# Edwards Lifesciences Corp (EW) — Stock CV

Edwards Lifesciences Corp is a $49.1B healthcare company. Revenue grew 15.2% over the last year, it keeps 15¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 48.9× earnings — in the most expensive third of its own history.

> Spun off from Baxter International in 2000, Edwards Lifesciences designs, manufactures, and markets a range of medical devices and equipment for advanced stages of structural heart disease.

## Identity

- **Ticker**: EW
- **Sector**: Healthcare
- **Industry**: Orthopedic, Prosthetic & Surgical Appliances & Supplies
- **Headquarters**: IRVINE, CA
- **Employees**: 16 000
- **Website**: https://www.edwards.com
- **Market cap**: $49.1B
- **Last price**: $85.21
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $6.51B
- **Net income**: $1.00B
- **Free cash flow**: $1.43B
- **Net cash**: $3.63B
- **P/E**: 48.9
- **Revenue growth (YoY)**: 15.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 22 |
| Growth | 43 |
| Profitability | 72 |
| Health | 85 |
| Quality | 85 |
| Moat | 100 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +15.2% YoY
- [x] Profitable — $1.00B TTM
- [ ] Profit growing — -9.1% YoY
- [x] Generates cash — $1.43B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $49.1B market cap
- [x] Not printing shares — -7.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 11.9 — safe
- [x] Valuation not extreme — P/E 48.9

## Experience (career milestones)

- **2025** — Edwards completed the full acquisition of heart failure monitoring company Vectorious Medical…
- **FY2024** — Best year on record: $4.17B net income
- **2024** — Edwards launched the SAPIEN 3 Ultra RESILIA valve in Europe
- **2024** — Edwards made agreements with Affluent Medical for an equity stake, IP licensing and an exclusive…
- **2023** — It was announced that the critical care business unit was to be spun off into its own entity, however in…
- **2023** — Edwards announced that its critical care business unit would be spun off into a separate entity
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.96B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2013** — Harpoon, founded in 2013, developed a minimally invasive heart surgery product for mitral valve repair to treat…
- **2011** — Edwards introduced the transcatheter heart valve replacement procedure to U.S
- **2000** — It was spun off from Baxter in 2000
- **1985** — Edwards was acquired by Baxter in 1985
- **1960** — Albert Starr, a surgeon at the Oregon Health and Sciences University, is credited as the first to successfully…

## Strengths

- High gross margin (77.8%)
- Revenue growing 15.2% year over year
- Strong cash conversion — FCF is 22.0% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 16.0%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.23B | $1.50B | $1.41B |
| FY2022 | $5.38B | $1.52B | $974M |
| FY2023 | $6.00B | $1.40B | $643M |
| FY2024 | $5.44B | $4.17B | $290M |
| FY2025 | $6.07B | $1.07B | $1.33B |

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Source: https://stockcv.com/EW — derived from company filings; may be delayed or incomplete. Information, not investment advice.