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SOLVSolventum

Health care · Medical Instruments · NYSE
SOLV quote by TradingView
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FY2025 at a glance

Sales up 0.9%, free cash flow down to -$10.0M

XBRL, from each 10-K
RevenueStatements ↓
$8.3B
from $8.3B in FY2024
FY2022FY2025
Net incomeStatements ↓
$1.6B
from $479.0M in FY2024
FY2022FY2025
Free cash flowStatements ↓
-$10.0M
from $805.0M in FY2024
FY2022FY2025
EPS (diluted)Statements ↓
$8.88
from $2.76 in FY2024
FY2022FY2025
Operating marginStatements ↓
26.2%
from 12.6% in FY2024
FY2022FY2025
Total debtStatements ↓
$5.0B
from $8.0B in FY2024
FY2022FY2025
Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.89Sales (ttm)8.2BNet income (ttm)156.0MSales growth+0.9%EPS growth+222%Sales Q/Q-7.0%
Free cash flow0Gross margin54.8%Oper. margin5.5%Net margin1.9%FCF margin0.0%ROE3.2%
ROA1.1%R&D / sales8.9%Dividend-Debt/Eq0.95Curr. ratio1.03Cash451.0M
Op. cash flow (ttm)310.0MEBITDA2.7BEBITDA margin32.1%Net debt4.1BQuick ratio0.73Interest cover4.93
ROIC21.2%Tax rate9.2%Stock pay / sales1.9%Shares out.169.7MShares Y/Y+0.9%Book / share28.31
Cash / share2.66Sales / share48.09Asset turnover0.58Days sales out.45Sales 3Y CAGR+0.8%EPS 3Y CAGR+4.5%
Employees10,000Sales / employee816K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt fell 37%$8.0B → $5.0B · Short-term + long-term debt at year end
  • Free cash flow turned negative$805.0M → −$10.0M · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin widened to 26.2%12.6% → 26.2% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

SOLV against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
SOLVPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+0.9%53rd of 60 · median +7.1%
Net margin
1.9%49th of 60 · median 9.6%
Return on equity
3.2%47th of 54 · median 13.1%
Free cash flow margin
0.0%55th of 56 · median 15.5%
Debt / equity (less is better)
0.9538th of 49 · median 0.66
SOLV and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SOLV Solventum$8.2B +0.9%54.8%1.9%3.2%0.0%0.95
ZTS Zoetis$9.5B +2.3%71.6%26.4%75.9%23.5%2.74
ZBH Zimmer Biomet$8.6B +7.2%69.7%9.0%6.0%19.2%0.59
A Agilent Technologies$7.4B +6.7%53.8%19.5%19.6%17.2%0.54
EW Edwards Lifesciences$6.7B +11.5%78.0%15.3%9.4%21.3%0.06
STE Steris$6.2B +8.7%44.6%13.4%11.4%15.2%0.26
Where each dollar goes

From $8.1B of sales to $1.3B of profit

FY2022, from the 10-K income statement and revenue by product
Cost of product to Revenue: $6.3BCost of software and rentals to Revenue: $1.8BRevenue to Gross profit: $4.7BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.3BOperating profit to Tax: $350.0MOperating expenses to R&D: $767.0MOperating expenses to SG&A: $2.2B Cost of product: $6.3B · 77% Cost of product$6.3B77% Cost of software and rentals: $1.8B · 23% Cost of software and re…$1.8B23% Revenue: $8.1B Revenue$8.1B Gross profit: $4.7B · 58% margin Gross profit$4.7B58% margin Cost of revenue: $3.4B · 42% of revenue Cost of revenue$3.4B42% of revenue Operating profit: $1.7B · 21% margin Operating profit$1.7B21% margin Operating expenses: $3.0B · 37% of revenue Operating expenses$3.0B37% of revenue Net profit: $1.3B · 17% margin Net profit$1.3B17% margin Tax: $350.0M · 4% of revenue Tax$350.0M4% of revenue R&D: $767.0M · 9% of revenue R&D$767.0M9% of revenue SG&A: $2.2B · 27% of revenue SG&A$2.2B27% of revenue

