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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
EW — frequently asked questions
Is Edwards Lifesciences Corporation overvalued?
In our latest published analysis dated 2026-10-02, EW looks meaningfully overvalued. The price recorded at analysis is 85.7 USD versus our fair value of 62.3 USD; the high endpoint is presented separately as potential value of 79.8 USD. That implies roughly 27.3% downside to fair value at that date.
Our latest published report, analyzed 2026-10-02, gives EW a fair value of 62.3 USD and a potential value of 79.8 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Edwards Lifesciences Corporation's archetype; it is a dated research output, not a live price.
Should I buy EW now?
Our latest published rating for EW, analyzed 2026-10-02, is Sell. Edwards Lifesciences Corporation looks meaningfully overvalued at the analysis-date price of 85.7 USD versus fair value of 62.3 USD; potential value is 79.8 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for EW?
The dedicated bear-case section in our report analyzed 2026-10-02 documents Edwards Lifesciences Corporation's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is EW's rating?
Our latest published rating for EW, analyzed 2026-10-02, is Sell, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 62.3 USD, the potential value of 79.8 USD, and the price recorded at analysis (85.7 USD).
لم تتم ترجمة هذا التقرير بعد. قم بالتحديث خلال بضع دقائق بمجرد أن تلحق قائمة انتظار الترجمة بالركب.
§1 الملخص التنفيذيEN
الإجابة في 30 ثانيةSell
السعر مقابل القيمة
Price
$85.71
Fair value
$62.28
Potential value
$79.82
As of
2026-10-02
لماذا قد تنجح الفرضية
Hospital cath lab throughput acceleration and center capacity expansion under finalized National Coverage Determination (NCD) policies, driving volume re-acceleration alongside commercial adoption of the EVOQUE tricuspid valve replacement system.
ما الذي سيغيّر تقييمنا
Consolidated EPS 5-year CAGR slowing below 6.5% or United States annual revenue growth decelerating to or below 3.0%.
Edwards Lifesciences Corporation carries a Sell rating with a synthesized fair value midpoint of $62.28 per share against a market price of $85.71 as of October 2, 2026, representing an implied downside of -27.33% and a 37.61% premium to fair value. Despite an elite wide moat in structural heart therapies evidenced by 78.01% gross margins, forward market pricing at 25.64x forward P/E is disconnected from peer multiples (BSX at 12.55x, SYK at 16.48x) while procedural expansion faces domestic hospital cath lab staffing and capacity constraints.
Valuation disconnect drives our Sell rating. The valuation composite weights forward earnings at 30% ($65.84 midpoint), enterprise discounted cash flow at 25% ($44.02 midpoint), and multi-stage moat fade at 25% ($71.83 midpoint), supported by owner earnings ($40.04) and peer-adjusted PEG analysis ($95.61). Edwards' 25.64x forward P/E multiple trades at an excessive premium to medical technology peers such as Boston Scientific (12.55x), Stryker (16.48x), and Regeneron (11.99x).1,2,3,4,6
Structural heart moat remains intact but growth is bounded by hospital capacity. Edwards generated $6,067.6M in FY2025 revenue, anchored by its US franchise which contributed $3,543.1M or 58.39% of total sales, alongside $1,517.5M from Europe. The business retains an industry-leading gross margin of 78.01% ($4,733.4M gross profit) and operating profitability of $1,264.2M, insulated by clinical switching barriers and SAPIEN operator familiarity. However, executive commentary during Q2 2026 confirmed that clinical practice evolves slowly and National Coverage Determination (NCD) updates will have minimal immediate impact on 2026 procedure volume. Hospital catheterization lab staffing bottlenecks and administrative onboarding pace capacity expansions, capping medium-term US TAVR growth in the mid-to-high single digits.5,7,8
Capital cycle reinvestment and balance-sheet liquidity provide financial durability. Edwards deployed $260.2M in capital expenditures in FY2025 (1.66x D&A), tracking consistent prior investments of $253.0M in FY2023 and $252.4M in FY2024. Annual operating cash flow of $1,595.2M covers capex by 6.1x, generating $1,335.0M in free cash flow and funding $158.1M in stock-based compensation offsets. With low debt of $704.4M and 0.893 adjusted beta, the enterprise has no solvency risk. Nevertheless, market expectations embed an implied growth rate of 16.82% per reverse DCF analysis against the approved 11.45% base forecast, creating severe de-rating vulnerability if multiple compression toward peer levels occurs.2,4,6,7
Actionable positioning recommendations. Under committee rating authority, investors should divest or trim existing equity positions, rotating capital toward attractively valued peers. While third-party consensus targets average $100.96 ($92.66 present-value equivalent), this sell-side divergence reflects uncalibrated multiple maintenance.
