NYSE: MMM · Industrial Conglomerates
3M
3M, based in St. Paul, Minnesota, is a diversified technology company that makes adhesives, tapes, abrasives, films, personal safety equipment, electronics materials and consumer brands such as Post-it and Scotch. After spinning off its health care business as Solventum in April 2024, it reports three segments: Safety and Industrial ($11,384 million of 2025 sales), Transportation and Electronics ($8,272 million) and Consumer ($4,920 million). 2025 net sales were $24,948 million and net income $3,250 million. Results have been shaped by two mass-litigation settlements: up to $6.0 billion for Combat Arms Earplugs claims (2023–2029) and $10.5–12.5 billion to resolve U.S. public water suppliers’ PFAS claims, which drove a $6,995 million net loss in 2023. 3M said it would exit all PFAS manufacturing by the end of 2025. It employs about 60,500 people.
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 12:44 (SEC EDGAR) · Source 10-K filed: February 3, 2026
Built on10-K FY2025 · filed 2026-02-0310-Q (quarter ended 2026-09-30) · filed 2026-10-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -1.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +13.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.71x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 28.5x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.97
Higher than 5% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 50% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 77% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 41% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 2% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$190.13close on 2026-11-04
Market cap$100.82B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 28.5x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 21.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 18.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.5%
At FY2025 year-end: 26.7x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 18.1x
Book value at FY2025 year-end
At FY2025 year-end: 15.5x
EBITDA for FY2025
At FY2025 year-end: 1.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$6.52B → $6.58B (vs. a year earlier)↑ +1.0%$6.52B → $6.58B (vs. a year earlier)
- Operating margin22.2% → 23.7% (vs. a year earlier)↑ +1.5 pts22.2% → 23.7% (vs. a year earlier)
- Net income$834M → $1.37B (vs. a year earlier)↑ +64.6%$834M → $1.37B (vs. a year earlier)
- Diluted EPS$1.55 → $2.63 (vs. a year earlier)↑ +69.7%$1.55 → $2.63 (vs. a year earlier)
- Cash$2.96B → $4.84B (vs. previous quarter-end)↑ +63.6%$2.96B → $4.84B (vs. previous quarter-end)
- Long-term debt$10.9B → $14.99B (vs. previous quarter-end)↑ +37.5%$10.9B → $14.99B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 20, 2026.
Management outlook ↑ Raised
Raised 2026 adjusted EPS guidance to $9.10–$9.15. Source sentence
2026 adjusted EPS guidance raised to $9.10 to $9.15, incorporating new basis 1
Key changes
Q3 sales $6.6B, up 1.0%; operating margin 23.7%. Source sentence
Q3 GAAP sales of $6.6 billion, up 1.0%; operating margin of 23.7%, up 150 bps;
Returned $0.6B to shareholders. Source sentence
3M returned $0.6 billion to shareholders via dividends and share repurchases.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- 3M CO
- Headquarters
- ST PAUL, MN
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MMM
- Industry
- Industrial Conglomerates
- CIK
- 66740
- Website
- https://www.3m.com/ ↗
- IR page
- https://investors.3m.com/ ↗
Workforce (as of FY2025 year-end)
Employees
60,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 20–23 days after quarter end (Jan 20, 2026; Jan 21, 2025; Jan 23, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 18–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 20, 2026 (+20 days) | Oct 20, 2026 10-Q (+20 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 21, 2026 (+21 days) | Jul 21, 2026 10-Q (+21 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 21, 2026 (+21 days) | Apr 21, 2026 10-Q (+21 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 20, 2026 (+20 days) | Feb 3, 2026 10-K (+34 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 21, 2025 10-Q (+21 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 18, 2025 (+18 days) | Jul 18, 2025 10-Q (+18 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | Apr 22, 2025 10-Q (+22 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 21, 2025 (+21 days) | Feb 5, 2025 10-K (+36 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 22, 2024 10-Q (+22 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 26, 2024 (+26 days) | Jul 26, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 23, 2024 (+23 days) | Feb 7, 2024 10-K (+38 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Safety and Industrial
Industrial adhesives, tapes and abrasives
Bonding, tapes and abrasive products for manufacturing.
Safety and Industrial
Personal safety
Respirators, hearing and fall protection and other worker safety products.
Safety and Industrial
Electrical markets
Electrical products for utilities and construction.
Transportation and Electronics
Electronics and automotive materials
Display films, electronics materials, automotive and aerospace products.
