Detailed financial statements for Solstice Advanced Materials Inc. (SOLS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Solstice Advanced Materials, Inc. functions as a dedicated provider of specialized materials. Its cutting-edge solutions are instrumental across numerous industries and diverse applications, encompassing refrigerants, semiconductor manufacturing processes, data center cooling systems, alternative energy technologies, high-performance protective fibers, and pharmaceutical packaging, alongside other sectors.
Analysis Summary
Trailing-twelve-month margins: gross margin 30.6%, operating margin 16.9%, net margin 5.1%.
At the current price of $58.06, SOLS trades at a P/E of 43.38 and an ROE of 10.89%. Market capitalisation stands at $9.2B.
Balance sheet quality for SOLS: current ratio of 1.4, net debt of $1.89B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $103.0M represents 43% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $3.59B | $3.65B | $3.77B | $3.89B |
| Cost of Revenue | $2.18B | $2.37B | $2.47B | $2.64B |
| Gross Profit | $1.40B | $1.28B | $1.30B | $1.25B |
| Research & Development | $79.0M | $81.0M | $84.0M | $97.0M |
| Selling, General & Admin | $357.0M | $378.0M | $454.0M | $421.0M |
| Operating Expenses | $436.0M | $459.0M | $538.0M | $518.0M |
| Operating Income | $967.0M | $824.0M | $760.0M | $732.0M |
| EBITDA | $1.12B | $1.05B | $966.0M | $918.0M |
| Interest Expense | $21.0M | $16.0M | $149.0M | $28.0M |
| Pre-tax Income | $943.0M | $814.0M | $600.0M | $647.0M |
| Income Tax | $211.0M | $195.0M | $167.0M | $362.0M |
| Net Income | $718.0M | $621.0M | $422.0M | $237.0M |
| EPS | $4.52 | $3.91 | $2.66 | $1.49 |
| EPS (Diluted) | $4.52 | $3.91 | $2.66 | $1.49 |
| Shares Outstanding (Diluted) | $158.7M | $158.7M | $158.7M | $158.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $969.0M | $987.0M | $991.0M | $1.15B |
| Gross Profit | $310.0M | $258.0M | $316.0M | $370.0M |
| Operating Income | $171.0M | $119.0M | $180.0M | $222.0M |
| EBITDA | $225.0M | $163.0M | $224.0M | $279.0M |
| Net Income | -$35.0M | $41.0M | $85.0M | $119.0M |
| EPS | $-0.22 | $0.26 | $0.54 | $0.75 |
| EPS (Diluted) | $-0.22 | $0.26 | $0.53 | $0.75 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash & Equivalents | $606.0M | $661.0M | $534.0M |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $620.0M | $569.0M | $645.0M |
| Inventory | $552.0M | $558.0M | $715.0M |
| Total Current Assets | $1.87B | $1.86B | $2.39B |
| Property, Plant & Equipment | $1.75B | $1.84B | $2.06B |
| Goodwill | $814.0M | $806.0M | $820.0M |
| Intangible Assets | $47.0M | $41.0M | $49.0M |
| Total Assets | $4.66B | $5.00B | $5.67B |
| Accounts Payable | $772.0M | $778.0M | $909.0M |
| Short-term Debt | $20.0M | 0 | $324.0M |
| Total Current Liabilities | $1.12B | $1.08B | $1.71B |
| Long-term Debt | $32.0M | $293.0M | $1.98B |
| Total Liabilities | $1.63B | $1.82B | $4.30B |
| Retained Earnings | 0 | 0 | $41.0M |
| Total Equity | $3.11B | $3.26B | $1.41B |
| Total Debt | $229.0M | $416.0M | $2.43B |
| Net Debt | -$377.0M | -$245.0M | $1.89B |
| Working Capital | $745.0M | $778.0M | $675.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $417.0M | $534.0M | $642.0M | $750.0M |
| Total Assets | $5.25B | $5.67B | $5.75B | $5.92B |
| Total Liabilities | $2.07B | $4.30B | $4.28B | $4.33B |
| Total Equity | $3.23B | $1.41B | $1.49B | $1.59B |
| Total Debt | $432.0M | $2.43B | $2.42B | $2.41B |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | -$4.5M | $732.0M | $619.0M | $605.0M | $285.0M |
| Depreciation & Amortization | $16,000 | $153.0M | $221.0M | $217.0M | $220.0M |
| Stock-based Compensation | $241,809 | $17.0M | $18.0M | $17.0M | $27.0M |
| Change in Working Capital | 0 | -$130.0M | -$36.0M | $28.0M | -$118.0M |
| Operating Cash Flow | -$3.7M | $759.0M | $760.0M | $842.0M | $455.0M |
| Capital Expenditure | -$413,533 | -$254.0M | -$299.0M | -$296.0M | -$352.0M |
| Acquisitions | -$8,920 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$1.50B |
| Free Cash Flow | -$4.1M | $505.0M | $461.0M | $546.0M | $103.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$21.0M | $166.0M | $199.0M | $262.0M |
| Capital Expenditure | -$108.0M | -$104.0M | -$76.0M | -$138.0M |
| Free Cash Flow | -$129.0M | $62.0M | $123.0M | $124.0M |
| Dividends Paid | 0 | -$1.50B | -$12.0M | -$12.0M |
| Stock-based Compensation | $7.0M | $8.0M | $5.0M | 0 |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.7% | +3.3% | +3.1% | ||
| Net Income Growth (YoY) | -13.5% | -32.0% | -43.8% | ||
| EPS Growth (YoY) | -13.5% | -32.0% | -44.0% | ||
| Shares Change (YoY) | +0.0% | +0.0% | +0.1% | ||
| FCF Growth (YoY) | +12,325.9% | -8.7% | +18.4% | -81.1% | |
| Gross Margin | 39.1% | 35.2% | 34.4% | 32.2% | |
| Operating Margin | 27.0% | 22.6% | 20.2% | 18.8% | |
| EBITDA Margin | 31.1% | 28.8% | 25.6% | 23.6% | |
| Net Margin | 20.0% | 17.0% | 11.2% | 6.1% | |
| FCF Margin | 14.1% | 12.6% | 14.5% | 2.7% | |
| Effective Tax Rate | 22.4% | 24.0% | 27.8% | 56.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | $3.18 | $2.90 | $3.44 | $0.65 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $9.44 |
| Shares Outstanding (Basic) | $158.7M | $158.7M | $158.7M | $158.9M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 10.89% |
| Return on Invested Capital | 7.63% |
| Return on Assets | 3.55% |
| Gross Margin | 30.62% |
| Operating Margin | 16.90% |
| Net Margin | 5.13% |
Financial Health
| Debt / Equity | 1.52 |
| Current Ratio | 1.46 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.34 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | 0.00 | 10.71 | 12.38 | 18.20 | 32.60 |
| P/B | 0.00 | 0.00 | 2.47 | 2.36 | 5.47 |
| P/S | 0.00 | 2.14 | 2.11 | 2.04 | 1.99 |
| Gross Margin | 0.0% | 39.1% | 35.2% | 34.4% | 32.2% |
| Operating Margin | 0.0% | 27.0% | 22.6% | 20.2% | 18.8% |
| Net Margin | 0.0% | 20.0% | 17.0% | 11.2% | 6.1% |
Related companies: AMG · ATCO · CBSH · FCFS · HLNE · OTF
Explore sector: Basic Materials · Chemicals - Specialty
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