Solventum

SOLV NYSE Health Care Technology Financials FY2022–FY2025

Solventum's revenue rose 0.9% to $8.3 billion in fiscal 2025. Its operating margin was 26.2%, up from 12.6% a year earlier. Free cash flow was −$10 million, against $805 million a year earlier. The diluted share count rose 0.9%.

Last close · Oct 23, 2026

$85.41

2.3%

Value it Compare

Revenue

$8.3B

0.9% vs prior year

Operating margin

26.2%

13.6 pts

Net income

$1.6B

224.8%

Free cash flow

−$10.0M

101.2%

Return on capital

20.4%

12.9 pts

Market cap

$14.8B

Oct 23 close

P/E

10.5x

On $8.17 EPS (TTM)

What Solventum does

No business description yet.

Legal name: SOLVENTUM CORPORATION
Fiscal year ends: December 31, 2025
Latest annual report: —
Accession · CIK: 0001964738-26-000007
0001964738

Revenue and margins

Solventum had $8.3B of revenue in fiscal 2025, up 0.9% on the year before.

Revenue

FY22

Revenue $8.1B

FY23

Revenue $8.2B

FY24

Revenue $8.3B

FY25

Revenue $8.3B

Revenue

Q1 '24

Revenue $2.0B

Q2 '24

Revenue $2.1B

Q3 '24

Revenue $2.1B

Q4 '24

Revenue $2.1B

Q1 '25

Revenue $2.1B

Q2 '25

Revenue $2.2B

Q3 '25

Revenue $2.1B

Q4 '25

Revenue $2.0B

Q1 '26

Revenue $2.0B

Q2 '26

Revenue $2.2B

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Margins, % of revenue

FY22

Gross 57.8%

Operating 20.8%

Net 16.5%

FCF 17.6%

FY23

Gross 57.3%

Operating 20.6%

Net 16.4%

FCF 19.8%

FY24

Gross 55.7%

Operating 12.6%

Net 5.8%

FCF 9.8%

FY25

Gross 53.5%

Operating 26.2%

Net 18.7%

FCF −0.1%

Gross Operating Net FCF

Margins, % of revenue

Q1 '24

Gross 58.1%

Operating 18.9%

Net 11.8%

FCF 16.9%

Q2 '24

Gross 54.6%

Operating 11.7%

Net 4.3%

FCF 14.3%

Q3 '24

Gross 56.0%

Operating 13.2%

Net 5.9%

FCF 3.7%

Q4 '24

Gross 53.9%

Operating 6.6%

Net 1.5%

FCF 4.4%

Q1 '25

Gross 53.8%

Operating 7.3%

Net 6.6%

FCF −3.9%

Q2 '25

Gross 54.4%

Operating 9.9%

Net 4.2%

FCF 2.7%

Q3 '25

Gross 54.2%

Operating 80.6%

Net 60.4%

FCF −1.0%

Q4 '25

Gross 51.4%

Operating 6.2%

Net 3.2%

FCF 1.6%

Q1 '26

Gross 54.7%

Operating 4.0%

Net 0.7%

FCF −13.6%

Q2 '26

Gross 58.2%

Operating 8.2%

Net 4.2%

FCF 6.5%

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Gross Operating Net FCF

Net income and earnings per share

From fiscal 2022 to 2025, diluted EPS grew 4.5% a year. Loss periods are shown in red.

Net income

FY22

Net income $1.3B

FY23

Net income $1.3B

FY24

Net income $479M

FY25

Net income $1.6B

Net income

Q1 '24

Net income $237M

Q2 '24

Net income $89.0M

Q3 '24

Net income $122M

Q4 '24

Net income $31.0M

Q1 '25

Net income $137M

Q2 '25

Net income $90.0M

Q3 '25

Net income $1.3B

Q4 '25

Net income $63.0M

Q1 '26

Net income $13.0M

Q2 '26

Net income $92.0M

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Diluted EPS

FY22

Diluted EPS $7.78

FY23

Diluted EPS $7.79

FY24

Diluted EPS $2.76

FY25

Diluted EPS $8.88

Diluted EPS

Q1 '24

Diluted EPS $1.37

Q2 '24

Diluted EPS $0.51

Q3 '24

Diluted EPS $0.70

Q4 '24

Diluted EPS $0.18

Q1 '25

Diluted EPS $0.78

Q2 '25

Diluted EPS $0.51

Q3 '25

Diluted EPS $7.22

Q4 '25

Diluted EPS $0.35

Q1 '26

Diluted EPS $0.07

Q2 '26

Diluted EPS $0.53

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)

FY22

Return on capital —

Return on equity —

Return on assets —

FY23

Return on capital —

Return on equity —

Return on assets —

FY24

Return on capital 7.6%

Return on equity 6.6%

Return on assets 3.4%

FY25

Return on capital 20.4%

Return on equity 38.9%

Return on assets 10.8%

Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$10.0M in fiscal 2025, −0.1% of revenue. Cash from operations minus capital spending.