Swipe sideways for the whole flow →

From $8.2B of sales to $1.3B of profit

FY2023, from the 10-K income statement and revenue by product
Cost of product to Revenue: $6.3BCost of software and rentals to Revenue: $1.9BRevenue to Gross profit: $4.7BRevenue to Cost of revenue: $3.5BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $346.0MOperating expenses to R&D: $758.0MOperating expenses to SG&A: $2.2B Cost of product: $6.3B · 77% Cost of product$6.3B77% Cost of software and rentals: $1.9B · 23% Cost of software and re…$1.9B23% Revenue: $8.2B Revenue$8.2B +1% Y/Y Gross profit: $4.7B · 57% margin Gross profit$4.7B57% margin +0% Y/Y Cost of revenue: $3.5B · 43% of revenue Cost of revenue$3.5B43% of revenue Operating profit: $1.7B · 21% margin Operating profit$1.7B21% margin +0% Y/Y Operating expenses: $3.0B · 37% of revenue Operating expenses$3.0B37% of revenue Net profit: $1.3B · 16% margin Net profit$1.3B16% margin +0% Y/Y Tax & other: $346.0M · 4% of revenue Tax & other$346.0M4% of revenue R&D: $758.0M · 9% of revenue R&D$758.0M9% of revenue SG&A: $2.2B · 27% of revenue SG&A$2.2B27% of revenue

Swipe sideways for the whole flow →

From $8.3B of sales to $479.0M of profit

FY2024, from the 10-K income statement and revenue by product
Cost of product to Revenue: $6.3BCost of software and rentals to Revenue: $1.9BRevenue to Gross profit: $4.6BRevenue to Cost of revenue: $3.7BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $3.6BOperating profit to Net profit: $479.0MOperating profit to Tax & other: $557.0MOperating expenses to R&D: $775.0MOperating expenses to SG&A: $2.8B Cost of product: $6.3B · 77% Cost of product$6.3B77% Cost of software and rentals: $1.9B · 23% Cost of software and re…$1.9B23% Revenue: $8.3B Revenue$8.3B +1% Y/Y Gross profit: $4.6B · 56% margin Gross profit$4.6B56% margin −2% Y/Y Cost of revenue: $3.7B · 44% of revenue Cost of revenue$3.7B44% of revenue Operating profit: $1.0B · 13% margin Operating profit$1.0B13% margin −39% Y/Y Operating expenses: $3.6B · 43% of revenue Operating expenses$3.6B43% of revenue Net profit: $479.0M · 6% margin Net profit$479.0M6% margin −64% Y/Y Tax & other: $557.0M · 7% of revenue Tax & other$557.0M7% of revenue R&D: $775.0M · 9% of revenue R&D$775.0M9% of revenue SG&A: $2.8B · 34% of revenue SG&A$2.8B34% of revenue

Swipe sideways for the whole flow →

From $8.3B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by product
Cost of product to Revenue: $6.3BCost of software and rentals to Revenue: $2.0BRevenue to Gross profit: $4.5BRevenue to Cost of revenue: $3.9BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $625.0MOperating expenses to R&D: $739.0MOperating expenses to Sales, admin & other: $1.5B Cost of product: $6.3B · 76% Cost of product$6.3B76% Cost of software and rentals: $2.0B · 24% Cost of software and re…$2.0B24% Revenue: $8.3B Revenue$8.3B +1% Y/Y Gross profit: $4.5B · 53% margin Gross profit$4.5B53% margin −3% Y/Y Cost of revenue: $3.9B · 47% of revenue Cost of revenue$3.9B47% of revenue Operating profit: $2.2B · 26% margin Operating profit$2.2B26% margin +111% Y/Y Operating expenses: $2.3B · 27% of revenue Operating expenses$2.3B27% of revenue Net profit: $1.6B · 19% margin Net profit$1.6B19% margin +225% Y/Y Tax & other: $625.0M · 8% of revenue Tax & other$625.0M8% of revenue R&D: $739.0M · 9% of revenue R&D$739.0M9% of revenue Sales, admin & other: $1.5B · 18% of revenue Sales, admin & other$1.5B18% of revenue

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Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median1.9% vs 9.6%
  • !
    Gross margin down over 3 years57.7% → 53.5%
  • !
    Return on equity below 15%3.2%
  • ✓
    A profit in every one of 4 years
Net margin, FY2022 to FY2025: 16.5% → 18.7%

Balance sheet

2 of 3
  • !
    Interest covered less than 5 timesOperating income is 4.9× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.95 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.03
Debt / equity at each year end, FY2022 to FY2025: 0.00 → 1.00
What the debt is made of ↓

Cash and shareholders

0 of 3
  • !
    Free cash flow positive in 3 of 4 years−$10.0M last year
  • !
    Share count up over 3 years+1.5%
  • !
    Cash from operations below net income$369.0M vs $1.6B
Free cash flow, FY2022 to FY2025: 1.4B → -10.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$5.1B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2022 to FY2025

