NYSE: SOLV
Solventum
Health Care · Surgical & Medical Instruments & Apparatus
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.1B
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| Period | Market cap |
|---|---|
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | $11.4B |
| FY2025, ended Dec 31, 2025 | $13.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.31B
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| Period | Revenue |
|---|---|
| FY2022, ended Dec 31, 2022 | $8.13B |
| FY2023, ended Dec 31, 2023 | $8.20B |
| FY2024, ended Dec 31, 2024 | $8.25B |
| FY2025, ended Dec 31, 2025 | $8.32B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.31B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2022, ended Dec 31, 2022 | $1.34B | $1.43B |
| FY2023, ended Dec 31, 2023 | $1.35B | $1.63B |
| FY2024, ended Dec 31, 2024 | $479M | $805M |
| FY2025, ended Dec 31, 2025 | $1.56B | −$10.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.43B | −$118M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$403M
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| Period | Cash and cash equivalents |
|---|---|
| FY2022, ended Dec 31, 2022 | $61.0M |
| FY2023, ended Dec 31, 2023 | $194M |
| FY2024, ended Dec 31, 2024 | $762M |
| FY2025, ended Dec 31, 2025 | $878M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $403M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.08B
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| Period | Total debt |
|---|---|
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | $0 |
| FY2024, ended Dec 31, 2024 | $8.01B |
| FY2025, ended Dec 31, 2025 | $5.04B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.08B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 1.4% since 2022.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.170M
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| Period | Shares outstanding |
|---|---|
| FY2022, ended Dec 31, 2022 | 173M |
| FY2023, ended Dec 31, 2023 | 173M |
| FY2024, ended Dec 31, 2024 | 173M |
| FY2025, ended Dec 31, 2025 | 173M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 170M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$167M
Net: $167M more issued than bought back
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| Period | Paid to employees |
|---|---|
| FY2022, ended Dec 31, 2022 | $37.0M |
| FY2023, ended Dec 31, 2023 | $39.0M |
| FY2024, ended Dec 31, 2024 | $112M |
| FY2025, ended Dec 31, 2025 | $161M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $167M |
Revenue (TTM)
$8.31B
−0.9% YoY
Net income (TTM)
$1.43B
+277% YoY
Cash
$403M
−18.1% YoY
Total debt
$5.08B
−35.0% YoY
Valuation
At current price- Market Cap
- $13.8B
- P/E
- 9.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.7×
- Price / Book
- 2.9×
- EV / EBITDA
- 7.2×
Growth
Trailing 12 months- Revenue (TTM)
- $8.31B
- Revenue Growth YoY
- −0.9%
- Revenue CAGR 3Y
- 0.8%
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- 275%
- Net Income Growth YoY
- 277%
Profitability
Trailing 12 months- Gross Margin
- 54.7%
- Operating Margin
- 25.0%
- Net Margin
- 17.3%
- FCF Margin
- −1.4%
- Return on Equity
- 34.0%
Earnings
Trailing 12 months- Net Income
- $1.43B
- EPS (diluted)
- $8.18
- EBITDA
- $2.58B
- Operating Income
- $2.08B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $403M
- Total Debt
- $5.08B
- Net Debt
- $4.68B
- Total Assets
- $14.2B
- Total Liabilities
- $9.44B
- Shareholders' Equity
- $4.80B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $209M
- Capital Expenditure
- $327M
- Free Cash Flow
- −$118M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.70
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $8.31B.
Strength
Operating margin widened 15.7 pts in a year, to 25.0%.
Note
Net debt of $4.68B is 1.8× EBITDA.
Watch
Free cash flow was negative (−$118M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K43Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- First annual report since the 3M spin-off: sales rose 0.7% to $8.25 billion, but operating income fell 38.8% and net income fell from $1,346 million to $479 million.
- Costs of standing up as an independent company cut profit in MedSurg, Dental, and Purification and Filtration; only Health Information Systems grew profit.
- Solventum now carries about $8.0 billion of debt from the spin-off, with $367 million of net interest expense in 2024; it prepaid $300 million.
- 3M is the sole supplier of materials used in products generating about $3 billion of revenue, and no substitute has been identified.
Business momentum
Sharp deterioration
“Net income $ 479 $ 1,346 $ 1,343”
Outlook
Cautious
“the debt obligations incurred by Solventum in connection with the separation will adversely affect its profitability”
Financial stress
Low
“The increase from December 31, 2023 resulted from both cash retained by the Company at Spin-Off and operating cash flow generated by the Company subsequent to the Spin-Off.”
Tone against the previous report
No earlier report to compare
Red flags
None found in this report.
Positives
Small organic sales growth, led by the US
“In the United States geographic area, both total sales and organic sales increased.”
Health Information Systems grew sales and profit on software adoption
“Positive sales growth was driven by continued adoption of our 3MTM 360 EncompassTM.”
Early debt repayment from the term loan
“In December 2024, the Company prepaid an additional $100 million of the outstanding principal amount from the same facility.”
Concerns
Standalone company costs are squeezing segment margins
“The decrease was driven by higher costs to stand-up and operate our standalone structure after Spin-Off.”
Heavy new debt load and interest costs after the spin-off
“As a result of such transactions and as of December 31, 2024, Solventum had approximately $8.0 billion of outstanding indebtedness.”
Softer demand in Dental Solutions
“Volume declines associated with softening end-market demand were partially offset by the favorable impact of prior year price actions.”
New risks since the previous report
Reliance on 3M as sole supplier of key materials, covering about $3 billion of revenue
“At this time, Solventum has not identified an appropriate substitute input to replace the materials supplied by 3M, and Solventum does not currently have the capability to manufacture such materials itself.”
3M's PFAS indemnity may not fully protect Solventum
“3M’s indemnity of Solventum with respect to certain liabilities relating to PFAS prior to Spin-Off may not be sufficient to protect Solventum against the full amount of such liabilities”
Spin-off could lose its tax-free status, creating large tax bills
“In the event the IRS were to prevail with such challenge, 3M, Solventum and their shareholders could be subject to significant U.S. federal income tax liability.”
Moving off 3M's IT systems could disrupt operations
“The failure to implement the new systems and transition data successfully and cost-effectively could disrupt Solventum’s business operations and have a material adverse effect on its profitability.”
New US administration could reduce customers' healthcare funding
“resulting from the change in the U.S. presidential administration could adversely impact the amount of funding Solventum’s customers have for its products and services”
Biggest risks named
- Dependence on 3M for sole-source materials and transition services
- About $8.0 billion of debt from the spin-off
- Spin-off tax liabilities and indemnity obligations to 3M
- Pricing pressure from competition, healthcare consolidation and reimbursement changes
- PFAS and product liability exposure, including Bair Hugger indemnity
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | 0 | |
| Score | 43 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 43 | Sharp deterioration | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR