Edwards Lifesciences Corp

EW · Orthopedic, Prosthetic & Surgical Appliances & Supplies · 575.8M shares · -1%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $740M (gross $880M, SBC $139M)

Reference price $87.92 · est. market cap ~$50.6B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

A84

Edwards Lifesciences — premier structural-heart medtech with elite margins.

Strengths

Operating margin 21% (96th pct), net (96th), free cash flow 100th
Leading TAVR/heart-valve franchise; fortress balance sheet (low leverage)

Risks

Net income down (Critical Care divestiture noise)
TAVR-growth and competitive/clinical-trial risk

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Customer concentration~74% of revenue from one customer/distributor — Sales of our TAVR products represented 74%, 75%, and 77% of our net sales in 2025, 2024, and 2023, respectively
Strong balance sheetStrong balance sheet — $4.5B cash & investments
Insider sellingInsider selling — 28 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$17M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $1.5B2025-09-30 · $1.6B2025-12-31 · $1.6B2026-03-31 · $1.6B

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

78.0%

Operating margin

20.8%

Net margin

17.7%

Return on equity

10.4%

Return on assets

7.8%

ROIC

9.1%

Revenue growth (QoQ)

5.0%

Net-income growth

-74.3%

Debt / equity

0.1×

Net debt / EBITDA

-2.7×

Current ratio

3.7×

Free cash flow

$1.3B

EBITDA

$1.4B

Tangible book value

$7.4B

Cash & investments

$4.5B

Stock comp / revenue

2.6%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-17	Zovighian Bernard J	Sell	523	$87.92
2026-05-29	Dahl Andrew M.	Sell	568	$86.08
2026-05-27	BOBO DONALD E JR	Sell	23K	$86.42
2026-05-22	Chopra Daveen	Sell	1.5K	$84.60
2026-05-18	Lippis Daniel J.	Sell	620	$81.14
2026-05-18	Lippis Daniel J.	Option exercise	620	$72.68
2026-05-15	BOBO DONALD E JR	Sell	10.0K	$82.07
2026-05-15	BOBO DONALD E JR	Sell	8.0K	$81.82
2026-05-12	Zovighian Bernard J	Gift	27K	—
2026-05-12	Zovighian Bernard J	Sell	36K	$77.92
2026-05-12	Zovighian Bernard J	Gift	27K	—
2026-05-12	Zovighian Bernard J	Sell	845	$78.40
2026-05-11	Markowitz Wayne	Sell	593	$79.73
2026-05-11	Zovighian Bernard J	Gift	5.5K	—
2026-05-11	Zovighian Bernard J	Option exercise	47K	—
2026-05-11	Zovighian Bernard J	Tax withheld	26K	$79.96
2026-05-11	BOBO DONALD E JR	Option exercise	13K	—
2026-05-11	BOBO DONALD E JR	Tax withheld	7.5K	$79.96
2026-05-11	Chopra Daveen	Option exercise	14K	—
2026-05-11	Chopra Daveen	Tax withheld	7.5K	$79.96
2026-05-11	Ullem Scott B.	Option exercise	20K	—
2026-05-11	Ullem Scott B.	Tax withheld	11K	$79.96
2026-05-11	Lippis Daniel J.	Tax withheld	362	$79.96
2026-05-11	Zovighian Bernard J	Gift	5.5K	—
2026-05-08	BOBO DONALD E JR	Tax withheld	1.0K	$82.76
2026-05-08	Markowitz Wayne	Tax withheld	226	$82.76
2026-05-08	Zovighian Bernard J	Gift	4.2K	—
2026-05-08	Zovighian Bernard J	Tax withheld	5.4K	$82.76
2026-05-08	Sequeira Ramona	Grant	3.3K	—
2026-05-08	LORANGER STEVEN R	Grant	3.3K	—
2026-05-08	LORANGER STEVEN R	Grant	1.1K	—
2026-05-08	LAVIOLETTE PAUL A	Grant	3.3K	—
2026-05-08	STONE HEISZ LESLIE	Grant	3.3K	—
2026-05-08	GALLAHUE KIERAN	Grant	3.3K	—
2026-05-08	GALLAHUE KIERAN	Grant	1.1K	—