Consumer
Consumer brands
Home, office and DIY products such as Post-it, Scotch and Command.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K says 3M is among the leading manufacturers in many of its markets but gives no specific share.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
PFAS exit
3M committed to exit all PFAS manufacturing by the end of 2025 and took related workforce actions.
Source: Form 10-K (FY2025)
Portfolio pruning
Sold the fused silica business in June 2025 and agreed in September 2025 to sell precision grinding and finishing.
Source: Form 10-K (FY2025)
Solventum stake
Sold a portion of its retained Solventum shares in August 2025 for $0.6B; the remaining stake is marked to market.
Source: Form 10-K (FY2025)
Refinancing
New revolving credit agreement with JPMorgan Chase (August 17, 2026) and euro notes issued in September 2026.
Source: Form 8-K (2026-08-19) — Item 1.01
Capex ÷ D&A (FY2025)
0.70x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$910M ÷ $1,308M = 0.70x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $1.75B in FY2022 to $910M in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Revenue (FY2025)
$24.95B
As reported in the 10-K
Revenue CAGR (3 years)
-1.6%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($24,948M ÷ $26,161M) ^ (1÷3) − 1 = -1.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
18.6%▲favorable
+1.9pt vs. 3 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,629M ÷ $24,948M × 100 = 18.6%
ROE (FY2025)
76.1%▲favorable
4-year average: 34.9%
As reported in the 10-K
P/B (FY2025 end)
18.06x
formulafiscal year-end closing price ÷ book value per share
e.g.$160.10 ÷ $8.87 = 18.06x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
15.5x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($84,898M + $12,602M − $5,235M) ÷ ($4,629M + $1,308M) = 15.5x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -1.6% a year over 3 years (a shrinking trend)
From $26.16B in FY2022 to $24.95B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 16.7% → 18.6%
How much operating profit is left per $100 of revenue. It moved +1.9 points over 3 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 12.5% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 34.9% over 4 years (latest: 76.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Safety and Industrial: abrasives, adhesives and tapes, electrical markets, personal safety
- Transportation and Electronics: electronics materials, automotive, aerospace, commercial solutions
- Consumer: home, office and DIY brands
06 · what it draws on
Key resources
- About 60,500 employees (22,500 in the U.S.)
- Shared technology platforms and R&D
- Global manufacturing network
02 · why customers buy
Value propositions
- A broad range of products built on shared technology platforms (adhesives, abrasives, films).
04 · how it keeps them
Customer relationships
- Long-standing relationships with distributors and manufacturers.
03 · how it reaches them
Channels
- Direct sales and distributors and retailers, whose confidence in 3M developed through long association.
01 · who it serves
Customer segments
- Industrial, electronics and automotive manufacturers
- Distributors and retailers
- Consumers
09 · where money goes
Cost structure
FY2025, share of revenue ($24.95B)
- Cost of revenue60.1%
- Selling, general & administrative16.0%
- Other operating costs5.3%
Operating profit left: 18.6% of revenue. Depreciation & amortization (inside the costs above): $1.31B. Capital spending: $910M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Safety and Industrial $11,384M (2025)
- Transportation and Electronics $8,272M
- Consumer $4,920M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Develops and manufactures a broad range of products from shared technology platforms (adhesives, abrasives, films, nonwovens) and sells them to industrial, electronics, automotive, safety and consumer markets worldwide.
01 what it draws on
Inputs & resources
- About 60,500 employees (22,500 in the U.S.)
- Shared technology platforms and R&D
- Global manufacturing network
02 what it does
Activities
- Safety and Industrial: abrasives, adhesives and tapes, electrical markets, personal safety
- Transportation and Electronics: electronics materials, automotive, aerospace, commercial solutions
- Consumer: home, office and DIY brands
03 who it serves
Customers
- Industrial, electronics and automotive manufacturers
- Distributors and retailers
- Consumers
04 how money comes in
How it earns
- Safety and Industrial $11,384M (2025)
- Transportation and Electronics $8,272M
- Consumer $4,920M
How the business makes money
- U.S. sales $10,936M and China/Hong Kong $2,951M in 2025.
- Solventum (health care) separated in April 2024; 3M sold part of its retained Solventum shares in August 2025.
- Quarterly dividend cut after the Solventum spin from $1.51 to $0.70; raised to $0.73 (2025) and $0.78 (Q1 2026).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
3M is exiting PFAS manufacturing and faces environmental permits and government contract rules.