Dominant Structural Heart Franchise
Edwards commands 58.39% of sales from the US ($3,543.1M in FY2025), supported by deep clinician switching costs and premier Sapien valve technology.8
Sell. Edwards Lifesciences trades at a rich 37.61% premium to its fair value of $62.28, leaving substantial downside exposure (-27.33% implied return) as valuation multiples de-rate toward medtech peer levels and hospital cath lab throughput bounds volume growth.4,5
نظرة عامة على الشركة
Edwards Lifesciences Corporation operates manufacturing facilities in various geographies around the world. Edwards Lifesciences Corporation manufactures its TAVR, TMTT, and Surgical products primarily in the United States, Singapore, Costa Rica, and Ireland, to ensure continuity of care for patients in these regions and also worldwide. Edwards Lifesciences conducts operations worldwide and is managed in the following four reportable segments: United States, Europe, Japan, and Rest of World.
All regions sell products that are used to treat advanced cardiovascular disease. The Company's operating segments are organized primarily based on economic characteristics as well as other characteristics, including types of customers, nature of the regulatory environment, and product offerings.
§2 السيناريو الهبوطيEN
Under this joint stress scenario, hospital staffing constraints and administrative credentialing bottlenecks prevent heart teams from converting expanded NCD indications into higher procedural velocity, restricting US TAVR volume growth to mid-to-low single digits. Concurrently, competitors deploy aggressive commercial bundling across catheter labs, creating pricing friction that drives operating margins down toward 18.0%. With capital expenditures remaining near historical levels ($260.2M in FY2025) to support manufacturing cleanrooms, free cash flow conversion contracts significantly. In response to decelerating fundamentals, the market valuation compresses toward peer multiples of 17.6x, driving equity valuation toward the lower boundary of the committee's fair value range.
Hospital cath lab staffing bottlenecks and deliberate physician adoption pace new center expansion, limiting US procedural growth to the mid-single digits. Competitive pressure from medtech peers offering bundled catheter lab solutions limits gross margin expansion, while persistent capital commitments and high clinical trial overhead constrain operating margins.
كيف يمكن أن تفشل هذه الأطروحة
Structural US TAVR Volume Deceleration Across Intermediate and Low Risk Cohorts
United States operating revenue represents 58.39% of total sales ($3,543.1M in FY2025). Company leadership noted that clinical adoption proceeds deliberately and guided long-term TAVR growth to mid-to-high single digits with minimal near-term volume acceleration from NCD policies. A 500 bps deceleration in multi-year revenue growth erodes fixed-cost absorption and reduces operating cash flow generation.5,8
FV impact
-4.7%
Revenue and EPS growth 5 points lower for five years
إشارات الإنذار المبكر للمراقبة
التطورات الخمسة التي قد تضعف أطروحتنا الاستثمارية.
Deceleration of domestic top-line growth to or below 3.0% indicates that hospital cath lab throughput has stalled, disproving the core volume expansion thesis and triggering multi-year downward forecast revisions.
الحالي:58.39% share of revenue ($3,543.1M in FY2025)
تنبيه إذاAt or below 3.0%
02
§3 الميزة التنافسيةEN
Wide
Edwards Lifesciences has established a Wide economic moat anchored in transcatheter heart valve therapy leadership. The franchise is protected by high clinician switching costs, proprietary engineering across its Sapien and EVOQUE platforms, and extensive multi-year clinical trial datasets. Interventional cardiologists and cardiac surgeons develop extensive procedural familiarity with Edwards' specialized delivery systems, creating clinical workflow inertia that deters hospital heart teams from switching to alternative platforms.
This competitive moat is reflected in superior gross margin resilience, with Edwards recording 78.01% gross margin in FY2025 ($4,733.4M gross profit on $6,067.6M revenue,). This performance significantly exceeds direct cardiovascular peer Boston Scientific at 69.19% and the broad medtech industry benchmark of 54.0%, providing substantial financial headroom to fund clinical trial pipelines and commercial field support.