2026-05-08	Feinberg David T	Grant	3.3K	—
2026-05-08	Ullem Scott B.	Tax withheld	1.7K	$82.76
2026-05-08	Davis Leslie C.	Grant	3.3K	—
2026-05-08	Lippis Daniel J.	Tax withheld	450	$82.76
2026-05-08	Dahl Andrew M.	Tax withheld	289	$82.76
2026-05-08	Chopra Daveen	Tax withheld	1.1K	$82.76
2026-05-08	Bruls Annette	Tax withheld	84	$82.76
2026-05-08	Zovighian Bernard J	Gift	4.2K	—
2026-05-08	VALERIANI NICHOLAS J	Grant	5.1K	—
2026-05-07	Zovighian Bernard J	Tax withheld	4.2K	$83.20
2026-05-07	BOBO DONALD E JR	Tax withheld	831	$83.20
2026-05-07	Zovighian Bernard J	Grant	44K	—
2026-05-07	Markowitz Wayne	Tax withheld	264	$83.20
2026-05-07	Markowitz Wayne	Grant	5.2K	—
2026-05-07	Ullem Scott B.	Tax withheld	1.4K	$83.20
2026-05-07	Bruls Annette	Grant	6.7K	—
2026-05-07	Chopra Daveen	Grant	9.7K	—
2026-05-07	Lippis Daniel J.	Grant	7.8K	—
2026-05-07	Lippis Daniel J.	Tax withheld	309	$83.20
2026-05-07	Chopra Daveen	Tax withheld	674	$83.20
2026-05-07	Dahl Andrew M.	Grant	4.0K	—
2026-05-07	Dahl Andrew M.	Grant	3.0K	—
2026-05-07	BOBO DONALD E JR	Grant	7.8K	—
2026-05-05	Ullem Scott B.	Option exercise	13K	$59.26
2026-05-05	Ullem Scott B.	Tax withheld	11K	$82.91
2026-05-05	Zovighian Bernard J	Gift	523	—
2026-05-05	Zovighian Bernard J	Gift	523	—
2026-05-04	Lippis Daniel J.	Sell	1.0K	$83.98
2026-05-04	Lippis Daniel J.	Option exercise	1.0K	$59.26
2026-05-03	Zovighian Bernard J	Tax withheld	515	$83.98
2026-05-03	Ullem Scott B.	Tax withheld	620	$83.98
2026-05-03	Lippis Daniel J.	Tax withheld	252	$83.98
2026-05-03	Chopra Daveen	Tax withheld	282	$83.98
2026-05-03	BOBO DONALD E JR	Tax withheld	469	$83.98
2026-05-01	Lippis Daniel J.	Option exercise	1.0K	$59.26
2026-05-01	Lippis Daniel J.	Sell	1.0K	$82.99
2026-05-01	Lippis Daniel J.	Sell	19	$83.99
2026-04-09	Ullem Scott B.	Sell	4.7K	$80.50
2026-04-09	Ullem Scott B.	Sell	8.3K	$79.79
2026-04-09	Ullem Scott B.	Option exercise	13K	$59.26
2026-04-06	Lippis Daniel J.	Sell	1.0K	$80.98
2026-04-06	Lippis Daniel J.	Option exercise	1.0K	$59.26
2026-04-02	BOBO DONALD E JR	Option exercise	23K	$59.26
2026-04-02	BOBO DONALD E JR	Sell	4.7K	$80.59
2026-04-02	BOBO DONALD E JR	Sell	18K	$80.05
2026-03-11	Ullem Scott B.	Option exercise	13K	$59.26
2026-03-11	Ullem Scott B.	Sell	5.1K	$84.46
2026-03-11	Ullem Scott B.	Sell	7.9K	$85.21
2026-03-11	Lippis Daniel J.	Option exercise	1.0K	$59.26
2026-03-11	Lippis Daniel J.	Sell	1.0K	$85.38
2026-03-02	BOBO DONALD E JR	Option exercise	11K	$59.26
2026-03-02	BOBO DONALD E JR	Sell	11K	$85.93
2026-02-25	BOBO DONALD E JR	Sell	24K	$83.84
2026-02-22	Lippis Daniel J.	Tax withheld	432	$79.78
2026-02-22	Dahl Andrew M.	Tax withheld	176	$79.78
2026-02-17	Lippis Daniel J.	Tax withheld	198	$75.87
2026-02-16	Ullem Scott B.	Tax withheld	199	$75.87
2026-02-16	Lippis Daniel J.	Tax withheld	258	$75.87
2026-02-13	Zovighian Bernard J	Gift	2.9K	—
2026-02-13	Zovighian Bernard J	Gift	2.9K	—
2026-02-12	Zovighian Bernard J	Sell	2.5K	$77.13
2026-02-12	Zovighian Bernard J	Sell	20K	$76.61
2026-02-12	Zovighian Bernard J	Option exercise	25K	$59.26
2026-02-12	Lippis Daniel J.	Grant	13K	—
2026-01-09	Lippis Daniel J.	Option exercise	1.0K	$59.26
2026-01-09	Lippis Daniel J.	Sell	1.0K	$85.70
2026-01-06	BOBO DONALD E JR	Option exercise	11K	$59.26
2026-01-06	BOBO DONALD E JR	Sell	2.6K	$84.62