Environmental rules
PFAS exit
Recorded a $0.8B pre-tax charge in Q4 2022 for its PFAS manufacturing exit announcement.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Approvals & licenses
Discharge permits
Disclosed potential NPDES permit issues to the EPA (2019) and Illinois EPA (2020).
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government as customer
Government contracts
Failing government contract provisions could bring penalties.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Safety and Industrial
11,384 (46%)Transportation and Electronics
8,272 (34%)Consumer
4,920 (20%)
Source: Form 10-K (FY2025) Segment sales; total net sales $24,948M incl. corporate and other.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Other international (derived) — 44% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
10,936 (44%)China/Hong Kong
2,951 (12%)Other international (derived)
11,061 (44%)
Source: Form 10-K (FY2025) U.S. and China/Hong Kong from the 10-K; the remainder is total net sales minus those two.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Industrial, electronics and automotive manufacturers, distributors, retailers and consumers.
Named by the company
No customer concentration is disclosed.
Suppliers
Raw material, energy and component suppliers worldwide.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
3M says it is among the leading manufacturers in many markets it serves; the 10-K does not name specific competitors.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2025 peer group from the 2026 proxy statement.
- Carriersite ↗
- Caterpillarsite ↗
- Colgate-Palmolivesite ↗
- Corningsite ↗
- Cumminssite ↗
- Deere & Companysite ↗
- Dowsite ↗
- DuPontsite ↗
- Eatonsite ↗
- Ecolabsite ↗
- Emersonsite ↗
- General Dynamicssite ↗
- GE Aerospacesite ↗
- Honeywellsite ↗
- Illinois Tool Workssite ↗
- Johnson Controls Internationalsite ↗
- Kimberly-Clarksite ↗
- Northrop Grummansite ↗
- Parker-Hannifinsite ↗
- TE Connectivitysite ↗
- Trane Technologiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 26,161 | 24,610 | 24,575 | 24,948 |
| Operating income | 4,369 | -10,689 | 4,822 | 4,629 |
| Pretax income | 4,204 | -11,271 | 4,819 | 4,213 |
| Net income (attributable) | 5,777 | -6,995 | 4,173 | 3,250 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -5.9% | -0.1% | 1.5% |
| Operating margincalcoperating income ÷ revenue × 100 | 16.7% | -43.4% | 19.6% | 18.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.1% | -28.4% | 17.0% | 13.0% |
| Balance sheet ($M) | ||||
| Total assets | 46,455 | 50,580 | 39,868 | 37,733 |
| Total equity | 14,770 | 4,868 | 3,894 | 4,747 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 15,939 | 14,240 | 13,044 | 12,602 |
| Equity ratio | 31.7% | 9.5% | 9.6% | 12.5% |
| ROE | 38.8% | -71.6% | 96.5% | 76.1% |
| Cash flow ($M) | ||||
| Operating CF | 5,591 | 6,680 | 1,819 | 2,306 |
| Investing CF | -1,046 | -1,207 | -3,206 | 1,350 |
| Financing CF | -5,350 | -3,147 | 1,098 | -4,016 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,842 | 5,065 | 638 | 1,396 |
| Cash and equivalents | 3,655 | 5,933 | 5,600 | 5,235 |
| Per share & other | ||||
| EPS ($) | 10.18 | -12.63 | 7.55 | 6.00 |
| BVPS ($) | 26.80 | 8.70 | 7.12 | 8.87 |
| Dividend per share ($) | 5.96 | 6.00 | 3.61 | 2.92 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 58.5% | — | 47.8% | 48.7% |
| P/E (x) | 9.9 | — | 17.1 | 26.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 10.9 | — | 12.5 | 15.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.74 | 10.51 | 18.13 | 18.06 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $6.58B+1.0% | $1.56B+7.7% | $1.37B+64.6% | $2.63 |
| 2026-06-30 | $6.5B+2.5% | $984M-13.7% | $933M+29.0% | $1.78 |
| 2026-03-31 | $6.03B+1.3% | $1.4B+12.1% | $653M-41.5% | $1.23 |
| 2025-12-31 † | $6.13B+2.0% | $796M-26.6% | $577M-20.7% | — |
| 2025-09-30 | $6.52B | $1.45B | $834M | $1.55 |
| 2025-06-30 | $6.34B | $1.14B | $723M | $1.34 |
| 2025-03-31 | $5.95B | $1.25B | $1.12B | $2.04 |
| 2024-12-31 † | $6.01B | $1.09B | $728M | $1.33 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020: 3M spun off its Health Care business (Solventum) on April 1, 2024; 2020 figures were not restated to exclude it and are not comparable with later years.
