Solstice Advanced Materials
SOLS · NasdaqChemicals & Allied Products · Fiscal year ends Dec 31
Solstice Advanced Materials reported revenue of $3.9B in the fiscal year ended Dec 2025, up 3.1% from the year before. Net income was $237M. Operating cash flow of $455M less capital expenditure of $336M left free cash flow of $119M. Net debt was $1.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $3.6B | $3.8B | $3.9B |
| Cost of revenue | $2.4B | $2.5B | $2.6B |
| Gross profit | $1.3B | $1.3B | $1.3B |
| Research & development | $81M | $83M | $97M |
| Selling, general & admin | $378M | $392M | $421M |
| Interest expense | $16M | $13M | $28M |
| Pre-tax income | $814M | $797M | $647M |
| Income tax | $195M | $192M | $362M |
| Net income | $621M | $594M | $237M |
| Diluted EPS | 3.91 | 3.74 | 1.49 |
| Diluted shares | 159M | 159M | 159M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $606M | $661M | $534M |
| Receivables | – | $569M | $645M |
| Inventory | – | $558M | $715M |
| Current assets | – | $1.9B | $2.4B |
| Net PP&E | – | $1.7B | $2.1B |
| Goodwill | $814M | $806M | $820M |
| Total assets | – | $5B | $5.7B |
| Payables | – | $778M | $909M |
| Deferred revenue | $59M | $6M | $3M |
| Current liabilities | – | $1.1B | $1.7B |
| Short-term debt | – | $0 | $4M |
| Long-term debt | – | $0 | $2B |
| Total liabilities | – | $1.8B | $4.3B |
| Shareholders' equity | $3B | $3.3B | $1.4B |
| Backlog (remaining obligations) | – | – | $2.8B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $760M | $842M | $455M |
| Capital expenditure | $299M | $296M | $336M |
| Free cash flow | $461M | $546M | $119M |
| Depreciation & amortisation | $48M | $39M | $24M |
| Stock-based compensation | $18M | $17M | $27M |
| Dividends paid | $0 | $0 | $1.5B |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 3.3% | 3.1% |
| EPS growth (YoY) | – | −4.3% | −60.2% |
| Gross margin | 35.2% | 34.6% | 32.2% |
| Net margin | 17.0% | 15.8% | 6.1% |
| Return on equityBlank when equity is negative | 20.5% | 18.2% | 16.8% |
| Free cash flow margin | 12.6% | 14.5% | 3.1% |
| Cash conversion (CFO ÷ net income) | 1.22x | 1.42x | 1.92x |
| Receivable days | – | 55 | 61 |
| Inventory days | – | 83 | 99 |
| Payable days | – | 115 | 126 |
| Debt ÷ equity | – | 0.00x | 1.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −$661M | $1.4B |
| Current ratio | – | 1.72x | 1.39x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.