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Friday 6 November 2026
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Solventum Corporation
SOLV Healthcare Medical Instruments & Supplies
Solventum Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 0.86% from fiscal 2024.
- Revenue
- −7.01%
- EPS
- −101.0%
- Free cash flow
- +561.9%
- Total debt
- −90.1%
Quarter to September 2026, against a year earlier
91.25
4.07
+4.67%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 8,130 | 8,197 | 8,254 | 8,325 | 8,163 | +0.8% | 8,226 | 8,520 | 8,856 | +2.1% | |
| Gross margin, % | — | — | — | — | — | — | 57.75 | 57.25 | 55.65 | 53.47 | 0.00 | (4.3) pt | ||||||
| EBT | — | — | — | — | — | — | 1,692 | 1,667 | 605 | 1,713 | 171 | +0.4% | ||||||
| EBT margin, % | — | — | — | — | — | — | 20.81 | 20.34 | 7.33 | 20.58 | 2.09 | (0.2) pt | ||||||
| Net income | — | — | — | — | — | — | 1,343 | 1,346 | 479 | 1,556 | 156 | +5.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 47.08 | 47.46 | 47.66 | 47.82 | 47.79 | +0.5% | |||||
| Earnings | — | — | — | — | — | — | 7.78 | 7.79 | 2.77 | 8.94 | 0.89 | +4.8% | ||||||
| Cash flow | — | — | — | — | — | — | 9.72 | 11.09 | 6.84 | 2.12 | 1.82 | (39.8%) | ||||||
| Capex | — | — | — | — | — | — | (1.45) | (1.68) | (2.19) | (2.18) | (1.81) | +14.4% | ||||||
| Free cash flow | — | — | — | — | — | — | 8.27 | 9.41 | 4.65 | (0.06) | 0.00 | n/m | ||||||
| Book value | — | — | — | — | — | — | 0.00 | 67.55 | 17.08 | 29.00 | 28.13 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | 173 | 173 | 173 | 174 | 173 | +0.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 10.26 | 10.26 | 24.02 | 8.87 | 97.26 | 13.4 | |||||
| P/S | — | — | — | — | — | — | 1.69 | 1.69 | 1.39 | 1.66 | 1.81 | 1.6 | ||||||
| P/B | — | — | — | — | — | — | 1.18 | 1.18 | 3.87 | 2.73 | 3.08 | 2.2 | ||||||
| EV/Sales | — | — | — | — | — | — | 1.66 | 1.66 | 2.26 | 2.17 | 2.40 | 1.9 | ||||||
| EV/FCF | — | — | — | — | — | — | 8.38 | 8.38 | 23.22 | (1,805.27) | 0.00 | (441.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 1,679 | 1,915 | 1,185 | 369 | 310 | (39.7%) | |||||
| Capex | — | — | — | — | — | — | (251) | (290) | (380) | (379) | (310) | +14.7% | ||||||
| Free cash flow | — | — | — | — | — | — | 1,428 | 1,625 | 805 | (10) | 0 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 791 | 546 | 723 | 117 | (4.4%) | |||||
| Net debt | — | — | — | — | — | — | — | (194) | 7,248 | 4,157 | 56 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | 11,666 | 2,959 | 5,049 | 4,805 | (34.2%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 19.31 | 3.37 | 10.82 | 1.11 | +10.8 pt | |||||
| ROIC | — | — | — | — | — | — | 0.00 | 9.22 | 6.34 | 14.81 | 0.00 | +14.8 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 0.00 | 6.55 | 38.86 | 3.19 | +38.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 22,000 | 20,000 | — | (9.1%) | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.00 | 0.38 | 0.42 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| MedSurg | 4,817 | 57.86% |
|---|---|---|
| Health Information Systems | 1,360 | 16.34% |
| Dental Solutions | 1,349 | 16.20% |
| Purification and Filtration Segment | 497 | 5.97% |
| Other, not broken out | 302 | 3.63% |
| Gross margin | 53.47% | |
| Operating margin | 26.20% | |
| Pre-tax margin | 20.58% |
Solventum Corporation vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WST West Pharmaceutical Services, Inc. | $27.3B | 43.8× | 48.1× | +8.69% (above 0%: growing) | +56.69% (above 0%: growing) | +12.32% (above 0%: growing) | 39.73% | 30.58% | Compare |