- FY2021: 3M spun off its Health Care business (Solventum) on April 1, 2024; 2021 figures were not restated to exclude it and are not comparable with later years.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
23.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,629M × (1 − 15%) ÷ $17,144M × 100 = 23.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.35%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $84.9B ÷ ($84.9B + $12.6B) = 87.1%
e.g.Debt weight: $12.6B ÷ ($84.9B + $12.6B) = 12.9%
e.g.WACC: 10.3% × 87.1% + 3.6% × (1 − 15%) × 12.9% = 9.35%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.7%–11.3% and ROIC − WACC runs +11.6 to +15.2 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 9.35% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.97 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.29%
- Cost of debt
- 3.55%
- Tax rate
- 15% (effective rate, FY2022–FY2025)
- Capital structure (equity : debt)
- 87% : 13%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.35%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.97 (price-derived adjusted beta. Raw β 0.95, R² 0.22, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.955 + 0.33 = 0.970
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.97 × 5.5% = 10.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
8.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.3% − 1.3%
Past FCF growth (FY2022–FY2025)
-28.6%
Compound annual rate, 3 years
Past revenue growth (FY2022–FY2025)
-1.6%
Compound annual rate, 3 years
Inputs (FY2025): free cash flow $1.4B (operating CF − capex); enterprise value $108.19B = market cap $100.82B (latest close, 2026-11-04) + debt $12.6B − cash and short-term investments $5.24B; r = WACC of 9.3% using this page’s default assumptions (β 0.97, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$116.33B
FCF $1.4B ÷ (9.3% − 8.1%)
Theoretical ÷ actual enterprise value
1.08x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.3% | 8.3% | 9.3% | 10.3% | 11.3% |
|---|---|---|---|---|---|
| 0% | 0.18x | 0.16x | 0.14x | 0.13x | 0.11x |
| 2% | 0.24x | 0.20x | 0.18x | 0.16x | 0.14x |
| 4% | 0.39x | 0.30x | 0.24x | 0.20x | 0.18x |
| 6% | 0.99x | 0.56x | 0.39x | 0.30x | 0.24x |
| 8% | — | 4.30x | 0.99x | 0.56x | 0.39x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.70x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): 2.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 110%
Most profit comes from core operations.
- ✓
Days sales outstanding: 63 → 49 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-03
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,306M ÷ $3,250M = 0.71x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,629M ÷ $4,213M × 100 = 110%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,194M + $3,533M) ÷ 2 ÷ $24,948M × 365 = 49 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($3,698M + $3,661M) ÷ 2 ÷ $14,991M × 365 = 90 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 75.1%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 24.9%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 353 of 416
- Beta (adjusted)
- 0.97
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 85% of covered companies have more
above 1 = swings more than the market
- 387.5M shares reported by 2,235 13F filers ÷ 515.7M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Breadth of technology platforms
Products across safety, industrial, electronics and consumer markets built on shared technologies.
Evidence: Form 10-K (FY2025)
2. Margin improvement
Safety and Industrial operating income rose 13.9% to $2,836M in 2025 (24.9% of sales).
Evidence: Form 10-K (FY2025)
3. Global presence
About 56% of 2025 net sales came from outside the U.S.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Litigation burden
PFAS and Combat Arms settlements require multi-year payments; 3M had paid $8.2B on these settlements through 2025.
Evidence: Form 10-K (FY2025)
2. Flat sales
Net sales were $24,610M (2023), $24,575M (2024) and $24,948M (2025).
Evidence: Form 10-K (FY2025)
3. Lower dividend
Annual dividend per share fell from $6.00 (2023) to $2.92 (2025) after the Solventum spin.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
26.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.82%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
49%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.6%
(Operating CF − capex) ÷ market cap
1. Post-settlement focus
Major PFAS water and earplug claims are under settlement.
- What has to hold
- Remaining claims stay within accruals.
- The other side
- Further PFAS cases pending.
Evidence: Form 10-K (FY2025)
2. Margin recovery
Segment operating margins rose in 2025.
- What has to hold
- Cost actions persist.
- The other side
- Flat sales.
