Solventum (SOLV)
Market Price (11/8/2026): $89.98 | Market Cap: $15.3 BilInvestor Relations Sector: Health Care | Industry: Health Care Technology
Solventum (SOLV)
Market Price (11/8/2026): $89.98Market Cap: $15.3 BilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Advanced Materials. Themes include Geriatric Care, Diabetes Management, Show more. | Trading close to highsDist 52W High is -2.2%, Dist 3Y High is -2.2% Weak multi-year price returns2Y Excs Rtn is -4.0%, 3Y Excs Rtn is -43% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 50x, P/EPrice/Earnings or Price/(Net Income) is 99x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0%, Rev Chg QQuarterly Revenue Change % is -7.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% Key risksSOLV key risks include [1] its dependency on 3M for transition services and ongoing costs associated with its recent spin-off, Show more. |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Advanced Materials. Themes include Geriatric Care, Diabetes Management, Show more. |
| Trading close to highsDist 52W High is -2.2%, Dist 3Y High is -2.2% |
| Weak multi-year price returns2Y Excs Rtn is -4.0%, 3Y Excs Rtn is -43% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 50x, P/EPrice/Earnings or Price/(Net Income) is 99x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0%, Rev Chg QQuarterly Revenue Change % is -7.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| Key risksSOLV key risks include [1] its dependency on 3M for transition services and ongoing costs associated with its recent spin-off, Show more. |
Qualitative Assessment
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Solventum (SOLV) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Performance Coupled with ERP System Disruptions.
Solventum reported mixed results for fiscal Q3 2026 (ended September 30, 2026). While adjusted earnings per share (EPS) of $1.45 surpassed analyst estimates of $1.34-$1.35, reported net sales declined 7.0% year-over-year to $1.95 billion, although this slightly exceeded analyst expectations of $1.93 billion. The decrease in sales was primarily due to a 630-basis-point headwind from the reversal of customer advance orders placed in fiscal Q2 2026, prior to a significant enterprise resource planning (ERP) system cutover completed during Q3. Despite raising its full-year fiscal 2026 adjusted EPS guidance to $7.20-$7.30 and maintaining organic sales growth expectations toward the high end of its +2.5% to +3.0% range, the operational complexities and near-term revenue impact from the ERP transition contributed to a neutral investor sentiment.
2. Continued Costs of 3M Separation and Strategic Review of Health Information Systems (HIS) Segment.
Solventum continued to incur costs associated with its separation from 3M. While the company announced that the separation was over 90% complete by the end of fiscal Q3 2026, with remaining transition services expected to conclude by the close of fiscal 2027, these ongoing expenses impacted profitability. Furthermore, Solventum declared its intent in August 2026 to separate its Health Information Systems (HIS) business, exploring options such as a spin-off or sale. Although this strategic move aims to streamline the portfolio and generate proceeds for debt reduction and shareholder returns, the inherent uncertainty and execution risks associated with a major divestiture likely tempered significant upward stock movement.
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Solventum (SOLV) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Performance Coupled with ERP System Disruptions.
Solventum reported mixed results for fiscal Q3 2026 (ended September 30, 2026). While adjusted earnings per share (EPS) of $1.45 surpassed analyst estimates of $1.34-$1.35, reported net sales declined 7.0% year-over-year to $1.95 billion, although this slightly exceeded analyst expectations of $1.93 billion. The decrease in sales was primarily due to a 630-basis-point headwind from the reversal of customer advance orders placed in fiscal Q2 2026, prior to a significant enterprise resource planning (ERP) system cutover completed during Q3. Despite raising its full-year fiscal 2026 adjusted EPS guidance to $7.20-$7.30 and maintaining organic sales growth expectations toward the high end of its +2.5% to +3.0% range, the operational complexities and near-term revenue impact from the ERP transition contributed to a neutral investor sentiment.
2. Continued Costs of 3M Separation and Strategic Review of Health Information Systems (HIS) Segment.
Solventum continued to incur costs associated with its separation from 3M. While the company announced that the separation was over 90% complete by the end of fiscal Q3 2026, with remaining transition services expected to conclude by the close of fiscal 2027, these ongoing expenses impacted profitability. Furthermore, Solventum declared its intent in August 2026 to separate its Health Information Systems (HIS) business, exploring options such as a spin-off or sale. Although this strategic move aims to streamline the portfolio and generate proceeds for debt reduction and shareholder returns, the inherent uncertainty and execution risks associated with a major divestiture likely tempered significant upward stock movement.
