Filing Flows › Edwards Lifesciences (EW) › Takeover & LBO
Is Edwards Lifesciences (EW) a takeover target?
A leveraged buyout at today's price plus 30% ($131.92 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. At $72.3B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect. Historically 2.5% of companies with its figures were bought within a year (0.5× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $131.92 | today's $101.48 plus 30% |
| × shares | 577.6 million | |
| = Equity value | $76.2B | |
| + Debt refinanced | $599M | |
| − Cash | $4.6B | |
| + Other claims | $100M | preferred stock, minority interests |
| = Enterprise value | $72.3B | 44.8× EBITDA of $1.6B |
| Fees | $1.4B | 2% of the price |
| New debt | $8.9B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $64.8B | 88% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $7.2B | $1.7B | $678M | $430M | $8.4B |
| Year 2 | $7.7B | $1.9B | $645M | $522M | $7.9B |
| Year 3 | $8.1B | $2.0B | $605M | $613M | $7.3B |
| Year 4 | $8.5B | $2.0B | $559M | $699M | $6.6B |
| Year 5 | $8.7B | $2.1B | $505M | $780M | $5.8B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 33.9× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $71.4B | |
| − Debt left | $5.8B | |
| = Buyer's equity | $65.6B | |
| Money multiple | 1.01× | on $64.8B put in |
| Buyer's yearly return (IRR) | 0.2% |
Price against return
What the buyer makes at other premiums over today's $101.48.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $111.63 | 4.4% |
| 20% | $121.78 | 2.2% |
| 30% | $131.92 | 0.2% |
| 40% | $142.07 | −1.5% |
| 50% | $152.22 | −3.1% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $6.7B | |
| EBITDA, last 12 months | $1.6B | 24.2% of revenue |
| Depreciation and amortization | $171M | |
| Capital spending | $293M | |
| Debt | $599M | |
| Cash | $4.6B | |
| Share price | $101.48 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 30% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Edwards Lifesciences would cost about $137.00 a share, $79.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $123.81 | $71.5B |
| Median | 35% | $137.00 | $79.1B |
| High end (a quarter paid more) | 45% | $147.15 | $85.0B |
The odds, from history
Historically 2.5% of companies with its figures were bought within a year (0.5× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Edwards Lifesciences' latest quarter
Edwards Lifesciences, Q3 2026: revenue $1.7B (+10% year over year), operating margin 17.4%, net earnings $308M, operating cash flow $570M. The chart follows the revenue to costs, profit and cash.
Questions
Is Edwards Lifesciences being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Edwards Lifesciences?
A leveraged buyout at today's price plus 30% ($131.92 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. At $72.3B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Edwards Lifesciences cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Edwards Lifesciences would cost about $137.00 a share, $79.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.