선택적 제품 분석
허용하는 경우 개인정보 보호를 고려한 제한적 분석을 사용해 어떤 리서치 여정이 효과적인지 파악합니다. 광고 추적기나 세션 녹화는 사용하지 않습니다. 환경설정에서 이 선택을 변경할 수 있습니다. 자세한 내용은 개인정보 처리방침.
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.
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.3
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).12346
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.578
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.2467
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.
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
Gross margins of 78.01% outpace peer Boston Scientific at 69.19% and industry medians of 54.0%.37
Operating cash flow of $1,595.2M covers capital expenditures of $260.2M by 6.1x, funding capacity additions internally without debt.7
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.45
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.
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.
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.58
투자 논리를 약화시킬 수 있는 다섯 가지 변화입니다.
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.
현재:58.39% share of revenue ($3,543.1M in FY2025)
다음이면 경고At or below 3.0%
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.
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
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
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.
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.1578
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.
Results meeting baseline expectations confirm that while the core business executes smoothly, shares continue to trade at an extended premium over $62.28.
A quarterly shortfall confirms the bear thesis regarding cath lab bottlenecks and competitive pricing concessions, indicating further downside toward the lower valuation bounds.
Earnings quality remains high, evidenced by strong operating cash flow converting net income into robust free cash flow without reliance on non-operating adjustments or aggressive working capital timing. GAAP gross margins reflect clean commercial performance, while low balance sheet leverage provides defensive insulation.
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).67
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.
| 매출 | US$6,067,600,000 |
|---|---|
| 매출원가 | US$1,334,200,000 |
| 매출총이익 | US$4,733,400,000 |
| 영업비용 | US$3,469,200,000 |
| 영업이익 | US$1,264,200,000 |
| 영업외 항목 및 세금 | -US$190,700,000 |
| 순이익 | US$1,073,500,000 |
| 총자산 | US$13,697,200,000 |
|---|---|
| 현금 | US$2,938,000,000 |
| 유동자산 | US$6,738,900,000 |
| 총부채 | US$3,359,600,000 |
| 유동부채 | US$1,813,700,000 |
| 주주자본 | US$10,337,600,000 |
| 순이익 | US$1,073,500,000 |
|---|---|
| 영업 현금 유입 | US$1,595,200,000 |
| 감가상각비 | US$156,600,000 |
| 주식 기반 보상 | US$158,100,000 |
| 기타 영업 조정 | US$207,000,000 |
| 영업 현금흐름 | US$1,595,200,000 |
| 사용 가능 현금 | US$4,654,000,000 |
| 기초 현금 | US$3,058,800,000 |
| 투자 현금 유출 | US$712,900,000 |
| 자본적 지출 | US$260,200,000 |
| 기타 투자 활동 | US$452,700,000 |
| 재무 현금 유출 | US$956,800,000 |
| 자사주 매입 | US$893,400,000 |
| 기타 재무 활동 | US$63,400,000 |
| 환율 효과 | US$44,800,000 |
| 기말 현금 | US$2,939,500,000 |
| 투자 현금흐름 | -US$712,900,000 |
| 재무 현금흐름 | -US$956,800,000 |
출처: SEC EDGAR · 제출일 2026-02-25 · SEC EDGAR
| 영업 부문별 매출 | 매출 | 비중 | 전년 대비 |
|---|---|---|---|
| United States | US$35.4억 | 58.4% | 10.5% |
| Europe | US$15.2억 | 25% | 14.8% |
| Rest Of World | US$6.5억 | 10.8% | 14% |
| Japan | US$3.5억 | 5.8% | 4.4% |
2026-10-02 분석에 사용된 시점 재무 데이터입니다.