3. Broader Macroeconomic Headwinds and Industry-Specific Pressures in Healthcare.
The healthcare sector, in general, faced macroeconomic headwinds and industry-specific pressures during fiscal Q3 and early Q4 2026. The Federal Reserve increased its policy rate in September 2026, pushing the target range to 3.75%-4.00%, which led to rising borrowing costs across the economy. Healthcare providers, including hospitals, experienced increased operating costs from labor and supplies that outpaced reimbursement rates. Overall healthcare spending commitments declined 2.8% from February to June 2026, reflecting financial strain and uncertainty regarding future Medicare payment policies and evolving insurance coverage, creating a challenging operating environment that limited significant positive momentum for Solventum's stock.
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Stock Movement Drivers
Fundamental Drivers
The 5.8% change in SOLV stock from 7/31/2026 to 11/7/2026 was primarily driven by a 852.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.44 | 90.38 | 5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,261 | 8,162 | -1.2% |
| Net Income Margin (%) | 17.3% | 1.9% | -89.0% |
| P/E Multiple | 10.4 | 99.0 | 852.1% |
| Shares Outstanding (Mil) | 174 | 171 | 2.0% |
| Cumulative Contribution | 5.8% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SOLV | 5.8% | |
| Market (SPY) | -1.6% | 29.8% |
| Sector (XLV) | 13.7% | 38.0% |
Fundamental Drivers
The 34.2% change in SOLV stock from 4/30/2026 to 11/7/2026 was primarily driven by a 1210.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.36 | 90.38 | 34.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,325 | 8,162 | -2.0% |
| Net Income Margin (%) | 18.7% | 1.9% | -89.8% |
| P/E Multiple | 7.5 | 99.0 | 1210.7% |
| Shares Outstanding (Mil) | 174 | 171 | 2.1% |
| Cumulative Contribution | 34.2% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SOLV | 34.2% | |
| Market (SPY) | 2.6% | 14.0% |
| Sector (XLV) | 27.1% | 42.5% |
Fundamental Drivers
The 30.9% change in SOLV stock from 10/31/2025 to 11/7/2026 was primarily driven by a 212.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.04 | 90.38 | 30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,388 | 8,162 | -2.7% |
| Net Income Margin (%) | 4.5% | 1.9% | -57.8% |
| P/E Multiple | 31.6 | 99.0 | 212.8% |
| Shares Outstanding (Mil) | 174 | 171 | 1.9% |
| Cumulative Contribution | 30.9% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SOLV | 30.9% | |
| Market (SPY) | 8.7% | 26.4% |
| Sector (XLV) | 29.8% | 42.0% |
Fundamental Drivers
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Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| SOLV | ||
| Market (SPY) | 81.9% | 39.2% |
| Sector (XLV) | 55.4% | 43.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SOLV Return | - | - | - | -4% | 20% | 14% | 31% |
| Peers Return | 7% | -19% | -3% | -16% | 2% | 15% | -17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| SOLV Win Rate | - | - | - | 44% | 50% | 55% | |
| Peers Win Rate | 48% | 42% | 48% | 42% | 53% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| SOLV Max Drawdown | - | - | - | - | -25% | -27% | |
| Peers Max Drawdown | -20% | -34% | -29% | -27% | -30% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, JNJ, BAX, HSIC, XRAY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | SOLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.8% | -18.8% |
| % Gain to Breakeven | 17.4% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
In The Past
Solventum's stock fell -14.8% during the 2025 US Tariff Shock. Such a loss loss requires a 17.4% gain to breakeven.
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In The Past
Solventum's stock fell -14.8% during the 2025 US Tariff Shock. Such a loss loss requires a 17.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Solventum (SOLV)
Solventum Corporation (SOLV) is a dedicated healthcare company focused on developing, manufacturing, and commercializing a diverse portfolio of solutions to address critical customer and patient needs. Incorporated in 2023, the company's business is structured into four distinct segments: Medsurg, Dental Solutions, Health Information Systems, and Purification and Filtration, reflecting its comprehensive approach to various aspects of the healthcare industry.
Within its portfolio, the Medsurg segment offers a range of essential medical products, including advanced wound care, I.V. site management, sterilization assurance, temperature management solutions, surgical supplies, stethoscopes, and medical electrodes, serving hospitals, clinics, and other healthcare providers. The Dental Solutions segment provides a comprehensive suite of products for dental and orthodontic professionals, encompassing brackets, aligners, restorative cements, and bonding agents to support oral health and orthodontic treatments.
Solventum’s Health Information Systems segment delivers advanced software solutions that optimize healthcare operations through tools for computer-assisted physician documentation, direct-to-bill and coding automation, speech recognition, and data visualization platforms, primarily assisting healthcare organizations with efficiency and data management. Lastly, the Purification and Filtration segment supplies critical purification and filtration technologies, such as filters, purifiers, cartridges, and membranes, which are vital for ensuring product safety and quality in a wide array of applications, including medical device manufacturing and laboratory processes within the broader healthcare and life sciences sectors.
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Here are 1-3 brief analogies for Solventum (SOLV):
A diversified medical supplies and dental products company, similar to a combination of Becton, Dickinson and Company (BD) for medical consumables and Dentsply Sirona for dental solutions.
A comprehensive healthcare solutions provider, akin to a blend of Becton, Dickinson and Company (BD) for medical supplies and Oracle Health (formerly Cerner) for healthcare information systems.
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- Medical & Surgical Solutions: Encompasses advanced wound care, I.V. site management, sterilization assurance, temperature management, surgical supplies, stethoscopes, and medical electrodes.
- Dental & Orthodontic Products: Includes a comprehensive suite of dental and orthodontic products such as brackets, aligners, restorative cements, and bonding agents.
- Health Information Systems: Provides software solutions for computer-assisted physician documentation, direct-to-bill and coding automation, classification methodologies, speech recognition, and data visualization platforms.
- Purification & Filtration Technologies: Offers various purification and filtration products including filters, purifiers, cartridges, and membranes.
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Solventum (SOLV) primarily sells its products and solutions to other companies and organizations rather than directly to individuals. As is common for diversified B2B healthcare companies, specific major customer companies are generally not publicly disclosed by Solventum.
However, based on the company's segments and product offerings described, its major customer categories include:
- Hospitals and Healthcare Systems: This category encompasses a wide range of medical facilities, including acute care hospitals, ambulatory surgery centers, and large integrated healthcare networks. These customers utilize Solventum's Medsurg products (such as advanced wound care, I.V. site management, surgical supplies) and Health Information Systems software solutions (like computer-assisted physician documentation and coding automation).
- Dental and Orthodontic Practices: This includes individual dental offices, orthodontic clinics, and group practices that purchase Solventum's comprehensive suite of dental and orthodontic products, such as brackets, aligners, restorative cements, and bonding agents.
- Life Sciences and Industrial Companies: This segment primarily serves the Purification and Filtration division. Customers in this category include pharmaceutical companies, biotechnology firms, food and beverage manufacturers, and other industrial clients that require specialized filtration and purification technologies for their processes.
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Bryan Hanson, Chief Executive Officer
Bryan Hanson became CEO of Solventum in September 2023 and a Board Director in April 2024. He has over 33 years of experience in the global medical device industry. Prior to Solventum, he served as President and CEO of Zimmer Biomet from 2017 to 2023, where he led a transformation resulting in positive market share growth and cultural changes. He was also Executive Vice President and President of Medtronic's Minimally Invasive Therapies Group, overseeing an approximately $9 billion business. Before Medtronic, he held various executive roles at Covidien, including Group President of its Medical Devices business and Surgical Solutions Group President. He was involved in Covidien spinning out of Tyco and Medtronic's acquisition of Covidien, playing a key role in that integration. He also led large divestitures, such as Medtronic selling its medical supplies business to Cardinal Health.
Wayde McMillan, Executive Vice President and Chief Financial Officer
Wayde McMillan is recognized for his finance expertise, deep understanding of the medtech industry, and ability to build strong teams. He brings over 25 years of experience in finance, driving profitable growth in dynamic environments for leading global and innovative companies. As CFO of Solventum, he focuses on the company's mission, positioning Solventum for long-term success, and creating long-term value for shareholders. Prior to Solventum, he served as Vice President of Global Manufacturing at Covidien.
