SOLV Healthcare

Solventum Corporation

$84.76+0.01%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Instruments & Supplies
Country: United States
Market cap: 14.4B USD
Enterprise value: 19.3B USD
Full-time employees: 20,584

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.02 vs a peer median of 2.59) and more debt relative to equity (1.06× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.02 vs peers 2.59) and more debt vs equity (1.06× vs peers 0.22×)

Ranks #125 of 1,157 healthcare companies (top 11%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Solventum reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Profit lifted by an asset sale. 2025 operating profit includes a $1.5B gain on selling assets; without it the operating margin was about 7.6%.
Solventum's 2025 operating profit of $2.2B includes a one-off $1.5B gain on selling assets or businesses. Without it, operations would have earned $632M, an operating margin of about 7.6%.
Valuation signals disagree. Cheaper than 94% of peers on earnings, but only 50% on free cash flow.
Relative to its earnings, Solventum looks cheaper than 94% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.
Wide margins. Operating margin 25% (12 months to Jun 2026) vs a peer median of 7.1%.Operating margin 25% vs peers 7.1%.
Solventum keeps 25% of revenue as operating profit, more than 88% of peers (median 7.1%).

StockQuotient Score

71/ 100

Oct 5 71 → Nov 4 71

Valuation

Is the price right?

92/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield9.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 5.72Sector median: 0.0148 · MAD: 0.0148

EBITDA yield13.5%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 2.37Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-0.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield33.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

86/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth284.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 9.18Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth0.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score -0.60Sector median: 0.0584 · MAD: 0.0840

Revenue growth-0.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.72Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

89/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin25.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.47Sector median: 0.0706 · MAD: 0.1217

Return on assets10.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.57Sector median: 0.0166 · MAD: 0.0537

Return on invested capital17.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.25Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin54.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity29.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.69

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.18Sector median: 0.6250 · MAD: 0.3380

Current ratio1.02×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.13Sector median: 2.5860 · MAD: 1.3850

Debt / equity1.06×

SEC filings · latest balance sheetReported value33% base weight · Z-score -4.10Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Solventum

Is Solventum getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 71/100 since Oct 28, 2026.
How is Solventum valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 92/100 against 1,393 healthcare peers. Earnings yield 9.9% vs a peer median of 1.5% (stronger than 94% of peers).Earnings yield 9.9% vs peers 1.5% (stronger than 94% of peers).
Is Solventum growing?: Yes, faster than most of its peers. Growth scores 86/100 against 1,393 healthcare peers. Earnings per share growth 284.4% vs a peer median of 9.8% (stronger than 96% of peers).Earnings per share growth 284.4% vs peers 9.8% (stronger than 96% of peers). Revenue growth -0.9% vs a peer median of 6.1% (weaker than 71% of peers).Revenue growth -0.9% vs peers 6.1% (weaker than 71% of peers).
How profitable is Solventum?: More profitable than most of its peers. Profitability scores 89/100 against 1,393 healthcare peers. Return on assets 10.1% vs a peer median of 1.7% (stronger than 90% of peers).Return on assets 10.1% vs peers 1.7% (stronger than 90% of peers).
How risky is Solventum?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 1.02× vs a peer median of 2.59× (weaker than 89% of peers).Current ratio 1.02× vs peers 2.59× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	8.3B USD	8.3B USD	+0.6%
Net income (12 months)	1.4B USD	1.4B USD	+0.1%
Operating margin	25.5%	25.0%	−0.6 pts
Free cash flow (12 months)	−203.0M USD	−118.0M USD	−41.9%
Debt	5.1B USD	5.1B USD	−0.0%
Cash	561.0M USD	403.0M USD	−28.2%
Shares outstanding	173.2M	170.2M	−1.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Instruments & Supplies · 25 companies

Valuations in Medical Instruments & Supplies are near the bottom of their range since Jul 2018.

18% of months since Jul 2018 were valued lower than now.
0% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +17% vs the whole market, against a usual +86%.