Evidence: Form 10-K (FY2025)
2023 includes large settlement charges (net loss $6,995M). 2020–2021 are excluded because they include the Health Care business spun off as Solventum.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.1x
$5.24B vs. $1.67B
Interest coverage (operating income ÷ interest expense)
10.3x
$4.63B vs. $448M
Free cash flow ÷ dividends paid
0.9x
$1.4B vs. $1.56B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.9% in FY2023 ($26.16B → $24.61B) | Not yet, as of FY2025 |
| Operating income | -344.7% in FY2023 ($4.37B → −$10.69B) | Yes, by FY2024 |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
Operating cash flow stayed positive every year, including 2023 ($6,680M) despite the settlement charges.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
3M faces extensive PFAS (including AFFF firefighting foam) litigation and has settled Combat Arms Earplugs claims.
2 open matters (1 flagged as major) · 2 settled or closed
AFFF multidistrict litigation
PendingProduct liabilityMajorIndividuals, states, water systems
About 15,250 cases relating to alleged PFAS contamination or exposure from AFFF were pending in the AFFF MDL as of October 1, 2026, brought by individuals, water systems, states and others.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Other PFAS suits
PendingClass actionVarious plaintiffs
Putative class actions and other suits outside the MDL, including Georgia ratepayer cases (trial date set for January 2027), firefighter turnout gear cases and Canadian class actions.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
PFAS public water supplier settlement
SettledEnvironmentalU.S. public water systems
Settlement with U.S. public water suppliers approved in March 2024; 3M will pay $10.5–12.5 billion over time.
- Amounts
- $10.5–12.5 billion
Source: Form 10-K (FY2025) — Note 17 Commitments and Contingencies
Combat Arms Earplugs settlement
SettledProduct liabilityEarplug claimants
3M will contribute up to $6.0 billion between 2023 and 2029 to resolve Combat Arms Earplug claims.
- Amounts
- Up to $6.0 billion
Source: Form 10-K (FY2025) — Note 17 Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note 17 Commitments and Contingencies, reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
PFAS litigation and regulation
- Company disclosure (summarized from the 10-K)
- About 15,250 cases were pending in the AFFF MDL as of October 1, 2026, plus many PFAS suits outside the MDL; outcomes could exceed accruals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Demand & macro
Industrial and consumer demand
- Company disclosure (summarized from the 10-K)
- Sales depend on global industrial, electronics, automotive and consumer markets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Geopolitics & supply chain
Trade and geopolitics
- Company disclosure (summarized from the 10-K)
- International trade and geopolitical conditions affect a business with most sales abroad.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Portfolio changes
- Company disclosure (summarized from the 10-K)
- Divestitures (fused silica, precision grinding and finishing) and the Solventum separation.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 5Funding & liquidity
Settlement cash outflows
- Company disclosure (summarized from the 10-K)
- Multi-year settlement payments compete with other uses of cash.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
The Company is also subject to certain risks as a direct and indirect supplier to the U.S. Read more
government and other governments, such as those associated with compliance with procurement regulations, as well as the government’s rights to audit and conduct investigations and to terminate contracts. There is also uncertainty as to the extent and timing of funding that may be available for U.S. federal government and other government procurement activities. Failure by the Company or one of its customers, suppliers, vendors, or channel partners to comply with provisions of government contracts or related laws, regulations, executive orders, or other government actions could result in the Company being unable to fulfill its contract commitments under a government contract or inability to realize the full value of such contract. Significant administrative, civil or criminal liabilities, including…
Artificial intelligence (AI) technologies support a range of the Company’s activities, including research and development, operational processes, customer facing tools, and other business functions. Read more
The use of AI introduces risks that could adversely affect the Company’s business, results of operations, or financial condition. AI systems may produce inaccurate, biased, or incomplete outputs, which could lead to operational errors, reduced product or service quality, or unintentional impacts on business decisions. External vendors and third party AI tools may expose the Company to additional risks, including insufficient transparency into model performance, vulnerabilities in underlying technologies, or disruptions in service availability. AI development and deployment also require security, and proper governance of the data used. Use of AI tools, including third party platforms,…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 3, 2026 ↗ with the 10-K filed Feb 5, 2025 ↗.
25
What to watch going forwardSite analysis
- PFAS litigation outside the PWS settlement (personal injury, states, trial dates such as January 2027).
- Remaining Combat Arms settlement payments through 2029.
- Organic sales growth and segment margins.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 12:44 (SEC EDGAR) · Source 10-K filed: February 3, 2026
Built on10-K FY2025 · filed 2026-02-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent 3M’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.