# Solventum Corporation (SOLV)

> Source: Nexqual · https://nexqual.com/SOLV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Solventum Corporation (SOLV), nexqual.com/SOLV" · informational, not investment advice.

**Price:** USD 87.45 (+0.90% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 86.67 · day 86.42–87.87 · 52w 62.38–94.16 · market cap $14.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.31B, net income $1.43B (17.3% margin), free cash flow -$118M (SEC filings).
- Valuation: P/E 10.4x (avg 16.4x at the last 2 fiscal year-ends), EV/EBITDA 8.1x, net debt $4.68B.
- 4 of 80 tracked superinvestors hold SOLV (13F, Q2 2026): 0 new, 0 added, 3 reduced, 1 unchanged.
- Analysts: Hold (mean 2.60 on a 1–5 scale) (15 analysts), mean target USD 94.69 (range 71–113).
- Total return with dividends: 1Y +21.0% vs S&P 500 +14.9%; 5Y +25.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.34, revenue estimate $1.93B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $8.13B | $8.20B | $8.25B | $8.32B | $8.31B |
| Gross profit | $4.70B | $4.69B | $4.59B | $4.45B | — |
| Operating income | $1.69B | $1.69B | $1.04B | $2.18B | $2.08B |
| Net income | $1.34B | $1.35B | $479M | $1.56B | $1.43B |
| EPS (diluted) | $7.78 | $7.79 | $2.76 | $8.88 | — |
| Free cash flow | $1.43B | $1.63B | $805M | -$10.0M | -$118M |
| Gross margin | 57.7% | 57.3% | 55.6% | 53.5% | — |
| Operating margin | 20.8% | 20.6% | 12.6% | 26.2% | 25.0% |
| Net margin | 16.5% | 16.4% | 5.8% | 18.7% | 17.3% |
| Revenue growth | — | +0.8% | +0.7% | +0.9% | — |
| Cash + short-term investments | $61.0M | $194M | $762M | $878M | — |
| Total debt | — | $0K | $8.01B | $5.04B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.4x · P/S 1.8x · EV/EBITDA 8.1x · EV/Sales 2.4x · P/B 3.1x · FCF yield -0.79% · Earnings yield 9.63% · Net debt $4.68B · EV $19.6B
P/E at fiscal year-ends: Dec 2025 8.9x, Dec 2024 24.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold SOLV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Nelson Peltz | Trian Fund Management | 15.02% | $635M | Unchanged |
| Christopher Davis | Davis Advisors | 2.09% | $487M | Reduced -0.4% |
| Richard Pzena | Pzena Investment Management | 0.09% | $32.2M | Reduced -5.0% |
| Mairs & Power | Mairs & Power Funds | 0.05% | $5.6M | Reduced -0.1% |

## Analysts
Consensus Hold (mean 2.60 on a 1–5 scale), 15 analysts; mean target USD 94.69 (low 71, high 113).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-14 | BTIG | Reiterated | Buy | $95 |
| 2026-08-06 | UBS | Target raised | Buy | $95 → $101 |
| 2026-08-06 | Piper Sandler | Target raised | Overweight | $92 → $105 |
| 2026-08-06 | Wedbush | Target raised | Outperform | $94 → $101 |
| 2026-08-06 | Keybanc | Target raised | Overweight | $93 → $102 |
| 2026-08-06 | Stifel | Target raised | Buy | $90 → $100 |
| 2026-08-06 | BTIG | Target raised | Buy | $91 → $95 |
| 2026-07-28 | UBS | Upgrade | Neutral → Buy | $95 |
| 2026-07-09 | BMO Capital | Initiated | Market Perform | $81 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-03-25) |
|---|---|---|
| Total return | +21.0% | +25.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +21.1% | +9.3% |
| Volatility (annualized) | 29.7% | 29.4% |
| Max drawdown | -27.5% (Jan 2026→Apr 2026) | -30.1% (Apr 2024→Jul 2024) |

## Peers (Medical Instruments & Supplies)
BAX (Baxter International Inc.) USD 25.65 +3.85% · COO (The Cooper Companies, Inc.) USD 61.65 +4.54% · AVTR (Avantor, Inc.) USD 17.15 -0.64% · RGEN (Repligen Corporation) USD 178.71 -0.72% · ALGN (Align Technology, Inc.) USD 155.51 +2.74% · ATR (AptarGroup, Inc.) USD 128.1 +1.97%

## More
Full page: https://nexqual.com/SOLV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name SOLV in their own reports (relationship from SOLV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | 3M CO (MMM) | 10-K 2026-02-03 | "In connection with the separation, the Company and Solventum entered into various agreements that provide for the performance of certain services or provision of goods by each company for the benefit …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.34 | $1.41 | -4.8% | $1.93B | 11 |
| Next quarter (ends 2026-12-31) | $1.79 | $1.78 | +0.5% | $2.09B | 11 |
| Current fiscal year (ends 2026-12-31) | $7.14 | $6.55 | +9.0% | $8.23B | 15 |
| Next fiscal year (ends 2027-12-31) | $7.25 | $7.09 | +2.3% | $8.52B | 15 |