Free cash flow

FY22

Free cash flow $1.4B

FY23

Free cash flow $1.6B

FY24

Free cash flow $805M

FY25

Free cash flow −$10.0M

Free cash flow

Q1 '24

Free cash flow $340M

Q2 '24

Free cash flow $297M

Q3 '24

Free cash flow $76.0M

Q4 '24

Free cash flow $92.0M

Q1 '25

Free cash flow −$80.0M

Q2 '25

Free cash flow $59.0M

Q3 '25

Free cash flow −$21.0M

Q4 '25

Free cash flow $32.0M

Q1 '26

Free cash flow −$273M

Q2 '26

Free cash flow $144M

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations vs capital spending

FY22

Cash from operations $1.7B

Capital spending $251M

FY23

Cash from operations $1.9B

Capital spending $290M

FY24

Cash from operations $1.2B

Capital spending $380M

FY25

Cash from operations $369M

Capital spending $379M

Cash from operations Capital spending

Cash from operations vs capital spending

Q1 '24

Cash from operations $442M

Capital spending $102M

Q2 '24

Cash from operations $355M

Capital spending $58.0M

Q3 '24

Cash from operations $169M

Capital spending $93.0M

Q4 '24

Cash from operations $219M

Capital spending $127M

Q1 '25

Cash from operations $29.0M

Capital spending $109M

Q2 '25

Cash from operations $169M

Capital spending $110M

Q3 '25

Cash from operations $76.0M

Capital spending $97.0M

Q4 '25

Cash from operations $95.0M

Capital spending $63.0M

Q1 '26

Cash from operations −$189M

Capital spending $84.0M

Q2 '26

Cash from operations $227M

Capital spending $83.0M

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Cash from operations Capital spending

Dividends, buybacks and share count

Solventum returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 0.9%.

Dividends and buybacks

FY22

Dividends $0.0M

Buybacks $0.0M

FY23

Dividends $0.0M

Buybacks $0.0M

FY24

Dividends $0.0M

Buybacks $0.0M

FY25

Dividends $0.0M

Buybacks $0.0M

Dividends Buybacks

Dividends and buybacks

Q1 '24

Dividends $0.0M

Buybacks $0.0M

Q2 '24

Dividends $0.0M

Buybacks $0.0M

Q3 '24

Dividends $0.0M

Buybacks $0.0M

Q4 '24

Dividends $0.0M

Buybacks $0.0M

Q1 '25

Dividends $0.0M

Buybacks $0.0M

Q2 '25

Dividends $0.0M

Buybacks $0.0M

Q3 '25

Dividends $0.0M

Buybacks $0.0M

Q4 '25

Dividends $0.0M

Buybacks $0.0M

Q1 '26

Dividends $0.0M

Buybacks $67.0M

Q2 '26

Dividends $0.0M

Buybacks $288M

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Dividends Buybacks

Diluted shares outstanding (annual)

FY22

Diluted shares 0.17B

FY23

Diluted shares 0.17B

FY24

Diluted shares 0.17B

FY25

Diluted shares 0.18B

Value Solventum yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Starting free cash flow Growth, years 1–5 Growth, years 6–10 Growth after year 10 Discount rate

Adds net cash of −$4.2B and divides by 175.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Earnings per share EPS growth a year P/E multiple Years ahead Discount rate

Reference multiples: today 10.5x · peers 48.8x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Solventum can carry it.

Cash vs debt (incl. leases)

FY22

Cash $61.0M

Debt —

FY23

Cash $194M

Debt $0.0M

FY24

Cash $762M

Debt $8.0B

FY25

Cash $878M

Debt $5.0B

Cash Debt

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	$61.0M	$194M	$762M	$878M
Debt incl. finance leases	—	$0.0M	$8.0B	$5.0B
Net debt / EBITDA	—	−0.1x	4.6x	1.6x
Debt / equity	—	0.0x	2.7x	1.0x
Interest coverage	—	—	3.6x	4.9x
Current ratio	—	1.5x	1.2x	1.2x
Quick ratio	—	1.0x	0.8x	0.9x
Total assets	—	$13.9B	$14.5B	$14.3B
Total liabilities	—	$2.3B	$11.5B	$9.2B
Shareholders' equity	$11.7B	$11.7B	$3.0B	$5.0B
Net debt (− = net cash)	—	−$194M	$7.2B	$4.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

Date	Insider	Trade	Shares	Price	Value	Filing
Mar 10, 2026	Amy McBride WendellDirector	Bought	1,475	$68.03	$0.1M	Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

