SOLVSolventum Corp

Surgical & Medical Instruments & Apparatus

Revenue: $8.3B; 0.9% YoY
Operating margin: 26.2%; 109% YoY
EBITDA: $2.7B; 68% YoY
Market cap: $13.8B
Employees: 2,000; $4M revenue each
Net debt / EBITDA: 1.8×; $4.7B net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
24% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
40% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$4M · 96th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$100K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.1B	$8.2B	$8.3B	$8.3B	0.9%
Operating income	$1.7B	$1.7B	$1.0B	$2.2B	111%
Net income	$1.3B	$1.3B	$479M	$1.6B	225%
Operating cash flow	$1.7B	$1.9B	$1.2B	$369M	69%
Capex	$251M	$290M	$380M	$379M	0.3%
Stock-based comp	$37M	$39M	$112M	$161M	44%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $0 · 0
Net: $100K

Pay vs performance

No pay-versus-performance disclosure yet.