3m Co (MMM)
Industrials · Industrial Conglomerates · US stock · S&P 500 component
$175.56
▲ +0.82 (0.47%)
Fair valueOvervalued
$142 −19.0% to fair value
$71fair band $121–$172$213
Day's range
$173.07 – $176.18
52-week range
$139.34 – $184.90
About 3m Co
3M is a diversified industrial and consumer products manufacturer built on materials science. It makes adhesives, abrasives, films, filtration products, safety equipment, electronics materials and everyday consumer brands such as Post-it and Scotch. Its customers include manufacturers, automakers, electronics firms, construction and safety customers, retailers and households. The company is organised around safety and industrial, transportation and electronics, and consumer businesses.
Money comes from supplying products across these industrial and consumer lines. Revenue is $25.2 billion over the last twelve months, with revenue growth over three years of -1.6% a year. The operating margin is 18.4%, and the business earns a profit of 28% on the capital invested in it. The company has net debt of 1.6 times EBITDA, and the dividend yield is 1.7%. On the site's X-Ray Score it receives 38 out of 100.
Price chart
52-wk range $139.34 – $184.90Volume 5,953,320Daily, split-adjusted
Vitals
Market cap$91.7B
52-week range$139.34 – $184.90
Volume (last day)5,953,320
P/E (TTM)31.3
EBIT / EV yield4.6%
Free-cash-flow yield4.3%
Dividend yield1.7%
Revenue (TTM)$25.2B
Net income (TTM)$3.0B
Operating margin18.4%
Return on capital28.4%
Debt incl. leases$12.6B
Cash & securities$3.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$142middle half of models $108 – $168
Overvalued
−19.0% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $176
Undervalued < $121Fair $121 – $172Overvalued > $172
P/E multiple
$164
P/B multiple
$110
P/S multiple
$172
EV/EBITDA multiple
$177
EV/EBIT multiple
$171
EV/revenue multiple
$175
10-year DCF, EBITDA exit
$151
5-year DCF, EBITDA exit
$160
10-year DCF, revenue exit
$160
5-year DCF, revenue exit
$166
10-year DCF, growth exit
$106
5-year DCF, growth exit
$103
Dividend discount, stable
$100
Dividend discount, multi-stage
$119
Earnings power value
$97
Growth the price implies
18.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
36/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.6%
Free-cash-flow yield4.3%
Fair value vs price0.8×
Growth
Weak
18/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-1.6%
EPS growth (3y)-16.2%
Growth consistency70%
Profitability
Fair
60/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital28.4%
Operating margin18.4%
Gross profitability28.4%
Financial health
Weak
39/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA1.6×
Interest cover5.3×
Dividends
Weak
25/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.7%
Dividends vs free cash flow40%
Dividend growth-22.6%
Quarterly results: last 6 quarters
-1.0%
Mar '25
+1.4%
Jun '25
+3.5%
Sep '25
+2.0%
Dec '25
+1.3%
Mar '26
+2.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.5B, diluted EPS $1.78.
Compare with peers
HON Honeywell Internationa...55 DD DuPont de Nemours, Inc...24Other Industrial Conglomerates companies by X-Ray Score.
SWOT analysis: 3m Co
Strengthsinside the company
- Return on invested capital is 28.4%, against a median of 14.9% for sector peers.
Weaknessesinside the company
- Revenue has fallen 1.6% a year over three years while sector peers grew 5.6%.
- Earnings per share have declined 16.2% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- The price is 19% above our fair value estimate, so there is little room for disappointment.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MMM with peers and sector
Medians of 80 Industrials peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): CAT 43, GE 49, RTX 51, GEV 50, UNP 45, DE 43.
