Edwards Lifesciences Corp., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)
Net noncash charges	83,700)	188,700)	336,800)	247,200)	182,900)
Changes in operating assets and liabilities	145,300)	42,200)	(204,300)	(42,600)	234,200)
Net cash provided by operating activities	1,732,100)	1,054,300)	1,179,400)	926,800)	1,000,700)
Capital expenditures	(325,800)	(407,000)	(254,400)	(238,700)	(168,100)
Investments in intangible assets and in-process research and development	(4,000)	(300)	(24,000)	(3,000)	(7,400)
Proceeds from issuance of debt	5,200)	16,200)	18,900)	688,000)	994,700)
Payments on debt and finance lease obligations	(7,000)	(17,000)	(28,900)	(1,125,300)	(818,400)
Free cash flow to equity (FCFE)	1,400,500)	646,200)	891,000)	247,800)	1,001,500)

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).

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Edwards Lifesciences Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	623,207,437
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,400,500)
FCFE per share	2.25
Current share price (P)	107.73
Valuation Ratio
P/FCFE	47.94
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	30.98
Elevance Health Inc.	22.73
Intuitive Surgical Inc.	56.49
Medtronic PLC	26.86
UnitedHealth Group Inc.	19.84
P/FCFE, Sector
Health Care Equipment & Services	18.23
P/FCFE, Industry
Health Care	25.83

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Edwards Lifesciences Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	623,207,437	624,518,873	627,367,734	623,298,987	630,071,124
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,400,500)	646,200)	891,000)	247,800)	1,001,500)
FCFE per share³	2.25	1.03	1.42	0.40	1.59
Share price^1, 4	107.73	87.65	76.85	59.26	44.61
Valuation Ratio
P/FCFE⁵	47.94	84.71	54.11	149.06	28.07
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	24.52	—	—	—	—
Elevance Health Inc.	11.07	—	—	—	—
Intuitive Surgical Inc.	58.39	—	—	—	—
Medtronic PLC	38.91	—	—	—	—
UnitedHealth Group Inc.	20.11	—	—	—	—
P/FCFE, Sector
Health Care Equipment & Services	22.14	—	—	—	—
P/FCFE, Industry
Health Care	17.94	—	—	—	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,400,500,000 ÷ 623,207,437 = 2.25

⁴ Closing price as at the filing date of Edwards Lifesciences Corp. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 107.73 ÷ 2.25 = 47.94

⁶ Click competitor name to see calculations.

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Edwards Lifesciences Corp. (NYSE:EW)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical