MDT vs SOLV: How Medtronic and Solventum Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MDT and SOLV share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MDT and SOLV exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Medtronic is one of the largest medical device companies in the world, designing, manufacturing, and selling therapies and devices across a broad range of chronic and acute conditions. Its business spans four main areas: Cardiovascular (pacemakers, defibrillators, heart valves, and cardiac ablation), Neuroscience (spine implants, neuromodulation for pain and movement disorders, and surgical navigation), Medical Surgical (surgical stapling, energy devices, and a growing robotic-surgery platform), and Diabetes (insulin pumps and continuous glucose monitoring). The company sells primarily to hospitals, surgeons, and health systems, generating durable, recurring demand tied to procedure volumes and chronic-disease management. Medtronic's scale gives it deep relationships with providers, a large installed base of devices, and the resources to fund extensive R&D and acquisitions. Growth depends on new product cycles, pipeline approvals, and global expansion, especially in emerging markets. Founded in 1949 and headquartered in Ireland for tax purposes (operationally rooted in Minnesota), Medtronic is a large-cap, dividend-growing medical-technology company tied to long-term healthcare demand and aging demographics.

Full MDT guide

Solventum is a healthcare company that was spun off from 3M in 2024, combining 3M's former Health Care business into a standalone public company. It operates across several healthcare segments: medical surgical products (wound care, advanced dressings, surgical supplies, infection prevention), dental and orthodontic solutions, health information systems (clinical documentation, coding, and revenue-cycle software for hospitals), and purification and filtration (including water and biopharma filtration). The company makes money selling consumable medical products to hospitals and clinics, software and services to health systems, and filtration technology to industrial and life-science customers. As a recent spin-off, Solventum's story centers on standing up independent operations, paying down debt inherited at separation, stabilizing growth, and improving margins. It holds established brands and large installed bases in several niches. Headquartered in Maplewood, Minnesota, it serves customers across hospital, dental, and industrial end markets globally.

Full SOLV guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MDT drivers: Diversified device portfolio; Innovation pipeline and new product cycles.
• SOLV drivers: Recurring consumable and software revenue; Spin-off self-help and margin expansion.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Medtronic has at times delivered sluggish organic growth, raising concerns that its scale slows innovation relative to nimbler competitors like Boston Scientific and Edwards Lifesciences. For SOLV, as a recent spin-off, Solventum carries meaningful debt taken on at separation and must prove it can grow organically after years inside 3M, where the business reportedly underinvested.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick MDT if you believe its drivers more; SOLV if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MDT and SOLV guides.

MDT. Medtronic trades at a moderate valuation relative to faster-growing medtech peers, reflecting its scale, diversification, and reliable dividend but also a track record of slower organic growth. The multiple has expanded when new product cycles reaccelerated growth and compressed during periods of execution stumbles. The yield gives it a defensive, income-oriented profile within healthcare.

SOLV. Solventum trades at a discount to faster-growing medtech peers, reflecting its slow top-line growth, elevated post-spin debt, and the work still required to prove independent execution. The qualitative profile is a turnaround and self-help story: stabilize growth, reduce leverage, and expand margins. Successful deleveraging and portfolio reshaping are the key swing factors.

Headline figures (approximate, early 2026): MDT shows revenue (ttm) ~$33 billion, operating margin ~20% (non-GAAP higher; GAAP affected by amortization), net income (ttm) ~$4.5 billion, eps (ttm) ~$3.50 GAAP; non-GAAP higher; SOLV shows revenue (ttm) ~$8 billion, revenue growth low-single-digit, roughly flat to slightly up, operating margin ~20% on an adjusted basis, net debt elevated, inherited at the 3M separation.

MDT and SOLV are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MDT and SOLV exposure against your real portfolio. It is not an investment adviser.