# Edwards Lifesciences Corporation (EW)

> Source: Nexqual · https://nexqual.com/EW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Edwards Lifesciences Corporation (EW), nexqual.com/EW" · informational, not investment advice.

**Price:** USD 90.09 (+1.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 88.4 · day 88.28–90.18 · 52w 74.66–96.29 · market cap $51.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.51B, net income $1.00B (15.4% margin), free cash flow $1.43B (SEC filings).
- Valuation: P/E 51.7x (avg 30.1x at the last 3 fiscal year-ends), EV/EBITDA 29.9x, net cash $3.65B.
- 2 of 80 tracked superinvestors hold EW (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 2.07 on a 1–5 scale) (30 analysts), mean target USD 101.39 (range 84–110).
- Total return with dividends: 1Y +17.7% vs S&P 500 +14.9%; 5Y -22.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.74, revenue estimate $1.68B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.23B | $4.46B | $5.01B | $5.44B | $6.07B | $6.51B |
| Gross profit | $3.98B | $3.74B | $4.03B | $4.32B | $4.73B | — |
| Operating income | $1.69B | $1.50B | $1.31B | $1.38B | $1.26B | $1.45B |
| Net income | $1.50B | $1.52B | $1.40B | $4.17B | $1.07B | $1.00B |
| EPS (diluted) | $2.38 | $2.44 | $2.30 | $6.97 | $1.83 | — |
| Free cash flow | $1.41B | $974M | $643M | $290M | $1.33B | $1.43B |
| Gross margin | 76.1% | 83.8% | 80.5% | 79.5% | 78.0% | — |
| 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% |
| Revenue growth | +19.3% | -14.7% | +12.2% | +8.6% | +11.5% | — |
| Cash + short-term investments | $1.47B | $1.22B | $1.63B | $3.98B | $4.23B | — |
| Total debt | $596M | $596M | $597M | $598M | $598M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 51.7x · P/S 8.0x · EV/EBITDA 29.9x · EV/Sales 7.4x · P/FCF 36.2x · P/B 4.9x · FCF yield 2.76% · Earnings yield 1.94% · Buyback yield (TTM) 2.32% · Net cash $3.65B · EV $48.3B
P/E at fiscal year-ends: Dec 2025 46.5x, Dec 2024 10.6x, Dec 2023 33.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold EW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Rolfe | Wedgewood Partners | 3.08% | $14.9M | Reduced -3.4% |
| Torray Funds |  | 0.04% | $271K | Unchanged |

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 30 analysts; mean target USD 101.39 (low 84, high 110).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Barclays | Initiated | Overweight | $110 |
| 2026-09-11 | BTIG | Reiterated | Buy | $110 |
| 2026-07-25 | Leerink Partners | Upgrade | Market Perform → Outperform | $87 → $101 |
| 2026-07-24 | JP Morgan | Target raised | Overweight | $100 → $105 |
| 2026-07-24 | Piper Sandler | Target raised | Overweight | $100 → $101 |
| 2026-07-16 | Truist Securities | Target raised | Hold | $90 → $95 |
| 2026-07-15 | Mizuho | Target raised | Outperform | $100 → $105 |
| 2026-07-13 | RBC Capital | Target raised | Outperform | $100 → $110 |
| 2026-07-08 | Citigroup | Target raised | Buy | $101 → $110 |
| 2026-07-06 | Evercore ISI Group | Target raised | Outperform | $93 → $100 |
| 2026-06-30 | BTIG | Target raised | Buy | $100 → $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.7% | -22.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.8% | -5.0% |
| Volatility (annualized) | 25.5% | 34.0% |
| Max drawdown | -13.2% (Jul 2026→Jul 2026) | -53.0% (Dec 2021→Jul 2024) |

## Peers (Medical Devices)
BSX (Boston Scientific Corporation) USD 46.01 +3.37% · GEHC (GE HealthCare Technologies Inc.) USD 71.42 +3.49% · DXCM (DexCom, Inc.) USD 78.32 -2.42% · PHG (Koninklijke Philips N.V. NY Reg) USD 26.92 +2.63% · SYK (Stryker Corporation) USD 307.08 +3.19% · MDT (Medtronic plc.) USD 96.59 +3.83%

## More
Full page: https://nexqual.com/EW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EW's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1099800/000109980026000009/ew-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Medtronic plc (MDT) | "On April 12, 2023, we entered into an intellectual property agreement with Medtronic pursuant to which the parties agreed to a 15-year global covenant not to sue ("CNS") for infringement of certain patents in the structu…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.00B | 57.6% | +12.8% |
| Europe | $439.6M | 25.2% | +16.2% |
| Rest of World | $201.5M | 11.6% | +19.2% |
| Japan | $96.4M | 5.5% | +1.2% |
| Total revenue | $1.74B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Transcatheter Aortic Valve Replacement | $1.26B | 72.3% | +11.3% |
| Surgical | $284.1M | 16.3% | +6.5% |
| Transcatheter Mitral and Tricuspid Therapies | $198.6M | 11.4% | +47.7% |
| Total revenue | $1.74B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.74 | $0.75 | -1.3% | $1.68B | 24 |
| Next quarter (ends 2026-12-31) | $0.71 | $0.74 | -4.2% | $1.70B | 24 |
| Current fiscal year (ends 2026-12-31) | $3.00 | $3.01 | -0.2% | $6.76B | 28 |
| Next fiscal year (ends 2027-12-31) | $3.37 | $3.37 | -0.0% | $7.43B | 29 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±10.4%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.4% | ±10.4% |
| 2026-12-18 | 56 | 36.3% | ±11.4% |
| 2027-01-15 | 84 | 33.9% | ±13.0% |
| 2027-02-19 | 119 | 34.3% | ±15.6% |
| 2027-03-19 | 147 | 34.7% | ±17.5% |
| 2027-05-21 | 210 | 32.8% | ±19.8% |
| 2027-06-17 | 237 | 33.0% | ±21.1% |
| 2027-09-17 | 329 | 31.7% | ±23.9% |