Edwards Lifesciences
Builds catheter-based and surgical heart-valve systems led by the SAPIEN TAVR platform.
Something off on this page? Send us feedback.
Profile
Sells catheter-delivered and surgical devices for aortic, mitral, and tricuspid valve disease, led by SAPIEN TAVR systems and supported by PASCAL, EVOQUE, SAPIEN M3, and RESILIA-tissue surgical valves. TAVR generates most revenue, while approvals, reimbursement, and procedure-level clinical support shape adoption.
Develops catheter-based and surgical devices for structural heart disease. The SAPIEN family anchors transcatheter aortic valve replacement; PASCAL repairs mitral and tricuspid valves, while EVOQUE and SAPIEN M3 replace them. INSPIRIS, KONECT, and MITRIS surgical valves use RESILIA tissue, and Cordella extends the portfolio into implantable pulmonary-artery pressure monitoring for heart failure.
Builds adoption through iterative device design, clinical evidence, physician training, and field specialists who support hospital procedures. The United States is the largest market, with substantial business across Europe, Japan, and other regions. TAVR supplies most revenue, leaving results concentrated in the SAPIEN platform. Commercial access depends on regulatory approvals, hospital reimbursement, clinician adoption, and reliable manufacturing of tissue-based valves.
Company facts
Categories
Key statistics
Year to date +5.7% · Average volume (30d) 3.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | UBS | Upgrade | Neutral | Buy | $94 | $110 |
| Jul 24, 2026 | Piper Sandler | Reiterate | Overweight | $100 | $101 | |
| Jul 24, 2026 | Leerink Partners | Upgrade | Market Perform | Outperform | $138 | $101 |
| Jul 16, 2026 | Truist Financial | Target | $90 | $95 | ||
| Jul 13, 2026 | RBC Capital | Reiterate | Outperform | $100 | $110 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.74 | $0.78 | +5.0% | $1.70B | $1.74B | +2.4% | −1.42% |
| Apr 23, 2026Q1 FY26 | $0.73 | $0.78 | +7.0% | $1.60B | $1.65B | +3.2% | +5.56% |
| Feb 10, 2026Q4 FY25 | $0.62 | $0.58 | −6.1% | $1.55B | $1.57B | +1.5% | +2.96% |
| Oct 30, 2025Q3 FY25 | $0.60 | $0.67 | +12.4% | $1.50B | $1.55B | +3.7% | −1.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.53B | $1.55B | $1.57B | $1.65B | $1.74B | |
| Gross profit | $1.11B | $1.19B | $1.21B | $1.23B | $1.29B | $1.35B | |
| Operating income | $394.8M | $430.9M | $425.1M | $370.3M | $514.7M | $519.5M | |
| Net income | $358.0M | $329.8M | $291.1M | $91.2M | $380.7M | $241.9M | |
| Diluted EPS | $0.61 | $0.56 | $0.50 | $0.16 | $0.66 | $0.42 | |
| Gross margin | 78.7% | 77.6% | 77.9% | 78.3% | 78.2% | 77.6% | |
| Operating margin | 27.9% | 28.1% | 27.4% | 23.6% | 31.2% | 29.8% |
Fiscal years (4-quarter sums)FY21 $5.23B · FY22 $5.38B · FY23 $5.26B · FY24 $5.46B · FY25 $6.07B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.25B · Total debt $704.4M · Total assets $13.87B · Shareholders' equity $10.62B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 575.80M · Float 568.38M · 98.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 58.79M | 10.21% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 37.62M | 6.53% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 26.41M | 4.59% | 13F | Aug 13, 2026 |
| State Street Corp | 26.32M | 4.57% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 22.78M | 3.96% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Annette Bruls | officer: CVP, EMEACLA | −2,644 | $89.98 |
| Aug 26, 2026 | Daveen Chopra | officer: CVP, TMTT, Surgical & IHFM | −31,800 | $91.02 |
| Aug 26, 2026 | Wayne Markowitz | officer: CVP, JAPAC | −1,240 | $91.47 |
| Aug 11, 2026 | Daniel J. Lippis | officer: CVP, TAVR | −619 | $92.03 |
| Jul 30, 2026 | Wayne Markowitz | officer: CVP, JAPAC | −146 | $86.03 |
Peers
- Medtronic
Head-to-head in TAVR and surgical valves; the historical patent-war rival.
- Abbott
Triple-threat: Navitor TAVR, MitraClip / Triclip TMTT, and surgical valve lines.
- Artivion
On-X mechanical valves contesting the open-surgery aortic and mitral slot.
