Solventum Corporation

Surgical & Medical Instruments & Apparatus

SOLVStrained6 of 10 basics passed

$87.88

+1.70%

Market cap $15.0B

$87.88

+1.70%

Market cap $15.0B

In spring 2024, 3M spun out its legacy healthcare segment as a stand-alone firm, Solventum. At that time, the firm comprised four segments.

It is a $15.0B healthcare company. Revenue shrank 0.9% over the last year, it keeps 17¢ of every dollar of sales as profit, and it carries $4.16B of net debt. It trades at 10.4× earnings — around the middle of its own history.

Website: solventum.com
Location: Eagan, MN
Employees: 20 000
Sector: Healthcare

Share price · 3 years

$69.10 → $87.88+27.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $8.31B
Profit: keeps 17¢ of every $1 sold; $1.43B
Free cash flow: cash left after running the business; -$118M
Net debt: debt minus cash on hand; $4.16B
P/E: years of profit in the price; 10.4
EPS: earnings per share, TTM; $8.18
Shares: shares outstanding; 175.3M
Volatility: beta vs the market — under 1 swings less; 0.73

Revenue, last 5 years

52-week range

Low $62.49$87.88High $92.44

Today's price is 85% of the way from the year's low to its high.

P/E vs its history3y

10.4×median 26.9×

Higher than 34% of past days — around the middle of its own history.

Valuation vs own history

P/E

10.4×

66%

P/S

1.8×

37%

EV/EBITDA

31.0×

18%

P/B

3.1×

54%

FCF yield

0.4%

25%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Healthcare

Size$15.0Btop 63%
Revenue growth+1%top 82%
Net margin17%top 25%
Return on equity29%top 22%
P/E10.4×top 6%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Growth, Health and Quality lag behind.

Valuation70

P/E vs own history34th pct · 20/25
FCF yield-0.8% · 0/25
P/S1.8x · 25/25
EV/EBITDA7.9x · 25/25

Growth18

Revenue CAGR0.5% · 6/25
Net income CAGR1.6% · 6/25
EPS CAGR ~5Y4.5% · 6/25
Fwd implied growth-15.1% · 0/25

Profitability85

ROIC16.9% · 20/25
ROE29.0% · 25/25
Net margin17.3% · 20/25
Operating margin23.9% · 20/25

Health42

Altman Zn/a · 0/25
Current ratio1.02 · 12/25
Interest coverage6.1x · 18/25
Net cash / debtD/A 29% · 12/25

Quality41

Piotroski F6/9 · 15/25
Beneish M-1.73 · 6/25
FCF conversion-8% · 0/25
Margin stabilityσ 7.0% · 20/25

Moat61

ROIC >12% years1/5 yrs · 0/25
Median gross margin57.3% · 25/25
FCF-positive years4/5 yrs · 18/25
Worst-year net marginworst 5.8% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.56B net income
Feb 25, 2025Acquisition
It was announced that Thermo Fisher Scientific would acquire the company's Purification &…
Apr 1, 2024Milestone
Solventum Corporation is an American health care company that was spun off from 3M on April 1, 2024
FY2023Financial
Became debt-free
cash now exceeds total debt
Nov 16, 2023Product
3M unveiled that the new company would be called Solventum, a portmanteau of the words…
FY2021Financial
Profitable every year on record
5 consecutive profitable years in our data
FY2021Financial
Revenue already above $1B
$8.17B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$8.3B revenue in FY2025

Profitable 5 years in a row

20 000 employees

ROIC of 16.9%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (54.8%)
Interest covered 6.1× by operating earnings
High returns on invested capital (ROIC 16.9%)

Watch-outs

Revenue shrinking 0.9% year over year
Negative free cash flow (-$118.0M)

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago-0.9% YoY
Profitable — makes more than it spends$1.43B TTM
Profit growing — earnings are higher than last year+4.5% YoY
Generates cash — cash left after running and investing-$118M TTM
Debt under control — could handle its obligationscurrent ratio 1.02
Established company — not a micro-cap — lower blow-up risk$15.0B market cap
Not printing shares — share count not ballooning — you keep your slice+1.5% shares over ~5y
Proven track record — years of profitability behind it5/5 profitable years
Financially stable — balance sheet not near distresshealth score 30/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 10.4

Peer comparisonSolventum Corporation vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SOLV this company	$15.0B	10.4	-0.9%	17.3%	Strained
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: SOLV vs LLY · SOLV vs JNJ · SOLV vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 7Hold 8Sell 1

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $8.31B · net income $1.43B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$8.31B

YoY -0.9%

Net income (TTM)

$1.43B

Margin 17.3%

Gross margin

54.8%

Operating margin

23.9%

P/E ratio

10.4

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	8.2	8.1	8.2	8.3	8.3
Gross profit	4.9	4.7	4.7	4.6	4.5
Operating income (EBIT)	1.9	1.7	1.6	1.0	0.7
Net income	1.5	1.3	1.3	0.5	1.6
EPS (diluted)	—	7.78	7.79	2.76	8.88

Cash flowFree cash flow -$118M · operating cash flow $209M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$118M

Margin -1.4%

Operating cash flow (TTM)

$209M

FCF margin

-1.4%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	2.2	1.7	1.9	1.2	0.4
Capital expenditure	-0.3	-0.3	-0.3	-0.4	-0.4
Free cash flow	1.9	1.4	1.6	0.8	-0.0
FCF margin	23.6%	17.6%	19.8%	9.8%	-0.1%

Balance sheetAssets $14.3B · net debt $4.16B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $14.3B of assets is financed

65%

35%

Liabilities $9.24B — borrowed moneyEquity $5.05B — owners' stake

Cash vs debt

Total debt $5.04B − cash $878M = net debt $4.16B

Cash on hand covers 17% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

6.1x

EBIT ÷ interest expense

ROE

29.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.2	0.8	0.9
Total assets	14.1	13.6	13.9	14.5	14.3
Total liabilities	2.0	1.9	2.3	11.5	9.2
Total debt	0.1	0.1	0.1	8.0	5.0
Equity	12.1	11.7	11.7	3.0	5.0
Net debt	0.0	0.0	-0.1	7.2	4.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of SOLV on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $87.88 · market cap $15.0B.