| 기간 | 매출 | EBITDA | 순이익 | 영업 현금흐름 | 잉여 현금흐름 | 자본적 지출 | 감가상각비 | 주식 기반 보상 | 자사주 매입 | 지급 배당금 | 순부채 발행 | 투자 현금흐름 | 재무 현금흐름 | 기초 현금 | 기말 현금 | 현금 및 투자자산 | 총부채 | 영업이익률 | ROIC | WACC | ROIC−WACC 스프레드 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-12-31 | US$29.6억 | US$8.3억 | US$5.7억 | US$7억 | US$5.3억 | US$1.8억 | US$7120만 | US$5690만 | US$6.6억 | US$2.5억 | — | -US$2.1억 | -US$2.7억 | — | US$9.3억 | US$12.7억 | US$8.2억 | 25.3% | — | 5.8% | — |
| 2017-12-31 | US$34.4억 | US$11.4억 | US$6.2억 | US$10억 | US$8.3억 | US$1.7억 | US$8190만 | US$6160만 | US$7.6억 | US$0 | — | -US$6.5억 | -US$4.7억 | US$9.3억 | US$8.2억 | US$13.4억 | US$10.4억 | 31.7% | — | 5.3% | — |
| 2018-12-31 | US$37.2억 | US$8.7억 | US$7.2억 | US$9.3억 | US$6.9억 | US$2.4억 | US$7740만 | US$7100만 | US$8억 | US$6.9억 | — | US$7670만 | -US$11억 | US$8.2억 | US$7.2억 | US$9.6억 | US$5.9억 | 20.1% | — | 6.7% | — |
| 2019-12-31 | US$43.5억 | US$13.1억 | US$10.5억 | US$11.8억 | US$9.3억 | US$2.5억 | US$8930만 | US$8130만 | US$2.6억 | US$1890만 | — | -US$6억 | -US$1.2억 | US$7.2억 | US$11.8억 | US$15.2억 | US$6.8억 | 26.4% | — | 5.7% | — |
| 2020-12-31 | US$43.9억 | US$10.7억 | US$8.2억 | US$10.5억 | US$6.5억 | US$4.1억 | US$1.1억 | US$9260만 | US$6.3억 | US$1.4억 | — | -US$5.3억 | -US$4.9억 | US$11.8억 | US$12억 | US$14억 | US$6.9억 | 20.5% | — | 4.4% | — |
| 2021-12-31 | US$52.3억 | US$18.9억 | US$15억 | US$17.3억 | US$14.1억 | US$3.3억 | US$1.3억 | US$1.1억 | US$5.1억 | US$1.6억 | -US$180만 | -US$17.2억 | -US$3.6억 | US$12억 | US$8.7억 | US$14.7억 | US$6.9억 | 32.3% | — | 5.0% | — |
| 2022-12-31 | US$44.6억 | US$19.6억 | US$15.2억 | US$12.2억 | US$9.7억 | US$2.4억 | US$1.4억 | US$1.3억 | US$17.3억 | US$1.5억 | -US$20만 | US$2.5억 | -US$15.8억 | US$8.7억 | US$7.7억 | US$12.2억 | US$6.9억 | 33.6% | — | 7.7% | — |
| 2023-12-31 | US$50.1억 | US$15.3억 | US$14억 | US$9억 | US$6.4억 | US$2.5억 | US$1.4억 | US$1.4억 | US$8.8억 | US$1.7억 | -US$30만 | US$1.7억 | -US$7.1억 | US$7.7억 | US$11.5억 | US$16.3억 | US$6.9억 | 26.1% | — | 7.7% | — |
| 2024-12-31 | US$54.4억 | US$17.2억 | US$41.7억 | US$5.4억 | US$2.9억 | US$2.5억 | US$1.6억 | US$1.6억 | US$11.6억 | — | — | US$23.1억 | -US$9.8억 | US$11.5억 | US$30.6억 | US$39.8억 | US$7억 | 25.3% | — | 8.7% | — |
| 2025-12-31 | US$60.7억 | US$14.3억 | US$10.7억 | US$16억 | US$13.4억 | US$2.6억 | US$1.6억 | US$1.6억 | US$8.9억 | — | — | -US$7.1억 | -US$9.6억 | US$30.6억 | US$29.4억 | US$42.3억 | US$7.1억 | 20.8% | — | 8.6% | — |
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.
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
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.
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.
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%.378
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
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.34
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
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 $62.28.267
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).3467
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.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
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.37
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.34
Contraction below 74.0% confirms that peer cardiovascular bundled discounting is eroding Edwards' premium pricing power and compressing operating profitability.
현재:78.01% in FY2025 ($4,733.4M gross profit)
다음이면 경고Below 74.0%
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.
현재:20.84% in FY2025 ($1,264.2M EBIT)
다음이면 경고Below 18.0%
Procedural growth slowing below 5.0% reveals persistent hospital catheter lab staffing bottlenecks and delayed center credentialing under finalized NCD guidelines.
현재:Mid-to-high single digit long-term guidance
다음이면 경고Below 5.0%
Capex-to-revenue remaining above 5.0% without top-line acceleration indicates protracted capital intensity and delayed facility returns, depressing free cash flow conversion.
