EW vs MDT: Edwards Lifesciences and Medtronic compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Medtronic is the larger company, worth $117.1B, about 2.4 times Edwards Lifesciences.
- Medtronic grew revenue faster over the last year (+13.7% vs +13.6%).
- Edwards Lifesciences keeps more of each dollar of revenue as operating profit (22.2% vs 18.1%).
- On earnings, Medtronic is the cheaper stock (25.5x vs 46.5x).
- Edwards Lifesciences's price assumes faster free cash flow growth: about 13% a year, against 6% for Medtronic (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EW | MDT |
|---|---|---|
| Market cap | $49.5B | $117.1B |
| Share price | $85.21 | $88.48 |
| Revenue (last fiscal year) | $6.1B | $36.4B |
| Free cash flow (last fiscal year) | $1.3B | $5.4B |
| Revenue growth, last year | +13.6% | +13.7% |
| Revenue growth per year, last 5 fiscal years | +3.8% | +3.5% |
| Operating margin | 22.2% | 18.1% |
| Net margin | 15.4% | 13.9% |
| Return on equity | 9.5% | 10.4% |
| P/E (trailing) | 46.5x | 25.5x |
| Price / free cash flow | 37.1x | 22.6x |
| EV / EBITDA | 29.1x | 13.0x |
| FCF growth the price implies | 13.1% | 6.0% |
| Dividend yield | — | 3.2% |
| Debt / equity | 0.30x | 0.85x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 7 |
| Insider purchases, last 12 months | 2 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Edwards Lifesciences
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.2B | $1.4B | 32.3% |
| 2022 | $4.5B | $974M | 33.6% |
| 2023 | $5.0B | $643M | 26.1% |
| 2024 | $5.4B | $290M | 25.3% |
| 2025 | $6.1B | $1.3B | 20.8% |
Medtronic
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $31.7B | $6.0B | 18.2% |
| 2023 | $31.2B | $4.6B | 17.6% |
| 2024 | $32.4B | $5.2B | 15.9% |
| 2025 | $33.5B | $5.2B | 17.8% |
| 2026 | $36.4B | $5.4B | 17.8% |
Where the revenue comes from
Edwards Lifesciences · by products, 2025
Transcatheter Aortic Valve Replacement$4.5B74%
Surgical Structural Heart$1.0B17%
Transcatheter Mitral and Tricuspid Therapies$551M9%
Medtronic · by segments, 2026
Cardiovascular$14.0B38%
Neuroscience$10.3B28%
Medical Surgical$8.8B24%
Diabetes$3.1B9%
Other Operating Segments$135M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EW in InvestinglyQuestions
Which is bigger, Edwards Lifesciences or Medtronic?
Medtronic (MDT), at $117.1B against $49.5B.
Is EW or MDT cheaper?
By trailing P/E, Medtronic (25.5x) is cheaper than Edwards Lifesciences (46.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, EW or MDT?
Medtronic: revenue grew +13.7% over the last year, against +13.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.