SOLV and 9 peers, year by year
The 9 Health care companies closest to SOLV in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.
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| Company | Year | Revenue | Sales growth | Gross margin | Operating margin | Net margin | FCF margin | Return on equity | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|
| SOLV Solventum | FY2025 | $8.3B | +0.9% | 53.5% | 26.2% | 18.7% | −0.1% | 30.8% | 1.00 |
| ZBH Zimmer Biomet | FY2025 | $8.2B | +7.2% | - | 13.3% | 8.6% | 17.9% | 5.6% | 0.59 |
| A Agilent Technologies | FY2025 | $6.9B | +6.7% | - | 21.3% | 18.8% | 16.6% | 19.3% | 0.50 |
| ZTS Zoetis | FY2025 | $9.5B | +2.3% | - | - | 28.2% | 24.1% | 78.3% | 2.65 |
| EW Edwards Lifesciences | FY2025 | $6.1B | +11.5% | 78.0% | 20.8% | 17.7% | 22.0% | 10.4% | 0.06 |
| STE Steris | FY2026 | $5.9B | +8.7% | 44.2% | 18.6% | 13.2% | 16.4% | 10.9% | 0.27 |
| BIIB Biogen | FY2025 | $9.9B | +2.2% | - | - | 13.1% | 20.7% | 7.1% | 0.34 |
| INCY Incyte | FY2025 | $5.1B | +21.2% | - | 29.5% | 25.0% | - | 24.9% | - |
| RMD ResMed | FY2026 | $5.7B | +9.9% | 61.1% | 33.4% | 26.9% | 29.2% | 23.1% | 0.10 |
| DXCM Dexcom | FY2025 | $4.7B | +15.6% | 60.1% | 19.6% | 17.9% | 23.1% | 30.5% | - |
Revenue, FY2022 to FY2025
Revenue as reported in the 10-K.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | $8.1B | $8.2B | $8.3B | $8.3B |
| ZBH Dec | $6.9B | $7.4B | $7.7B | $8.2B |
| A Oct | $6.8B | $6.8B | $6.5B | $6.9B |
| ZTS Dec | $8.1B | $8.5B | $9.3B | $9.5B |
| EW Dec | $4.5B | $5.0B | $5.4B | $6.1B |
| STE Mar | $4.2B | $4.5B | $5.1B | $5.5B |
| BIIB Dec | $10.2B | $9.8B | $9.7B | $9.9B |
| INCY Dec | $3.4B | $3.7B | $4.2B | $5.1B |
| RMD Jun | $3.6B | $4.2B | $4.7B | $5.1B |
| DXCM Dec | $2.9B | $3.6B | $4.0B | $4.7B |
| Peer median | $4.5B | $5.0B | $5.4B | $6.1B |
Sales growth, FY2022 to FY2025
Revenue against the fiscal year before.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | - | +0.8% | +0.7% | +0.9% |
| ZBH Dec | +1.6% | +6.5% | +3.8% | +7.2% |
| A Oct | +8.4% | −0.2% | −4.7% | +6.7% |
| ZTS Dec | +3.9% | +5.7% | +8.3% | +2.3% |
| EW Dec | +2.9% | +12.2% | +8.6% | +11.5% |
| STE Mar | +47.5% | +7.4% | +13.3% | +6.2% |
| BIIB Dec | −7.4% | −3.3% | −1.6% | +2.2% |
| INCY Dec | +13.7% | +8.9% | +14.8% | +21.2% |
| RMD Jun | +11.9% | +18.0% | +10.9% | +9.8% |
| DXCM Dec | +18.8% | +24.5% | +11.3% | +15.6% |
| Peer median | +8.4% | +7.4% | +8.6% | +7.2% |
Gross margin, FY2022 to FY2025
Gross profit / revenue.Operating margin, FY2022 to FY2025
Operating income / revenue.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | 20.8% | 20.6% | 12.6% | 26.2% |
| ZBH Dec | 10.0% | 17.3% | 16.7% | 13.3% |
| A Oct | 23.6% | 19.8% | 22.9% | 21.3% |
| ZTS Dec | - | - | - | - |
| EW Dec | 33.6% | 26.1% | 25.3% | 20.8% |
| STE Mar | 11.3% | 17.4% | 16.3% | 15.9% |
| BIIB Dec | - | - | - | - |
| INCY Dec | 17.1% | 16.8% | 1.4% | 29.5% |
| RMD Jun | 28.0% | 26.8% | 28.2% | 32.7% |
| DXCM Dec | 13.4% | 16.5% | 14.9% | 19.6% |
| Peer median | 17.1% | 17.4% | 16.7% | 20.8% |
Net margin, FY2022 to FY2025
Net income / revenue.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | 16.5% | 16.4% | 5.8% | 18.7% |
