Solventum Corp
SOLVdata completeness 100%4 fiscal years on fileData notes: no data for concept 'interestExpense'
Solventum Corp earns about 9% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $8.24 and $79.48 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $8.13B1 | $8.2B2 | $8.25B2 | $8.33B2 |
| Net income | $1.34B3 | $1.35B4 | $479M4 | $1.56B4 |
| Operating cash flow | $1.68B5 | $1.92B6 | $1.19B6 | $369M6 |
| Capital expenditure | $251M7 | $290M8 | $380M8 | $379M8 |
| Free cash flow (derived) | $1.43B5 | $1.63B6 | $805M6 | −$10M6 |
| Total debt | — | $09 | $16.2B10 | $10.1B10 |
| Cash & equivalents | $61M11 | $194M12 | $762M13 | $878M13 |
| Diluted shares | 172.7M | 172.7M | 173.7M | 175.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $288.02 of net worth that earned you $88.76 and generated −$0.57 of cash last year, against $574.44 of debt.
It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is roughly flat over 4 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 $8.24 and $79.48 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
- fcfGrowth0.0%
- fcfBase$805M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$805M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.34B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $13.18 |
| Base | 0.0% | $13.18 |
| Bull | 5.0% | $29.06 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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 2022-12-31 · accession 0001964738-25-000019 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001964738-26-000007 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001964738-25-000019 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001964738-26-000007 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001964738-25-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001964738-26-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001964738-25-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001964738-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001964738-25-000019 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001964738-26-000007 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001964738-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0001964738-25-000019 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001964738-26-000007 (CashAndCashEquivalentsAtCarryingValue)