Solstice Advanced Materials Inc.
SOLSdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Solstice Advanced Materials Inc. earns about 19% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $29.85 and $38.74 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $3.65B1 | $3.77B1 | $3.89B1 |
| Net income | $621M2 | $594M2 | $237M2 |
| Operating cash flow | $760M3 | $842M3 | $455M3 |
| Capital expenditure | $299M4 | $296M4 | $336M4 |
| Free cash flow (derived) | $461M3 | $546M3 | $119M3 |
| Total debt | — | $05 | $3.97B5 |
| Cash & equivalents | $606M6 | $661M7 | $534M7 |
| Diluted shares | 158.7M | 158.7M | 158.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $88.8 of net worth that earned you $14.92 and generated $7.49 of cash last year, against $249.97 of debt.
It earned about 19% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $29.85 and $38.74 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$461M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$461M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$594M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $19.82 |
| Base | 5.0% | $29.85 |
| Bull | 10.0% | $41.85 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2023-12-31 · accession 0002064953-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0002064953-26-000008 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0002064953-26-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0002064953-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0002064953-26-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0002064953-26-000008 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0002064953-26-000008 (CashAndCashEquivalentsAtCarryingValue)