Edwards Lifesciences Corporation (EW)

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.

• Revenue growth aligns with consensus expectations across FY2026 and FY2027 before fading toward mature rates by FY2030
• Operating margins expand steadily from FY2026 through FY2030
• Terminal price-to-earnings multiple compresses relative to the valuation date forward multiple
• Reinvestment rate moderates relative to NOPAT as capital expenditures scale down