3M (MMM)
Industrials · $86.3B market cap · SEC CIK 0000066740
fundamentals score out of 100
Next reports on Oct 19, 2026, with analysts expecting $2.42 in earnings per share.
The case for MMM
- Earns 77% on shareholder equity, a figure flattered by a small equity base.
- Pays a 6.3% dividend while you wait.
The case against
- Earnings per share down 21.7%.
- Priced at 28.8× earnings while earnings per share are shrinking (-21.7%).
- Heavily leveraged. Debt is 4.3× equity.
- Priced at 29× book value. Very little hard asset backing here.
- Revenue has shrunk 5.0% a year over five years.
- Only 43% of FY2025's $3.3B profit arrived as free cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 29 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 13 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 51 |
| Momentumhow the price has behaved lately | 59 |
| Stabilityhow violently it moves, what it owes and what it pays you | 60 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 28.8× |
|---|---|
| Price / book | 28.61× |
| Price / sales | 3.4× |
| Revenue growth (YoY) | +2.4% |
| EPS growth (YoY) | -21.7% |
| Gross margin | 39% |
| Operating margin | 18% |
| Net margin | 12% |
| Return on equity | 77% |
| Debt / equity | 4.25× |
| Current ratio | 1.24 |
| Dividend yield | 6.25% |
| Beta | 1.01 |
| 52-week range | $139.34 – $184.90 |
| Position in that range | 66% of the way up |
| 3-month return | +2.7% |
| 1-year return | +5.3% |
Five years of financials, as filed
Pulled from 3M's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $24.9B | $24.6B | $24.6B | $26.2B | $35.4B |
| Operating income | $4.6B | $4.8B | -$10.7B | $4.4B | $7.4B |
| Net income | $3.3B | $4.2B | -$7.0B | $5.8B | $5.9B |
| Operating cash flow | $2.3B | $1.8B | $6.7B | $5.6B | $7.5B |
| Capital expenditure | $910M | $1.2B | $1.6B | $1.7B | $1.6B |
| Total assets | $37.7B | $39.9B | $50.6B | $46.5B | $47.1B |
| Total liabilities | $33.0B | $36.0B | $45.7B | $31.7B | $32.0B |
| Shareholder equity | $4.7B | $3.8B | $4.8B | $14.7B | $15.0B |
| Cash | $5.2B | $5.6B | $5.9B | $3.7B | $4.6B |
| Long-term debt | $10.9B | $11.1B | $13.1B | $14.0B | $16.1B |
| Free cash flow | $1.4B | $638M | $5.1B | $3.8B | $5.9B |
| Operating margin | 18.6% | 19.6% | -43.4% | 16.7% | 20.8% |
| Net margin | 13.0% | 17.0% | -28.4% | 22.1% | 16.7% |
| Diluted shares | 541M | 552M | 554M | 568M | 585M |
Share count is down 7.5% over 4 years. Buybacks have been shrinking the pie.
What 3M says it does
3M Company was incorporated in 1929 under the laws of the State of Delaware to continue operations begun in 1902. The Company’s ticker symbol is MMM. As used herein, the term "3M" or "Company" includes 3M Company and its subsidiaries unless the context indicates otherwise. In this document, for any references to Note 1 through Note 20, refer to the Notes to Consolidated Financial Statements in Item 8. Available Information : The Securities and Exchange Commission (SEC) maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC. The public can obtain any documents that the Company files with the SEC at https://www.sec.gov. The Company files annual reports, quarterly reports, proxy statements and other documents with the SEC under the Securities Exchange Act of 1934 (Exchange Act). 3M also makes available free of charge…
Risk factors MMM lists in its 10-K
- Risks Related to the Global Economy and External Conditions
- * The Company’s results are impacted by the effects of, and changes in, worldwide economic, political, regulatory, international trade, geopolitical, tariffs and retaliatory counter measures, and other external conditions
- * Foreign currency exchange rates and fluctuations in those rates may affect the Company’s ability to realize projected growth rates in its sales and earnings
- Risks Related to Legal and Regulatory Proceedings
- * The Company faces liabilities related to certain fluorochemicals, which could have a material adverse effect on our results
- Risks Related to Our Products and Customer Preferences
- * The Company’s results are affected by competitive conditions and customer preferences
- *The Company’s use of artificial intelligence technologies exposes the Company to risks which could have a material adverse effect on the Company’s business, reputation and results of operations
- * Acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies could affect future results
- * The Company’s future results may be affected by its operational execution, including through organizational restructurings and scenarios where the Company generates fewer productivity improvements than planned
- Risks Related to Financial and Capital Markets and Tax Matters
- * The Company's defined benefit pension and postretirement plans are subject to financial market risks that could have a material adverse effect on our results
- * Change in the Company’s credit ratings or increases in benchmark interest rates could increase cost of funding
- * Changes in tax rates, laws, or regulations could adversely impact our financial results