Test	FY23	FY24	FY25
Net income is positive	—	✓	✓
Cash from operations is positive	✓	✓	✓
Return on assets rose	—	—	✓
Cash from operations exceeds net income	✓	✓	✕
Debt fell relative to assets	—	—	✓
Current ratio rose	—	✕	✓
Share count didn't rise	✓	✕	✕
Gross margin rose	✕	✕	✕
Revenue rose relative to assets	—	—	✕
F-score	— / 9	— / 9	5 / 9
Accruals ratio	—	−5.0%	8.3%
Altman Z''	6.57	1.05	2.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

Company	Market cap	Growth	Op. margin	FCF margin	ROIC	P/E	F-score
Solventum SOLV	$14.8B	0.9%	26.2%	−0.1%	20.4%	10.5x	5
Veeva Systems VEEV	$53.3B	16.3%	28.7%	43.4%	—	52.9x	6	Compare →
Doximity DOCS	$6.4B	13.1%	33.3%	50.6%	91.3%	39.3x	4	Compare →
Certara CERT	$1.6B	8.8%	5.0%	22.6%	0.9%	—	5	Compare →
HealthStream HSTM	$1.0B	4.3%	6.7%	19.6%	—	48.8x	—	Compare →

4 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	$8.1B	$8.2B	$8.3B	$8.3B
Gross profit	$4.7B	$4.7B	$4.6B	$4.5B
Research and development	$767M	$758M	$775M	$739M
Operating income	$1.7B	$1.7B	$1.0B	$2.2B
Interest expense	$0.0M	$0.0M	$287M	$442M
Pretax income	$1.7B	$1.7B	$605M	$1.7B
Income tax	$349M	$321M	$127M	$157M
Net income	$1.3B	$1.3B	$479M	$1.6B
Diluted EPS	$7.78	$7.79	$2.76	$8.88
Diluted shares	0.17B	0.17B	0.17B	0.18B
Cash flow
Cash from operations	$1.7B	$1.9B	$1.2B	$369M
Capital expenditure	$251M	$290M	$380M	$379M
Free cash flow	$1.4B	$1.6B	$805M	−$10.0M
Depreciation and amortization	$578M	$561M	$555M	$489M
Stock-based compensation	$37.0M	$39.0M	$112M	$161M
Acquisitions	$0.0M	$0.0M	$0.0M	$696M
Share buybacks	$0.0M	$0.0M	$0.0M	$0.0M
Dividends paid	$0.0M	$0.0M	$0.0M	$0.0M
Dividends and buybacks	$0.0M	$0.0M	$0.0M	$0.0M
Balance sheet
Cash and short-term investments	$61.0M	$194M	$762M	$878M
Total debt	—	$0.0M	$8.0B	$5.0B
Finance lease liabilities	$0.0M	$0.0M	$0.0M	$0.0M
Current assets	—	$2.5B	$3.2B	$3.9B
Current liabilities	—	$1.7B	$2.7B	$3.1B
Inventory	$0.0M	$857M	$965M	$1.1B
Property and equipment, net	—	$1.5B	$1.6B	$1.3B
Total assets	—	$13.9B	$14.5B	$14.3B
Total liabilities	—	$2.3B	$11.5B	$9.2B
Shareholders' equity	$11.7B	$11.7B	$3.0B	$5.0B
Margins
Gross margin	57.8%	57.3%	55.7%	53.5%
Operating margin	20.8%	20.6%	12.6%	26.2%
EBITDA margin	27.9%	27.5%	19.3%	32.1%
Net margin	16.5%	16.4%	5.8%	18.7%
FCF margin	17.6%	19.8%	9.8%	−0.1%
Returns
Return on capital	—	—	7.6%	20.4%
Return on capital employed	—	—	8.6%	19.0%
Return on equity	—	—	6.6%	38.9%
Return on assets	—	—	3.4%	10.8%
Growth
Revenue growth	—	0.8%	0.7%	0.9%
Net income growth	—	0.2%	−64.4%	224.8%
EPS growth	—	0.1%	−64.6%	221.7%
FCF growth	—	13.8%	−50.5%	−101.2%
Share count change	—	0.0%	0.6%	0.9%
Financial health
Net debt / EBITDA	—	−0.1x	4.6x	1.6x
Debt / equity	—	0.0x	2.7x	1.0x
Interest coverage	—	—	3.6x	4.9x
Current ratio	—	1.5x	1.2x	1.2x
Quick ratio	—	1.0x	0.8x	0.9x
Capital allocation
Capex / revenue	3.1%	3.5%	4.6%	4.6%
Stock comp / revenue	0.5%	0.5%	1.4%	1.9%
Payouts / FCF	0.0%	0.0%	0.0%	—
Quality scores
Piotroski F-score	—	—	—	5.0
Altman Z''	—	6.6	1.1	2.3
Accruals ratio	—	—	−5.0%	8.3%

Source: SEC EDGAR XBRL filings (CIK 0001964738). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.