Financials Edwards Lifesciences Corporation

Equities

EW

US28176E1082

Advanced Medical Equipment & Technology

Market Closed - Nyse Other stock markets 04:00:02 2025-12-12 pm EST			5-day change	1st Jan Change
83.08 ^USD	-1.38%		-3.61%	+12.22%

Dec. 11	Citigroup Adjusts Edwards Lifesciences Price Target to $101 From $96, Maintains Buy Rating	MT
Dec. 11	Edwards Lifesciences Insider Sold Shares Worth $2,153,373, According to a Recent SEC Filing	MT

Projected Income Statement: Edwards Lifesciences Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,386	5,232	5,382	6,005	5,440	6,031	6,615	7,263
Change	-	19.29%	2.86%	11.56%	-9.41%	10.87%	9.68%	9.8%
EBITDA ¹	1,429	1,729	1,936	1,879	1,670	1,822	2,038	2,286
Change	-	21%	11.96%	-2.96%	-11.12%	9.11%	11.84%	12.17%
EBIT ¹	1,322	1,594	1,796	1,734	1,514	1,660	1,869	2,096
Change	-	20.61%	12.67%	-3.49%	-12.65%	9.64%	12.58%	12.12%
Interest Paid ¹	7.6	-1	16.3	49.6	100.5	-139.3	-112.3	-109.2
Earnings before Tax (EBT) ¹	916.7	1,702	1,767	1,598	1,548	1,676	1,947	2,193
Change	-	85.67%	3.84%	-9.58%	-3.13%	8.25%	16.16%	12.67%
Net income ¹	823.4	1,503	1,522	1,402	4,175	1,340	1,576	1,775
Change	-	82.55%	1.25%	-7.85%	197.68%	-67.9%	17.57%	12.65%
Announcement Date	1/27/21	1/26/22	1/31/23	2/6/24	2/11/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,192	1,217	1,376	1,310	1,330	1,341	1,374	1,319	1,348	1,460	1,530	1,481	1,534	1,598	1,632	1,354	1,386	1,413	1,532	1,553	1,541	1,567	1,671	1,687	1,692	1,701	1,820	1,831
Change	-	2.09%	13.1%	-4.78%	1.49%	0.86%	2.44%	-4%	2.22%	8.25%	4.84%	-3.22%	3.59%	4.18%	2.13%	-17.03%	2.32%	1.94%	8.46%	1.36%	-0.76%	1.64%	6.69%	0.94%	0.27%	0.56%	6.98%	0.62%
EBITDA ¹	395.2	418.9	481	431.4	398	479.4	480	492.8	483.9	469.3	485.6	458.7	465.1	477.6	485.7	460.1	397.3	447.9	470.8	466	441.9	482.6	518.4	517.3	510	537.1	575.2	588.8
Change	-	6%	14.82%	-10.31%	-7.74%	20.45%	0.13%	2.67%	-1.81%	-3.02%	3.47%	-5.54%	1.4%	2.69%	1.7%	-5.27%	-13.65%	12.74%	5.11%	-1.02%	-5.18%	9.23%	7.42%	-0.23%	-1.39%	5.3%	7.1%	2.37%
EBIT ¹	362.6	386.5	445.2	397.8	365	444.7	445.9	457.4	448.5	434.1	449.5	421.8	428.4	439.1	446.1	425.6	354.7	411.3	432.7	426.8	399	443.6	478.5	479.5	474.8	479.3	526.9	530.7
Change	-	6.59%	15.19%	-10.65%	-8.25%	21.84%	0.27%	2.58%	-1.95%	-3.21%	3.55%	-6.16%	1.56%	2.5%	1.59%	-4.6%	-16.66%	15.96%	5.2%	-1.36%	-6.51%	11.17%	7.86%	0.2%	-0.97%	0.94%	9.95%	0.71%
Charge d'intérêts ¹	0.5	5.8	-1	-0.8	0.5	0.6	0.9	6.9	7.9	-	9.1	15.1	16.8	16.5	15.5	24.3	-	-	37.4	38.6	-26.67	-26.5	-26.5	-26.5	-26.5	-	-	-
Earnings before Tax (EBT) ¹	356.1	389.3	545.5	390.9	376.3	436.1	464.7	407.3	459.3	398.6	338.5	439.3	421.7	409.4	386.6	402.8	390.1	433.9	400.2	348.4	426.7	448.5	490.1	501	514.3	513.2	552	565.4
Change	-	9.32%	40.12%	-28.34%	-3.73%	15.89%	6.56%	-12.35%	12.77%	-13.22%	-15.08%	29.78%	-4.01%	-2.92%	-5.57%	4.19%	-3.15%	11.23%	-7.77%	-12.94%	22.48%	5.1%	9.28%	2.23%	2.66%	-0.22%	7.57%	2.41%
