Discounted Cash Flow

Edwards Lifesciences Corp.

EW · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.0b $569.5m $528.3m 19.2% $2.67
2017 $3.4b (15.9%) $583.6m (2.5%) $832.6m (57.6%) 17.0% (-11.6%) $2.77 (3.7%)
2018 $3.7b (8.4%) $722.2m (23.7%) $688.1m (-17.4%) 19.4% (14.2%) $3.45 (24.5%)
2019 $4.3b (16.8%) $1.0b (45.0%) $925.0m (34.4%) 24.1% (24.1%) $5.03 (45.8%)
2020 $4.4b (0.9%) $823.4m (-21.3%) $647.3m (-30.0%) 18.8% (-22.0%) $1.32 (-73.8%)
2021 $5.2b (19.3%) $1.5b (82.5%) $1.4b (117.3%) 28.7% (53.0%) $2.41 (82.6%)
2022 $5.4b (2.9%) $1.5b (1.3%) $973.6m (-30.8%) 28.3% (-1.6%) $2.46 (2.1%)
2023 $6.0b (11.6%) $1.4b (-7.9%) $642.8m (-34.0%) 23.4% (-17.4%) $2.31 (-6.1%)
2024 $5.4b (-9.4%) $4.2b (197.7%) $289.9m (-54.9%) 76.7% (228.6%) $6.98 (202.2%)
2025 $6.1b (11.5%) $1.1b (-74.3%) $1.3b (360.5%) 17.7% (-76.9%) $1.84 (-73.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model