| Metric | MMM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 38 | 51 | 51 |
| Valuation | 35 | 48 | 48 |
| Growth | 18 | 51 | 51 |
| Profitability | 60 | 50 | 50 |
| Financial health | 39 | 49 | 49 |
| Dividends | 25 | 53 | 53 |
Sector leaders: highest X-Ray Score in Industrials
MMM ranks #71 of 81 in Industrials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MMM
Each factor is rated by where MMM stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 13 Average · 7 Bad of 23
Growth: 0 · 0 · 3
Profitability: 2 · 3 · 0
Financial strength: 0 · 2 · 2
Valuation: 0 · 4 · 1
Cash flow: 1 · 2 · 1
Efficiency: 0 · 2 · 0
| Factor | MMM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −1.6% | Bad beats 17% | +5.6% | – | – |
| Revenue growth, last year | +1.5% | Bad beats 28% | +4.5% | −0.1% | ≈ In line |
| EPS growth, 3 years a year | −16.2% | Bad beats 9% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 39.4% | Average beats 59% | 38.0% | 39.9% | ≈ In line |
| Operating margin | 18.4% | Average beats 61% | 17.5% | 18.6% | ≈ In line |
| Net margin | 11.9% | Average beats 48% | 12.8% | 16.7% | ▼ Worse |
| Return on invested capital | 28.4% | Good beats 81% | 14.9% | – | – |
| Return on equity | 101.5% | Good beats 98% | 23.7% | 39.4% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 1.6x | Average beats 57% | 1.8x | 1.3x | ≈ In line |
| Interest cover | 5.3x | Bad beats 12% | 21.4x | 4.9x | ≈ In line |
| Current ratio | 1.24 | Average beats 48% | 1.25 | 1.54 | ▼ Worse |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 30.6x | Average beats 44% | 28.9x | 15.9x | ▼ Worse |
| Price / book | 31.1x | Bad beats 2% | 6.2x | 10.5x | ▼ Worse |
| Price / sales | 3.6x | Average beats 46% | 3.5x | 2.5x | ▼ Worse |
| EV / EBITDA | 16.9x | Average beats 57% | 18.5x | 11.9x | ▼ Worse |
| Free cash flow yield | 4.3% | Average beats 61% | 3.8% | 6.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 15.8% | Average beats 60% | 13.8% | 14.7% | ≈ In line |
| Cash from operations / net income | 1.63 | Average beats 66% | 1.39 | 0.84 | ▲ Better |
| Free cash flow growth, 3 years a year | −28.6% | Bad beats 1% | +14.5% | – | – |
| Accruals (lower is better) | −5.4% | Good beats 76% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.0x | Average beats 50% | 4.0x | 3.8x | ≈ In line |
| Days sales outstanding | 57 days | Average beats 50% | 57 days | 52 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 6 Average · ● 6 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $35.4B | $26.2B | $24.6B | $24.6B | $24.9B |
| Operating income | $7.4B | $4.4B | −$10.7B | $4.8B | $4.6B |
| Net income | $5.9B | $5.8B | −$7.0B | $4.2B | $3.3B |
| Operating cash flow | $7.5B | $5.6B | $6.7B | $1.8B | $2.3B |
| Operating margin | 20.8% | 16.7% | -43.4% | 19.6% | 18.6% |
| Free cash flow | $5.9B | $3.8B | $5.1B | $638M | $1.4B |
| Diluted EPS | $10.12 | $10.18 | $-12.63 | $7.55 | $6.00 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 166.2 | Bullish |
| EMA 10 | 168.3 | Bullish |
| SMA 20 | 165.5 | Bullish |
| EMA 20 | 166.9 | Bullish |
| SMA 50 | 169.2 | Bullish |
| EMA 50 | 167.3 | Bullish |
| SMA 100 | 166.9 | Bullish |
| EMA 100 | 165.6 | Bullish |
| SMA 200 | 159.9 | Bullish |
| EMA 200 | 161.5 | Bullish |
Oscillators (daily)
| RSI (14) | 65.05 | Neutral |
| MACD (12, 26) | 0.84 | Bullish |
| Momentum (12) | 7.28 | Bullish |
| Stochastic %K (14) | 96.35 | Bearish |
| Williams %R (14) | -3.65 | Bearish |
| CCI (20) | 196.0 | Bearish |
Pivot points (classic, last session)
S3 170.6 | S2 171.8 | S1 173.7 | Pivot 174.9 | R1 176.8 | R2 178.0 | R3 179.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.07 USD
Yield on today's price
1.75%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7800 | |
| 0.7800 | |
| 0.7800 | |
| 0.7300 | |
| 0.7300 | |
| 0.7300 | |
| 0.7300 | |
| 0.7000 | |
| 0.7000 | |
| 0.7000 | |
| 1.5100 | |
| 1.5000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MMM
| ETF | Share of the fund |
|---|---|
| FTCS First Trust Capital Strength | 2.11% |
| XLI Industrial Select Sector SPDR | 1.47% |
| JEPI JPMorgan Equity Premium Income | 1.42% |
| NULV Nuveen ESG Large-Cap Value | 1.36% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.33% |
| DDM ProShares Ultra Dow30 | 1.33% |
| FIDU Fidelity MSCI Industrials Index | 1.32% |
| VIS Vanguard Industrials | 1.15% |
The eight funds with the largest weight in MMM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MMM stock splits
MMM has split its stock 2 times since 1994. The latest was a 2-for-1 split on 30 Sep 2003.
Full MMM stock split history →MMM SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.