Net income ¹	309.5	338.2	489.5	340.1	335.3	373.6	406.4	343.5	398.4	340.5	307.1	384.9	369.9	351.9	366.3	3,071	385.6	358	333.2	291.1	348.7	369.9	402.8	410.7	417.8	427.5	459.8	471.1
Change	-	9.27%	44.74%	-30.52%	-1.41%	11.42%	8.78%	-15.48%	15.98%	-14.53%	-9.81%	25.33%	-3.9%	-4.87%	4.09%	738.33%	-87.44%	-7.16%	-6.93%	-12.64%	19.8%	6.08%	8.9%	1.95%	1.74%	2.31%	7.55%	2.46%
Announcement Date	1/27/21	4/20/21	7/29/21	10/27/21	1/26/22	4/26/22	7/28/22	10/27/22	1/31/23	4/26/23	7/26/23	10/25/23	2/6/24	4/25/24	7/24/24	10/24/24	2/11/25	4/23/25	7/24/25	10/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Edwards Lifesciences Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-588	-267	-173	-1,048	-3,378	-3,290	-4,454	-5,963
Change	-	54.59%	35.21%	-505.78%	-222.33%	2.61%	-35.38%	-33.88%
Announcement Date	1/27/21	1/26/22	1/31/23	2/6/24	2/11/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Edwards Lifesciences Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	407	325.8	244.6	253	252.4	266	290.6	298.6
Change	-	-19.95%	-24.92%	3.43%	-0.24%	5.4%	9.24%	2.75%
Free Cash Flow (FCF) ¹	647.3	1,406	973.6	943	289.9	1,338	1,610	1,796
Change	-	117.26%	-30.77%	-3.14%	-69.26%	361.63%	20.31%	11.51%
Announcement Date	1/27/21	1/26/22	1/31/23	2/6/24	2/11/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Edwards Lifesciences Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	32.58%	33.05%	35.97%	31.29%	30.7%	30.19%	30.8%	31.47%
EBIT Margin (%)	30.14%	30.47%	33.38%	28.87%	27.84%	27.6%	28.26%	19.22%
EBT Margin (%)	20.9%	32.53%	32.84%	26.61%	28.46%	27.77%	29.43%	30.2%
Net margin (%)	18.77%	28.73%	28.28%	23.35%	76.75%	22.21%	23.82%	24.44%
FCF margin (%)	14.76%	26.88%	18.09%	15.7%	5.33%	22.18%	24.34%	24.72%
FCF / Net Income (%)	78.61%	93.56%	63.97%	67.24%	6.94%	99.85%	102.19%	101.16%
Profitability
ROA	17.11%	17.84%	18.46%	15.89%	12.98%	10.88%	11.55%	11.94%
ROE	26.92%	26.97%	26.64%	22.52%	17.48%	14.51%	14.62%	14.87%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	9.28%	6.23%	4.54%	4.21%	4.64%	4.41%	4.39%	4.11%
CAPEX / EBITDA (%)	28.48%	18.84%	12.63%	13.47%	15.12%	14.6%	14.26%	13.06%
CAPEX / FCF (%)	62.88%	23.17%	25.12%	26.83%	87.06%	19.88%	18.05%	16.63%
Items per share
Cash flow per share ¹	1.668	2.74	1.952	1.47	0.9049	2.572	2.861	3.366
Change	-	64.22%	-28.76%	-24.69%	-38.44%	184.24%	11.22%	17.66%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	7.188	9.351	9.546	10.91	16.99	18.49	19.4	21.05
Change	-	30.1%	2.09%	14.31%	55.66%	8.86%	4.93%	8.47%
EPS ¹	1.3	2.38	2.44	2.3	6.97	2.269	2.69	3.039
Change	-	83.08%	2.52%	-5.74%	203.04%	-67.45%	18.53%	12.98%
Nbr of stocks (in thousands)	623,248	624,334	618,260	606,500	589,800	580,300	580,300	580,300
Announcement Date	1/27/21	1/26/22	1/31/23	2/6/24	2/11/25	-	-	-