Heather Knight, Chief Commercial Officer
Heather Knight is a strategic and people-first MedTech leader who excels at building high-performing teams. As Chief Commercial Officer at Solventum, she oversees global commercial and R&D operations across the MedSurg, Dental Solutions, and Health Information Systems segments. Her focus is on accelerating growth through coordinated execution, market development, and innovation. She has over 30 years of experience in the healthcare industry, including leadership roles in general management, upstream innovation, and commercial strategy at Baxter, Medtronic, Covidien, Tyco Healthcare, and Kendall.
Marcela Kirberger, Chief Corporate and Legal Affairs Officer and Corporate Secretary
Marcela Kirberger is a global legal, corporate affairs, and business leader with broad international experience in healthcare and life sciences. As Solventum's Chief Corporate and Legal Affairs Officer and Corporate Secretary, she leads the legal, government affairs, global security, and Sustainability teams, and also oversees communications, brand, and commercial marketing functions. She is responsible for setting the strategic direction for these areas, the company's global healthcare compliance program, and commercial legal and intellectual property matters. Before joining Solventum, Marcela served as General Counsel.
Rachel Ellingson, Chief Strategy & Corporate Development Officer
Rachel Ellingson is a seasoned healthcare executive and former investment banker with over 30 years of experience. She is recognized for her strategy and active portfolio management expertise and her ability to build strong, high-impact teams. She brings significant leadership experience, having led strategy, M&A, divestiture execution, investor relations, and communications in the medtech industry. At Solventum, she focuses on setting the company's strategic direction, portfolio transformation roadmap, and executing inorganic actions to drive long-term growth.
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- Reliance on 3M and operational transition challenges: Solventum's separation from 3M creates significant risks related to its ongoing reliance on its former parent for certain chemical materials and inputs, IT infrastructure, and other transition services. While agreements are in place, there's a risk of supply disruptions, less favorable pricing terms, and operational inefficiencies during the period of transition. The company also faces substantial costs and logistical challenges associated with rebranding its products away from the 3M logo by 2027.
- Intense Competition: Solventum operates in highly competitive markets across all its segments, including Medsurg, Dental Solutions, and Health Information Systems. The company faces stiff competition from established global players, specialized niche providers, and emerging disruptive technologies. This intense competitive environment can lead to pricing pressure, impact market share, and necessitate continuous innovation to maintain and grow its position.
- Litigation and Regulatory Risks, notably PFAS: As a healthcare company, Solventum is exposed to a highly regulated environment, including legal compliance risks related to antitrust, anti-bribery, environmental laws, privacy laws, and product liability. Specifically, while 3M retained most liabilities regarding PFAS (per- and polyfluoroalkyl substances) manufacturing, Solventum could still face future litigation or regulation related to its continued use of PFAS-containing materials manufactured by third parties beyond 2025, when 3M plans to discontinue manufacturing PFAS chemicals. The indemnification from 3M for manufacturing-related PFAS claims is limited until January 1, 2026.
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The rapid advancement and integration of generative artificial intelligence (AI) models present a clear emerging threat to Solventum's Health Information Systems segment. This segment specializes in software solutions for computer-assisted physician documentation, direct-to-bill and coding automation, classification methodologies, speech recognition, and data visualization. Generative AI has the potential to significantly automate and optimize these processes, offering more efficient, accurate, and potentially lower-cost alternatives than existing proprietary software solutions. New entrants or existing large tech companies leveraging advanced AI could disrupt the market by offering superior or more seamlessly integrated AI-native platforms for healthcare information management, thereby reducing the reliance on or demand for Solventum's current offerings.
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Solventum Corporation (NYSE: SOLV) operates in several key healthcare markets with significant addressable opportunities globally.
Overall Addressable Market
Solventum operates within a substantial global addressable market estimated at approximately $93 billion, which is projected to expand at an annual rate of 4-6% through 2026.
Market Sizes by Segment
Medsurg
The Medsurg segment includes solutions such as advanced wound care, I.V. site management, sterilization assurance, temperature management, surgical supplies, stethoscopes, and medical electrodes. The advanced wound care market is a key component within this segment.
- Advanced Wound Care: The global advanced wound care market size was estimated at between USD 11.82 billion and USD 16.33 billion in 2025. It is projected to grow to a range of USD 18.91 billion to USD 60.68 billion by 2034/2035, with various sources citing CAGRs between 4.81% and 15.70%. North America accounted for approximately 47% of the revenue share in this market in 2024.