الربح الاقتصادي
Edwards generates an economic return on invested capital of 12.61%, creating a healthy 371 bps spread above its computed WACC of 8.9023% and exceeding its moderate cost of equity of 8.9570%. This confirms sustained economic profit creation over the 5-year Stage I and 10-year Stage II competitive fade horizon.2
9/ 10
Wide
Sources of advantage
01High Clinician Switching Costs — Specialized training curricula, custom cath lab delivery equipment, and multidisciplinary heart team familiarity with Sapien platforms create formidable clinical switching costs across US heart centers.Wide
02Intangible Assets and Clinical Trial Registries — Extensive proprietary patent dossiers, RESILIA tissue engineering, and landmark longitudinal clinical trial data (PARTNER, EARLY TAVR, PROGRESS) establish high regulatory and clinical evidence hurdles,.Wide
03Efficient Scale and Dedicated Field Distribution — A dedicated structural heart clinical specialist network embedded within hospital catheter labs delivers hands-on technical across domestic and international heart centers,.
التهديدات المعروفة للميزة التنافسية
التهديد
الخطورة
الجدول الزمني
التخفيف
Aggressive bundled cardiovascular hospital contracting by diversified medtech peers
medium
12-24 months
Differentiating through RESILIA tissue durability data, advancing TMTT platforms such as EVOQUE, and maintaining dedicated bedside clinical support,.3,5
الصفوف: معدل الخصم (Ke للأرباح؛ WACC للتدفقات النقدية). الأعمدة: النمو النهائي.
القيمة العادلة
تغير المدة (سنوات)
-5
-2
0
+2
+5
القيمة العادلة
60.79 US$
61.70 US$
62.28 US$
62.85 US$
63.67 US$
مدة الميزة التنافسية: 10 سنوات في الحالة الأساسية المميزة. تبقى الافتراضات الأخرى ثابتة.
مرجع الحساسية
The highlighted cell is Fair value when every assumption sits at its base level ($62.28). Each row and column shows what Fair value becomes when one assumption moves.
منحدر التدفق النقدي الحر
Free cash flow to the firm stays positive in the first projected year at $1.0B after modeled reinvestment of $221.8M, with terminal value at 76.9% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Edwards maintains durable leadership in transcatheter heart valve replacement, supported by specialized clinician workflows and expanding center capacity under finalized NCD guidelines,. Revenue grows in line with consensus projections across FY2026 and FY2027 before fading toward terminal rates by FY2030. Operating margins expand from FY2026 through FY2030, supported by premium gross margins. Reinvestment moderates relative to NOPAT as capital expenditures scale down relative to revenue from FY2025 levels.1,5,7,8
Upgrade the rating; Reassess cath lab throughput metrics and evaluate whether procedural expansion warrants narrowing the underweight position toward benchmark weighting.
المُحفِّز: Revenue and procedural growth accelerating well above management expectations with operating margin expansion outpacing historical ranges
A substantial beat driven by accelerated hospital throughput and rapid adoption of novel tricuspid therapies would demonstrate that procedural capacity is expanding faster than anticipated, reducing downside risk relative to $62.28.
متوافق
Maintain Sell; Maintain the existing stance and continue trimming exposure on share price strength toward $85.71.
المُحفِّز: Revenue growth and operating margin matching guided trajectories while domestic procedure pacing remains steady
Results meeting baseline expectations confirm that while the core business executes smoothly, shares continue to trade at an extended premium over $62.28.
دون التوقعات
Maintain Sell; Accelerate liquidation of residual holdings and reallocate capital away from structural heart exposure.
المُحفِّز: Deceleration in domestic procedural volume accompanied by gross margin compression and rising hospital capacity constraints
A quarterly shortfall confirms the bear thesis regarding cath lab bottlenecks and competitive pricing concessions, indicating further downside toward the lower valuation bounds.
الحاليTracking in the high single digit range following raised full-year company sales guidance.
لماذا يهم
Domestic heart valve replacement generates the majority of consolidated revenues, making procedural throughput the primary driver of earnings leverage.
