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Edwards Lifesciences Corp. (NYSE:EW)

This company has been moved to the archive! The financial data has not been updated since February 14, 2022.

Common-Size Balance Sheet: Assets

Edwards Lifesciences Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 10.15 16.35 18.17 13.41 14.37
Short-term investments 7.10 3.03 5.21 4.55 9.12
Accounts receivable, net of allowances 6.85 7.11 8.38 8.58 7.40
Other receivables 0.97 1.22 0.86 1.51 0.71
Inventories 8.55 11.09 9.88 11.40 9.74
Prepaid expenses 1.00 1.04 0.91 1.02 1.06
Other current assets 2.79 2.88 2.59 2.48 2.05
Current assets 37.41% 42.71% 45.99% 42.96% 44.46%
Long-term investments 21.57 11.08 9.02 9.51 9.95
Property, plant, and equipment, net 18.19 19.28 16.34 16.30 11.93
Operating lease right-of-use assets 1.08 1.30 1.23 0.00 0.00
Goodwill 13.74 16.21 18.00 20.89 19.78
Other intangible assets, net 3.81 4.58 5.19 6.45 8.22
Deferred income taxes 2.90 3.19 2.65 3.27 3.75
Other assets 1.30 1.65 1.57 0.63 1.91
Long-term assets 62.59% 57.29% 54.01% 57.04% 55.54%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset composition demonstrates a strategic shift from current assets toward long-term investments and fixed assets over the five-year period. Current assets decreased from 44.46% of total assets in 2017 to 37.41% in 2021, while long-term assets increased from 55.54% to 62.59% during the same timeframe.

Liquidity and Short-Term Position
Cash and cash equivalents experienced volatility, peaking at 18.17% in 2019 before declining to 10.15% by 2021. Short-term investments followed an inconsistent pattern, reaching a low of 3.03% in 2020 before rebounding to 7.10% in 2021. This suggests a reallocation of liquid capital toward other asset classes.
Working Capital Efficiency
Accounts receivable remained relatively stable, oscillating between a high of 8.58% in 2018 and a low of 6.85% in 2021. Inventories showed a general downward trend in the latter half of the period, falling from a peak of 11.40% in 2018 to 8.55% by 2021, indicating potentially tighter inventory management or changes in production cycles.
Fixed Asset Investment
Property, plant, and equipment, net, showed a marked increase from 11.93% in 2017 to a peak of 19.28% in 2020, ending at 18.19% in 2021. This trend indicates a sustained investment in physical infrastructure and operational capacity.
Intangible Assets and Goodwill
A consistent decline is observed in the proportion of intangible assets. Goodwill decreased from 19.78% in 2017 to 13.74% in 2021, and other intangible assets dropped from 8.22% to 3.81% over the same period. This suggests that acquired assets are comprising a smaller portion of the total balance sheet, likely due to amortization or organic growth outpacing acquisitions.
Long-Term Strategic Allocation
The most significant change occurred in long-term investments, which remained relatively flat between 9% and 11% from 2017 to 2020, before surging to 21.57% in 2021. This sharp increase represents a major shift in the company's long-term capital deployment strategy.

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