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Edwards Lifesciences Corporation

EW US · Health Care · USD

Wiki entry last updated Aug 10, 2026

Current price$89.25as of Sep 22, 2026

Summary

CFRA rating	BUY
Consensus target	$100.96 (+13.1%)

Analyst consensus

Strong Buy 4Buy 18Hold 726 analysts

3-year price (USD)

69.66 → 88.34 (+26.8% over the period)

Factor profile

Multi-factor score 82 / 100

Market data

P/E (trailing)	53.13
P/E (forward)	26.43
Beta	0.85
52-week high	$96.29
52-week low	$72.30

Business description

Edwards Lifesciences is a global leader in medical innovations for structural heart disease, operating across Transcatheter Aortic Valve Replacement (TAVR, 74% of 2025 sales), Transcatheter Mitral and Tricuspid Therapies (TMTT, 9%), and Surgical Structural Heart (17%). Following the 2024 spinoff of its Critical Care unit to BD, EW is now a pure-play structural heart company with a dominant position in minimally invasive heart valve replacement.

Competitive moat

First-mover and technology leader in TAVR with the Edwards SAPIEN valve family, a market it pioneered and has dominated since 2007 (Europe) and 2011 (U.S.).
Only company with approved tricuspid valve replacement (Evoque), creating a first-mover advantage in a nascent $2B+ TMTT market by 2030.
Substantial R&D investment (17.8% of 2024 revenues) sustaining a pipeline of next-generation structural heart innovations.
Negative net debt and conservative 6% debt/capital structure providing significant strategic flexibility.
Strong clinical data (EARLY TAVR study) driving earlier disease intervention and expanding the addressable patient population.

Recent developments

TMTT growth accelerating: EW expects TMTT sales to reach at least $2B by 2030 (from $551M in 2025), fueled by SAPIEN M3 U.S. approval and Evoque tricuspid system.
Q1 2026 beat and guidance raise: Full-year 2026 guidance raised to 10% constant currency sales growth (from 9%) and adjusted EPS midpoint of $3.00 (+17% Y/Y).
EARLY TAVR data driving volumes: Clinical evidence supporting earlier aortic stenosis intervention expanding the patient pool.
FTC blocked JenaValve acquisition (2025): Deal terminated in early 2026; may support better near-term margins by avoiding acquisition-related costs.

Investment risks / red flags

TAVR competition: Intense competition from Medtronic and Abbott in the core TAVR market could pressure market share or pricing.
Elective procedure disruptions: Macroeconomic shocks or staffing shortages could delay TAVR/TMTT procedure volumes.
FTC/regulatory risk: FTC blocking of the JenaValve deal signals heightened antitrust scrutiny on structural heart M&A.
Valuation premium: P/E of 28.6x on 2026 EPS reflects growth expectations that may be vulnerable to any TAVR/TMTT adoption slowdown.

Financials

Revenue	$6.51B	Revenue growth	13.60%
Earnings growth	-25.40%	EBITDA	$2.00B
Gross margin	77.84%	Operating margin	29.84%
Profit margin	15.43%	Revenue / share	$11.22
Return on equity	9.18%	Return on assets	8.37%
Operating cash flow	$1.72B	Free cash flow	$1.23B
Total cash	$4.25B	Total debt	$704.40M
Debt / equity	6.57	Current ratio	4.52

Classification

Thematic exposure	Health Care Innovation
Related companies	Abbott Laboratories, Medtronic plc

Back to Companies

Edwards Lifesciences Corporation

EW US Website

Last updated: Aug 10, 2026

Health Care

Current price: $89.25 · Sep 22, 2026· USD

CFRA Ratingbuy

TBI Multi Score82

Theme Exposure

Health Care Innovation

Related Peers

Abbott Laboratories Medtronic plc

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Factor Profile (Spider Chart)

TBI Model

Price Chart (TradingView)

Symbol: EW

Business description

Competitive moat

First-mover and technology leader in TAVR with the Edwards SAPIEN valve family, a market it pioneered and has dominated since 2007 (Europe) and 2011 (U.S.).
Only company with approved tricuspid valve replacement (Evoque), creating a first-mover advantage in a nascent $2B+ TMTT market by 2030.
Substantial R&D investment (17.8% of 2024 revenues) sustaining a pipeline of next-generation structural heart innovations.
Negative net debt and conservative 6% debt/capital structure providing significant strategic flexibility.
Strong clinical data (EARLY TAVR study) driving earlier disease intervention and expanding the addressable patient population.

Recent developments

TMTT growth accelerating: EW expects TMTT sales to reach at least $2B by 2030 (from $551M in 2025), fueled by SAPIEN M3 U.S. approval and Evoque tricuspid system.
Q1 2026 beat and guidance raise: Full-year 2026 guidance raised to 10% constant currency sales growth (from 9%) and adjusted EPS midpoint of $3.00 (+17% Y/Y).
EARLY TAVR data driving volumes: Clinical evidence supporting earlier aortic stenosis intervention expanding the patient pool.
FTC blocked JenaValve acquisition (2025): Deal terminated in early 2026; may support better near-term margins by avoiding acquisition-related costs.

Investment risks / red flags

TAVR competition: Intense competition from Medtronic and Abbott in the core TAVR market could pressure market share or pricing.
Elective procedure disruptions: Macroeconomic shocks or staffing shortages could delay TAVR/TMTT procedure volumes.
FTC/regulatory risk: FTC blocking of the JenaValve deal signals heightened antitrust scrutiny on structural heart M&A.
Valuation premium: P/E of 28.6x on 2026 EPS reflects growth expectations that may be vulnerable to any TAVR/TMTT adoption slowdown.

Market Data

Source: mkts.io · Sep 22, 2026, 18:00 UTC

Key Metrics

P/E (TTM)53.13

P/E (Fwd)26.43

Beta0.85

52W High$96.29

52W Low$72.30

Analyst Consensus

Buy

Strong Buy4Buy18Hold726 analysts

Consensus Target$100.96

+13.1% upside

Calendar Events

Next EarningsOct 29, 2026

Financials

Revenue$6.51B

Rev Growth13.60%

Earnings Growth-25.40%

Gross Margin77.84%

Op Margin29.84%

Profit Margin15.43%

EBITDA$2.00B

ROA8.37%

ROE9.18%

Rev/Share$11.22

Total Cash$4.25B

Total Debt$704.40M

D/E Ratio6.57

Free Cash Flow$1.23B

Op Cash Flow$1.72B

Current Ratio4.52

Forward Estimates

Period	EPS Est	Rev Est
0q	0.74	$1.68B
+1q	0.71	$1.70B
0y	3.00	$6.76B
+1y	3.38	$7.43B

Earnings

Quarterly EPS

3Q2025

Est: 0.590.67Beat

4Q2025

Est: 0.620.58Miss

1Q2026

Est: 0.730.78Beat

2Q2026

Est: 0.740.78Beat

Annual

2022

Rev $5.38BEarn $1.52B

2023

Rev $6.00BEarn $1.40B

2024

Rev $5.44BEarn $4.17B

2025

Rev $6.07BEarn $1.07B

Rating Changes

10 total

Date	Firm	Action	To
Sep 11, 2026	BTIG	reit	Buy
Jul 25, 2026	Leerink Partners	up	Outperform
Jul 24, 2026	JP Morgan	main	Overweight
Jul 24, 2026	Piper Sandler	reit	Overweight
Jul 16, 2026	Truist Securities	main	Hold
Jul 15, 2026	Mizuho	main	Outperform