Jul 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	57.7%	57.3%	55.6%	53.5%	▼ 2.2 pts
Operating margin	20.8%	20.6%	12.6%	26.2%	▲ 14 pts
Net margin	16.5%	16.4%	5.8%	18.7%	▲ 13 pts
Return on assets (ROA)	—	9.7%	3.3%	10.9%	▲ 7.6 pts
Return on equity (ROE)	11.4%	11.5%	16.2%	30.8%	▲ 15 pts
Free cash flow margin	17.6%	19.8%	9.8%	-0.1%	▼ 9.9 pts
Current ratio	—	1.46×	1.20×	1.23×	▲ 2.4%
Quick ratio	—	0.96×	0.84×	0.89×	▲ 5.4%
Debt to equity	—	0.00×	2.71×	1.00×	▼ 63%

SOLV price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.02 vs a peer median of 2.59) and more debt relative to equity (1.06× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.02 vs peers 2.59) and more debt vs equity (1.06× vs peers 0.22×)

Ranks #125 of 1,157 healthcare companies (top 11%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Solventum reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Profit lifted by an asset sale. 2025 operating profit includes a $1.5B gain on selling assets; without it the operating margin was about 7.6%.

Solventum's 2025 operating profit of $2.2B includes a one-off $1.5B gain on selling assets or businesses. Without it, operations would have earned $632M, an operating margin of about 7.6%.

Valuation signals disagree. Cheaper than 94% of peers on earnings, but only 50% on free cash flow.

Relative to its earnings, Solventum looks cheaper than 94% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.

Wide margins. Operating margin 25% (12 months to Jun 2026) vs a peer median of 7.1%.Operating margin 25% vs peers 7.1%.

Solventum keeps 25% of revenue as operating profit, more than 88% of peers (median 7.1%).

Questions investors ask about Solventum

Is Solventum getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 71/100 since Oct 28, 2026.

How is Solventum valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 92/100 against 1,393 healthcare peers. Earnings yield 9.9% vs a peer median of 1.5% (stronger than 94% of peers).Earnings yield 9.9% vs peers 1.5% (stronger than 94% of peers).

Is Solventum growing?

Yes, faster than most of its peers. Growth scores 86/100 against 1,393 healthcare peers. Earnings per share growth 284.4% vs a peer median of 9.8% (stronger than 96% of peers).Earnings per share growth 284.4% vs peers 9.8% (stronger than 96% of peers). Revenue growth -0.9% vs a peer median of 6.1% (weaker than 71% of peers).Revenue growth -0.9% vs peers 6.1% (weaker than 71% of peers).

How profitable is Solventum?

More profitable than most of its peers. Profitability scores 89/100 against 1,393 healthcare peers. Return on assets 10.1% vs a peer median of 1.7% (stronger than 90% of peers).Return on assets 10.1% vs peers 1.7% (stronger than 90% of peers).

How risky is Solventum?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 1.02× vs a peer median of 2.59× (weaker than 89% of peers).Current ratio 1.02× vs peers 2.59× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

8.3B USD

8.3B USD

+0.6%

Net income (12 months)

1.4B USD

1.4B USD

+0.1%

Operating margin

25.5%

25.0%

−0.6 pts

Free cash flow (12 months)

−203.0M USD

−118.0M USD

−41.9%

Debt

5.1B USD

5.1B USD

−0.0%

Cash

561.0M USD

403.0M USD

−28.2%

Shares outstanding

173.2M

170.2M

−1.7%

Key ratios

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

57.7%

57.3%

55.6%

53.5%

▼ 2.2 pts

Operating margin

20.8%

20.6%

12.6%

26.2%

▲ 14 pts

Net margin

16.5%

16.4%

5.8%

18.7%

▲ 13 pts

Return on assets (ROA)

—

9.7%

3.3%

10.9%

▲ 7.6 pts

Return on equity (ROE)

11.4%

11.5%

16.2%

30.8%

▲ 15 pts

Free cash flow margin

17.6%

19.8%

9.8%

-0.1%

▼ 9.9 pts

Current ratio

—

1.46×

1.20×

1.23×

▲ 2.4%

Quick ratio

—

0.96×

0.84×

0.89×

▲ 5.4%

Debt to equity

—

0.00×

2.71×

1.00×

▼ 63%