| SOLV Solventum Corporation | $14.8B | 97.3× | 47.7× | −7.01% (below 0%: shrinking) | n/m | +561.90% (above 0%: growing) | 0.00% | 0.00% | |
| BAX Baxter International Inc. | $13.3B | — (loss-making) | 21.3× | +4.97% (above 0%: growing) | n/m | +255.56% (above 0%: growing) | 33.40% | 7.56% | Compare |
| COO The Cooper Companies, Inc. | $12.1B | 21.7× | 17.5× | +0.56% (above 0%: growing) | +357.14% (above 0%: growing) | +65.96% (above 0%: growing) | 66.77% | 20.82% | Compare |
| ALGN Align Technology, Inc. | $11.3B | 23.1× | 20.4× | +1.92% (above 0%: growing) | +143.87% (above 0%: growing) | +8.26% (above 0%: growing) | 68.73% | 16.67% | Compare |
| RGEN Repligen Corporation | $10.8B | — (loss-making) | — (loss-making) | +10.86% (above 0%: growing) | n/m | −11.46% (below 0%: shrinking) | 53.02% | (14.12%) | Compare |
| AVTR Avantor, Inc. | $10.3B | 30.3× | 34.8× | +4.59% (above 0%: growing) | n/m | −9.03% (below 0%: shrinking) | 31.49% | 8.21% | Compare |
| ATR AptarGroup, Inc. | $9.1B | 34.6× | 25.9× | +6.03% (above 0%: growing) | −73.85% (below 0%: shrinking) | −16.86% (below 0%: shrinking) | 36.59% | 13.25% | Compare |
| BLCO Bausch + Lomb Corporation | $7.1B | — (loss-making) | 749× | +7.34% (above 0%: growing) | n/m | +182.54% (above 0%: growing) | 64.65% | 11.27% | Compare |
| Median of peers | $11.0B | 30.3× | 25.9× | +5.50% | +100.28% | +10.29% | 46.38% | 12.26% |
From the latest earnings call
- CEO Bryan Hanson said Solventum was advancing a separation of Health Information Systems to focus the remaining company on MedSurg and Dental.
- CFO Wayde McMillan said advance orders ahead of the ERP cutover lifted Q2 sales and earnings, with most of the benefit expected to reverse in Q3.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
74.58%
Held by the ten largest
45.70%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 17.29m | 10.16% | −15.52k |
| Independent Franchise Partners LLP | 16.17m | 9.51% | +436.54k |
| BlackRock | 9.76m | 5.74% | −717.11k |
| TRIAN FUND MANAGEMENT, L.P. | 8.24m | 4.84% | 0.00 |
| Davis Selected Advisers | 6.31m | 3.71% | −22.60k |
| State Street | 5.64m | 3.31% | −768.25k |
| Geode Capital Management | 4.91m | 2.89% | +158.36k |
| Boston Partners | 4.04m | 2.37% | +123.87k |
| Invesco | 3.31m | 1.95% | −479.97k |
| Fidelity (FMR) | 2.08m | 1.22% | +209.11k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 20.14m | 40.02m | 114.67 |
| 2024 | 39.96m | 40.24m | 95.60 |
Ownership
Directors and executive officers, together
less than 1%
3M Company3M CenterSt. Paul, MN
14.70%
The Vanguard Group100 Vanguard Blvd.Malvern, PA
9.34%
Independent Franchise Partners, LLPLevel
8.86%
BlackRock, Inc.50 Hudson YardsNew York, NY
6.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Solventum Corporation (SOLV) Latest News
6 Nov
5 Nov
23 Oct
9 Aug
6 Aug
5 Aug
SOLV metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Shares outstanding
- Book value per share
- Revenue growth
Solventum is a global healthcare company that develops, makes and sells medical products, dental and orthodontic products, and healthcare software. Its offerings are used across prevention, diagnosis, treatment and recovery, including in hospitals, clinics, dental practices and other care settings.
MedSurg sells wound-care systems and dressings, skin-care products, synthetic tissue matrices, I.V. site-management products, sterilization-assurance products, temperature-management products, surgical supplies, medical tapes and wraps, stethoscopes, electrodes, and medical-technology components for other equipment makers. These products are intended to help clinicians treat wounds, prevent infection and complications, and manage procedures.