Edwards Lifesciences Corporation (EW) Key Metrics
EW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $49.92B
- Enterprise value
- $46.49B
- P/E (TTM)
- 51.5 10-yr median 42.2
- Forward P/E
- 25.6
- PEG ratio
- 1.85
- Price / sales
- 7.7 10-yr median 8.4
- Price / book
- 4.7 10-yr median 8.1
- EV / EBITDA
- 28.1 10-yr median 31.1
- Dividend yield
- —
- Beta
- 0.86
EW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEW valuation Price multiples at each fiscal year-end price.
EW returns How much profit the business earns on the capital it uses.
EW per-share figures Results divided by the shares outstanding at year-end.
EW financial health Debt, liquidity and how easily interest is covered.
EW efficiency & capital use Working capital cycle and where the cash goes.
EW valuation history
EW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EW cash returned to shareholders
EW price vs earnings per share
EW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $49.94B | $44.37B | $46.47B | $46.57B | $81.77B | $57.65B | $49.50B | $32.72B | $24.33B | $20.41B |
| Enterprise value | $46.42B | $41.09B | $45.52B | $46.05B | $81.00B | $56.94B | $48.67B | $32.35B | $24.03B | $19.96B |
| P/E ratio | 46.5 | 10.6 | 33.1 | 30.6 | 54.4 | 70.0 | 47.3 | 45.3 | 39.1 | 35.8 |
| Price / sales | 8.2 | 8.2 | 7.7 | 8.7 | 15.6 | 13.1 | 11.4 | 8.8 | 7.1 | 6.9 |
| Price / book | 4.8 | 4.4 | 7.0 | 8.0 | 14.0 | 12.6 | 11.9 | 10.4 | 8.1 | 7.8 |
| Price / free cash flow | 37.4 | 153.0 | 73.8 | 48.8 | 58.3 | 89.1 | 54.9 | 47.8 | 29.5 | 41.9 |
| Price / operating cash flow | 31.3 | 81.8 | 51.9 | 38.2 | 47.2 | 54.7 | 42.0 | 35.3 | 24.3 | 29.0 |
| EV / sales | 7.7 | 7.6 | 7.6 | 8.6 | 15.5 | 13.0 | 11.2 | 8.7 | 7.0 | 6.7 |
| EV / EBITDA | 32.5 | 23.8 | 29.7 | 23.8 | 43.5 | 54.4 | 37.9 | 37.1 | 21.1 | 24.1 |
| EV / free cash flow | 34.8 | 141.7 | 72.3 | 48.3 | 57.8 | 88.0 | 54.0 | 47.2 | 29.1 | 41.0 |
| Earnings yield | 2.1% | 9.4% | 3.0% | 3.3% | 1.8% | 1.4% | 2.1% | 2.2% | 2.6% | 2.8% |
| Free cash flow yield | 2.7% | 0.7% | 1.4% | 2.0% | 1.7% | 1.1% | 1.8% | 2.1% | 3.4% | 2.4% |
| Dividend yield | — | — | 0.4% | 0.3% | 0.2% | 0.2% | 0.0% | 2.1% | 0.0% | 1.2% |
| Shareholder yield (dividends + buybacks) | 1.8% | 2.6% | 2.3% | 4.0% | 0.8% | 1.3% | 0.6% | 4.5% | 3.1% | 4.5% |
| Share price at fiscal year-end | $85.25 | $74.03 | $76.25 | $74.61 | $129.55 | $91.23 | $77.76 | $51.06 | $37.57 | $31.23 |
| Per share | ||||||||||
| Revenue per share | $10.36 | $9.08 | $9.85 | $8.62 | $8.29 | $6.94 | $6.83 | $5.81 | $5.30 | $4.54 |
| Earnings per share | $1.83 | $6.97 | $2.30 | $2.44 | $2.38 | $1.30 | $1.64 | $1.13 | $0.96 | $0.87 |
| Operating cash flow per share | $2.72 | $0.90 | $1.47 | $1.95 | $2.74 | $1.67 | $1.85 | $1.45 | $1.55 | $1.08 |
| Free cash flow per share | $2.28 | $0.48 | $1.03 | $1.53 | $2.22 | $1.02 | $1.42 | $1.07 | $1.27 | $0.75 |
| Cash per share | $7.22 | $6.63 | $2.68 | $1.95 | $2.32 | $2.22 | $2.38 | $1.49 | $2.06 | $1.95 |
| Book value per share | $17.65 | $16.68 | $10.91 | $9.30 | $9.25 | $7.24 | $6.52 | $4.90 | $4.62 | $4.01 |
| Tangible book value per share | $12.70 | $11.76 | $8.38 | $6.98 | $6.88 | $4.86 | $4.15 | $2.63 | $2.16 | $2.74 |
| Dividends per share | — | — | $0.28 | $0.23 | $0.25 | $0.22 | $0.03 | $1.07 | $0.00 | $0.39 |
| Capex per share | $0.44 | $0.42 | $0.44 | $0.42 | $0.52 | $0.64 | $0.44 | $0.38 | $0.27 | $0.33 |
| Debt per share | $1.20 | $1.17 | $1.12 | $1.11 | $1.09 | $1.10 | $1.07 | $0.93 | $1.60 | $1.26 |
| Shares outstanding | 585.8M | 599.3M | 609.4M | 624.2M | 631.2M | 631.9M | 636.6M | 640.8M | 647.7M | 653.4M |
