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Edwards Lifesciences vs Inogen: revenue, profit, margins and growth compared

Edwards Lifesciences brought in $6.1B of revenue in fiscal 2025, Inogen $348.7M in fiscal 2025. Revenue changed by +11.5% at Edwards Lifesciences and +3.9% at Inogen on the year before, so Edwards Lifesciences grew faster. Edwards Lifesciences kept 17.7% of its revenue as net profit, Inogen -6.5%. Free cash flow was $1.3B at Edwards Lifesciences and -$13.7M at Inogen.

Side by side, latest fiscal year

EWINGN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.1B$348.7M
Revenue growth+11.5%+3.9%
Net income$1.1B-$22.7M
Net margin17.7%-6.5%
Free cash flow$1.3B-$13.7M
Free cash flow margin22.0%-3.9%
Earnings per share (diluted)$1.83-$0.86
Cash$2.9B$103.7M
Debt$598.3Mn/a
Price to earnings47.1n/a
Market value$49.7B$142.2M
Dividend yieldn/an/a
Rank by revenue in sector#54 of 523 · Health care#213 of 523 · Health care

Over the years

Revenue
EW FY2018: $3.7BEW FY2019: $4.3BEW FY2020: $4.4BEW FY2021: $5.2BEW FY2022: $4.5BEW FY2023: $5BEW FY2024: $5.4BEW FY2025: $6.1BINGN FY2018: $358.1MINGN FY2019: $361.9MINGN FY2020: $308.5MINGN FY2021: $358MINGN FY2022: $377.2MINGN FY2023: $315.7MINGN FY2024: $335.7MINGN FY2025: $348.7MFY18FY19FY20FY21FY22FY23FY24FY25
EW $6.1BINGN $348.7M
Net income
EW FY2018: $722.2MEW FY2019: $1BEW FY2020: $823.4MEW FY2021: $1.5BEW FY2022: $1.5BEW FY2023: $1.4BEW FY2024: $4.2BEW FY2025: $1.1BINGN FY2018: $51.8MINGN FY2019: $21MINGN FY2020: -$5.8MINGN FY2021: -$6.3MINGN FY2022: -$83.8MINGN FY2023: -$102.4MINGN FY2024: -$35.9MINGN FY2025: -$22.7MFY18FY19FY20FY21FY22FY23FY24FY25
EW $1.1BINGN -$22.7M
Net margin
EW FY2018: 19.4%EW FY2019: 24.1%EW FY2020: 18.8%EW FY2021: 28.7%EW FY2022: 34.1%EW FY2023: 28.0%EW FY2024: 76.7%EW FY2025: 17.7%INGN FY2018: 14.5%INGN FY2019: 5.8%INGN FY2020: -1.9%INGN FY2021: -1.8%INGN FY2022: -22.2%INGN FY2023: -32.5%INGN FY2024: -10.7%INGN FY2025: -6.5%FY18FY19FY20FY21FY22FY23FY24FY25
EW 17.7%INGN -6.5%
Revenue growth
EW FY2019: +16.8%EW FY2020: +0.9%EW FY2021: +19.3%EW FY2022: -14.7%EW FY2023: +12.2%EW FY2024: +8.6%EW FY2025: +11.5%INGN FY2019: +1.1%INGN FY2020: -14.8%INGN FY2021: +16.1%INGN FY2022: +5.4%INGN FY2023: -16.3%INGN FY2024: +6.4%INGN FY2025: +3.9%FY19FY20FY21FY22FY23FY24FY25
EW +11.5%INGN +3.9%
Free cash flow
EW FY2018: $688MEW FY2019: $928.5MEW FY2020: $647.3MEW FY2021: $1.4BEW FY2022: $973.6MEW FY2023: $642.8MEW FY2024: $289.9MEW FY2025: $1.3BINGN FY2018: $51.9MINGN FY2019: $37.5MINGN FY2020: $32.6MINGN FY2021: $18.2MINGN FY2022: -$40.9MINGN FY2023: -$8.5MINGN FY2024: $2.6MINGN FY2025: -$13.7MFY18FY19FY20FY21FY22FY23FY24FY25
EW $1.3BINGN -$13.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Edwards Lifesciences and Inogen

Which is bigger by revenue, Edwards Lifesciences or Inogen?

Edwards Lifesciences is bigger by revenue: $6.1B in fiscal 2025, against $348.7M for Inogen in fiscal 2025.

Which keeps more of its revenue as profit, Edwards Lifesciences or Inogen?

Edwards Lifesciences had a net margin of 17.7% in fiscal 2025; Inogen had -6.5% in fiscal 2025.

Which grew revenue faster, Edwards Lifesciences or Inogen?

In their latest fiscal years revenue changed by +11.5% at Edwards Lifesciences and +3.9% at Inogen.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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