Edwards demonstrates superior cash generation, converting $1,073.5M of FY2025 GAAP net income into $1,595.2M of operating cash flow and $1,335.0M of free cash flow. Free cash flow conversion stood at 124.4% of net income, reflecting positive working capital management and disciplined capex deployment ($260.2M).6,7
تخصيص رأس المال
Capital allocation is conservative and internally focused. Total debt of $704.4M constitutes only 1.41% of enterprise capital structure against market capitalization of $49,348.9M. Capex deployments remained disciplined at $260.2M in FY2025, $252.4M in FY2024, and $253.0M in FY2023. The company channels excess cash into counter-dilutive share buybacks that offset annual of $158.1M.
Edwards generates an economic return on invested capital of 12.61%, underpinned by healthy operating profit of $1,264.2M (20.84% margin) on $6,067.6M consolidated revenue in FY2025.
ROIC of 12.61% comfortably exceeds the company's computed WACC of 8.9023% and moderate cost of equity of 8.9570%, demonstrating durable economic value generation.
FY2025 gross profit of $4,733.4M yielded a 78.01% gross margin,, outperforming Boston Scientific at 69.19% and the industry median of 54.0%.
Protects operating profitability against inflationary pressures while allowing sustained high R&D funding.
أحدث إيرادات6.1 مليار US$معدل النمو السنوي المركب للإيرادات +8.3%
هامش التشغيل20.8%10 فترات مالية
أحدث تدفق نقدي حر1.3 مليار US$FY2025
صافي النقد3.5 مليار US$FY2025
تفصيل قائمة الدخلكيف يتحول حجم الأعمال إلى أرباح مُعلنة.
StockMarketAgent.AI
الإيرادات6.1 مليار US$تكلفة الإيرادات−1.3 مليار US$إجمالي الربح4.7 مليار US$المصروفات التشغيلية−3.5 مليار US$الدخل التشغيلي1.3 مليار US$البنود غير التشغيلية والضرائب−190.7 مليون US$صافي الدخل1.1 مليار US$
بيانات التاريخ المالي
الإيرادات
6,067,600,000 US$
تكلفة الإيرادات
1,334,200,000 US$
إجمالي الربح
4,733,400,000 US$
المصروفات التشغيلية
3,469,200,000 US$
الدخل التشغيلي
1,264,200,000 US$
البنود غير التشغيلية والضرائب
-190,700,000 US$
صافي الدخل
1,073,500,000 US$
لمحة عن الميزانية العموميةكيفية الاحتفاظ بالأصول المُبلغ عنها وتمويلها في الفترة المحددة.
StockMarketAgent.AI
تكوين الأصولمصادر التمويل
إجمالي الأصول13.7 مليار US$النقد2.9 مليار US$الأصول المتداولة6.7 مليار US$إجمالي الالتزامات3.4 مليار US$الالتزامات المتداولة1.8 مليار US$حقوق المساهمين10.3 مليار US$
بيانات تفصيل الميزانية العمومية
إجمالي الأصول
13,697,200,000 US$
النقد
2,938,000,000 US$
الأصول المتداولة
6,738,900,000 US$
إجمالي الالتزامات
3,359,600,000 US$
الالتزامات المتداولة
1,813,700,000 US$
حقوق المساهمين
10,337,600,000 US$
جسر التدفق النقديكيف تحول التدفق النقدي التشغيلي إلى تدفق نقدي حر في FY2025.