Dental Solutions
The Dental Solutions segment provides dental and orthodontic products including brackets, aligners, restorative cements, and bonding agents. Key addressable markets include dental prosthetics, orthodontic supplies, and restorative dentistry.
- Dental Prosthetics: The global dental prosthetics market size was estimated to be between USD 7.53 billion and USD 13.28 billion in 2024/2025. It is projected to reach between USD 13.9 billion and USD 30.27 billion by 2033/2035, with CAGRs ranging from 5.72% to 9.7%. North America held the largest share of this market, approximately 38% to 39.7%, in 2024/2025.
- Orthodontic Supplies: The global orthodontic supplies market size was estimated to be between USD 7.17 billion and USD 17.65 billion in 2025, with some sources placing the 2024 size at USD 8.45 billion to USD 9.18 million. It is projected to reach between USD 10.96 billion and USD 104.01 billion by 2030/2034/2035, with CAGRs varying from 8.9% to 21.85%. The orthodontic consumables market specifically was estimated at USD 3.0 billion in 2024, projected to reach USD 4.03 billion by 2030. North America dominated the orthodontic supplies market, holding approximately 40% to 43.37% market share in 2024/2025.
- Restorative Dentistry: The global restorative dentistry market size was estimated to be between USD 22.4 billion and USD 26.04 billion in 2024/2025/2026. It is projected to reach between USD 34.8 billion and USD 48.93 billion by 2030/2034, with CAGRs ranging from 7.7% to 7.94%. North America held the largest share in 2024, accounting for approximately 40.2% to 40.5% of the revenue.
Health Information Systems
This segment provides software solutions including computer-assisted physician documentation, coding automation, speech recognition, and data visualization platforms. This is part of the broader Healthcare IT market.
- Healthcare IT / Health Information Systems: The global healthcare IT market size was estimated to be between USD 354.04 billion and USD 866.48 billion in 2025, with some sources stating USD 370 billion to USD 588.39 billion in 2024/2025. It is projected to reach between USD 961.26 billion and USD 2,864.39 billion by 2030/2033/2034/2035, with CAGRs varying from 9.8% to 16.65%. North America consistently held the largest market share, ranging from approximately 43.23% to 51.54% in 2024/2025.
Purification and Filtration
The Purification and Filtration segment offers various purification and filtration technologies. Solventum announced in February 2025 its decision to divest its Purification & Filtration business, excluding the drinking water filtration segment.
- Medical Filtration: The global medical filtration market size was valued at approximately USD 6.26 billion to USD 6.29 billion in 2024. It is projected to reach between USD 9.35 billion and USD 22.54 billion by 2030/2032/2034, with CAGRs between 6.7% and 7.94%. North America leads this market.
- Filtration in Biologics: The global filtration in biologics market size was valued at USD 8.44 billion in 2025 and is anticipated to reach USD 29.01 billion by 2035, growing at a CAGR of 13.14% from 2026 to 2035. North America was dominant with a 46.9% revenue share in 2024.
- Industrial Filtration: The global industrial filtration market size was estimated to be between USD 36.03 billion and USD 43.38 billion in 2024/2025. It is projected to reach between USD 53.81 billion and USD 68.46 billion by 2033/2034, with CAGRs between 4.6% and 5.20%. North America dominated the global market with the largest market share, approximately 41%, in 2024.
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For Solventum (SOLV), the following are expected drivers of future revenue growth over the next 2-3 years:
- Strategic Acquisitions and Portfolio Optimization: Solventum anticipates revenue growth through strategic acquisitions, such as the recent acquisition of Acera Surgical, which is expected to contribute meaningfully to reported growth by opening doors to the fast-growth synthetic tissue market. The company emphasizes that portfolio optimization, including both acquisitions and divestitures, remains a key lever for value creation.
- New Product Innovation and Enhanced Commercial Execution: A revitalized innovation process and a pipeline of nearly 20 new product launches over two years are expected to drive future revenue. This is coupled with ongoing sales force optimization and commercial improvements, which have already contributed to increased organic sales growth. Targeted investments in innovation and specialized sales teams are also cited as growth catalysts.
- Targeted Growth in Key Business Segments: Solventum expects continued strong performance in specific segments and product categories. This includes advanced wound care, bolstered by innovations and the Acera acquisition; growth in Dental Solutions, particularly from core restoratives and improved back-order recovery; and momentum in Health Information Systems through revenue cycle management software solutions, autonomous coding, and AI-driven technologies.