| ZBH Dec | 3.3% | 13.8% | 11.8% | 8.6% |
| A Oct | 18.3% | 18.1% | 19.8% | 18.8% |
| ZTS Dec | 26.2% | 27.4% | 26.9% | 28.2% |
| EW Dec | 34.1% | 28.0% | 76.7% | 17.7% |
| STE Mar | 5.8% | 2.4% | 7.4% | 11.3% |
| BIIB Dec | 29.9% | 11.8% | 16.9% | 13.1% |
| INCY Dec | 10.0% | 16.2% | 0.8% | 25.0% |
| RMD Jun | 21.8% | 21.3% | 21.8% | 27.2% |
| DXCM Dec | 11.7% | 14.9% | 14.3% | 17.9% |
| Peer median | 18.3% | 16.2% | 16.9% | 17.9% |
Free cash flow, FY2022 to FY2025
Cash from operations minus capital spending.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | $1.4B | $1.6B | $805.0M | −$10.0M |
| ZBH Dec | $1.2B | $1.3B | $1.3B | $1.5B |
| A Oct | $1.0B | $1.5B | $1.4B | $1.2B |
| ZTS Dec | $1.3B | $1.6B | $2.3B | $2.3B |
| EW Dec | $973.6M | $642.8M | $289.9M | $1.3B |
| STE Mar | $397.2M | $395.0M | $613.0M | $778.0M |
| BIIB Dec | $1.1B | $1.3B | $2.7B | $2.1B |
| INCY Dec | $892.1M | - | - | - |
| RMD Jun | $216.3M | $573.6M | $1.3B | $1.7B |
| DXCM Dec | $304.7M | $511.9M | $630.7M | $1.1B |
| Peer median | $973.6M | $956.5M | $1.3B | $1.4B |
FCF margin, FY2022 to FY2025
Free cash flow / revenue.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | 17.6% | 19.8% | 9.8% | −0.1% |
| ZBH Dec | 16.8% | 17.5% | 16.9% | 17.9% |
| A Oct | 14.9% | 21.6% | 21.1% | 16.6% |
| ZTS Dec | 16.4% | 19.0% | 24.8% | 24.1% |
| EW Dec | 21.8% | 12.8% | 5.3% | 22.0% |
| STE Mar | 9.4% | 8.7% | 11.9% | 14.3% |
| BIIB Dec | 11.2% | 12.9% | 28.1% | 20.7% |
| INCY Dec | 26.3% | - | - | - |
| RMD Jun | 6.0% | 13.6% | 27.8% | 32.3% |
| DXCM Dec | 10.5% | 14.1% | 15.6% | 23.1% |
| Peer median | 14.9% | 13.9% | 19.0% | 21.4% |
Return on equity, FY2022 to FY2025
Net income / shareholders' equity at the year end.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | 11.4% | 11.5% | 16.2% | 30.8% |
| ZBH Dec | 1.9% | 8.2% | 7.2% | 5.6% |
| A Oct | 23.6% | 21.2% | 21.9% | 19.3% |
| ZTS Dec | 48.0% | 46.9% | 52.1% | 78.3% |
| EW Dec | 26.2% | 21.1% | 41.8% | 10.4% |
| STE Mar | 3.7% | 1.8% | 6.0% | 9.3% |
| BIIB Dec | 22.7% | 7.8% | 9.8% | 7.1% |
| INCY Dec | 7.8% | 11.5% | 0.9% | 24.9% |
| RMD Jun | 23.2% | 21.7% | 21.0% | 23.5% |
| DXCM Dec | 16.0% | 26.2% | 27.4% | 30.5% |
| Peer median | 22.7% | 21.1% | 21.0% | 19.3% |
Debt / equity, FY2022 to FY2025
Total debt / shareholders' equity at the year end.EPS (diluted), FY2022 to FY2025
Diluted earnings per share, on today's share count after splits.| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SOLV Dec | $7.78 | $7.79 | $2.76 | $8.88 |
| ZBH Dec | $1.10 | $4.88 | $4.43 | $3.55 |
| A Oct | $4.18 | $4.19 | $4.43 | $4.57 |
| ZTS Dec | $4.49 | $5.07 | $5.47 | $6.02 |
| EW Dec | $2.44 | $2.30 | $6.97 | $1.83 |
| STE Mar | $2.48 | $1.07 | $3.81 | $6.20 |
| BIIB Dec | $20.87 | $7.97 | $11.18 | $8.79 |
| INCY Dec | $1.52 | $2.65 | $0.15 | $6.41 |
| RMD Jun | $5.30 | $6.09 | $6.92 | $9.51 |
| DXCM Dec | $0.82 | $1.30 | $1.42 | $2.09 |
| Peer median | $2.48 | $4.19 | $4.43 | $6.02 |
Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out SOLV and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →
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