Industrials · Industrial Conglomerates · US stock · price as of 22 Oct 2026
Key indicators
Price
$175.56
52-week range
$139.34 – $184.90
Market cap
$91.7B
P/E (trailing)
31.3×
EV / EBITDA
16.8×
Free-cash-flow yield
4.3%
Dividend yield
1.7%
Revenue (last 12 months)
$25.2B
Revenue growth (3y a year)
−1.6%
Operating margin
18.4%
Return on invested capital
28.4%
Net debt / EBITDA
1.6×
Fair value
Fair value (average of valid models)$142.14 middle half of models $108 – $168
Versus priceOvervalued−19% to fair value
P/E multiple
$164.47
P/B multiple
$110.46
P/S multiple
$171.59
EV/EBITDA multiple
$177.09
EV/EBIT multiple
$170.96
EV/revenue multiple
$174.77
10-year DCF, EBITDA exit
$151.41
5-year DCF, EBITDA exit
$159.79
10-year DCF, revenue exit
$159.95
5-year DCF, revenue exit
$165.64
10-year DCF, growth exit
$106.22
5-year DCF, growth exit
$103.49
Dividend discount, stable
$100.03
Dividend discount, multi-stage
$119.42
Earnings power value
$96.76
Model uncertainty
High
X-Ray Score
38/ 100 · High confidence · ahead of 12% of sector peers
Valuation35
Growth18
Profitability60
Financial health39
Dividends25
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives 3m Co an X-Ray Score of 38 out of 100 (high confidence), ahead of 12% of the S&P 500 stocks in its sector. Its strongest lens is profitability (60) and its weakest is growth (18).
Our fair value (the average of the valid models) is $142.14 (range $108.34 to $168.30). At $175.56 the stock trades 24% above that value, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
3m Co (MMM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$125.68
$88.44
$85.50
$124.94
$157.87
$175.56
Market cap
$73.6B
$50.2B
$47.4B
$69.0B
$85.5B
$91.7B
P/E
12.4×
8.7×
–
16.5×
26.3×
31.3×
EV / revenue
2.4×
2.4×
2.3×
3.1×
3.7×
4.0×
EV / EBITDA
9.3×
10.1×
–
12.4×
15.6×
16.9×
Price / free cash flow
12.6×
13.1×
9.4×
108.2×
61.2×
23.0×
Free-cash-flow yield
8.0%
7.7%
10.7%
0.9%
1.6%
4.3%
Price / book
4.9×
3.4×
9.9×
18.0×
18.2×
31.1×
Dividend yield
4.71%
6.74%
7.02%
2.89%
1.85%
1.75%
Fundamentals checklist ● 4 Good · ● 6 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.4%Good
Free-cash-flow yield4.3%Average
Risk models
Altman Z score5.1×Good
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−16.2%Bad
Free-cash-flow growth (3y)−28.6%Bad
Revenue growth (3y)−1.6%Bad
Growth consistency70%Average
Balance sheet
Current ratio1.2×Average
Net debt / EBITDA1.6×Average
Interest cover5.3×Bad
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield4.6%Average
Profitability
Return on invested capital28.4%Good
Operating margin18.4%Average
Gross profitability28.4%Good
XStocksXray
3m Co (MMM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
35,355
26,161
24,610
24,575
24,948
25,180
Gross profit
16,560
10,308
9,627
10,128
9,957
9,922
Operating income
7,369
4,369
-10,689
4,822
4,629
4,624
Net income
5,921
5,777
-6,995
4,173
3,250
2,997
Diluted EPS ($)
10.12
10.18
-12.63
7.55
6.00
5.62
Free cash flow
5,851
3,842
5,065
638
1,396
3,985
Gross margin
46.8%
39.4%
39.1%
41.2%
39.9%
39.4%
Operating margin
20.8%
16.7%
−43.4%
19.6%
18.6%
18.4%
Net margin
16.7%
22.1%
−28.4%
17.0%
13.0%
11.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
47,072
46,455
50,580
39,868
37,733
34,924
Cash
4,564
3,655
5,933
5,600
5,235
2,955
Total debt
17,347
15,939
14,240
13,044
12,602
12,551
Equity
15,046
14,722
4,807
3,842
4,702
2,952
Dividend per share ($)
5.92
5.96
6.00
3.61
2.92
3.02
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
