Edwards Lifesciences Corp. (EW) intrinsic value & 10-year financials
Edwards Lifesciences Corp. (EW) has a Graham intrinsic value of $38.68 per share. At $86.60 on Oct 17, 2026, the stock trades 124% above that value. Over the last 10 fiscal years revenue grew 8.3% a year to $6.1B, with an average return on invested capital of 23.2%.
- Graham intrinsic value
- $38.68
- Share price (Oct 17, 2026)
- $86.60
- Price vs Graham value
- 124% above
- Market cap
- $50.7B
- Revenue (FY2025)
- $6.1B
- Revenue growth (10-yr CAGR)
- 8.3%
- ROIC (10-yr avg)
- 23.2%
- Free cash flow (FY2025)
- $1.3B
EW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.1B | $1.1B | $1.83 | $1.3B | 20.8% | 13.4% |
| FY2024 | $5.4B | $4.2B | $6.97 | $289.9M | 25.3% | 19.3% |
| FY2023 | $6.0B | $1.4B | $2.30 | $642.8M | 25.5% | 22.6% |
| FY2022 | $5.4B | $1.5B | $2.44 | $973.6M | 32.5% | 26.6% |
| FY2021 | $5.2B | $1.5B | $2.38 | $1.4B | 32.3% | 30.8% |
| FY2020 | $4.4B | $823.4M | $1.30 | $647.3M | 20.5% | 21.0% |
| FY2019 | $4.3B | $1.0B | $1.64 | $925.0M | 26.4% | 31.0% |
| FY2018 | $3.7B | $722.2M | $1.13 | $688.1M | 20.1% | 22.9% |
| FY2017 | $3.4B | $583.6M | $0.90 | $832.6M | 31.7% | 21.6% |
| FY2016 | $3.0B | $569.5M | $0.87 | $528.3M | 25.3% | 23.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Edwards Lifesciences is a consistent compounder, expanding top-line revenue at 8.3% annually over the past decade.
Edwards Lifesciences has earned high returns on invested capital, averaging 23.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Edwards Lifesciences shows that management has aggressively returned capital to shareholders by retiring 10.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Edwards Lifesciences is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $38.68 per share.