Alcon Inc (ALC) is overvalued and Solventum Corp (SOLV) is overvalued.
Both trade above our estimate of their intrinsic value. SOLV is the closer of the two: -73%, against -131% for ALC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $28.43; the price of $65.59 is 131% above that value, and 76% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $51.30; the price of $88.75 is 73% above that value, and 79% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | ALC | SOLV |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $65.59 | $88.75 |
| Intrinsic value | $28.43 | $51.30 |
| Margin of safety | -131% | -73% |
| Leak Score | 14/100 (3/12) | 59/100 (3/12) |
| Market cap | $31.6B | $15.1B |
| Revenue growth, 5 years | 8.8% | 0.5% |
| Operating margin | 10.9% | 8.5% |
| Net margin | 5.9% | 17.3% |
| Return on equity | 2.9% | 34.0% |
| Debt to equity | 0.25 | 1.10 |
| P/E | 50.3x | 10.8x |
| Forward P/E | 16.6x | 12.1x |
| P/B | 1.5x | 3.1x |
| Dividend yield | 0.6% | — |