 4.5x
What contradicts it
- EPS CAGR 3Y: -9.1%
- P/E (TTM): 57.2x
- EV/EBITDA: 34.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.3 bn | 57.2 | 9.5% | 15.4% | +11.5% | +18% / +48% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 21.0 bn | 26.8 | 6.4% | 9.5% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.7 bn | 28.7 | 10.2% | 10.0% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for EW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 62.68 Total return -37% · Per year -37% | 110.49 Total return 11% · Per year 11% | 166.00 Total return 67% · Per year 67% |
| 3 years | 68.74 Total return -31% · Per year -12% | 135.58 Total return 36% · Per year 11% | 222.50 Total return 124% · Per year 31% |
| 5 years | 75.39 Total return -24% · Per year -5% | 166.36 Total return 67% · Per year 11% | 298.22 Total return 200% · Per year 25% |
- Exit P/E± 33.90
- Net margin± 23.73
- Annual revenue growth± 18.37
- Annual dilution± 1.99
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Edwards Lifesciences is a global structural heart innovation company with net sales of 6.1 billion USD in fiscal 2025 1. In the first six months of 2026, net sales grew 15.1% 2, and the company raised its 2026 constant currency sales growth guidance to 10% to 11% 3.
SWOT
Strengths
- The company leads in TAVR, with the SAPIEN family backed by a large body of clinical data and an established adoption base 1.
- A portfolio of repair and replacement technologies across several valves gives broad patient coverage 1.
- The financial position is solid, with substantial liquidity and capacity to fund innovation investment 3.
Weaknesses
- Gross margin was pressured by operating expenses and currency effects, and net income fell in 2025 due to personnel costs and impairments 1.
- Reliance on a limited number of hospital systems and their staffing can constrain procedure volumes 1.
- Litigation expenses rose sharply in 2025, affecting financial results 1.
Opportunities
Risks
- Clinical trial failurehigh
Unfavorable or conflicting clinical results could affect approvals and market perception of the company's prospects 1.
- Manufacturing and quality problemshigh
Production defects or supply chain disruptions could lead to recalls and added costs 1.
- Competition and hospital capacitymedium
Several technologies competing for the same catheterization labs could limit procedure volumes 1.
- Trade policy and tariffsmedium
Tariffs and retaliatory measures could raise costs and reduce demand, and their effect is hard to predict 2.
- Litigation and intellectual propertymedium
Legal costs and possible intellectual property disputes could affect financial results 1.
Investment thesis
What would need to be true (bull case)
- Sales growth in the first half of 2026 and a raised guidance suggest demand for the company's therapies remains strong 23.
- If TMTT therapies continue to expand, the segment could become an important long-term growth driver 3.
- Growing clinical evidence for SAPIEN and RESILIA could support adoption and the company's leadership position 13.
What would break the thesis
- Competition from large companies and cost pressure could limit margins, especially if operating expense ratios rise 1.
- Reliance on hospital decisions and Medicare reimbursement could slow growth if conditions change 13.
- Trade tariffs and currency effects could affect results, and their impact is difficult to estimate 23.
What to watch
- Final CMS decision on reconsideration of TAVR coverageSeptember 2026
- Next-generation PASCAL approvals and the US tricuspid indicationQ4 2026
- Results presented at TCT for the PROGRESS and CLASP IITR trialsQ4 2026
- Annual report and guidance for 2027 in the next 10-K2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Edwards Lifesciences presents itself as the leading global company in structural heart innovation, with surgical and transcatheter products for aortic, mitral, tricuspid and pulmonic valves 1. The company is organized in three product groups: transcatheter aortic valve replacement (TAVR), transcatheter mitral and tricuspid therapies (TMTT) and surgical structural heart, each with a distinct share of 2025 sales 1. Its principal executive offices are in Irvine, California 1.
In July 2026 Edwards raised its full-year sales growth guidance, and TMTT has become a growing contributor while TAVR remains the largest source of revenue 3. The company sold a non-core business in December 2025 and acquired Autus Valve Technologies in February 2026 12.
Segments
Market context
Trends
- Shift to earlier treatment of aortic stenosistailwind
Data from the EARLY TAVR and PARTNER 3 trials support early intervention in asymptomatic patients, which could expand the TAVR market 3.
- Medicare coverage reconsideration for TAVRmixed
If CMS extends coverage for TAVR, eligible US patients could increase, though the final form of the decision remains uncertain 3.
- Pressure from trade tariffsheadwind
Changes in US trade policy and retaliatory tariffs could raise costs and reduce demand, and the company is assessing mitigation through its supply chain 2.
- Expansion of mitral and tricuspid therapiestailwind
Approvals and rising adoption of PASCAL, EVOQUE and SAPIEN M3 support TMTT growth, and approvals expected in the fourth quarter could accelerate expansion 3.
Competitive position
The company names Medtronic and Abbott as primary competitors in TAVR and surgery, and Abbott as the primary competitor in TMTT 1. The medical device industry is intensely competitive, and new technologies or drug therapies can make existing products less attractive 1.
The company said the exit of a competitor in the second quarter of 2025 contributed to its growth, and its competitive position in the US improved modestly 3. Demonstrating economic value to payors and health systems remains important 1.
- Medtronic plcMDT
Named primary competitor in TAVR and surgical structural heart in company reporting 1.
- Abbott LaboratoriesABT
Named primary competitor in TAVR, TMTT and surgery in company reporting 1.
- Other developers in TMTT
Smaller and larger companies with development programs in mitral and tricuspid therapies, not named in the filing 1.
- Divisions of larger medical companies
Companies with cardiovascular device divisions competing on specific product lines in certain regions 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Edwards Lifesciences Stock Underperforming the Dow?Yahoo Finance — News · 08 Sept 2026 · EN
- Unusual Volume in Edwards Lifesciences Put Options Shows Investors Bullish on EW StockYahoo Finance — News · 31 Aug 2026 · EN
- Edwards Lifesciences (EW): The Medical Device Leader Behind the TAVR BoomYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Aug 2026Departure or appointment of officers
- Quarterly report04 Aug 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report08 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report04 May 2026Departure or appointment of officers · Regulation FD disclosure
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement26 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Edwards Lifesciences Corp · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Edwards Lifesciences Corp · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Edwards Lifesciences Corp · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.