| Change in shares outstanding | −2.3% | −1.7% | −2.4% | −1.1% | −0.1% | −0.7% | −0.7% | −1.1% | −0.9% | −1.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.6% | 50.2% | 22.5% | 26.1% | 28.9% | 18.9% | 28.7% | 23.5% | 22.2% | 22.2% |
| Return on invested capital (ROIC) | 20.1% | 20.0% | 24.5% | 28.3% | 31.9% | 32.4% | 35.3% | 37.9% | 23.4% | 31.1% |
| Return on assets (ROA) | 8.0% | 37.2% | 15.9% | 18.1% | 19.1% | 12.0% | 17.7% | 13.1% | 12.2% | 13.3% |
| Return on tangible assets | 9.9% | 41.3% | 17.9% | 22.2% | 21.4% | 14.4% | 21.0% | 18.7% | 15.2% | 15.5% |
| Free cash flow margin | 22.0% | 5.3% | 10.5% | 17.7% | 26.8% | 14.8% | 20.7% | 18.4% | 24.0% | 16.4% |
| Income quality (OCF / net income) | 1.49 | 0.13 | 0.64 | 0.80 | 1.15 | 1.28 | 1.13 | 1.28 | 1.61 | 1.24 |
| Financial health | ||||||||||
| Total debt | $705.4M | $700.0M | $685.1M | $691.3M | $690.3M | $694.9M | $678.8M | $593.8M | $1.04B | $822.3M |
| Cash & short-term investments | $4.23B | $3.98B | $1.63B | $1.22B | $1.47B | $1.40B | $1.52B | $956.5M | $1.34B | $1.27B |
| Net debt | −$3.52B | −$3.28B | −$947.7M | −$524.0M | −$776.5M | −$707.7M | −$838.1M | −$362.7M | −$301.1M | −$448.8M |
| Debt / equity | 0.07 | 0.07 | 0.10 | 0.12 | 0.12 | 0.15 | 0.16 | 0.19 | 0.35 | 0.31 |
| Debt / assets | 0.05 | 0.05 | 0.07 | 0.08 | 0.08 | 0.10 | 0.10 | 0.11 | 0.18 | 0.18 |
| Net debt / EBITDA | −2.46 | −1.90 | −0.62 | −0.27 | −0.42 | −0.68 | −0.65 | −0.42 | −0.26 | −0.54 |
| Current ratio | 3.72 | 4.18 | 3.38 | 3.03 | 3.08 | 3.46 | 3.31 | 2.61 | 1.81 | 4.21 |
| Quick ratio | 3.09 | 3.45 | 2.62 | 2.17 | 2.38 | 2.56 | 2.60 | 1.92 | 1.41 | 3.46 |
| Interest coverage | 80.2 | 69.6 | 87.2 | 65.0 | 64.9 | 58.4 | 43.9 | 32.7 | 43.5 | 45.3 |
| Working capital | $4.93B | $4.78B | $2.84B | $2.07B | $2.15B | $2.20B | $2.08B | $1.41B | $1.13B | $1.71B |
| Invested capital | $6.82B | $6.72B | $5.70B | $5.28B | $5.06B | $3.87B | $3.31B | $2.78B | $2.69B | $2.17B |
| Tangible asset value | $7.44B | $7.11B | $5.17B | $4.36B | $4.34B | $3.07B | $2.64B | $1.69B | $1.40B | $1.79B |
| Net current asset value | $3.38B | $3.29B | $1.39B | $610.0M | $514.0M | $428.2M | $644.2M | $103.6M | −$169.7M | $349.0M |
| Graham number | $26.97 | $51.14 | $23.77 | $22.59 | $22.26 | $14.57 | $15.53 | $11.15 | $10.00 | $8.87 |
| Graham net-net per share | $3.61 | $3.46 | $0.10 | −$0.49 | −$0.54 | −$0.64 | −$0.08 | −$0.81 | −$1.12 | −$0.17 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $169.9M | $146.4M | $158.6M | $140.5M | $18.9M | $688.0M | $0 | $253.5M |
| Share buybacks (net) | $893.4M | $1.16B | $879.6M | $1.73B | $512.8M | $625.4M | $263.3M | $795.5M | $763.3M | $662.3M |
| Dividend payout ratio | — | — | 12.1% | 9.6% | 10.6% | 17.1% | 1.8% | 95.3% | 0.0% | 44.5% |
| Dividends + buybacks / free cash flow | 66.9% | 399.9% | 166.7% | 196.5% | 47.9% | 118.4% | 31.3% | 216.5% | 92.5% | 188.0% |
| Capex / revenue | 4.3% | 4.6% | 4.4% | 4.9% | 6.3% | 9.3% | 6.4% | 6.5% | 5.1% | 7.3% |
| Capex / operating cash flow | 16.3% | 46.5% | 29.7% | 21.7% | 19.0% | 38.6% | 23.6% | 26.1% | 17.5% | 30.9% |
| Capex / depreciation | 1.66 | 1.63 | 1.84 | 1.90 | 2.45 | 3.80 | 3.12 | 3.12 | 2.14 | 3.05 |
| Stock-based compensation / revenue | 2.6% | 3.0% | 2.3% | 2.4% | 2.1% | 2.1% | 1.9% | 1.9% | 1.8% | 1.9% |
| R&D / revenue | 17.8% | 19.4% | 17.8% | 17.6% | 17.3% | 17.3% | 17.3% | 16.7% | 16.1% | 14.9% |
| SG&A / revenue | 34.4% | 32.9% | 29.3% | 29.1% | 28.6% | 28.0% | 28.6% | 29.2% | 28.7% | 30.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 49.3 | 52.2 | 46.4 | 46.2 | 44.2 | 50.0 | 47.7 | 49.8 | 47.5 | 46.7 |
