Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Edwards Lifesciences Corp., adjusted financial ratios

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported	0.62	0.61	0.67	0.70	0.60
Adjusted	0.63	0.63	0.69	0.71	0.62
Liquidity Ratio
Current Ratio
Reported	3.08	3.46	3.31	2.61	1.80
Adjusted	3.09	3.47	3.32	2.62	1.81
Solvency Ratios
Debt to Equity
Reported	0.10	0.13	0.14	0.19	0.35
Adjusted	0.12	0.16	0.17	0.23	0.40
Debt to Capital
Reported	0.09	0.12	0.13	0.16	0.26
Adjusted	0.11	0.14	0.14	0.18	0.28
Financial Leverage
Reported	1.46	1.58	1.56	1.70	1.93
Adjusted	1.47	1.60	1.57	1.76	2.00
Profitability Ratios
Net Profit Margin
Reported	28.73%	18.77%	24.08%	19.40%	16.99%
Adjusted	27.94%	17.49%	23.91%	18.89%	19.68%
Return on Equity (ROE)
Reported	25.76%	18.00%	25.24%	23.00%	19.74%
Adjusted	26.00%	17.51%	25.85%	23.57%	24.32%
Return on Assets (ROA)
Reported	17.68%	11.38%	16.14%	13.57%	10.25%
Adjusted	17.69%	10.93%	16.44%	13.42%	12.16%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Edwards Lifesciences Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Edwards Lifesciences Corp. adjusted current ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Edwards Lifesciences Corp. adjusted debt-to-equity ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Edwards Lifesciences Corp. adjusted debt-to-capital ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Edwards Lifesciences Corp. adjusted financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Edwards Lifesciences Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Edwards Lifesciences Corp. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Edwards Lifesciences Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Edwards Lifesciences Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net sales	5,232,500)	4,386,300)	4,348,000)	3,722,800)	3,435,300)
Total assets	8,502,600)	7,237,100)	6,488,100)	5,323,700)	5,695,800)
Activity Ratio
Total asset turnover¹	0.62	0.61	0.67	0.70	0.60
Adjusted
Selected Financial Data (US$ in thousands)
Net sales	5,232,500)	4,386,300)	4,348,000)	3,722,800)	3,435,300)
Adjusted total assets²	8,265,200)	7,015,800)	6,324,600)	5,241,204)	5,558,239)
Activity Ratio
Adjusted total asset turnover³	0.63	0.63	0.69	0.71	0.62

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).

¹ 2021 Calculation
Total asset turnover = Net sales ÷ Total assets
= 5,232,500 ÷ 8,502,600 = 0.62

² Adjusted total assets. See details »

³ 2021 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 5,232,500 ÷ 8,265,200 = 0.63

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Edwards Lifesciences Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Current assets	3,180,700)	3,091,000)	2,984,000)	2,286,900)	2,532,100)
Current liabilities	1,032,300)	893,900)	902,400)	876,600)	1,402,900)
Liquidity Ratio
Current ratio¹	3.08	3.46	3.31	2.61	1.80
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	3,190,000)	3,100,600)	2,992,700)	2,295,800)	2,540,600)
Current liabilities	1,032,300)	893,900)	902,400)	876,600)	1,402,900)
Liquidity Ratio
Adjusted current ratio³	3.09	3.47	3.32	2.62	1.81

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).

¹ 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,180,700 ÷ 1,032,300 = 3.08

² Adjusted current assets. See details »

³ 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 3,190,000 ÷ 1,032,300 = 3.09

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Edwards Lifesciences Corp. adjusted current ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt	595,700)	595,000)	594,400)	593,800)	1,036,400)
Stockholders’ equity	5,835,900)	4,574,300)	4,148,300)	3,140,400)	2,956,200)
Solvency Ratio
Debt to equity¹	0.10	0.13	0.14	0.19	0.35
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	690,300)	694,900)	678,800)	676,404)	1,103,939)
Adjusted stockholders’ equity³	5,623,100)	4,381,100)	4,021,600)	2,984,300)	2,778,700)
Solvency Ratio
Adjusted debt to equity⁴	0.12	0.16	0.17	0.23	0.40

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).

