Solventum (SOLV)
Forward P/E is 12.19x against a peer median of 13.23x, a ratio of 0.92x — inside the 0.90–1.15 fairly priced band, near its cheap edge — with trailing P/E 10.06x and PEG 1.18. Latest-quarter revenue grew only 2.2% year over year (PRIMARY, EDGAR), well below the group pace, so the undervalued side-test fails on growth despite the low ratio and the PEG below 1.2. Delivered demand check: the health care payers, services & facilities group's median growth was 6.2% — demand steady, and Solventum is growing well below that pace.
What would change this label: Move to UNDERVALUED if revenue growth rises to about 6% year over year or above for two quarters at an unchanged forward P/E, or if the forward P/E compresses to about 11.9x or below (0.90x the peer median) with growth at or above the group pace. Move to OVERVALUED if the forward P/E rises above about 15.2x (1.15x the peer median) at unchanged estimates, or if revenue growth falls below 0% year over year.
Solventum sells medical products such as wound-care and sterilisation supplies, and was spun out of 3M in 2024. Its shares trade slightly below similar companies on earnings, but its sales grew only 2.2%, much slower than the group. The small discount fairly reflects the slow growth, so the shares look fairly priced.
Both lines start at 100 on 2024-03-26. Over the full window Solventum returned +3.73% and the S&P 500 +48.35% (price returns; dividends not reinvested). Worst peak-to-trough fall for Solventum: -40.0% (2024-03-26 to 2024-07-09). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 12.19x against a peer median of 13.23x, a ratio of 0.92x — inside the 0.90–1.15 fairly priced band, near its cheap edge — with trailing P/E 10.06x and PEG 1.18. Latest-quarter revenue grew only 2.2% year over year (PRIMARY, EDGAR), well below the group pace, so the undervalued side-test fails on growth despite the low ratio and the PEG below 1.2. Delivered demand check: the health care payers, services & facilities group's median growth was 6.2% — demand steady, and Solventum is growing well below that pace. The company’s forward P/E is 12.2× against a peer median of 13.2×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the health care payers, services & facilities group's median latest-quarter revenue growth was 6.2% year over year (SEC filings) — demand steady. Solventum, at 2.2% growth, is growing well below that pace. Latest-quarter sales growth was +2.2% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Solventum (SOLV) | $82.39 | 12.2× | 10.1× |
| DVA | $183.93 | 11.6× | 15.2× |
| UHS | $180.44 | 7.7× | 7.5× |
| DGX | $249.00 | 21.4× | 24.8× |
| LH | $368.24 | 19.2× | 30.2× |
| CNC | $69.06 | 13.2× | 23.4× |
| Peer median | 13.2× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $2.2B | 58.2% | $92M | 0.53 | $144M |
| Q/E Mar 2026 2026-03-31 | $2.0B | 54.7% | $13M | 0.07 | $-273M |
| Q/E Dec 2025 2025-12-31 | $2.0B | 51.4% | $63M | — | $32M |
| Q/E Sep 2025 2025-09-30 | $2.1B | 54.1% | $1.3B | 7.22 | $-21M |
| Q/E Jun 2025 2025-06-30 | $2.2B | 54.4% | $90M | 0.51 | $59M |
| Q/E Mar 2025 2025-03-31 | $2.1B | 53.8% | $137M | 0.78 | $-80M |
| Q/E Dec 2024 2024-12-31 | $2.1B | 53.9% | $31M | — | $92M |
| Q/E Sep 2024 2024-09-30 | $2.1B | 56.0% | $122M | 0.70 | $76M |
| Q/E Jun 2024 2024-06-30 | $2.1B | 54.6% | $89M | 0.51 | $297M |
| Q/E Mar 2024 2024-03-31 | $2.0B | 58.1% | $237M | 1.37 | $340M |
| Q/E Dec 2023 2023-12-31 | $2.0B | 56.9% | $272M | — | $459M |
| Q/E Sep 2023 2023-09-30 | $2.1B | 58.3% | $460M | 2.66 | $427M |
The last twelve reported quarters. Full 14-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Solventum Corp |
| Chief executive | Bryan Hanson (source: https://en.wikipedia.org/wiki/Solventum) |
| Sector | Health Care — Health Care Technology — sells medical products including wound care, sterilisation and patient monitoring supplies |
| Share price (Oct 28, 2026) | $82.39 |
| Market value (market cap) | $14.1B — share price times shares outstanding of 170,223,729 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $8.3B |
| Net income, last twelve months | $1.4B |
| Free cash flow, last twelve months | $-118M |
| Latest reported quarter | Q/E Jun 2026 (of 14 quarters in the data pack) |
| Six-year price return vs S&P 500 | +3.73% vs +48.35% |
| Worst peak-to-trough fall | -40.0% (2024-03-26 to 2024-07-09) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001964738.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001964738.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/SOLV/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.