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

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	$878.0M 15.2%	$762.0M 292.8%	$194.0M 218.0%	$61.0M
Accounts Receivable	$1.0B -1.0%	$1.0B	$0	$0
Inventory	$1.1B 10.5%	$965.0M	$0	$0
Prepaid Expenses	$731.0M 149.5%	$293.0M	$0	$0
Other Current Assets	$731.0M 149.5%	$293.0M	—	—
Total Current Assets	$3.9B 18.8%	$3.2B	—	—
Property,Plant and Equipment	$0 -100.0%	$1.6B	$0	$0
Operating Lease Assets	$214.0M 21.6%	$176.0M	—	—
Goodwill	$5.7B -10.6%	$6.4B -2.4%	$6.5B	$0
Intangible Assets	$2.6B 1.9%	$2.5B	$0	$0
Other Noncurrent Assets	$814.0M 22.4%	$665.0M	—	—
Total Assets	$14.3B -1.1%	$14.5B	—	—
Liabilities
Accounts Payable	$687.0M 11.2%	$618.0M	—	—
Accrued Liabilities	$435.0M 59.9%	$272.0M	$0	$0
Deferred Revenue	$621.0M 8.6%	$572.0M	—	—
Current Portion of Long Term Debt	$0 -100.0%	$200.0M	—	—
Other Current Liabilities	$1.4B 33.8%	$1.0B	$0	$0
Total Current Liabilities	$3.1B 16.0%	$2.7B	—	—
Long Term Debt	$5.0B -35.5%	$7.8B	—	—
Deferred Tax Liabilities	$164.0M -27.1%	$225.0M	—	—
Other Noncurrent Liabilities	$547.0M 33.4%	$410.0M 100.0%	$205.0M -33.2%	$307.0M
Total Liabilities	$9.2B -19.6%	$11.5B	—	—
Equity
Common Stock	$2.0M 0.0%	$2.0M	$0	$0
Additional Paid In Capital	$3.9B 2.8%	$3.8B	—	—
Retained Earnings	$1.8B 642.6%	$242.0M	—	—
Accumulated Other Comprehensive Income	$-625.0M 40.8%	$-1.1B	—	—
Total Stockholders Equity	$5.0B 70.6%	$3.0B -74.6%	$11.7B -0.6%	$11.7B
Total Liabilitiesand Equity	$14.3B -1.1%	$14.5B	—	—

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	$8.3B 0.9%	$8.3B 0.7%	$8.2B 0.8%	$8.1B
Expenses Research and Development	$739.0M -4.6%	$775.0M 2.2%	$758.0M -1.2%	$767.0M
Expenses Selling,General and Administrative	$3.1B 10.7%	$2.8B 21.0%	$2.3B 2.9%	$2.2B
Expenses Depreciation and Amortization	$489.0M -11.9%	$555.0M -1.1%	$561.0M -2.9%	$578.0M
Expenses Share Based Compensation	$161.0M 43.8%	$112.0M 187.2%	$39.0M 5.4%	$37.0M
Other Income Expense Gross Profit	$4.5B -3.1%	$4.6B -2.1%	$4.7B 0.0%	$4.7B
Other Income Expense Operating Income	$2.2B 110.5%	$1.0B -38.8%	$1.7B -0.1%	$1.7B
Other Income Expense Other Income/expense	$-39.0M 39.1%	$-64.0M -156.0%	$-25.0M -2400.0%	$-1.0M
Other Income Expense Income Before Tax	$1.7B 183.1%	$605.0M -63.7%	$1.7B -1.5%	$1.7B
Income Tax Income Tax Expense	$157.0M 23.6%	$127.0M -60.4%	$321.0M -8.0%	$349.0M
net Income net Income	$1.6B 224.8%	$479.0M -64.4%	$1.3B 0.2%	$1.3B
net Income Comprehensive Income	$2.0B 582.5%	$291.0M -80.2%	$1.5B 40.5%	$1.0B
Earnings Per Share Basic Eps	$9 222.7%	$3 -64.4%	$8 0.1%	$8
Earnings Per Share Diluted Eps	$9 221.7%	$3 -64.6%	$8 0.1%	$8
Earnings Per Share Weighted Average Shares Basic	$174.1M 0.5%	$173.2M 0.3%	$172.7M 0.0%	$172.7M
Earnings Per Share Weighted Average Shares Diluted	$175.3M 0.9%	$173.7M 0.6%	$172.7M 0.0%	$172.7M

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	$1.6B 224.8%	$479.0M -64.4%	$1.3B 0.2%	$1.3B
Operating Activities Depreciation and Amortization	$489.0M -11.9%	$555.0M -1.1%	$561.0M -2.9%	$578.0M
Operating Activities Stock Based Compensation	$161.0M 43.8%	$112.0M 187.2%	$39.0M 5.4%	$37.0M
Operating Activities Deferred Income Taxes	$-120.0M 22.6%	$-155.0M -9.2%	$-142.0M -0.7%	$-141.0M
Operating Activities Changes In Operating Assets and Liabilities	$209.0M -41.1%	$355.0M 68.2%	$211.0M 51.8%	$139.0M
Operating Activities Other Non Cash Items	$-194.0M -389.6%	$67.0M 546.7%	$-15.0M 86.7%	$-113.0M
Operating Activities net Cash From Operating Activities	$369.0M -68.9%	$1.2B -38.1%	$1.9B 14.1%	$1.7B
Investing Activities Capital Expenditures	$379.0M -0.3%	$380.0M 31.0%	$290.0M 15.5%	$251.0M
Investing Activities Business Acquisitions	$696.0M	$0	$0	—
Investing Activities Other Investing Activities	$18.0M	$0	$0 -100.0%	$2.0M
Investing Activities net Cash From Investing Activities	$2.8B 836.1%	$-380.0M -65.2%	$-230.0M 9.1%	$-253.0M
Financing Activities Proceeds From Debt	$0 -100.0%	$8.3B	$0	$0
Financing Activities Repayment of Debt	$3.1B 923.3%	$300.0M	$0	$0
Financing Activities Tax Withholding On Stock Based Compensation	$24.0M 500.0%	$4.0M	—	—
Financing Activities Other Financing Activities	$46.0M 475.0%	$8.0M 700.0%	$1.0M 125.0%	$-4.0M
Financing Activities net Cash From Financing Activities	$-3.1B -1173.8%	$-240.0M 84.5%	$-1.6B -6.3%	$-1.5B
Cash Reconciliation Effect of Exchange Rate On Cash	$878.0M 15.2%	$762.0M 292.8%	$194.0M 218.0%	$61.0M
Cash Reconciliation net Change In Cash	$116.0M -79.6%	$568.0M 327.1%	$133.0M 543.3%	$-30.0M
Cash Reconciliation Cash At Beginning of Period	$878.0M 15.2%	$762.0M 292.8%	$194.0M 218.0%	$61.0M
Cash Reconciliation Cash At End of Period	$878.0M 15.2%	$762.0M 292.8%	$194.0M 218.0%	$61.0M

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	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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Solventum

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