| Days of inventory on hand | 304.4 | 325.0 | 235.3 | 250.5 | 227.6 | 239.7 | 197.1 | 230.0 | 196.7 | 166.8 |
| Days payables outstanding | 58.4 | 62.7 | 51.4 | 63.5 | 59.7 | 62.6 | 49.7 | 49.6 | 44.2 | 36.5 |
| Cash conversion cycle (days) | 295.2 | 314.5 | 230.3 | 233.2 | 212.1 | 227.1 | 195.2 | 230.2 | 200.0 | 177.1 |
| Receivables turnover | 7.40 | 6.99 | 7.86 | 7.89 | 8.26 | 7.30 | 7.65 | 7.32 | 7.69 | 7.81 |
| Payables turnover | 6.25 | 5.82 | 7.10 | 5.74 | 6.11 | 5.83 | 7.35 | 7.36 | 8.26 | 10.01 |
| Inventory turnover | 1.20 | 1.12 | 1.55 | 1.46 | 1.60 | 1.52 | 1.85 | 1.59 | 1.86 | 2.19 |
| Asset turnover | 0.45 | 0.49 | 0.68 | 0.64 | 0.66 | 0.64 | 0.74 | 0.68 | 0.67 | 0.69 |
| Average receivables | $819.8M | $777.8M | $763.6M | $682.0M | $633.9M | $601.0M | $568.2M | $508.3M | $446.9M | $379.4M |
| Average payables | $212.4M | $192.0M | $194.2M | $203.2M | $200.5M | $188.4M | $157.2M | $125.3M | $106.8M | $80.5M |
| Average inventory | $1.11B | $995.1M | $889.5M | $801.1M | $764.5M | $721.6M | $624.0M | $581.0M | $475.8M | $368.2M |
| Intangibles / total assets | 21.1% | 22.6% | 16.5% | 17.5% | 17.5% | 20.8% | 23.2% | 27.3% | 28.0% | 18.4% |
Computed from EW's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EW valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Edwards Lifesciences traded at 46.5 times earnings, against a 10-year median of 42.2. Based on the latest twelve months, the trailing P/E is 51.5 and the forward P/E is 25.6. Edwards Lifesciences earned a return on equity of 10.6% and a return on invested capital of 20.1% in fiscal 2025. It ended the year with $705.4 million of debt and $4.2 billion in cash and short-term investments, a net cash position of $3.5 billion. It returned $893.4 million to shareholders: $0 in dividends and $893.4 million in share buybacks, 67% of free cash flow. The share count fell 10.3% from 653.4M to 585.8M over 9 years.
See the EW income statement, the EW chart for price history, or the EW stock overview for the latest quote and news.
EW key metrics FAQ
What is Edwards Lifesciences's P/E ratio?
Edwards Lifesciences's trailing P/E ratio is 51.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 25.6. At the end of fiscal 2025 it was 46.5, compared with a 10-year median of 42.2.
What is Edwards Lifesciences's EV/EBITDA?
Edwards Lifesciences's enterprise value was 32.5 times EBITDA at the end of fiscal 2025 (enterprise value $46.4 billion, EBITDA $1.4 billion); the current EV/EBITDA is 28.1.
What is Edwards Lifesciences's return on equity?
Edwards Lifesciences's return on equity (ROE) was 10.6% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $10.2 billion.
What is Edwards Lifesciences's ROIC?
Edwards Lifesciences's return on invested capital was 20.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Edwards Lifesciences have?
Edwards Lifesciences had total debt of $705.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.07 and more cash than debt.
Does Edwards Lifesciences buy back its shares?
Yes. Edwards Lifesciences spent $893.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.3% over the year, to 585.8M..
What is Edwards Lifesciences's free cash flow yield?
Edwards Lifesciences generated $1.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.7% on its market value at year-end ($49.9 billion).
What is Edwards Lifesciences's current ratio?
Edwards Lifesciences's current ratio was 3.72 at the end of fiscal 2025: current assets were 3.72 times current liabilities.