Solventum Corporation

SOLV

Medical - Care Facilities · Healthcare

Price

$81.31

-0.39 (-0.48%)

Market Cap

$14.08B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+1.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 172.5M (2021) → 175.3M (2025)

Solventum Corporation makes medical and healthcare products used in hospitals, clinics, and dental offices. Its main product lines include wound care supplies, surgical tools, dental materials, and health information software. The company was spun off from 3M in 2024, inheriting a large portfolio of established healthcare brands that 3M had built over decades.

Solventum earns money by selling its products and software to healthcare providers around the world, with a mix of one-time product sales and recurring software subscriptions. It operates globally, with significant revenue from North America and Europe, and generates roughly $8 billion in annual revenue. Its main competitive advantage is its deep relationships with hospitals and clinicians, along with a broad product catalog that is costly for customers to replace — however, the company carries a heavy debt load from the spinoff, which limits its financial flexibility and is a key risk investors watch closely.

Winston Score History

Politician Trades

2 trades / 12mo

0 Congressional buys and 2 sells on SOLV in the last 12 months.

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Score breakdown

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Quality

Gross Margin

54.7%

Healthy — 54.7% gross margin

Operating Margin

4.0%

Thin — 4.0% operating margin

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.6%

Shrinking sales (-0.6% YoY)

EPS YoY

+276.6%

Earnings growing fast (276.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

11%

Weak — only 11% of profit becomes cash

FCF Margin

-2.5%

Burning cash (-2.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.02

Elevated debt (1.02)

Interest Cover

6.92x

Adequate interest coverage (6.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

9.9x

Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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