2026-01-06	BOBO DONALD E JR	Sell	8.7K	$85.98
2025-12-12	BOBO DONALD E JR	Sell	5.9K	$83.74
2025-12-12	BOBO DONALD E JR	Sell	5.5K	$83.79
2025-12-12	BOBO DONALD E JR	Gift	7.1K	—
2025-12-12	Lippis Daniel J.	Option exercise	1.0K	$59.26
2025-12-12	Lippis Daniel J.	Sell	1.0K	$84.03
2025-12-12	STONE HEISZ LESLIE	Sell	2.6K	$83.41
2025-12-11	Chopra Daveen	Sell	2.0K	$84.38
2025-12-10	BOBO DONALD E JR	Option exercise	11K	$59.26
2025-12-10	BOBO DONALD E JR	Sell	11K	$83.83
2025-12-10	Zovighian Bernard J	Sell	3.9K	$83.45
2025-12-09	Ullem Scott B.	Sell	7.7K	$84.47
2025-12-09	Ullem Scott B.	Option exercise	7.7K	$59.26
2025-12-09	Zovighian Bernard J	Gift	3.9K	—
2025-12-09	Zovighian Bernard J	Gift	3.9K	—
2025-12-08	Markowitz Wayne	Sell	583	$86.01
2025-12-08	Zovighian Bernard J	Option exercise	25K	$59.26
2025-12-08	Zovighian Bernard J	Sell	21K	$85.21
2025-11-13	Dahl Andrew M.	Grant	1.2K	—
2025-11-10	Lippis Daniel J.	Sell	1.0K	$82.55
2025-11-10	Ullem Scott B.	Option exercise	13K	$59.26
2025-11-10	Ullem Scott B.	Sell	10K	$83.02
2025-11-10	Lippis Daniel J.	Option exercise	1.0K	$59.26
2025-11-10	Ullem Scott B.	Sell	3.0K	$83.30
2025-09-14	Markowitz Wayne	Tax withheld	650	$77.57
2025-09-13	Dahl Andrew M.	Tax withheld	262	$77.57
2025-09-11	Markowitz Wayne	Grant	6.4K	—
2025-09-11	Chopra Daveen	Grant	3.2K	—
2025-08-25	Chopra Daveen	Sell	2.5K	$81.95
2025-08-18	Wood Larry L	Sell	8.9K	$78.06
2025-08-18	Wood Larry L	Option exercise	8.9K	$59.26
2025-07-28	Lippis Daniel J.	Sell	4.1K	$79.46
2025-07-11	Bruls Annette	Tax withheld	109	$78.80
2025-07-07	Lippis Daniel J.	Tax withheld	333	$76.79
2025-06-16	Wood Larry L	Option exercise	8.9K	$59.26
2025-06-16	Wood Larry L	Sell	8.9K	$75.23
2025-06-03	Zovighian Bernard J	Sell	967	$77.32
2025-06-02	BOBO DONALD E JR	Sell	2.6K	$77.40
2025-05-30	Zovighian Bernard J	Sell	16K	$77.21
2025-05-22	Chopra Daveen	Sell	1.5K	$75.08
2025-05-16	Zovighian Bernard J	Gift	5.8K	—
2025-05-16	Zovighian Bernard J	Gift	5.8K	—
2025-05-13	Zovighian Bernard J	Gift	2.8K	—
2025-05-13	Zovighian Bernard J	Gift	2.8K	—
2025-05-11	Chopra Daveen	Tax withheld	580	$73.68
2025-05-11	Zovighian Bernard J	Tax withheld	2.9K	$73.68
2025-05-11	BOBO DONALD E JR	Tax withheld	816	$73.68
2025-05-11	Lippis Daniel J.	Tax withheld	271	$73.68
2025-05-11	Ullem Scott B.	Tax withheld	1.2K	$73.68
2025-05-11	Wood Larry L	Tax withheld	988	$73.68
2025-05-09	VALERIANI NICHOLAS J	Grant	5.6K	—
2025-05-09	Sequeira Ramona	Grant	3.5K	—
2025-05-09	LORANGER STEVEN R	Grant	3.5K	—
2025-05-09	LORANGER STEVEN R	Grant	1.2K	—
2025-05-09	LAVIOLETTE PAUL A	Grant	3.5K	—
2025-05-09	STONE HEISZ LESLIE	Grant	3.5K	—
2025-05-09	GALLAHUE KIERAN	Grant	3.5K	—
2025-05-09	GALLAHUE KIERAN	Grant	1.2K	—
2025-05-09	Feinberg David T	Grant	3.5K	—
2025-05-09	Davis Leslie C.	Grant	3.5K	—
2025-05-09	Lippis Daniel J.	Option exercise	330	$45.28
2025-05-09	Lippis Daniel J.	Sell	330	$74.42
2025-05-09	Ullem Scott B.	Option exercise	11K	$45.28
2025-05-09	Ullem Scott B.	Sell	11K	$74.40
2025-05-08	Dahl Andrew M.	Grant	3.3K	—
2025-05-08	Zovighian Bernard J	Grant	44K	—
2025-05-08	BOBO DONALD E JR	Grant	8.4K	—
2025-05-08	Markowitz Wayne	Grant	3.4K	—
2025-05-08	Wood Larry L	Grant	11K	—
2025-05-08	Chopra Daveen	Grant	9.2K	—
2025-05-08	Zovighian Bernard J	Gift	4.1K	—
2025-05-08	Bruls Annette	Grant	6.2K	—
