Solventum Corporation, a healthcare company, develops, manufactures, and commercializes a portfolio of solutions to address critical customer and patient needs in the United States and internationally. It operates through three segments: Medsurg, Dental Solutions, and Health Information Systems. The Medsurg segment offers solutions, such as negative pressure wound therapy, advanced wound dressings, advanced skin care, synthetic tissue matrices, I.V. site management, sterilization assurance, temperature management, surgical supplies, medical tapes and wraps, stethoscopes, medical electrodes, and medical technologies for original equipment manufacturers. The Dental Solutions segment provides dental and orthodontic products, including brackets, aligners, restorative cements, and bonding agents to span the life of the tooth, and products for preventative dental care, direct and indirect restoration, and orthodontic needs. The Health Information Systems segment offers healthcare systems with software solutions comprising computer-assisted physician documentation, direct-to-bill and coding automation, classification methodologies, speech recognition, and data visualization platforms. The company sells its products and services through direct-to-consumer, distribution, key account management, inside sales, and e-commerce. Solventum Corporation was incorporated in 2023 and is headquartered in Eagan, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $8.3B | $2.5B | $1.6B | $-10M | 30.8% | 0.9% | 224.8% |
| 2024 | $8.3B | $1.5B | $479M | $805M | 16.2% | 0.7% | -64.4% |
| 2023 | $8.2B | $2.2B | $1.3B | $1.6B | 11.5% | 0.8% | 0.2% |
| 2022 | $8.1B | $2.3B | $1.3B | $1.4B | 11.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,130 | 8,197 | 8,254 | 8,325 |
| Operating Revenue | - | 8,130 | 8,197 | 8,254 | 8,325 |
| Cost Of Revenue | - | 3,435 | 3,504 | 3,661 | 3,874 |
| Gross Profit | - | 4,695 | 4,693 | 4,593 | 4,451 |
| Operating Expense | - | 3,002 | 3,057 | 3,557 | 3,819 |
| Research And Development | - | 767 | 758 | 775 | 739 |
| Selling General And Administration | - | 2,235 | 2,299 | 2,782 | 3,080 |
| Total Expenses | - | 6,437 | 6,561 | 7,218 | 7,693 |
| Operating Income | - | 1,693 | 1,636 | 1,036 | 632 |
| Total Operating Income As Reported | - | 1,693 | 1,692 | 1,036 | 2,181 |
| EBITDA | - | 2,270 | 2,228 | 1,527 | 2,549 |
| Normalized EBITDA | - | 2,270 | 2,172 | 1,527 | 1,082 |
| EBIT | - | 1,692 | 1,667 | 972 | 2,060 |
| Interest Expense | - | 0 | 0 | 367 | 347 |
| Net Interest Income | - | 0 | 0 | -367 | -347 |
| Other Non Operating Income Expenses | - | -1 | -25 | -64 | -39 |
| Other Income Expense | - | -1 | 31 | -64 | 1,428 |
| Interest Expense Non Operating | - | 0 | 0 | 367 | 347 |
| Net Non Operating Interest Income Expense | - | 0 | 0 | -367 | -347 |
| Pretax Income | - | 1,692 | 1,667 | 605 | 1,713 |
| Tax Provision | - | 349 | 321 | 127 | 157 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 10.81 | 0 | 134.45 |
| Net Income Continuous Operations | - | 1,343 | 1,346 | 478 | 1,556 |
| Net Income From Continuing And Discontinued Operation | - | 1,343 | 1,346 | 479 | 1,556 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,343 | 1,346 | 479 | 1,556 |
| Net Income | - | 1,343 | 1,346 | 479 | 1,556 |
| Net Income Common Stockholders | - | 1,343 | 1,346 | 479 | 1,556 |
| Net Income Including Noncontrolling Interests | - | 1,343 | 1,346 | 478 | 1,556 |
| Normalized Income | - | 1,343 | 1,300.81 | 479 | 223.45 |
| Diluted NI Availto Com Stockholders | - | 1,343 | 1,346 | 479 | 1,556 |
| Basic Average Shares | - | 172.70 | 172.71 | 173.20 | 174.10 |
| Diluted Average Shares | - | 172.70 | 172.71 | 173.70 | 175.30 |
| Reconciled Depreciation | - | 578 | 561 | 555 | 489 |
| Reconciled Cost Of Revenue | - | 3,435 | 3,504 | 3,661 | 3,874 |
| Total Unusual Items | - | - | 56 | 0 | 1,467 |
| Total Unusual Items Excluding Goodwill | - | - | 56 | 0 | 1,467 |
| Special Income Charges | - | - | 56 | 0 | 1,467 |
| Gain On Sale Of Business | - | - | 56 | 0 | 1,549 |
| Other Special Charges | - | - | - | - | 82 |
| Rent Expense Supplemental | 475 | 482 | 481 | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Solventum Corporationthis co. | SOLV | $14.3B | 9.17β discount | 2.83 | 30.8% | 7.23 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Zimmer Biomet Holdings, Inc. | ZBH | $16.8B | 23.79 | 1.32 | 5.6% | 10.69 |
| DaVita Inc. | DVA | $12.3B | 16.52 |
| - |
| - |
| - |
| - |
| - |
| -18.94 |
| -114.7% |
| 9.29 |
| The Cooper Companies, Inc. | COO | $12.1B | 32.28 | 1.47 | 4.6% | 13.89 |
| Align Technology, Inc. | ALGN | $12.1B | 29.37 | 2.98 | 10.1% | 13.46 |
| Insulet Corporation | PODD | $10.1B | 41.04 | 6.69 | 16.3% | 21.20 |
| Universal Health Services, Inc. | UHS | $8.6B | 5.80 | 1.19 | 20.5% | 4.98 |
| Peer Median | - | 23.79 | 1.39 | 7.8% | 10.69 | |