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Diversified healthcare company (spun off from 3M in 2024) making medical-surgical supplies, dental products, health information systems and purification/filtration technologies.
Diversified healthcare company (spun off from 3M in 2024) making medical-surgical supplies, dental products, health information systems and purification/filtration technologies.
Mostly sells consumables reordered through hospital supply contracts and dental distributors, with the coding software licensed and renewed each year, so much of the revenue repeats. It agreed in 2025 to sell its purification and filtration unit to Thermo Fisher, narrowing it to health care.
Moat: narrow (installed base, brand, switching costs). Inherited 3M's established medsurg/dental product lines and hospital/dentist relationships, now standalone.
Headquarters: Maplewood, Minnesota, USA · Founded: 2024 · Employees: 20,000
Size Solventum (SOLV) is a United States Health Care company (Medical/Nursing Services) with a market value of $15.4B, the 587th largest of 3,117 United States companies the cockpit tracks. Shares closed at $90.38 on 6 Nov 2026.
Performance Over six months the shares gained 23.2%, against +26.8% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 17 in its peer set.
Growth Revenue fell 1.2% over the last twelve months (peer median +11.7%); the operating margin is 8.5% (peer median 9.3%).
Valuation It trades at 12.2× forward earnings against a peer median of 22.8× (3rd cheapest of 17).
Capital Return on invested capital runs 2.0 points below its cost of capital (7.8% WACC).
Credit Solventum has 5 bonds outstanding ($4.92B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 94 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.31B | $8.32B | $8.25B | $8.20B | $8.13B |
| Revenue growth | — | +1% | +1% | +1% | — |
| Gross profit | $4.59B | $4.46B | $4.61B | $4.69B | $4.70B |
| EBITDA | $1.18B | $1.21B | $1.63B | $2.25B | $2.27B |
| Net income | $1.43B | $1.56B | $479M | $1.35B | $1.34B |
| Free cash flow | -$118M | -$10.0M | $805M | $1.62B | $1.43B |
| Capital expenditure | $327M | $379M | $380M | $290M | $251M |
| Total debt | $5.29B | $5.25B | $8.18B | $98.0M | $95.0M |
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 |
|---|---|---|---|---|---|---|
| Solventum SOLV | $15.4B | +23% | -1% | 8% | 12.2× | n/a |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
| DENTSPLY SIRONA XRAY | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% |
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 | SOLV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | +11.8% | 4th lowest of 17 |
| 6-month return | +23.2% | +26.8% | 8th lowest of 17 |
| Distance from 52-week high | -4.0% | -11.8% | 3rd highest of 17 |
| Revenue growth (TTM) | -1.2% | +11.7% | 2nd lowest of 17 |
| Operating margin | 8.5% | 9.3% | 7th lowest of 17 |
| Forward P/E | 12.2× | 22.8× | 3rd cheapest of 17 |
| ROIC minus cost of capital | -2.0 pp | +0.6 pp | 6th lowest of 17 |
| EV / EBITDA | 17.1× | 13.9× | 5th most expensive of 14 |
| Net debt / EBITDA | 4.1× | 2.8× | 5th most indebted of 16 |
| Bond spread | 94 bp | 102 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Labcorp LH | United States | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% | 0.0% |
| Koninklijke Philips PHIA.AS | Netherlands | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% | +0.6% |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
Solventum has 5 bonds outstanding with $4.92B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.74%, a spread of 94 bp over government bonds.