At a glance
Solventum Corp. is worth $14.43B, about 10 times its fiscal 2025 earnings. Revenue grew 0.9% to $8.32B in fiscal 2025, with 18.7% kept as profit; over 3 years it has grown 0.8% a year. It pays no dividend. The stock returned +22.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Solventum is a healthcare company that was spun off from 3M; it was formerly called 3M Health Care Co. It makes medical and surgical supplies, dental and orthodontic products, and software for hospitals. Its customers range from large hospital systems to local clinics and practices. Revenue was $8.3 billion in the fiscal year ended December 31, 2025, with 56% from the United States and 44% from other countries.
MedSurg is by far the largest segment, at 57.9% of 2025 sales. It includes negative pressure wound therapy (a sealed dressing connected to a small vacuum pump that helps wounds heal), advanced dressings, tests that confirm surgical instruments are sterile, surgical supplies, medical tapes, stethoscopes and electrodes. Health Information Systems (16.3%) provides software for doctors' documentation, medical coding and speech recognition, designed to help hospitals get paid accurately and cut paperwork. Dental Solutions (16.2%) makes orthodontic brackets and aligners, restorative cements and bonding agents.
The company reshaped its portfolio in 2025. It sold its Purification and Filtration business, which made up 6% of 2025 sales, to Thermo Fisher Scientific, and acquired Acera Surgical, a privately held bioscience company. Its main rivals include Smith & Nephew and Convatec in wound care, Align Technology and Straumann in dental, and Epic and Microsoft's Nuance in health software.
Price history
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SOLV +22.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Cost of product | $6.35B | 76.3% |
| Cost of software and rentals | $1.98B | 23.7% |
By business segment
| MedSurg | $4.82B | 57.9% |
| Health Information Systems | $1.36B | 16.3% |
| Dental Solutions | $1.35B | 16.2% |
| Purification and Filtration | $497.0M | 6% |
By geography
| United States | $4.67B | 56.1% |
| International | $3.66B | 43.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.21B, up 2.2% from a year earlier, and net income was $92.0M (+2.2%).
- For fiscal 2025, revenue was $8.32B (+0.9% year over year; +0.8% a year from FY2022 to FY2025) with a 18.7% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +0.8% watch |
|---|---|
| Operating margin | 26.2% good |
| Free cash flow margin | -0.1% weak |
| Return on equity (FY2025) | 30.8% good |
| Return on assets (FY2025) | 10.9% good |
| Net cash (cash minus debt) | $-4.68B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $8.13B | $1.34B | $1.43B |
| FY2023 | $8.20B | $1.35B | $1.63B |
| FY2024 | $8.25B | $479.0M | $805.0M |
| FY2025 | $8.32B | $1.56B | $-10.0M |
Valuation snapshot
| Market value | $14.43B |
|---|---|
| P/E ratio | 9.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Solventum’s market value went from $11.41B at the end of 2024 to $14.43B on Nov 2, 2026, up 26%; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $14.43B | +5.0% |
| 2025 | $13.74B | +20.4% |
| 2024 | $11.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SOLV price data to Nov 2, 2026 | +7.0% | +22.8% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.0% |
| 2025 | +19.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| 3M Company | 14.8% | Aug 15, 2025 |
| Independent Franchise Partners, LLP | 8.85% | Dec 31, 2025 |
| Vanguard Capital Management | 6.27% | Mar 31, 2026 |
ETFs with the most weight in SOLV
| CSD Invesco S&P Spin-Off ETF | 7.47% |
| DWLD Davis Select Worldwide ETF | 2.71% |
| DUSA Davis Select U.S. Equity ETF | 2.19% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.56% |
| FPX First Trust US Equity Opportunities ETF | 1.48% |
| NULV Nuveen ESG Large-Cap Value ETF | 0.42% |
| FXH First Trust Health Care AlphaDEX Fund | 0.39% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.38% |
What could go wrong
- Heavy reliance on 3M for supplies. 3M is the only supplier of raw materials for certain Solventum products, and the business ties between the two companies remain significant. If 3M fails to meet Solventum's needs, those product lines could suffer.
