Solventum stock forecast 2027–2029
MyStockButler's October 2026 analysis: Solventum's weighted forecast reaches $91.50 in October 2029, a 7% gain including dividends. It hinges on growth and cost improvement becoming dependable cash generation.
Where could Solventum's shares be by 2029?
The forecast points to weakness first, followed by a modest recovery. The weighted price is $73.16 in October 2027, a 14% loss including dividends. It reaches $81.92 in October 2028, a 4% loss. By October 2029, it reaches $91.50, a 7% gain.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30% | 50.03 (-41%) | 48.43 (-43%) | 46.47 (-46%) |
| Base | 50% | 76.24 (-11%) | 85.87 (+1%) | 96.24 (+13%) |
| Bull | 20% | 100.13 (+17%) | 122.25 (+43%) | 147.19 (+72%) |
| Weighted | 100% | 73.16 (-14%) | 81.92 (-4%) | 91.50 (+7%) |
What this means. The weighted row is the probability-based average of the bear, base, and bull cases, not a promise that the shares will be worth that amount.
What has to go right, and what could go wrong for Solventum?
The bear case assumes that ERP order reversals reveal weaker demand, while litigation, separation costs and working capital keep cash conversion below earnings. Its price is $50.03 in October 2027 and $46.47 in October 2029. Its probability is 30% because free cash flow has been weak and 2026 guidance partly depends on tariff refunds, although all three segments grew organically in 2025.
The base case assumes moderate growth, easing costs and gradual productivity gains. Its price is $76.24 first and $96.24 last. Its probability is 50% because positive segment growth and current guidance support improvement, but the short standalone record and negative recent free cash flow limit confidence.
The bull case requires durable post-ERP demand, stronger wound-care adoption, faster savings and cash-funded debt reduction and buybacks. Its price is $100.13 first and $147.19 last. Its probability is 20% because several uncertain execution steps must succeed together.
How much cash does Solventum really make?
Adjusted earnings were approximately $702 million in the first half of 2026. Free cash flow consumed $129 million, producing approximately negative 18% conversion. Inventory, receivables, equipment purchases and separation payments can absorb cash even when accounting profit is positive.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 227 | -189 | 96 | |||||
| − Capital spending | 83 | 84 | 63 | |||||
| = Free cash flow | 144 | -273 | 33 |
What this means. The revenue excludes the sold filtration business, but older profit and cash figures still include it, so those numbers are not directly comparable.
What does an investor pay for Solventum today?
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 85.41 |
| Enterprise value (calculated) | 19,423.81 |
| P/E, next 12 months (calculated) | 11.6x |
| EV / revenue, last 12 months (calculated) | 2.4x |
| Price to book (calculated) | 3.0x |
| Dividend yield (calculated) | 0.0% |
What this means. Enterprise value is not just the stock-market value: it adds the company's debt and subtracts its cash to estimate what the whole business would cost.