2025-05-08	Lippis Daniel J.	Grant	4.2K	—
2025-05-08	Ullem Scott B.	Grant	13K	—
2025-05-08	Zovighian Bernard J	Gift	4.1K	—
2025-05-07	Wood Larry L	Tax withheld	819	$74.92
2025-05-07	Markowitz Wayne	Sell	268	$75.08
2025-05-07	Markowitz Wayne	Tax withheld	300	$74.92
2025-05-07	Chopra Daveen	Tax withheld	627	$74.92
2025-05-07	Ullem Scott B.	Tax withheld	1.4K	$74.92
2025-05-07	Zovighian Bernard J	Tax withheld	4.3K	$74.92
2025-05-07	BOBO DONALD E JR	Tax withheld	851	$74.92
2025-05-06	Zovighian Bernard J	Gift	1.0K	—
2025-05-06	Zovighian Bernard J	Gift	1.0K	—
2025-05-05	Zovighian Bernard J	Gift	1.5K	—
2025-05-05	Zovighian Bernard J	Option exercise	7.5K	$45.28
2025-05-05	Zovighian Bernard J	Gift	1.5K	—
2025-05-05	Zovighian Bernard J	Sell	6.0K	$74.91
2025-05-04	Zovighian Bernard J	Tax withheld	543	$75.65
2025-05-04	Lippis Daniel J.	Tax withheld	247	$75.65
2025-05-04	Wood Larry L	Tax withheld	410	$75.65
2025-05-04	Chopra Daveen	Tax withheld	289	$75.65
2025-05-04	BOBO DONALD E JR	Tax withheld	508	$75.65
2025-05-04	Ullem Scott B.	Tax withheld	648	$75.65
2025-05-03	Wood Larry L	Tax withheld	396	$75.65
2025-05-03	Chopra Daveen	Tax withheld	291	$75.65
2025-05-03	BOBO DONALD E JR	Tax withheld	480	$75.65
2025-05-03	Lippis Daniel J.	Tax withheld	225	$75.65
2025-05-03	Ullem Scott B.	Tax withheld	635	$75.65
2025-05-03	Zovighian Bernard J	Tax withheld	527	$75.65
2025-04-14	BOBO DONALD E JR	Sell	9.5K	$69.81
2025-04-14	BOBO DONALD E JR	Option exercise	9.5K	$45.28
2025-04-08	Lippis Daniel J.	Option exercise	300	$45.28
2025-04-08	Lippis Daniel J.	Sell	300	$70.61
2025-03-26	Ullem Scott B.	Sell	11K	$70.87
2025-03-26	Ullem Scott B.	Option exercise	11K	$45.28
2025-03-13	BOBO DONALD E JR	Sell	9.5K	$67.96
2025-03-13	BOBO DONALD E JR	Option exercise	9.5K	$45.28
2025-03-10	Zovighian Bernard J	Sell	6.2K	$69.51
2025-03-10	Zovighian Bernard J	Option exercise	7.5K	$45.28
2025-03-10	Zovighian Bernard J	Gift	1.3K	—
2025-03-10	Zovighian Bernard J	Gift	1.3K	—
2025-03-10	Lippis Daniel J.	Option exercise	400	$45.28
2025-03-10	Lippis Daniel J.	Sell	400	$69.48
2025-02-28	Ullem Scott B.	Sell	3.5K	$71.38
2025-02-28	Ullem Scott B.	Option exercise	11K	$45.28
2025-02-28	Ullem Scott B.	Sell	7.8K	$70.52
2025-02-22	Dahl Andrew M.	Tax withheld	176	$73.30
2025-02-18	Lippis Daniel J.	Tax withheld	222	$76.19
2025-02-17	Lippis Daniel J.	Tax withheld	165	$76.19
2025-02-16	Lippis Daniel J.	Tax withheld	214	$76.19
2025-02-16	Ullem Scott B.	Tax withheld	174	$76.19
2025-02-16	Wood Larry L	Tax withheld	333	$76.19
2025-02-14	LORANGER STEVEN R	Option exercise	5.7K	$45.32
2025-02-14	LORANGER STEVEN R	Sell	5.7K	$76.42
2025-02-13	Ullem Scott B.	Sell	11K	$75.76
2025-02-13	Ullem Scott B.	Option exercise	11K	$45.28
2025-02-13	BOBO DONALD E JR	Option exercise	6.5K	$45.28
2025-02-13	BOBO DONALD E JR	Sell	100	$76.26
2025-02-13	BOBO DONALD E JR	Sell	6.4K	$75.74
2025-02-13	Lippis Daniel J.	Option exercise	500	$45.28
2025-02-13	Lippis Daniel J.	Sell	500	$76.34
2025-02-13	STONE HEISZ LESLIE	Option exercise	5.7K	$45.32
2025-02-13	STONE HEISZ LESLIE	Sell	5.7K	$75.86
2025-01-16	Lippis Daniel J.	Option exercise	500	$45.28
2025-01-16	Lippis Daniel J.	Sell	500	$68.76
2025-01-16	BOBO DONALD E JR	Option exercise	5.0K	$45.28
2025-01-16	BOBO DONALD E JR	Sell	5.0K	$68.75

