Forensic Analysis · Medical Devices · as of Nov 8, 2026

Edwards Lifesciences Corp (EW)

A forensic read on Edwards Lifesciences Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

9.6

Distress distance

Clean

Earnings quality

Forensic signals

10.6%

ROE

11.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Edwards Lifesciences Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.6, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.46×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.46× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

12.0%

FY2025

Return on invested capital. Return on invested capital is 12.0% in the latest fiscal year and slipping across FY2023–FY2025 from 16.5%. After-tax operating profit was $1.2B in FY2023 and $1.0B in FY2025, with operating income at 26.1% of revenue in FY2023, 25.3% in FY2024 and 20.8% in FY2025. The capital base behind it grew +24% across FY2023–FY2025, from $7.0B to $8.7B, while the return fell 4.5 points, so the dollars added over that window earned less than the 16.5% the older base was already earning. $1.1B of the $8.7B base at FY2025 is short-term investments (12.7%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.

Key fundamentals

Latest Revenue$6.07B

Revenue Growth YoY+11.5%

Revenue CAGR (2yr)+10.0%

Net Margin17.7%

Free Cash Flow$1.33B

Return on Equity10.6%

Debt / Equity0.06x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.