EDWARDS LIFESCIENCES CORPORATION vs Smith & Nephew plc, two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
78.01 stands over this pair: Edwards' gross margin, the richest in large-cap medtech, ten points above Smith & Nephew's 68% and earned on heart valves rather than hips. What each keeps at the operating line tells the execution story, 29% at Edwards against 12.9% at Smith & Nephew, the gap between a focused franchise and a conglomerate of fixable ones. The multiples nearly meet anyway, 48.3 and 41.6 times, because the market prices Edwards' growth and Smith & Nephew's repair at similar premiums. Both are debt-free; Smith & Nephew yields more than double the free cash, 4.9% against 2.1%. One premium buys momentum, the other buys the possibility of becoming ordinary-good; the raw material gap says only one has margin for error.
Comparison updated 2026-07-10.
| Metric | EW | SNN |
|---|---|---|
| Price | $90.82 | $30.02 |
| Market cap | $52.7B | $26.0B |
| Sector | Medical Devices | Medical Devices |
| Stage | Growth | Mature |
| P/E | 48.3 | 41.6 |
| P/B | 5.11 | 4.92 |
| P/S | 8.37 | 4.22 |
| EV/EBITDA | 36.7 | 32.1 |
| Revenue growth | +14.1% | +4.3% |
| Gross margin | 78.0% | 68.0% |
| Operating margin | 29.0% | 12.9% |
| Net margin | 17.4% | 10.1% |
| Return on equity | 10.6% | 11.8% |
| Return on assets | 8.2% | 6.0% |
| Return on invested capital | 10.2% | 12.0% |
| FCF yield | 2.1% | 4.9% |
| Debt / equity | 0.06 | 0.00 |
| Current ratio | 4.42 | 2.57 |
| Altman Z (solvency) | 8.56 | 4.86 |
| Piotroski F (quality) | 5 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.