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-08	Exec/director changeShareholder voteExhibits	filing ↗
2026-05-04	Exec/director changeReg FD	filing ↗
2026-04-23	ResultsExhibits	filing ↗
2026-02-10	ResultsExhibits	filing ↗
2026-01-12	Reg FDExhibits	filing ↗
2025-10-30	ResultsExhibits	filing ↗
2025-10-30	Exec/director changeReg FDExhibits	filing ↗
2025-08-19	OtherExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-08	2026-05-07	0001099800-26-000028 ↗
10-Q	2026-05-06	2026-03-31	0001099800-26-000026 ↗
8-K	2026-05-04	2026-05-02	0001099800-26-000023 ↗
8-K	2026-04-23	2026-04-23	0001099800-26-000021 ↗
10-K	2026-02-25	2025-12-31	0001099800-26-000009 ↗
8-K	2026-02-10	2026-02-10	0001099800-26-000006 ↗
8-K	2026-01-12	2026-01-09	0001099800-26-000002 ↗
10-Q	2025-11-05	2025-09-30	0001099800-25-000062 ↗
8-K	2025-10-30	2025-10-30	0001099800-25-000059 ↗
8-K	2025-10-30	2025-10-30	0001193125-25-258662 ↗
8-K	2025-08-19	2025-08-19	0001099800-25-000056 ↗
10-Q	2025-08-06	2025-06-30	0001099800-25-000048 ↗