Solventum

Health Care Health Care Technology Saint Paul, Minnesota Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$8.3B
                    3y CAGR +0.8%
                    
                    P20
                    
                    +0.9%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +18.7%
                    
                    P75
                    
                    +224.8%
                    
                    Total assets
                    FY2025
                
$14.3B
                    ROA +10.9%
                    
                    P73
                    
                    -1.1%
                    
                    Operating cash flow
                    FY2025
                
$369.0M
                    FCF margin -0.1%
                    
                    P6
                    
                    -68.9%

4 yrs · FY2022–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 4 years

Total assets $14.3B

Total liabilities $9.2B

Shareholders equity $5.0B

Account	2025	2024	2023	2022
Assets
Cash and Cash Equivalents	10.5%	9.2%	2.4%	0.8%
Accounts Receivable	12.4%	12.6%	0.0%	0.0%
Inventory	12.8%	11.7%	0.0%	0.0%
Prepaid Expenses	8.8%	3.5%	0.0%	0.0%
Other Current Assets	8.8%	3.5%	—	—
Total Current Assets	46.4%	39.4%	—	—
Property,Plant and Equipment	0.0%	19.7%	0.0%	0.0%
Operating Lease Assets	2.6%	2.1%	—	—
Goodwill	68.5%	77.3%	79.7%	0.0%
Intangible Assets	31.1%	30.8%	0.0%	0.0%
Other Noncurrent Assets	9.8%	8.1%	—	—
Total Assets	171.7%	175.2%	—	—
Liabilities
Accounts Payable	8.3%	7.5%	—	—
Accrued Liabilities	5.2%	3.3%	0.0%	0.0%
Deferred Revenue	7.5%	6.9%	—	—
Current Portion of Long Term Debt	0.0%	2.4%	—	—
Other Current Liabilities	16.7%	12.6%	0.0%	0.0%
Total Current Liabilities	37.7%	32.7%	—	—
Long Term Debt	60.5%	94.6%	—	—
Deferred Tax Liabilities	2.0%	2.7%	—	—
Other Noncurrent Liabilities	6.6%	5.0%	2.5%	3.8%
Total Liabilities	111.1%	139.3%	—	—
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	46.6%	45.7%	—	—
Retained Earnings	21.6%	2.9%	—	—
Accumulated Other Comprehensive Income	-7.5%	-12.8%	—	—
Total Stockholders Equity	60.6%	35.8%	142.3%	144.4%
Total Liabilitiesand Equity	171.7%	175.2%	—	—

Income Statement

Revenue, expense, and profitability

16 accounts · 4 years

Revenue $8.3B

Operating income $2.2B

Net income $1.6B

Account	2025	2024	2023	2022
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%
Expenses Research and Development	8.9%	9.4%	9.2%	9.4%
Expenses Selling,General and Administrative	37.0%	33.7%	28.0%	27.5%
Expenses Depreciation and Amortization	5.9%	6.7%	6.8%	7.1%
Expenses Share Based Compensation	1.9%	1.4%	0.5%	0.5%
Other Income Expense Gross Profit	53.5%	55.6%	57.3%	57.7%
Other Income Expense Operating Income	26.2%	12.6%	20.6%	20.8%
Other Income Expense Other Income/expense	-0.5%	-0.8%	-0.3%	-0.0%
Other Income Expense Income Before Tax	20.6%	7.3%	20.3%	20.8%
Income Tax Income Tax Expense	1.9%	1.5%	3.9%	4.3%
net Income net Income	18.7%	5.8%	16.4%	16.5%
net Income Comprehensive Income	23.9%	3.5%	17.9%	12.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.1%	2.1%	2.1%	2.1%
Earnings Per Share Weighted Average Shares Diluted	2.1%	2.1%	2.1%	2.1%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 4 years

Operating cash flow $369.0M

Investing cash flow $2.8B

Financing cash flow $-3.1B

Account	2025	2024	2023	2022
CashFlow
Operating Activities net Income	18.7%	5.8%	16.4%	16.5%
Operating Activities Depreciation and Amortization	5.9%	6.7%	6.8%	7.1%
Operating Activities Stock Based Compensation	1.9%	1.4%	0.5%	0.5%
Operating Activities Deferred Income Taxes	-1.4%	-1.9%	-1.7%	-1.7%
Operating Activities Changes In Operating Assets and Liabilities	2.5%	4.3%	2.6%	1.7%
Operating Activities Other Non Cash Items	-2.3%	0.8%	-0.2%	-1.4%
Operating Activities net Cash From Operating Activities	4.4%	14.4%	23.4%	20.7%
Investing Activities Capital Expenditures	4.6%	4.6%	3.5%	3.1%
Investing Activities Business Acquisitions	8.4%	0.0%	0.0%	—
Investing Activities Other Investing Activities	0.2%	0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	33.6%	-4.6%	-2.8%	-3.1%
Financing Activities Proceeds From Debt	0.0%	100.6%	0.0%	0.0%
Financing Activities Repayment of Debt	36.9%	3.6%	0.0%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.3%	0.0%	—	—
Financing Activities Other Financing Activities	0.6%	0.1%	0.0%	-0.0%
Financing Activities net Cash From Financing Activities	-36.7%	-2.9%	-18.9%	-18.0%
Cash Reconciliation Effect of Exchange Rate On Cash	10.5%	9.2%	2.4%	0.8%
Cash Reconciliation net Change In Cash	1.4%	6.9%	1.6%	-0.4%
Cash Reconciliation Cash At Beginning of Period	10.5%	9.2%	2.4%	0.8%
Cash Reconciliation Cash At End of Period	10.5%	9.2%	2.4%	0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 4 years

Ratio	2025	2024	2023	2022
Profitability
Gross margin	—	—	—	—
Operating margin	+26.2%	+12.6%	+20.6%	+20.8%
Net margin	+18.7%	+5.8%	+16.4%	+16.5%
FCF margin	-0.1%	+9.8%	+19.8%	+17.6%
Growth
Revenue CAGR (3y)	+0.8%	—	—	—
Returns
ROE	+30.8%	+16.2%	+11.5%	+11.4%
ROA	+10.9%	+3.3%	—	—
ROIC	+21.5%	+8.0%	—	—
Liquidity
Current ratio	1.23x	1.20x	—	—
Quick ratio	0.61x	0.67x	—	—
Leverage
D/E	1.83x	3.89x	—	—
Interest coverage	—	—	—	—
Efficiency
Asset turnover	0.58x	0.57x	—	—
Cash conversion cycle	—	—	—	—

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Solventum

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