다음이면 경고Above 5.0%
| Hospital cath lab staffing bottlenecks and deliberate physician onboarding pacing |
| high |
| 12-18 months |
| Workflow streamlining enabling next-day patient discharge and minimalist transfemoral procedures that shorten procedural room times,.5 |
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discounted forecast-period cash flows (US$8.76) plus discounted terminal value (US$29.15) minus signed per current share (-US$6.11) equals the US$44.02 lens value shown above. Negative net debt is , so subtracting it raises value.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Solve for the growth rate that makes the model value equal the report-date share price.
Accelerated implementation of finalized National Coverage Determination (NCD) policies opens substantial hospital cath lab capacity and center access, reigniting US TAVR procedural growth while early-stage asymptomatic indication expansions broaden the eligible patient population. Emerging transcatheter mitral and tricuspid therapies scale rapidly, lifting consolidated gross margin and operating margin. Normalizing capex intensity relative to revenue expands annual cash flows, driving accelerated share repurchases and compound earnings expansion.15
Monitors whether cardiovascular medtech peer portfolio contracting is extracting price concessions on premium Sapien valve lines.
Serves as the key growth engine expanding structural heart interventions beyond aortic replacements into novel anatomical indications.
Moderation of cleanroom and facility expansion outlays toward steady-state maintenance levels unlocks accelerated free cash flow conversion.
Determines whether hospital heart teams can expand physical treatment bandwidth under finalized coverage policies.
| $8.06B |
| $8.66B |
| $9.23B |
| Revenue growth | 11.4% | 9.9% | 8.5% | 7.5% | 6.5% |
| Operating margin | 21.2% | 21.8% | 22.1% | 22.3% | 22.5% |
| Operating income | $1.43B | $1.62B | $1.78B | $1.93B | $2.08B |
| Tax rate | 14.0% | 14.0% | 14.0% | 14.0% | 14.0% |
| NOPAT | $1.23B | $1.39B | $1.53B | $1.66B | $1.79B |
| Reinvestment | $221.82M | $222.83M | $229.78M | $232.63M | $232.12M |
| Reinvestment rate (of NOPAT) | 18.0% | 16.0% | 15.0% | 14.0% | 13.0% |
| Free cash flow to firm | $1.01B | $1.17B | $1.30B | $1.43B | $1.55B |
| United States revenue | $3.95B | $4.34B | $4.71B | $5.06B | $5.39B |
| Europe revenue | $1.69B | $1.86B | $2.02B | $2.17B | $2.31B |
| Rest of World revenue | $726.63M | $798.56M | $866.44M | $931.42M | $991.96M |
| Japan revenue | $395.42M | $434.57M | $471.50M | $506.87M | $539.81M |
| Terminal growth | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
United States operating revenue reached $3,543.1M in FY2025, accounting for 58.39% of total revenue, compared to Europe at $1,517.5M.
Domestic hospital cath lab throughput and NCD policy execution remain the primary drivers of group financial performance.
FY2025 operating cash flow of $1,595.2M covered $260.2M in capital expenditures by 6.1x, generating $1,335.0M in free cash flow.
Eliminates balance sheet financing risk and funds steady counter-dilutive share repurchases.
| 마진 |
|---|
| EW | Edwards Lifesciences Corporation | $49.3B | 25.6x | 7.6x | 22.9x | 9.2% | — |
| BSX | Boston Scientific Corporation | $62.0B | 12.5x | 3.0x | 13.1x | 15.3% | 22.9% |
| SYK | Stryker Corporation | $105.7B | 16.5x | 4.1x | 15.8x | 16.5% | 27.0% |
| DXCM | DexCom Inc. | $32.2B | 27.3x | 6.5x | 22.8x | 38.5% | 24.3% |
| REGN | Regeneron Pharmaceuticals Inc. | $75.9B | 12.0x | 4.9x | 14.5x | 14.0% | 33.1% |
| negative |
| Specialized nursing and technician shortages constrain the procedural throughput of domestic hospital heart teams, pacing volume adoption despite clinical eligibility,. |
| Re-evaluate moat durability against competitor bundled contracting and lower terminal operating margin expectations. |
| Capex to Revenue Ratio | Above 6.0% | Increase normalized reinvestment assumptions and trim projected free cash flow generation. |