StockMarketAgent.AI
تسوية التدفق النقدي التشغيلي
صافي الدخل1.1 مليار US$الإهلاك والإطفاء+156.6 مليون US$التعويض القائم على الأسهم+158.1 مليون US$تعديلات تشغيلية أخرى+207 مليون US$التدفق النقدي التشغيلي1.6 مليار US$
تسوية النقد من بداية الفترة إلى نهايتها
النقد في بداية الفترة3.1 مليار US$التدفق النقدي التشغيلي+1.6 مليار US$التدفق النقدي الاستثماري−712.9 مليون US$التدفق النقدي التمويلي−956.8 مليون US$تأثير سعر الصرف−44.8 مليون US$النقد في نهاية الفترة2.9 مليار US$
1.6 مليار US$ − 260.2 مليون US$التدفق النقدي الحر 1.3 مليار US$
بيانات جسر التدفق النقدي
صافي الدخل
1,073,500,000 US$
التدفق النقدي التشغيلي الداخل
1,595,200,000 US$
الإهلاك والإطفاء
156,600,000 US$
التعويض القائم على الأسهم
158,100,000 US$
تعديلات تشغيلية أخرى
207,000,000 US$
التدفق النقدي التشغيلي
1,595,200,000 US$
النقد المتاح
4,654,000,000 US$
النقد في بداية الفترة
3,058,800,000 US$
التدفق الاستثماري الخارج
712,900,000 US$
النفقات الرأسمالية
260,200,000 US$
أنشطة استثمارية أخرى
452,700,000 US$
التدفق التمويلي الخارج
956,800,000 US$
إعادة شراء الأسهم
893,400,000 US$
أنشطة تمويلية أخرى
63,400,000 US$
تأثير سعر الصرف
44,800,000 US$
النقد في نهاية الفترة
2,939,500,000 US$
التدفق النقدي الاستثماري
-712,900,000 US$
التدفق النقدي التمويلي
-956,800,000 US$
الإيرادات حسب القطاع التشغيليالحصة من إجمالي إيرادات 2025-12-31.
6.1 مليار US$إجمالي الإيرادات
الإيرادات حسب القطاع التشغيليالحصة
United States3.5 مليار US$58.4%+10.5% على أساس سنوي
Europe1.5 مليار US$25%+14.8% على أساس سنوي
Rest Of World652.3 مليون US$10.8%+14% على أساس سنوي
Japan354.7 مليون US$5.8%+4.4% على أساس سنوي
المصدر: SEC EDGAR · تاريخ الإيداع 2026-02-25 · SEC EDGAR
بيانات توزيع الإيرادات: الإيرادات حسب القطاع التشغيلي
الإيرادات حسب القطاع التشغيلي
الإيرادات
الحصة
على أساس سنوي
United States
3.5 مليار US$
58.4%
10.5%
Europe
1.5 مليار US$
25%
14.8%
Rest Of World
652.3 مليون US$
10.8%
14%
Japan
354.7 مليون US$
5.8%
4.4%
الإيرادات والأرباحكيف يتحول حجم الأعمال إلى أرباح مُعلنة.
النقد والدينالسيولة المتاحة مقارنة بإجمالي الاقتراض.
توليد النقدالتدفق النقدي التشغيلي مقارنة بالتدفق النقدي الحر.
Edwards Lifesciences Corporation (EW) trades at 25.6x forward earnings against a peer median of 14.5x. Its EV/EBITDA of 22.9x compares with a peer median of 15.1x. The comparison uses 4 peers: Boston Scientific Corporation, Stryker Corporation, DexCom Inc. and Regeneron Pharmaceuticals Inc., as of 2026-10-02.
§10 الصناعة والدورةEN
مرحلة الدورة
Expansion
Medtech industry capex-to-revenue averages 4.5% and capex-to-depreciation is 0.8x. Edwards operates above this reinvestment benchmark with FY2025 capex of $260.2M (4.29% of revenue and 1.66x D&A of $156.6M), consistent with FY2023 capex of $253.0M and FY2024 capex of $252.4M.7
دورة صعودية
Accelerating cath lab capacity, swift center credentialing under finalized NCD rules, and rapid commercial adoption of EVOQUE drive procedural growth above 10%, lifting operating margins toward 24% on operational leverage.
دورة هبوطية
Cath lab staffing limits, slow administrative hospital onboarding, and aggressive bundled contracting from cardiovascular peers restrict volume growth to mid-to-low single digits, compressing gross margins toward peer averages.
الاتجاهات طويلة الأمد
الاتجاه
التأثير
ملاحظة
Aging Global Demographics and Structural Valve Disease Prevalence
positive
Expanding elderly populations drive rising incidence of severe aortic stenosis and tricuspid regurgitation, widening the eligible procedural population.
Transcatheter Expansion into Tricuspid and Mitral Anatomies
positive
Commercialization of breakthrough transcatheter therapies like EVOQUE opens previously untreated tricuspid populations, expanding the total addressable market beyond aortic valves.