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Share Repurchases
- Solventum's Board of Directors approved a share repurchase program authorizing the company to purchase up to $1 billion of its outstanding common stock on November 20, 2025.
- The company expects to begin repurchasing shares in 2026.
- The share repurchase program has no time limit and may be suspended or discontinued at any time.
Share Issuance
- Solventum was spun off from 3M Company and began regular-way trading on April 1, 2024.
- 3M distributed 80.1% of Solventum's outstanding common stock to its shareholders, with one share of Solventum common stock received for every four shares of 3M common stock held.
- 3M retained 19.9% of the outstanding shares of Solventum common stock, which it intends to monetize within five years following the spin-off.
Outbound Investments
- Solventum completed the acquisition of Acera Surgical, a privately held bioscience company focused on regenerative wound care, for an upfront cash payment of $725 million and up to $125 million in contingent cash payments on December 23, 2025. The agreement was announced on November 20, 2025.
- The company completed the sale of its Purification & Filtration business to Thermo Fisher Scientific Inc. for $4.0 billion in cash on September 2, 2025.
- Net proceeds of $3.4 billion from the sale of the Purification & Filtration business were primarily used to pay down outstanding debt.
Capital Expenditures
- Solventum reported generating $805 million in free cash flow for the full year 2024.
- For 2026, the company introduced guidance for free cash flow of approximately $200 million.
- Capital allocation is focused on accelerating sustainable growth, pursuing targeted tuck-in mergers and acquisitions, and boosting innovation through programs like "transform for the future."
Peer Outperformance in Health Care Technology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 6.4% | 54.7% | 91.6% | CAH 507% · MCK 390% · COR 176% |
| Health Care Services | 20 | 32.4% | 24.2% | 7.1% | HIMS 212% · RDNT 120% · DGX 100% |
| Managed Health Care | 8 | 55.2% | -1.0% | -2.4% | OSCR 80% · HQY 52% · ELV 8% |
| Health Care Facilities | 26 | 16.4% | 19.8% | -6.8% | THC 276% · NHC 212% · EHC 179% |
| Health Care Equipment | 50 | 4.0% | 12.4% | -18.2% | UFPT 361% · GKOS 294% · TMDX 180% |
| Pharmaceuticals | 61 | -8.8% | 11.8% | -37.3% | LQDA 975% · XERS 679% · KNSA 537% |
| Health Care Supplies | 11 | 23.1% | 16.0% | -41.2% | LNTH 248% · HAE 61% · MMSI 26% |
| Life Sciences Tools & Services | 108 | -6.4% | -14.3% | -74.5% | AXGN 264% · MEDP 189% · NTRA 168% |
| Biotechnology | 365 | -23.8% | -33.1% | -81.5% | ELVN 1194% · TRVI 1125% · DNTH 995% |
| Health Care Technology ← | 21 | -21.7% | -51.6% | -82.9% | VEEV -5% · DOCS -52% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 88.02 |
| Mkt Cap | 14.3 |
| Rev LTM | 12,672 |
| Op Inc LTM | 608 |
| FCF LTM | 817 |
| FCF 3Y Avg | 548 |
| CFO LTM | 1,164 |
| CFO 3Y Avg | 961 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 4.3% |
| Rev Chg Q | 4.5% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -10.6% |
| Op Inc Chg 3Y Avg | 2.9% |
| Op Mgn LTM | 5.5% |
| Op Mgn 3Y Avg | 7.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 10.9% |
| CFO/Rev 3Y Avg | 9.8% |
| FCF/Rev LTM | 6.7% |
| FCF/Rev 3Y Avg | 5.5% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA208288 | SOLUPREP S | chlorhexidine gluconate | solution | 8082018 | |||||
| NDA021586 | DURAPREP | iodine povacrylex | sponge | 9292006 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA208288 | SOLUPREP S | chlorhexidine gluconate | solution | 8082018 | |||||
| NDA021586 | DURAPREP | iodine povacrylex | sponge | 9292006 | |||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| MedSurg | 4,817 | 4,637 | 4,632 | 4,585 |
