Where Does Solventum Stock Rank Among Competitors?
Solventum‘s (SOLV) stock delivered a positive 17% return over the past year as of January 13, 2026. Yet, how does it truly measure up against diversified healthcare peers like Medtronic and Johnson & Johnson? A closer look reveals a significantly lower P/E valuation and modest revenue growth compared to these leaders. However, it also shows comparatively weaker profitability and free cash flow generation, suggesting its future upside may hinge on improving margins and sustained operational execution.
- SOLV’s 8.0% operating margin is modest, reflecting tariff pressures, higher than most peers yet below JNJ’s 26.2% from diversified high-margin pharmaceuticals.
- SOLV’s 2.3% revenue growth is low, lagging MDT, JNJ, BAX, HSIC’s innovation/acquisitions, outpacing XRAY amid dental market headwinds.
- SOLV’s stock gained 16.8% (PE 9.2), reflecting lower growth outlook vs. MDT and JNJ’s 44.3% returns from diversified portfolios.
Here’s how Solventum stacks up across size, valuation, and profitability versus key peers.
| SOLV | MDT | JNJ | BAX | HSIC | XRAY | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 13.9 | 123.6 | 514.5 | 10.1 | 9.1 | 2.4 |
| Revenue ($ Bil) | 8.4 | 34.8 | 92.1 | 11.0 | 12.9 | 3.6 |
| PE Ratio | 9.2 | 25.9 | 20.5 | -29.6 | 23.3 | -2.7 |
| LTM Revenue Growth | 2.3% | 5.3% | 5.1% | 3.9% | 3.5% | -7.1% |
| LTM Operating Margin | 8.0% | 19.3% | 26.2% | 3.7% | 5.9% | 6.5% |
| LTM FCF Margin | 0.6% | 15.0% | 20.3% | 2.1% | 2.8% | 2.2% |
| 12M Market Return | 16.8% | 21.6% | 52.4% | -34.4% | 7.2% | -31.8% |
Below we compare SOLV’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| SOLV | 2.3% | – | 0.7% | 0.8% | -0.5% |
| MDT | 5.3% | 3.6% | 3.6% | -1.4% | |
| JNJ | 5.1% | – | 4.3% | 6.5% | 1.6% |
| BAX | 3.9% | – | 2.7% | 3.0% | -17.2% |
| HSIC | 3.5% | – | 2.7% | -2.4% | 2.0% |
| XRAY | -7.1% | – | -4.3% | 1.1% | -7.3% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| SOLV | 8.0% | – | 12.6% | 20.6% | 20.8% |
| MDT | 19.3% | 19.5% | 17.1% | 18.7% | |
| JNJ | 26.2% | – | 24.9% | 27.5% | 26.3% |
| BAX | 3.7% | – | 4.1% | 6.8% | -0.3% |
| HSIC | 5.9% | – | 5.8% | 5.6% | 6.9% |
| XRAY | 6.5% | – | 5.0% | 7.3% | 9.3% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| SOLV | 9.2 | – | 28.7 | 8.5 | � |
| MDT | 25.9 | 26.5 | 28.9 | 29.2 | |
| JNJ | 20.5 | – | 35.4 | 10.4 | 22.9 |
| BAX | -29.6 | – | -15.0 | 5.6 | -8.0 |
| HSIC | 23.3 | – | 24.6 | 21.7 | 19.1 |
| XRAY | -2.7 | – | -2.6 | -30.5 | -8.1 |
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