3M Company

Surgical & Medical Instruments & Apparatus

MMMMixed9 of 11 basics passed

$160.20

-2.07%

Market cap $82.6B

$160.20

-2.07%

Market cap $82.6B

3M, a multinational conglomerate founded in 1902, sells tens of thousands of products ranging from sponges to respirators. The firm is well known for its extensive research and development capabilities, and it is a pioneer in inventing new use cases for its proprietary technologies.

It is a $82.6B healthcare company. Revenue grew 2.3% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~1.2 years of free cash flow. It trades at 27.5× earnings — in the most expensive third of its own history.

Website: 3m.com
Location: St Paul, MN
Employees: 60 500
Sector: Healthcare
Founded: 2011

Share price · 3 years

$75.79 → $160.20+111.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $25.2B
Profit: keeps 12¢ of every $1 sold; $3.00B
Free cash flow: cash left after running the business; $3.98B
Net debt: debt minus cash on hand; $4.67B
P/E: years of profit in the price; 27.5
EPS: earnings per share, TTM; $5.54
Dividend: pays out 53% of profit · 40% of FCF · raised 65+ yrs; 1.93%
Shares: down 13% since 2016 — buybacks; 541.3M
Volatility: beta vs the market — under 1 swings less; 1.00

Revenue, last 10 years

52-week range

Low $141.20$160.20High $183.78

Today's price is 45% of the way from the year's low to its high.

P/E vs its history5y

27.5×median 17.9×

Higher than 82% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

27.5×

18%

P/S

3.3×

24%

EV/EBITDA

18.2×

90%

P/B

27.5×

FCF yield

4.8%

33%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Healthcare

Size$82.6Btop 24%
Revenue growth-2%top 87%
Net margin12%top 39%
Return on equity77%top 10%
P/E27.5×top 53%
Dividend yield1.93%top 38%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Valuation, Growth and Health lag behind.

Valuation44

P/E vs own history82th pct · 0/25
FCF yield4.8% · 12/25
P/S3.3x · 20/25
EV/EBITDA15.3x · 12/25

Growth25

Revenue CAGR-8.3% · 0/25
Net income CAGR-13.9% · 0/25
EPS CAGR ~5Y-8.3% · 0/25
Fwd implied growth55.3% · 25/25

Profitability90

ROIC34.7% · 25/25
ROE77.1% · 25/25
Net margin11.9% · 20/25
Operating margin18.4% · 20/25

Health49

Altman Zn/a · 0/25
Current ratio1.24 · 12/25
Interest coverage14.5x · 25/25
Net cash / debtD/A 12% · 12/25

Quality66

Piotroski F6/9 · 15/25
Beneish M-2.36 · 20/25
FCF conversion133% · 25/25
Margin stabilityσ 15.9% · 6/25

Moat65

ROIC >12% years8/10 yrs · 20/25
Median gross margin46.8% · 20/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -21.4% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$5.92B net income
2019Acquisition
3M purchased Acelity and its KCI subsidiaries for $6.7 billion, including assumption of debt and…
Dec 19, 2018Acquisition
3M announced it had entered into a definitive agreement to acquire the technology business of…
2017Acquisition
3M purchased Johnson Controls International Plc's safety gear business, Scott Safety, for $2 billion
FY2016Financial
First recorded profitable year
$5.05B net income
FY2016Financial
Revenue already above $10B
$30.1B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2011Founded
3M created CloudLibrary as part of its library systems unit as a competitor to OverDrive, Inc
1979Product
3M introduced a digital audio recording system called "3M Digital Audio Mastering System"
1977Product
3M launched "Press 'n Peel", a sticky bookmark page holder in stores in four cities in 1977, but the results were…
1951Acquisition
DuPont purchased PFOA from then-Minnesota Mining and Manufacturing Company for use in the manufacturing of…
1924Acquisition
3M obtained its first patent in 1924 and acquires approximately 3,000 new patents annually
1916Milestone
3M finally became financially stable in 1916 and was able to pay dividends
1905Acquisition
Co-founder John Dwan solicited funds in exchange for stock and Edgar Ober and Lucius Ordway took over the company in…

Achievements

Verifiable track record, straight from the reported numbers.

#24 largest of 98 Healthcare companies by market cap

Dividend King — raised its dividend 65+ years in a row

$10 000 invested in 2021 would be worth ~$10 503 today — price return only

$24.9B revenue in FY2025

Positive free cash flow 10 years in a row

60 500 employees

ROIC of 34.7%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strong cash conversion — FCF is 15.8% of revenue
Interest covered 14.5× by operating earnings
High returns on invested capital (ROIC 34.7%)

Watch-outs

Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+2.3% YoY
Profitable — makes more than it spends$3.00B TTM
Profit growing — earnings are higher than last year-16.1% YoY
Generates cash — cash left after running and investing$3.98B TTM
Debt under control — could handle its obligations~1.2y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$82.6B market cap
Not printing shares — share count not ballooning — you keep your slice-7.0% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distresshealth score 37/100
Pays a dividend — returns cash to shareholdersyield 1.93%
Valuation not extreme — price not wildly above earningsP/E 27.5

Peer comparison3M Company vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MMM this company	$82.6B	27.5	+2.3%	11.9%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: MMM vs LLY · MMM vs JNJ · MMM vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 9Hold 9Sell 1Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $25.2B · net income $3.00B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$25.2B

YoY 2.3%

Net income (TTM)

$3.00B

Margin 11.9%

Gross margin

39.4%

Operating margin

18.4%

P/E ratio

27.5

Dividend yield

1.93%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	32.2	35.4	34.2	32.7	24.6	24.9
Gross profit	15.6	16.6	15.0	14.2	10.1	10.0
Operating income (EBIT)	7.2	7.4	3.4	-9.1	4.8	4.6
Net income	5.4	5.9	5.8	-7.0	4.2	3.3
EPS (diluted)	9.25	10.12	10.18	-12.63	7.55	6.00

Cash flowFree cash flow $3.98B · operating cash flow $4.90B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.98B

Margin 15.8%

Operating cash flow (TTM)

$4.90B

FCF margin

15.8%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	8.1	7.5	5.6	6.7	1.8	2.3
Capital expenditure	-1.5	-1.6	-1.7	-1.6	-1.2	-0.9
Free cash flow	6.6	5.9	3.8	5.1	0.6	1.4
FCF margin	20.5%	16.5%	11.2%	15.5%	2.6%	5.6%

Balance sheetAssets $37.7B · net debt $4.67B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $37.7B of assets is financed

88%

Liabilities $33.0B — borrowed moneyEquity $4.70B — owners' stake

Cash vs debt

Total debt $12.6B − cash $7.93B = net debt $4.67B

Cash on hand covers 63% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

14.5x

EBIT ÷ interest expense

ROE

77.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.4	4.8	3.9	5.8	7.7	7.9
Total assets	47.3	47.1	46.5	50.6	39.9	37.7
Total liabilities	34.4	32.0	31.7	45.7	36.0	33.0
Total debt	18.0	17.4	15.9	16.0	13.0	12.6
Equity	12.9	15.0	14.7	4.8	3.8	4.7
Net debt	17.6	12.6	12.0	10.3	5.3	4.7

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MMM on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $160.20 · market cap $82.6B.