EW
Edwards Lifesciences Corporation
EW's fundamentals are mixed, but it looks expensive: trading at 60x earnings, above its usual 40x. Analysts expect earnings growth.
EW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
EW's revenue, profitability, cash flow and balance sheet are all currently healthy.
EW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 28x | $48.93 | -54% |
| Forward | 33x | $106 | — |
| Fair | 39x | $69.87 | -34% |
| Expensive | 57x | $102 | -3.9% |
| Current | 60x | $106 | — |
Historical ranges are pointers, not guarantees.
EW's PE is in its expensive range at 60x. If earnings grow as analysts expect, today's price would be 33x next year's earnings, in its cheap range.
EW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for EW, with profitability improving.
EW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.25 | +84% |
| Q3 2026 | $1.77 | -24% |
| Q2 2026 | $1.74 | -75% |
| Q1 2026 | $1.88 | -73% |
| Q4 2025 | $1.83 | -74% |
| Q3 2025 | $2.32 | -67% |
| Q2 2025 | $6.95 | +186% |
| Q1 2025 | $7.00 | +202% |
| Q4 2024 | $6.97 | +203% |
EW's earnings per share have fallen from their peak: $1.77 over the past year, against $7.00 in early 2025.
EW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +10% |
| Q2 2026 | $1.7B | +14% |
| Q1 2026 | $1.6B | +17% |
| Q4 2025 | $1.6B | +13% |
| Q3 2025 | $1.6B | +15% |
| Q2 2025 | $1.5B | +11% |
| Q1 2025 | $1.4B | -12% |
| Q4 2024 | $1.4B | -9.7% |
EW's revenue has grown year over year for six quarters in a row: $1.7B last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | -2.3 points |
| Q2 2026 | 29% | +2.6 points |
| Q1 2026 | 29% | +1 points |
| Q4 2025 | 9.6% | -13 points |
| Q3 2025 | 20% | -6.1 points |
| Q2 2025 | 27% | +0.2 points |
| Q1 2025 | 28% | +3.7 points |
| Q4 2024 | 23% | -3.5 points |
EW's operating margin was 17% last quarter, down 2.3 points from the same quarter a year ago, near the bottom of its range since 2019.
EW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $506.7M | -1.8% |
| Q2 2026 | $585M | +143% |
| Q1 2026 | -$21.1M | -109% |
| Q4 2025 | $353.5M | +$530.8M |
| Q3 2025 | $516.2M | +72% |
| Q2 2025 | $240.9M | -16% |
| Q1 2025 | $224.4M | +$343.2M |
| Q4 2024 | -$177.3M | -467% |
EW generated $1.4B in free cash flow over the past year, up 77% from the year before.
EW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.4% | -8.1M shares |
| 3 years | -5.2% | -31.9M shares |
| 5 years | -8.6% | -54.1M shares |
| Available history | -9.3% | -59M shares |
EW has 578M diluted shares, down 1.4% from a year ago, with $755M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $138.9M |
| Q2 2026 | $153.3M |
| Q1 2026 | $421.8M |
| Q4 2025 | $40.6M |
| Q3 2025 | $588.7M |
| Q2 2025 | $5.5M |
| Q1 2025 | $258.6M |
| Q4 2024 | $100.1M |
EW spent $755M buying back its own shares over the past year, down 21% from the year before.
EW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.6x | Net Cash |
| Q2 2026 | -1.4x | Net Cash |
| Q1 2026 | -1.2x | Net Cash |
| Q4 2025 | -1.7x | Net Cash |
| Q3 2025 | -1.3x | Net Cash |
| Q2 2025 | -1.7x | Net Cash |
| Q1 2025 | -1.6x | Net Cash |
| Q4 2024 | -1.6x | Net Cash |
EW has more cash than debt.
EW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.7 | Overbought |
| Stochastic | 87.7 | Overbought |
EW's weekly RSI is 72 (overbought) and its Stochastic is 88 (overbought).
EW PE vs Healthcare Sector
| Metric | EW | Sector median | Relative |
|---|---|---|---|
| PE | 60x | 26x | 131% above |
| PE % | 84 | 29 | 55 pts above |
EW is trading at 60x earnings, a 131% premium to the Healthcare sector's median of 26x.
EW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $91.5 | 16% above |
| 20 week MA | $89.9 | 18% above |
| 50 week MA | $85.9 | 23% above |
| 100 week MA | $80.9 | 31% above |
| 200 week MA | $80.0 | 32% above |
EW is in an uptrend: it's above all five of its weekly moving averages, and 32% above its 200-week average.
EW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.2 | $88.6 | +13% |
| 2021 | $88.6 | $128.6 | +45% |
| 2022 | $128.6 | $74.2 | -42% |
| 2023 | $74.2 | $76.3 | +2.8% |
| 2024 | $76.3 | $75.7 | -0.8% |
| 2025 | $75.7 | $86.9 | +15% |
| 2026 YTD | $86.9 | $105.8 | +22% |
EW has finished higher in four of the last six years. It's up 22% so far in 2026.