| Health Information Systems | 1,360 | 1,306 | 1,285 | 1,227 |
| Dental Solutions | 1,349 | 1,295 | 1,329 | 1,327 |
| Purification and Filtration | 497 | 709 | 689 | 991 |
| All Other | 302 | 306 | 262 | |
| Corporate and Unallocated | 0 | |||
| Total | 8,325 | 8,253 | 8,197 | 8,130 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| MedSurg | 810 | 887 | 1,107 | 1,061 |
| Corporate and Unallocated | 702 | -387 | -77 | |
| Health Information Systems | 496 | 431 | 423 | 359 |
| Dental Solutions | 346 | 350 | 442 | 437 |
| Purification and Filtration | 96 | 74 | 111 | 177 |
| All Other | 42 | 30 | 51 | |
| Amortization expense | -312 | -349 | -365 | -373 |
| Other corporate and unallocated | 32 | |||
| Total | 2,180 | 1,036 | 1,692 | 1,693 |
Price Behavior
| Market Price | $90.38 | |
| Market Cap ($ Bil) | 15.4 | |
| First Trading Date | 04/01/2024 | |
| Distance from 52W High | -2.2% | |
| 50 Days | 200 Days | |
| DMA Price | $87.73 | $78.55 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 3.0% | 15.1% |
| 3M | 1YR | |
| Volatility | 26.2% | 31.0% |
| Downside Capture | 18.42 | 56.54 |
| Upside Capture | 76.01 | 85.14 |
| Correlation (S&P 500) | 30.2% | 27.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.37 | 0.32 | 0.43 | 0.16 | 0.57 | 0.01 |
| Up Beta | 0.01 | -0.22 | 0.17 | -1.01 | 0.36 | -0.09 |
| Down Beta | 0.74 | 0.85 | 0.77 | 0.58 | 0.49 | -0.01 |
| Up Capture | -46% | -15% | 26% | 52% | 63% | 25% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 20 | 33 | 66 | 128 | 319 |
| Down Capture | 77% | 74% | 61% | 10% | 70% | 85% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 22 | 30 | 59 | 122 | 326 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SOLV | |
|---|---|---|---|---|
| SOLV | 33.7% | 31.0% | 0.94 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 42.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 26.9% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 11.2% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -22.7% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 41.8% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 0.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SOLV | |
|---|---|---|---|---|
| SOLV | 5.5% | 31.4% | 0.35 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 43.5% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 39.2% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 5.6% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | -6.0% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 44.7% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SOLV | |
|---|---|---|---|---|
| SOLV | 2.7% | 31.4% | 0.35 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 43.5% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 39.2% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 5.6% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | -6.0% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 44.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 3.7% | ||
| 8/5/2026 | -5.2% | -2.5% | 5.7% |
| 5/5/2026 | 2.8% | 8.8% | 19.4% |
| 2/26/2026 | -3.6% | -8.0% | -18.4% |
| 11/6/2025 | 7.9% | 13.5% | 20.9% |
| 8/7/2025 | 2.0% | 1.7% | 3.7% |
| 5/8/2025 | 5.4% | 9.5% | 12.4% |
| 2/27/2025 | -4.4% | -9.2% | -10.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 6 |
| # Negative | 5 | 5 | 4 |
| Median Positive | 3.5% | 8.8% | 13.4% |
| Median Negative | -3.6% | -8.0% | -12.7% |
| Max Positive | 7.9% | 13.5% | 20.9% |
| Max Negative | -5.2% | -9.6% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 3.7% | ||
| 8/5/2026 | -5.2% | -2.5% | 5.7% |
| 5/5/2026 | 2.8% | 8.8% | 19.4% |
| 2/26/2026 | -3.6% | -8.0% | -18.4% |
| 11/6/2025 | 7.9% | 13.5% | 20.9% |
| 8/7/2025 | 2.0% | 1.7% | 3.7% |
| 5/8/2025 | 5.4% | 9.5% | 12.4% |
| 2/27/2025 | -4.4% | -9.2% | -10.4% |
| 11/7/2024 | -3.5% | -9.6% | -5.9% |
