Solventum
SOLV on NYSE. Solventum sells healthcare products and services to hospitals, clinics, and healthcare providers. Market value $15.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.79 of spare cash in the past 12 months. A savings account pays about $4.
You pay 9.5 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$88.03 a share, 41% above its 1-year low
Over the past year the price has ranged from $62.38 to $94.16.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $118 million in the past 12 months, a shortfall of $10 million in the year to December 2025.
| Revenue | ||
| Revenue | $8.3bn | $8.3bn |
| Operating margin | ||
| Operating margin | 12.6% | 26.2% |
| Debt to equity | ||
| Debt to equity | 2.71 | 1.00 |
| Shares outstanding | ||
| Shares outstanding | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2.2 billion last quarter, about the same as a year ago.
- Profit: $92 million, up 2% on a year ago.
- It keeps 25 cents of each $1 of sales as operating profit, up from 9 cents a year earlier.
- Over the past 12 months it spent $118 million more cash than it brought in. A year earlier it had $147 million spare.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $4.7 billion more than cash, down from $7.3 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.1bn |
| December 2024 | $2.1bn |
| March 2025 | $2.1bn |
| June 2025 | $2.2bn |
| September 2025 | $2.1bn |
| December 2025 | $2.0bn |
| March 2026 | $2.0bn |
| June 2026 | $2.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $122m |
| December 2024 | $31m |
| March 2025 | $137m |
| June 2025 | $90m |
| September 2025 | $1.3bn |
| December 2025 | $63m |
| March 2026 | $13m |
| June 2026 | $92m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
16 long-term investors we follow own it, unchanged from 16 last quarter. 879 funds in all.
- Trian Fund ManagementNelson Peltz
- Value
- $635m
- Share of fund
- 15.0%
- Davis Selected AdvisersChris Davis
- Value
- $487m
- Share of fund
- 2.1%
- Mairs & PowerAndy Adams
- Value
- $6m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $903,272
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $191,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Trian Fund ManagementNelson Peltz | $635m | 15.0% | |
| Davis Selected AdvisersChris Davis | $487m | 2.1% | |
| Boston PartnersBoston Partners team | $312m | 0.3% | Added |
| Diamond Hill Capital ManagementRic Dillon (founder) | $150m | 1.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $59m | 0.1% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $56m | 0.2% | Added |
| Pzena Investment ManagementRichard Pzena | $32m | <0.1% | Cut |
| Nuance InvestmentsScott Moore | $28m | 4.8% | Cut |
| GMOJeremy Grantham | $14m | <0.1% | Cut |
| Kiltearn PartnersKiltearn team | $8m | 1.8% | Cut |
| Mairs & PowerAndy Adams | $6m | <0.1% | |
| Cambiar InvestorsBrian Barish | $3m | 0.1% | Added |
| Mondrian Investment PartnersMondrian team | $1m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $903,272 | <0.1% | |
| First Manhattan Co.First Manhattan partners | $200,436 | <0.1% | New |
| LSV Asset ManagementJosef Lakonishok | $191,000 | <0.1% |
Sold out this quarter
Largest holders overall
- Independent Franchise Partners LLP$1.2bnAdded
- BlackRock$753mCut
- Vanguard Capital Management$743m
- Trian Fund Management$635m
- Vanguard Portfolio Management$488m
- Davis Selected Advisers$487m
- State Street$435mCut
- Geode Capital Management$378mAdded
- Boston Partners$312mAdded
- Invesco$255mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- 3M CompanyPassive investor14.8%Since 15 August 2025
- Independent Franchise Partners, LLPPassive investor8.8%+1.4 ptsSince 31 December 2025
- Vanguard Capital ManagementPassive investor6.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
3M Company Passive investor | 14.8% | 15 August 2025 | |
Independent Franchise Partners, LLP Passive investor | 8.8%+1.4 pts | 31 December 2025 | |
Vanguard Capital Management Passive investor | 6.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $100,344 of shares on the open market.
- Wendell Amy McBrideDirectorBought
- Date
- 10 March 2026
- Shares
- 1,475
- Price
- $68.03
- Value
- $100,344
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 March 2026 | Wendell Amy McBride Director | Bought | 1,475 | $68.03 | $100,344 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.