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Maker of specialty advanced materials—low-GWP refrigerants, fluoropolymers and advanced fibers—recently spun off from Honeywell.
Maker of specialty advanced materials—low-GWP refrigerants, fluoropolymers and advanced fibers—recently spun off from Honeywell.
Sells specialty chemicals and materials, some on replacement cycles driven by regulation: as rules force air-conditioning makers and service channels off older high-warming refrigerants, they must buy lower-warming replacements. Honeywell spun it off to shareholders in late 2025. It also makes fibers used in body armor and chemicals used in electronics.
Moat: narrow (IP / patents, regulatory licence, process know-how). Patent-protected low-GWP refrigerant chemistries positioned ahead of tightening global refrigerant regulations.
Headquarters: Morris Plains, New Jersey, US · Founded: 2025 · Employees: 4,100
Size Solstice Advanced Materials (SOLS) is a United States Materials company (Chemicals: Major Diversified) with a market value of $9.22B, the 814th largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.00 on 6 Nov 2026.
Performance Over six months the shares fell 25.9%, against +1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +4.8%); the operating margin is 17.2% (peer median 8.4%).
Valuation It trades at 17.8× forward earnings against a peer median of 15.0× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.0 points above its cost of capital (7.2% WACC).
Backlog Backlog (remaining performance obligations) was $3.30B at 30 Sep 2026, up 15% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Credit Solstice Advanced Materials has 1 bond outstanding ($1.00B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 144 bp.
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.17B | $3.89B | $3.77B | $3.65B | $3.59B |
| Revenue growth | — | +3% | +3% | +2% | — |
| Gross profit | $1.29B | $1.25B | $1.30B | $1.28B | $1.40B |
| EBITDA | $944M | $975M | $1.06B | $1.07B | $1.14B |
| Net income | $325M | $237M | $594M | $621M | $718M |
| Free cash flow | $446M | $119M | $546M | $461M | $505M |
| Capital expenditure | $413M | $354M | $297M | $332M | $304M |
| Total debt | $2.42B | $2.51B | $440M | $254M | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Solstice Advanced Materials SOLS | $9.22B | -26% | +3% | 17% | 17.8× | 0.3% |
| Chemours CC | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Arkema AKE.PA | $4.96B | -9% | -6% | 5% | 13.7× | 12.5% |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SOLS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.7% | -2.7% | 10th lowest of 21 |
| 6-month return | -25.9% | +1.4% | 6th lowest of 21 |
| Distance from 52-week high | -36.1% | -22.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +3.1% | +4.8% | 10th lowest of 21 |
| Operating margin | 17.2% | 8.4% | 4th highest of 21 |
| Forward P/E | 17.8× | 15.0× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.3% | 9.9% | 5th least demanding of 16 |
| Growth delivered (Del g) | +2.7% | +6.6% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -2.4 pp | +4.9 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +10.0 pp | -1.8 pp | 2nd highest of 21 |
| EV / EBITDA | 11.6× | 8.3× | 4th most expensive of 13 |
| Net debt / EBITDA | 1.8× | 1.8× | 7th most indebted of 14 |
| Bond spread | 144 bp | 81 bp | 3rd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Solstice Advanced Materials SOLS | United States | $9.22B | -26% | +3% | 17% | 17.8× | 0.3% | +2.7% |
| Peric Special Gases 688146.SS | China | $9.58B | +102% | +75% | 19% | 67.1× | 50.8% | +13.1% |
| Mitsubishi Chemical 4188.T | Japan | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% | +2.6% |
| Sasol Limited Sponsored ADR SSL | United States | $10.3B | +14% | +18% | 22% | 4.8× | n/a | n/a |
| Evonik Industries EVK.DE | Germany | $11.0B | +19% | +2% | 10% | 12.0× | -6.2% | +2.9% |
| Element Solutions ESI | United States | $7.61B | -29% | +40% | 14% | 15.0× | 16.6% | +6.6% |
| Ecopro 086520.KS | South Korea | $6.55B | -57% | +11% | 9% | 31.5× | n/a | n/a |
| Tokyo Ohka Kogyo 4186.T | Japan | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% | +15.1% |
| Arkema AKE.PA | France | $4.96B | -9% | -6% | 5% | 13.7× | 12.5% | +2.8% |
| Kingfa Sci. & Tech 600143.SS | China | $4.96B | -28% | -1% | 3% | 24.6× | -1.2% | +13.3% |
| Perimeter Solutions PRM | United States | $4.83B | -7% | +24% | -51% | 18.3× | 36.6% | +14.0% |
| Wacker Chemie WCH.DE | Germany | $4.42B | -24% | -5% | -1% | 33.0× | n/a | n/a |
| DuPont DD | United States | $19.4B | -1% | -43% | 14% | 18.3× | 14.7% | -13.7% |
| Hubei Xingfa Chemicals 600141.SS | China | $4.19B | -27% | +4% | 8% | 15.3× | n/a | n/a |
| Avient AVNT | United States | $4.17B | +23% | +5% | 11% | 13.0× | 9.9% | +0.1% |
| Mitsui Chemicals 4183.T | Japan | $4.08B | -9% | -3% | 6% | 10.7× | 1.9% | +6.6% |
| Johnson Matthey JMAT.L | United Kingdom | $4.01B | +14% | +8% | 3% | 13.3× | 9.6% | -4.0% |
| Kuraray 3405.T | Japan | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% | +8.3% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Sika SIKA.SW | Switzerland | $36.4B | +32% | -4% | 14% | 24.9× | 10.7% | +7.3% |
Solstice Advanced Materials has 1 bond outstanding with $1.00B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 6.14%, a spread of 144 bp over government bonds.
Solstice Advanced Materials reported $3.30B of remaining performance obligations at 30 Sep 2026, up 15% from a year earlier and up 3% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 1.10.