EWEdwards Lifesciences Corp

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Revenue: $6.1B; 12% YoY
Operating margin: 20.8%; 18% YoY
EBITDA: $1.4B; 7.4% YoY
Market cap: $53.1B
Employees: 16,000; $379K revenue each
Net debt / EBITDA: -1.6×; −$2.3B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
149% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
56% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$379K · 46th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 50th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$53.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.2B	$4.5B	$5.0B	$5.4B	$6.1B	12%
Operating income	$1.7B	$1.5B	$1.3B	$1.4B	$1.3B	8.3%
Net income	$1.5B	$1.5B	$1.4B	$4.2B	$1.1B	74%
Operating cash flow	$1.7B	$1.2B	$896M	$542M	$1.6B	194%
Capex	$326M	$245M	$253M	$252M	$260M	3.1%
Stock-based comp	$109M	$127M	$139M	$162M	$158M	2.6%
Buybacks	$513M	$1.7B	$880M	$1.2B	$893M	23%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $28M · 54
Net: −$28M

Pay vs performance

No pay-versus-performance disclosure yet.