- Possible costs tied to PFAS chemicals. PFAS are long-lasting man-made chemicals, often called forever chemicals, that have drawn lawsuits and tighter rules. Solventum's 10-K warns it may face PFAS-related liabilities that could hurt its results.
- Large debt load from the spin-off. Solventum took on debt when it separated from 3M. As of June 30, 2026, debt was $5.1 billion against $403 million in cash and investments. That could limit flexibility and raise borrowing costs.
- 3M could unload its sizable stake. 3M reported owning 14.8% of Solventum's shares as of August 15, 2025. Large share sales by 3M or other big holders could push the stock price down.
- Fierce competition, especially in health software. Solventum faces Smith & Nephew in wound care, Align Technology and Straumann in dental, and Epic, Optum and Microsoft's Nuance in software, where start-ups also aim to disrupt. Competition could force price cuts or market-share losses.
- Pressure on healthcare prices and reimbursement. Hospitals depend on insurers and governments to pay for care. Changes in reimbursement, cost-cutting by payers, or consolidation among hospital customers could reduce demand for Solventum's products and the prices it can charge.
Recent events
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Executive or board change
- Other company announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Solventum pays no dividend. Its 10-K, filed February 27, 2026, says the company does not intend to pay dividends on its common stock, so any return must come from a rising share price. For a retiree drawing income, the stock produces no cash, so spending money would have to come from selling shares. The company recorded no share buybacks from fiscal 2022 through fiscal 2025, though the share count fell about 1.4% between April 1, 2024 and July 31, 2026. Free cash flow (cash left after running and investing in the business) was negative $10 million in fiscal 2025.
Solventum has traded for only about 2.6 years, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop from a peak was 31.5% as of October 28, 2026. As a single stock, it carries more risk than a diversified fund.
Questions investors ask
Does Solventum pay a dividend?
No. Solventum does not pay a dividend, and its 10-K filed February 27, 2026 says it does not intend to pay dividends on its common stock. Any return has to come from the share price rising. The stock may suit investors who do not need income from this holding. Those who do may find it worth comparing with dividend-paying healthcare funds.
How does Solventum make money?
Solventum makes most of its money from medical supplies. Its MedSurg segment, which covers wound care, infection prevention, surgical supplies and medical tapes, produced 57.9% of the $8.3 billion in revenue for fiscal 2025. Health Information Systems, which provides coding, documentation and speech-recognition software to hospital systems, added 16.3%, and Dental Solutions added 16.2%. The Purification and Filtration business, sold to Thermo Fisher Scientific in 2025, made up 6%. Revenue grew 0.9% that year.
Is Solventum still part of 3M?
No. Solventum is a separate public company that was spun off from 3M and was formerly called 3M Health Care Co. The two still have significant business ties. 3M is the only supplier of raw materials for certain Solventum products, and 3M reported owning 14.8% of Solventum's shares as of August 15, 2025. Solventum's 10-K warns that large share sales by 3M could push the stock price down.
How much debt does Solventum have?
Solventum had $5.1 billion of total debt and $403 million in cash and investments as of June 30, 2026. That leaves net debt (debt minus cash) of about $4.7 billion. It took on debt in connection with its spin-off from 3M. Shareholders' equity was $4.8 billion at the same date. The company's 10-K warns that the debt could hurt its business and profitability, and that changes in credit ratings or interest rates could raise its borrowing costs.
How has Solventum stock performed since the spin-off?
Modestly, with sharp swings. As of October 28, 2026, the share price was up 6.8% in total over about 2.6 years of trading. That includes a gain of about 20% in 2025 and 3.3% from the start of 2026 to that date. The deepest drop from a peak was 31.5%. The stock traded at about 9.2 times fiscal 2025 earnings (its price-to-earnings, or P/E, ratio). Earnings have been uneven, with diluted earnings per share of $2.76 in fiscal 2024 and $8.88 in fiscal 2025.