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Side-by-side financial comparison of Solventum (SOLV) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Solventum is the larger business by last-quarter revenue ($2.0B vs $1.6B, roughly 1.2× Toast, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs 3.2%, a 3.0% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs -3.7%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $32.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs -0.4%).
Solventum Corporation is an American health care company that was spun off from 3M on April 1, 2024.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
SOLV vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.6B |
| Net Profit | $63.0M | $101.0M |
| Gross Margin | 51.4% | 25.9% |
| Operating Margin | 6.3% | 5.2% |
| Net Margin | 3.2% | 6.2% |
| Revenue YoY | -3.7% | 22.0% |
| Net Profit YoY | 103.2% | 215.6% |
| EPS (diluted) | $0.37 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $2.1B | $1.6B | ||
| Q2 25 | $2.2B | $1.6B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $2.1B | $1.2B | ||
| Q1 24 | $2.0B | $1.1B |
| Q4 25 | $63.0M | $101.0M | ||
| Q3 25 | $1.3B | $105.0M | ||
| Q2 25 | $90.0M | $80.0M | ||
| Q1 25 | $137.0M | $56.0M | ||
| Q4 24 | $31.0M | $32.0M | ||
| Q3 24 | $122.0M | $56.0M | ||
| Q2 24 | $89.0M | $14.0M | ||
| Q1 24 | $237.0M | $-83.0M |
| Q4 25 | 51.4% | 25.9% | ||
| Q3 25 | 54.2% | 26.5% | ||
| Q2 25 | 54.4% | 25.3% | ||
| Q1 25 | 53.8% | 25.9% | ||
| Q4 24 | 53.9% | 24.9% | ||
| Q3 24 | 56.0% | 24.7% | ||
| Q2 24 | 54.6% | 23.0% | ||
| Q1 24 | 58.1% | 23.2% |
| Q4 25 | 6.3% | 5.2% | ||
| Q3 25 | 80.6% | 5.1% | ||
| Q2 25 | 9.9% | 5.2% | ||
| Q1 25 | 7.3% | 3.2% | ||
| Q4 24 | 6.6% | 2.5% | ||
| Q3 24 | 13.2% | 2.6% | ||
| Q2 24 | 11.7% | 0.4% | ||
| Q1 24 | 18.9% | -5.2% |
| Q4 25 | 3.2% | 6.2% | ||
| Q3 25 | 60.4% | 6.4% | ||
| Q2 25 | 4.2% | 5.2% | ||
| Q1 25 | 6.6% | 4.2% | ||
| Q4 24 | 1.5% | 2.4% | ||
| Q3 24 | 5.9% | 4.3% | ||
| Q2 24 | 4.3% | 1.1% | ||
| Q1 24 | 11.8% | -7.7% |
| Q4 25 | $0.37 | $0.18 | ||
| Q3 25 | $7.22 | $0.16 | ||
| Q2 25 | $0.51 | $0.13 | ||
| Q1 25 | $0.78 | $0.09 | ||
| Q4 24 | $0.18 | $0.09 | ||
| Q3 24 | $0.70 | $0.07 | ||
| Q2 24 | $0.51 | $0.02 | ||
| Q1 24 | $1.37 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $878.0M | $1.4B |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $5.0B | $2.1B |
| Total Assets | $14.3B | $3.1B |
| Debt / EquityLower = less leverage | 1.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $878.0M | $1.4B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $492.0M | $1.2B | ||
| Q1 25 | $534.0M | $1.0B | ||
| Q4 24 | $762.0M | $903.0M | ||
| Q3 24 | $772.0M | $761.0M | ||
| Q2 24 | $897.0M | $691.0M | ||
| Q1 24 | $996.0M | $578.0M |
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.3B | — | ||
| Q1 24 | $8.3B | — |
| Q4 25 | $5.0B | $2.1B | ||
| Q3 25 | $5.0B | $2.0B | ||
| Q2 25 | $3.6B | $1.8B | ||
| Q1 25 | $3.3B | $1.7B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $3.9B | $1.2B |
| Q4 25 | $14.3B | $3.1B | ||
| Q3 25 | $14.0B | $3.0B | ||
| Q2 25 | $15.1B | $2.8B | ||
| Q1 25 | $14.5B | $2.6B | ||
| Q4 24 | $14.5B | $2.4B | ||
| Q3 24 | $14.7B | $2.2B | ||
| Q2 24 | $14.6B | $2.2B | ||
| Q1 24 | $14.7B | $2.1B |
| Q4 25 | 1.00× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 2.14× | — | ||
| Q1 25 | 2.43× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 2.90× | — | ||
| Q1 24 | 2.16× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $95.0M | $194.0M |
| Free Cash FlowOCF − Capex | $32.0M | $178.0M |
| FCF MarginFCF / Revenue | 1.6% | 10.9% |
| Capex IntensityCapex / Revenue | 3.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.51× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-10.0M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.0M | $194.0M | ||
| Q3 25 | $76.0M | $165.0M | ||
| Q2 25 | $169.0M | $223.0M | ||
| Q1 25 | $29.0M | $79.0M | ||
| Q4 24 | $219.0M | $147.0M | ||
| Q3 24 | $169.0M | $109.0M | ||
| Q2 24 | $355.0M | $124.0M | ||
| Q1 24 | $442.0M | $-20.0M |
| Q4 25 | $32.0M | $178.0M | ||
| Q3 25 | $-21.0M | $153.0M | ||
| Q2 25 | $59.0M | $208.0M | ||
| Q1 25 | $-80.0M | $69.0M | ||
| Q4 24 | $92.0M | $134.0M | ||
| Q3 24 | $76.0M | $97.0M | ||
| Q2 24 | $297.0M | $108.0M | ||
| Q1 24 | $340.0M | $-33.0M |
| Q4 25 | 1.6% | 10.9% | ||
| Q3 25 | -1.0% | 9.4% | ||
| Q2 25 | 2.7% | 13.4% | ||
| Q1 25 | -3.9% | 5.2% | ||
| Q4 24 | 4.4% | 10.0% | ||
| Q3 24 | 3.7% | 7.4% | ||
| Q2 24 | 14.3% | 8.7% | ||
| Q1 24 | 16.9% | -3.1% |
| Q4 25 | 3.2% | 1.0% | ||
| Q3 25 | 4.6% | 0.7% | ||
| Q2 25 | 5.1% | 1.0% | ||
| Q1 25 | 5.3% | 0.7% | ||
| Q4 24 | 6.1% | 1.0% | ||
| Q3 24 | 4.5% | 0.9% | ||
| Q2 24 | 2.8% | 1.3% | ||
| Q1 24 | 5.1% | 1.2% |
| Q4 25 | 1.51× | 1.92× | ||
| Q3 25 | 0.06× | 1.57× | ||
| Q2 25 | 1.88× | 2.79× | ||
| Q1 25 | 0.21× | 1.41× | ||
| Q4 24 | 7.06× | 4.59× | ||
| Q3 24 | 1.39× | 1.95× | ||
| Q2 24 | 3.99× | 8.86× | ||
| Q1 24 | 1.86× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