¹ 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 595,700 ÷ 5,835,900 = 0.10

² Adjusted total debt. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 690,300 ÷ 5,623,100 = 0.12

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Edwards Lifesciences Corp. adjusted debt-to-equity ratio improved from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt	595,700)	595,000)	594,400)	593,800)	1,036,400)
Total capital	6,431,600)	5,169,300)	4,742,700)	3,734,200)	3,992,600)
Solvency Ratio
Debt to capital¹	0.09	0.12	0.13	0.16	0.26
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	690,300)	694,900)	678,800)	676,404)	1,103,939)
Adjusted total capital³	6,313,400)	5,076,000)	4,700,400)	3,660,704)	3,882,639)
Solvency Ratio
Adjusted debt to capital⁴	0.11	0.14	0.14	0.18	0.28

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).

¹ 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 595,700 ÷ 6,431,600 = 0.09

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 690,300 ÷ 6,313,400 = 0.11

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Edwards Lifesciences Corp. adjusted debt-to-capital ratio improved from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total assets	8,502,600)	7,237,100)	6,488,100)	5,323,700)	5,695,800)
Stockholders’ equity	5,835,900)	4,574,300)	4,148,300)	3,140,400)	2,956,200)
Solvency Ratio
Financial leverage¹	1.46	1.58	1.56	1.70	1.93
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	8,265,200)	7,015,800)	6,324,600)	5,241,204)	5,558,239)
Adjusted stockholders’ equity³	5,623,100)	4,381,100)	4,021,600)	2,984,300)	2,778,700)
Solvency Ratio
Adjusted financial leverage⁴	1.47	1.60	1.57	1.76	2.00

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).

¹ 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 8,502,600 ÷ 5,835,900 = 1.46

² Adjusted total assets. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 8,265,200 ÷ 5,623,100 = 1.47

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Edwards Lifesciences Corp. adjusted financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)
Net sales	5,232,500)	4,386,300)	4,348,000)	3,722,800)	3,435,300)
Profitability Ratio
Net profit margin¹	28.73%	18.77%	24.08%	19.40%	16.99%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,462,200)	767,000)	1,039,700)	703,400)	675,900)
Net sales	5,232,500)	4,386,300)	4,348,000)	3,722,800)	3,435,300)
Profitability Ratio
Adjusted net profit margin³	27.94%	17.49%	23.91%	18.89%	19.68%

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).

¹ 2021 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 1,503,100 ÷ 5,232,500 = 28.73%

² Adjusted net income. See details »

³ 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 1,462,200 ÷ 5,232,500 = 27.94%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Edwards Lifesciences Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)
Stockholders’ equity	5,835,900)	4,574,300)	4,148,300)	3,140,400)	2,956,200)
Profitability Ratio
ROE¹	25.76%	18.00%	25.24%	23.00%	19.74%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,462,200)	767,000)	1,039,700)	703,400)	675,900)
Adjusted stockholders’ equity³	5,623,100)	4,381,100)	4,021,600)	2,984,300)	2,778,700)
Profitability Ratio
Adjusted ROE⁴	26.00%	17.51%	25.85%	23.57%	24.32%

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).

¹ 2021 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 1,503,100 ÷ 5,835,900 = 25.76%

² Adjusted net income. See details »

³ Adjusted stockholders’ equity. See details »

⁴ 2021 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 1,462,200 ÷ 5,623,100 = 26.00%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Edwards Lifesciences Corp. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)
Total assets	8,502,600)	7,237,100)	6,488,100)	5,323,700)	5,695,800)
Profitability Ratio
ROA¹	17.68%	11.38%	16.14%	13.57%	10.25%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,462,200)	767,000)	1,039,700)	703,400)	675,900)
Adjusted total assets³	8,265,200)	7,015,800)	6,324,600)	5,241,204)	5,558,239)
Profitability Ratio
Adjusted ROA⁴	17.69%	10.93%	16.44%	13.42%	12.16%

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).

¹ 2021 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,503,100 ÷ 8,502,600 = 17.68%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2021 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,462,200 ÷ 8,265,200 = 17.69%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Edwards Lifesciences Corp. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Edwards Lifesciences Corp. (NYSE:EW)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Edwards Lifesciences Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)