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

Edwards Lifesciences brought in $6.1B of revenue in fiscal 2025, STERIS $5.9B in fiscal 2026. Revenue changed by +11.5% at Edwards Lifesciences and +8.7% at STERIS on the year before, so Edwards Lifesciences grew faster. Edwards Lifesciences kept 17.7% of its revenue as net profit, STERIS 13.2%. Free cash flow was $1.3B at Edwards Lifesciences and $972.4M at STERIS.

Side by side, latest fiscal year

EWSTE
Fiscal year endedFY2025 (December 31, 2025)FY2026 (March 31, 2026)
Revenue$6.1B$5.9B
Revenue growth+11.5%+8.7%
Net income$1.1B$782.3M
Net margin17.7%13.2%
Free cash flow$1.3B$972.4M
Free cash flow margin22.0%16.4%
Earnings per share (diluted)$1.83$7.93
Cash$2.9B$439.6M
Debt$598.3M$1.8B
Price to earnings47.126.4
Market value$49.7B$20.4B
Dividend yieldn/a1.18%
Rank by revenue in sector#54 of 523 · Health care#55 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: $6.1BSTE FY2019: $2.8BSTE FY2020: $3BSTE FY2021: $3.1BSTE FY2022: $4.2BSTE FY2023: $4.5BSTE FY2024: $5.1BSTE FY2025: $5.5BSTE FY2026: $5.9BFY18FY19FY20FY21FY22FY23FY24FY25FY26
EW $6.1BSTE $5.9B
Net income
EW FY2018: $722.2MEW FY2019: $1BEW FY2020: $823.4MEW FY2021: $1.5BEW FY2022: $1.5BEW FY2023: $1.4BEW FY2024: $4.2BEW FY2025: $1.1BSTE FY2019: $303.7MSTE FY2020: $407.7MSTE FY2021: $397.4MSTE FY2022: $243.9MSTE FY2023: $107MSTE FY2024: $378.2MSTE FY2025: $614.6MSTE FY2026: $782.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EW $1.1BSTE $782.3M
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%STE FY2019: 10.9%STE FY2020: 13.5%STE FY2021: 12.8%STE FY2022: 5.8%STE FY2023: 2.4%STE FY2024: 7.4%STE FY2025: 11.3%STE FY2026: 13.2%FY18FY19FY20FY21FY22FY23FY24FY25FY26
EW 17.7%STE 13.2%
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%STE FY2020: +8.9%STE FY2021: +2.5%STE FY2022: +35.9%STE FY2023: +7.4%STE FY2024: +13.3%STE FY2025: +6.2%STE FY2026: +8.7%FY19FY20FY21FY22FY23FY24FY25FY26
EW +11.5%STE +8.7%
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: $1.3BSTE FY2019: $349.8MSTE FY2020: $376MSTE FY2021: $450.4MSTE FY2022: $397.2MSTE FY2023: $395MSTE FY2024: $613MSTE FY2025: $778MSTE FY2026: $972.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EW $1.3BSTE $972.4M

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

Questions about Edwards Lifesciences and STERIS

Which is bigger by revenue, Edwards Lifesciences or STERIS?

Edwards Lifesciences is bigger by revenue: $6.1B in fiscal 2025, against $5.9B for STERIS in fiscal 2026.

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

Edwards Lifesciences had a net margin of 17.7% in fiscal 2025; STERIS had 13.2% in fiscal 2026.

Which grew revenue faster, Edwards Lifesciences or STERIS?

In their latest fiscal years revenue changed by +11.5% at Edwards Lifesciences and +8.7% at STERIS.

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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