Revenue 8.3B Net income 1.6B
FY2022 revenue 8.1B · Revenues, 0001964738-25-000019 FY2022 net income 1.3B · NetIncomeLoss, 0001964738-25-000019 8.1B FY2022 FY2023 revenue 8.2B · Revenues, 0001964738-26-000007 FY2023 net income 1.3B · NetIncomeLoss, 0001964738-26-000007 8.2B FY2023 FY2024 revenue 8.3B · Revenues, 0001964738-26-000007 FY2024 net income 479.0M · NetIncomeLoss, 0001964738-26-000007 8.3B FY2024 FY2025 revenue 8.3B · Revenues, 0001964738-26-000007 FY2025 net income 1.6B · NetIncomeLoss, 0001964738-26-000007 8.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

SOLV's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue8.3B
FY2022: 8.1BFY2023: 8.2BFY2024: 8.3BFY2025: 8.3B FY2022FY2023FY2024FY2025
Net income1.6B
FY2022: 1.3BFY2023: 1.3BFY2024: 479.0MFY2025: 1.6B FY2022FY2023FY2024FY2025
Free cash flow-10.0M
FY2022: 1.4BFY2023: 1.6BFY2024: 805.0MFY2025: -10.0M FY2022FY2023FY2024FY2025
EPS (diluted)8.88
FY2022: 7.78FY2023: 7.79FY2024: 2.76FY2025: 8.88 FY2022FY2023FY2024FY2025
Diluted shares175.3M
FY2022: 172.7MFY2023: 172.7MFY2024: 173.7MFY2025: 175.3M FY2022FY2023FY2024FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Med Surg 4.8B57.9% +3.9%
Health Information Systems 1.4B16.3% +4.1%
Dental Solutions 1.3B16.2% +4.2%
Purification And Filtration 497.0M6.0% -29.9%

10-K 0001964738-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Cost of product 6.3B76.3% 0.0%
Cost of software and rentals 2.0B23.7% +3.7%

10-K 0001964738-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 4.7B56.1% +2.4%
International 3.7B43.9% -1.0%

10-K 0001964738-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2022FY2023FY2024FY2025
Revenue8.1B8.2B8.3B8.3B
Gross profit4.7B4.7B4.6B4.5B
R&D767.0M758.0M775.0M739.0M
SG&A2.2B2.3B2.8B3.1B
Operating income1.7B1.7B1.0B2.2B
Interest expense00287.0M442.0M
Pretax income1.7B1.7B605.0M1.7B
Income tax349.0M321.0M127.0M157.0M
Net income1.3B1.3B479.0M1.6B
EPS (diluted)7.787.792.768.88
Diluted shares172.7M172.7M173.7M175.3M
Depreciation & amortization578.0M561.0M555.0M489.0M
EBITDA2.3B2.3B1.6B2.7B
Gross margin57.7%57.3%55.6%53.5%
Operating margin20.8%20.6%12.6%26.2%
Net margin16.5%16.4%5.8%18.7%
Revenue growth-+0.8%+0.7%+0.9%
EPS growth-+0.1%-64.6%+222%

Balance sheet

From EDGAR
FY2022FY2023FY2024FY2025
Cash61.0M194.0M762.0M878.0M
Receivables-1.3B1.0B1.0B
Inventory-857.0M965.0M1.1B
Current assets-2.5B3.2B3.9B
Property & equipment-1.5B1.6B1.3B
Goodwill6.4B6.5B6.4B5.7B
Total assets-13.9B14.5B14.3B
Accounts payable-477.0M618.0M687.0M
Current liabilities-1.7B2.7B3.1B
Total debt-08.0B5.0B
Total liabilities-2.3B11.5B9.2B
Shareholders' equity11.7B11.7B3.0B5.0B
Retained earnings-0242.0M1.8B

Cash flow

From EDGAR
FY2022FY2023FY2024FY2025
Operating cash flow1.7B1.9B1.2B369.0M
Capital spending251.0M290.0M380.0M379.0M
Free cash flow1.4B1.6B805.0M-10.0M
Stock-based pay (added back)37.0M39.0M112.0M161.0M
Acquisitions-00696.0M
Debt raised008.3B0
Debt repaid00300.0M3.1B
Investing cash flow-253.0M-230.0M-380.0M2.8B
Financing cash flow-1.5B-1.6B-240.0M-3.1B

Stock-based pay and leases

From EDGAR
FY2022FY2023FY2024FY2025
Stock-based pay (expense)37.0M39.0M112.0M161.0M
Stock-based pay / revenue0.5%0.5%1.4%1.9%
Operating lease cost32.0M28.0M75.0M122.0M
Operating lease cash paid31.0M29.0M76.0M115.0M
Right-of-use assets-98.0M176.0M214.0M
Operating lease liabilities-98.0M173.0M212.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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