Solventum
SOLV · Health Care Technology
$85.41
2.3%Veeva Systems
VEEV · Health Care Technology
$323.04
0.2%The short version
- Solventum is the larger business, with $8.3B of revenue in fiscal 2025 against $3.2B for Veeva Systems, about 2.6 times as much.
- Veeva Systems grew revenue faster (16.3%, against 0.9%).
- Veeva Systems kept more of each dollar of sales as operating profit (28.7% operating margin, against 26.2% operating margin).
- Veeva Systems turned more of its sales into free cash flow (43.4% FCF margin, against −0.1% FCF margin).
- Investors pay more for each dollar of Veeva Systems’s earnings: a P/E of 52.9x against 10.5x for Solventum.
| Latest fiscal year | SOLV · FY25 | VEEV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $14.8B | $53.3B |
| Revenue | $8.3B | $3.2B |
| Free cash flow | −$10.0M | $1.4B |
| Net income | $1.6B | $909M |
| Growth | ||
| Revenue growth | 0.9% | 16.3% |
| 5-year growth | — | 16.9% |
| Share count change | 0.9% | 1.1% |
| Profitability | ||
| Gross margin | 53.5% | 75.5% |
| Operating margin | 26.2% | 28.7% |
| Net margin | 18.7% | 28.4% |
| FCF margin | −0.1% | 43.4% |
| Return on capital | 20.4% | — |
| Return on equity | 38.9% | 13.9% |
| Balance sheet | ||
| Net debt | $4.2B | −$6.6B |
| Net debt / EBITDA | 1.6x | −6.9x |
| Dividends and buybacks | $0.0M | $170M |
| Valuation & quality | ||
| P/E | 10.5x | 52.9x |
| Piotroski F-score | 5 | 6 |
FY17
SOLV —
VEEV $551M
FY18
SOLV —
VEEV $691M
FY19
SOLV —
VEEV $862M
FY20
SOLV —
VEEV $1.1B
FY21
SOLV —
VEEV $1.5B
FY22
SOLV $8.1B
VEEV $1.9B
FY23
SOLV $8.2B
VEEV $2.2B
FY24
SOLV $8.3B
VEEV $2.4B
FY25
SOLV $8.3B
VEEV $2.7B
FY26
SOLV —
VEEV $3.2B
SOLV
VEEV
FY17
SOLV —
VEEV 21.9%
FY18
SOLV —
VEEV 22.9%
FY19
SOLV —
VEEV 25.9%
FY20
SOLV —
VEEV 25.9%
FY21
SOLV —
VEEV 25.8%
FY22
SOLV 20.8%
VEEV 27.3%
FY23
SOLV 20.6%
VEEV 21.3%
FY24
SOLV 12.6%
VEEV 18.2%
FY25
SOLV 26.2%
VEEV 25.2%
FY26
SOLV —
VEEV 28.7%
SOLV
VEEV
FY17
SOLV —
VEEV $143M
FY18
SOLV —
VEEV $232M
FY19
SOLV —
VEEV $301M
FY20
SOLV —
VEEV $433M
FY21
SOLV —
VEEV $543M
FY22
SOLV $1.4B
VEEV $750M
FY23
SOLV $1.6B
VEEV $767M
FY24
SOLV $805M
VEEV $885M
FY25
SOLV −$10.0M
VEEV $1.1B
FY26
SOLV —
VEEV $1.4B
SOLV
VEEV
FY17
SOLV —
VEEV 18.0%
FY18
SOLV —
VEEV 47.6%
FY19
SOLV —
VEEV 147.1%
FY20
SOLV —
VEEV 75.5%
FY21
SOLV —
VEEV 61.6%
FY22
SOLV —
VEEV 74.1%
FY23
SOLV —
VEEV 76.5%
FY24
SOLV 7.6%
VEEV 62.4%
FY25
SOLV 20.4%
VEEV —
FY26
SOLV —
VEEV —
SOLV
VEEV
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.