التموضع
Edwards holds the undisputed leadership position in structural heart interventions, commanding 58.39% of sales from the US market ($3,543.1M in FY2025). Its gross margins of 78.01% substantially outstrip peers such as Boston Scientific at 69.19% and the medtech sector benchmark of 54.0%.3,7,8
§11 إدارة المراكزEN
حجم المركز
0%
Reflecting the house Sell rating, no capital allocation is recommended at the October 2, 2026 share price of $85.71, which represents a 37.6% premium over the synthesized Fair value of $62.28. Existing holdings should be trimmed or liquidated.4
المخاطر
Risk management is anchored in capital preservation in light of the committee's Sell rating. Edwards Lifesciences trades at a forward P/E of 25.64x, well above peer medtech medians of 14.51x, creating significant multiple de-rating vulnerability. Investors should exit or trim exposure to eliminate asymmetric downside risk.
Edwards Lifesciences trades at $85.71, representing a 37.61% premium to its five-lens synthesized fair value of $62.28. A forward P/E of 25.64x is unanchored relative to peer medtech multiples (BSX at 12.55x, SYK at 16.48x), providing zero margin of safety.3,4
Growth and Momentum Investor
Avoid
While full-year 2026 company sales growth guidance was raised to 10% to 11%, executive leadership explicitly guided to minimal 2026 volume impact from NCD changes and noted slower second-half comps. Near-term top-line catalysts are insufficient to defend the stock's elevated multiple.5
Quality Compounder / Long-Term Core Holder
Avoid
Edwards commands an undeniable wide economic moat, reflected in 78.01% gross margins, 12.61% ROIC over 8.90% WACC, and $1,335.0M FCF. However, capital discipline dictates selling shares when prices detached from reality (-27.33% implied return) and awaiting re-entry closer to $62.28.2,6,7
§14 التوصية النهائيةEN
إجراء
بيع
Edwards Lifesciences Corporation carries a Sell rating based on a synthesized intrinsic fair value of $62.28 per share against a market price of $85.71, implying -27.33% downside (-27.33% implied return, 37.61% premium to fair value). While Edwards retains an elite wide moat anchored by a 78.01% gross margin ($4,733.4M gross profit on $6,067.6M revenue) and self-funding $1,335.0M FCF, its 25.64x forward P/E multiple is unsustainably elevated compared to large-cap medtech peers (Boston Scientific at 12.55x, Stryker at 16.48x, Regeneron at 11.99x).3,4,6,7
Investors should divest or reduce long equity positions. Slower clinical adoption under NCD coverage rules and hospital catheterization lab staffing constraints bound near-term volume acceleration. With reverse DCF analysis showing market prices embedding an implied 16.82% growth hurdle against the 11.45% base projection, multiple compression poses asymmetric capital risk.
§15ملاحظاتك
دوّن أطروحتك الاستثمارية وحجم مركزك وأسئلة المتابعة. تبقى على هذا الجهاز، ولا يراها أحد سواك.
ملاحظات خاصة
مرئية لك وحدك. محفوظة على هذا الجهاز.
لا أحرف
Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData as of 2026-10-02 · Published 2026-10-02 · Provider-adjusted · cited for 2 figuresCited in الملخص التنفيذي, السيناريوهات
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Edwards gross margin softened to 78.01% in FY2025, while cardiovascular competitor Boston Scientific operates at a 69.19% gross margin and the medtech industry average sits at 54.0%. A 300 bps contraction in operating margin from FY2025 levels of 20.84% depresses annual EBIT by more than $200M and impairs return on invested capital.3,7
Edwards trades at a forward P/E of 25.64x, maintaining an extensive valuation premium over medtech peer medians of 14.51x, including Boston Scientific at 12.55x, Stryker at 16.48x, and Regeneron at 11.99x. A 20% compression in the terminal multiple from 22.0x to 17.6x directly de-rates equity value.3,4
Contraction below 74.0% confirms that peer cardiovascular bundled discounting is eroding Edwards' premium pricing power and compressing operating profitability.
A 300 bps drop in operating margin from FY2025 levels depresses EBIT by more than $200M annually and indicates fixed-cost de-leveraging toward broader medtech averages.
Discounted forecast-period cash flows (8.76 US$) plus discounted terminal value (29.15 US$) minus signed per current share (-6.11 US$) equals the 44.02 US$ lens value shown above. Negative net debt is , so subtracting it raises value.
