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Arphra AIPlain-English read on Solventum Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $8.17B | $8.13B | $8.2B | $8.25B | $8.33B | $8.19B | $8.47B | $8.81B | $9.1B |
| Cost of revenue | $3.25B | $3.44B | $3.5B | $3.66B | $3.87B | $3.67B | $3.68B | $3.85B | $4.1B |
| Gross profit | $4.92B | $4.7B | $4.69B | $4.59B | $4.45B | $4.58B | $4.75B | $4.85B | $5.13B |
| Gross margin | +60.25% | +57.75% | +57.25% | +55.65% | +53.47% | +56.00% | +56.07% | +55.05% | +56.43% |
| Operating | |||||||||
| Research & development | $766M | $767M | $758M | $775M | $739M | $743.95M | $760.15M | $828.21M | $826.74M |
| Selling, general & administrative | $2.28B | $2.24B | $2.24B | $2.78B | $3.08B | $2.61B | $2.8B | $2.96B | $3.04B |
| Total operating expenses | $3.04B | $3B | $3B | $3.56B | $2.27B | $2.85B | $3.05B | $3.16B | $3.19B |
| Operating income | $1.88B | $1.69B | $1.69B | $1.04B | $2.18B | $1.64B | $1.68B | $1.75B | $1.75B |
| Operating margin | +23.00% | +20.82% | +20.64% | +12.55% | +26.20% | +20.00% | +19.86% | +19.86% | +19.24% |
| EBITDA | $2.48B | $2.27B | $2.23B | $1.53B | $2.55B | $2.14B | $2.19B | $2.26B | $2.34B |
| EBIT | $1.88B | $1.69B | $1.67B | $972M | $2.06B | $1.59B | $1.59B | $1.67B | $1.72B |
| Below the line | |||||||||
| Interest expense | $0 | $0 | $0 | $367M | $347M | $231.35M | $244.21M | $259.96M | $255.55M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $3M | -$1M | -$25M | -$431M | -$468M | — | — | — | — |
| Pre-tax income | $1.88B | $1.69B | $1.67B | $605M | $1.71B | $1.33B | $1.33B | $1.43B | $1.47B |
| Income tax expense | $422M | $349M | $321M | $127M | $157M | $212.15M | $222.88M | $227.41M | $243.55M |
| Earnings | |||||||||
| Net income | $1.46B | $1.34B | $1.35B | $479M | $1.56B | $1.12B | $1.17B | $1.19B | $1.22B |
| Net income · continuing ops | $1.46B | $1.34B | $1.35B | $478M | $1.56B | $1.15B | $1.13B | $1.2B | $1.25B |
| Net margin | +17.87% | +16.52% | +16.42% | +5.80% | +18.69% | +13.69% | +13.77% | +13.46% | +13.40% |
| EPS · basic | $8.47 | $7.79 | $7.79 | $2.77 | $8.94 | $6.53 | $7.17 | $7.65 | $8.38 |
| EPS · diluted | $8.47 | $7.79 | $7.79 | $2.76 | $8.88 | $6.55 | $7.06 | $7.72 | $8.41 |
| EPS · low estimate | — | — | — | — | — | $6.52 | $6.84 | $3.14 | $8.27 |
| EPS · high estimate | — | — | — | — | — | $6.57 | $7.32 | $10.44 | $8.58 |
| Shares · basic | 172.47M | 172.47M | 172.71M | 173.2M | 174.1M | 174.01M | 174.3M | 174.1M | 174.74M |
| Shares · diluted | 172.47M | 172.47M | 172.71M | 173.7M | 175.3M | 176.77M | 174.33M | 176.47M | 174.39M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 6 | 4 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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