Solventum Corp financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Solventum Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	8,130	8,197	8,254	8,325
Gross profit	4,695	4,693	4,593	4,451
Research and development	767	758	775	739
Selling, general and administrative	2,235	2,299	2,782	3,080
Operating income	1,693	1,692	1,036	2,181
Other non-operating income	-1	-25	-64	-39
Pre-tax income	1,692	1,667	605	1,713
Income tax	349	321	127	157
Net income	1,343	1,346	479	1,556
EBITDA	2,271	2,253	1,591	2,670
EPS, basic	7.78	7.79	2.77	8.94
EPS, diluted	7.78	7.79	2.76	8.88
Shares, basic (weighted)	173	173	173	174
Shares, diluted (weighted)	173	173	174	175

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	61	194	762	878
Receivables		1,313	1,044	1,034
Inventory		857	965	1,066
Other current assets		155	293	731
Total current assets		2,519	3,249	3,859
Property, plant and equipment		1,457	1,622	1,326
Lease right-of-use assets		98	176	214
Goodwill	6,434	6,535	6,377	5,704
Intangible assets		2,902	2,544	2,592
Other non-current assets		530	665	814
Total assets		13,943	14,457	14,294
Accounts payable		477	618	687
Accrued liabilities		0	272	435
Deferred revenue		574	572	621
Short-term debt		0	200	0
Total current liabilities		1,728	2,703	3,136
Long-term debt		0	7,810	5,035
Lease liabilities		69	86	142
Other non-current liabilities		152	410	547
Total liabilities		2,277	11,498	9,245
Total debt		0	8,010	5,035
Paid-in capital		0	3,771	3,876
Retained earnings		0	242	1,797
Treasury stock				0
Other comprehensive income		-337	-1,056	-625
Shareholders' equity	11,742	11,666	2,959	5,049
Total equity	11,742	11,666	2,959	5,049
Total liabilities and equity		13,943	14,457	14,294
Shares outstanding		0	173	173

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	1,343	1,346	479	1,556
Depreciation and amortization	578	561	555	489
Stock-based compensation	37	39	112	161
Deferred income tax	-141	-142	-155	-120
Change in receivables	-32	-129	43	34
Change in inventory	-82	23	-132	-139
Change in payables	25	105	266	104
Cash from operations	1,679	1,915	1,185	369
Capital expenditures	-251	-290	-380	-379
Acquisitions		0	0	-696
Cash from investing	-253	-230	-380	2,797
Debt repaid	0	0	-300	-3,070
Cash from financing	-1,460	-1,552	-240	-3,057
Net change in cash	-30	133	568	116
Free cash flow	1,428	1,625	805	-10
Interest paid	0	0	287	442
Income taxes paid	0	0	244	181

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.7%	Gross profit / revenue.
Operating margin	25.0%	Operating income / revenue.
EBITDA margin	28.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.4%	Pre-tax income / revenue.
Net margin	17.3%	Net income / revenue.
FCF margin	-1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.5%	Cash from operations / revenue.
Effective tax rate	15.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.1%	Net income / average total assets.
Return on invested capital (ROIC)	19.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.7%	Research and development expense / revenue.
SG&A / revenue	39.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	110.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	67.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	224.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	221.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-68.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-39.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-101.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	70.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.02x	Current assets / current liabilities.
Quick ratio	0.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.95x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.1%	Total debt / total assets.
Liabilities / assets	66.3%	Total liabilities / total assets.
Net debt	$4.17B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.74x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$78.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	56.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	5.31x	Revenue / average property, plant and equipment.
Receivables turnover	6.34x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
FCF conversion	-8.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	156.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$47.95	Revenue / diluted weighted shares.
FCF per share	-$0.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.21	Cash from operations / diluted weighted shares.
Book value per share	$28.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$19.01	Tangible book value / shares outstanding.
Cash per share	$2.37	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$15.24B	Share price x shares outstanding.
Enterprise value	$19.41B	Market cap + total debt - cash - short-term investments.
P/E	10.6x	Market cap / net income. Only when net income is positive.
P/S	1.83x	Market cap / revenue.
P/B	3.17x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	72.9x	Market cap / cash from operations, when positive.
EV/Sales	2.34x	Enterprise value / revenue.
EV/EBIT	9.34x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.08x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.8%	Free cash flow / market cap.
Earnings yield	9.4%	Net income / market cap (the inverse of P/E).
PEG	2.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Solventum Corp's revenue in fiscal 2025?

Solventum Corp reported revenue of $8.33B for fiscal 2025, 0.9% higher than the year before.

Was Solventum Corp profitable in fiscal 2025?

Yes. Net income was $1.56B, a net margin of 18.7%.

How much free cash flow did Solventum Corp generate in fiscal 2025?

Cash from operations of $369.0M minus capital expenditures of $379.0M left free cash flow of -$10.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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