| 8/8/2024 | 3.3% | 0.3% | 14.3% |
| 5/9/2024 | -2.4% | -6.0% | -15.1% |
| SUMMARY STATS | |||
| # Positive | 6 | 5 | 6 |
| # Negative | 5 | 5 | 4 |
| Median Positive | 3.5% | 8.8% | 13.4% |
| Median Negative | -3.6% | -8.0% | -12.7% |
| Max Positive | 7.9% | 13.5% | 20.9% |
| Max Negative | -5.2% | -9.6% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-12B/A |
| 09/30/2023 | 02/09/2024 | DRS/A |
| 06/30/2023 | 09/13/2023 | DRS/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/11/2024 | 10-12B/A |
| 09/30/2023 | 02/09/2024 | DRS/A |
| 06/30/2023 | 09/13/2023 | DRS/A |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | Reported | 2.5% | 2.75% | 3.0% | 0.0% | Raised | Guidance: 2.75% for 2026 | |
| 2026 Organic Sales Growth Excluding SKU Exit Impact | Reported | 3.5% | 3.75% | 4.0% | ||||
| 2026 Adjusted Diluted EPS | Reported | 7.2 | 7.25 | 7.3 | 1.4% | Raised | Guidance: 7.15 for 2026 | |
| 2026 Free Cash Flow | Reported | 200.00 Mil | 250.00 Mil | 300.00 Mil | 0.0% | Affirmed | Guidance: 250.00 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | Reported | 2.5% | 2.75% | 3.0% | 0.2% | Raised | Guidance: 2.5% for 2026 | |
| 2026 Adjusted EPS | Reported | 7.1 | 7.15 | 7.2 | 10.0% | Raised | Guidance: 6.5 for 2026 | |
| 2026 Free Cash Flow | Reported | 200.00 Mil | 250.00 Mil | 300.00 Mil | 25.0% | Raised | Guidance: 200.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | Reported | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
| 2026 Adjusted EPS | Reported | 6.4 | 6.5 | 6.6 | 0.0% | Affirmed | Guidance: 6.5 for 2026 | |
| 2026 Free Cash Flow | Reported | 200.00 Mil | 0.0% | Affirmed | Guidance: 200.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Sales Growth | Reported | 2.0% | 2.5% | -0.5% | Lower New | Actual: 3.0% for 2025 | ||
| 2026 Adjusted EPS | Reported | 6.4 | 6.5 | 6.6 | 7.8% | Higher New | Actual: 6.03 for 2025 | |
| 2026 Free Cash Flow | Reported | 200.00 Mil | 0 | Same New | Actual: 200.00 Mil for 2025 | |||
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wendell, Amy McBride | Direct | Buy | 3112026 | 68.03 | 1,475 | 100,344 | 342,803 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wendell, Amy McBride | Direct | Buy | 3112026 | 68.03 | 1,475 | 100,344 | 342,803 | Form |
Investor Activity (13F)
Updated Nov 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Trian Fund Management, L.P. | $537.9 Mil | 13.9% | 9 | Hold | 13F |
| Independent Franchise Partners LLP | $1.0 Bil | 7.2% | 26 | Hold | 13F |
| Nuance Investments, LLC | $43.8 Mil | 6.1% | 43 | Hold | 13F |
| Madison Avenue Partners, LP | $122.5 Mil | 5.3% | 27 | TRIM -5.6% | 13F |
| Lone Peak Global Investors LLC | $20.4 Mil | 3.4% | 42 | Hold | 13F |
| Philosophy Capital Management LLC | $23.3 Mil | 2.7% | 36 | Hold | 13F |
| Investment Management Associates Inc /Adv | $7.7 Mil | 2.1% | 27 | TRIM -34.9% | 13F |
| Kiltearn Partners LLP | $6.7 Mil | 1.8% | 25 | ADD +29.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Independent Franchise Partners LLP | $1.0 Bil | 7.2% | 26 | Hold | 13F |
| Trian Fund Management, L.P. | $537.9 Mil | 13.9% | 9 | Hold | 13F |
| Madison Avenue Partners, LP | $122.5 Mil | 5.3% | 27 | TRIM -5.6% | 13F |
| Nuance Investments, LLC | $43.8 Mil | 6.1% | 43 | Hold | 13F |
| Philosophy Capital Management LLC | $23.3 Mil | 2.7% | 36 | Hold | 13F |
| Lone Peak Global Investors LLC | $20.4 Mil | 3.4% | 42 | Hold | 13F |
| Investment Management Associates Inc /Adv | $7.7 Mil | 2.1% | 27 | TRIM -34.9% | 13F |
| Kiltearn Partners LLP | $6.7 Mil | 1.8% | 25 | ADD +29.6% | 13F |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Technology Resources |
| Healthcare IT News |
| MobiHealthNews |
| HealthTech Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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