MMM Industrials

3M Company

$177.05-0.73%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Industrials
Industry: Conglomerates
Country: United States
Market cap: 91.3B USD
Enterprise value: 94.6B USD
Full-time employees: 60,500

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.06 vs a peer median of 0.64), less short-term liquidity (current ratio 1.24 vs a peer median of 1.62) and more debt relative to equity (4.25× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.06 vs peers 0.64), less liquidity (current ratio 1.24 vs peers 1.62) and more debt vs equity (4.25× vs peers 0.40×)
About average: valuation

Ranks #1,447 of 2,308 industrials companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $11.9B vs $7.1B of free cash flow over the 3 fiscal years to 2025.
3M returned $11.9B to shareholders over three years, 168% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Much more borrowing than peers. Debt is 4.3× equity vs a peer median of 0.4×.Debt is 4.3× equity vs peers 0.4×.
Debt is 4.3× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 4.3× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Profit is backed by cash. Free cash flow is 133% of reported profit.
3M's free cash flow is 133% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 18% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 18% vs peers 7.7%.
3M keeps 18% of revenue as operating profit, more than 86% of peers (median 7.7%).

StockQuotient Score

45/ 100

Oct 5 46 → Nov 4 45 (-1)

Valuation

Is the price right?

44/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 45 → 44

Share price +3.2%-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.17Sector median: 0.0377 · MAD: 0.0294

EBITDA yield6.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.23Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield4.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.18Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield3.2%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

37/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-21.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.15Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth6.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.33Sector median: 0.0421 · MAD: 0.0625

Revenue growth2.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.27Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin18.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.10Sector median: 0.0773 · MAD: 0.0507

Return on assets8.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.28Sector median: 0.0311 · MAD: 0.0241

Return on invested capital29.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.94Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin39.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity101.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.06

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.51Sector median: 0.6440 · MAD: 0.2745

Current ratio1.24×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.70Sector median: 1.6180 · MAD: 0.5360

Debt / equity4.25×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about 3M

Is 3M getting weaker?: Its latest SEC filing (Jul 21, 2026) showed no major changes. Its overall score is unchanged at 45/100 since Oct 28, 2026.
How is 3M valued vs its peers?: Priced about in line with its peers. Valuation scores 44/100 against 2,459 industrials peers.
Is 3M growing?: More slowly than most of its peers. Growth scores 37/100 against 2,459 industrials peers. Earnings per share growth -21.4% vs a peer median of 7.1% (weaker than 77% of peers).Earnings per share growth -21.4% vs peers 7.1% (weaker than 77% of peers).
How profitable is 3M?: More profitable than most of its peers. Profitability scores 95/100 against 2,459 industrials peers. Return on invested capital 29.1% vs a peer median of 7.1% (stronger than 93% of peers).Return on invested capital 29.1% vs peers 7.1% (stronger than 93% of peers).
How risky is 3M?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 4.25× vs a peer median of 0.40× (weaker than 100% of peers).Debt / equity 4.25× vs peers 0.40× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 21, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	25.0B USD	25.2B USD	+0.6%
Net income (12 months)	2.8B USD	3.0B USD	+7.5%
Operating margin	19.1%	18.4%	−0.7 pts
Free cash flow (12 months)	2.1B USD	4.0B USD	+93.4%
Debt	12.6B USD	12.6B USD	−0.0%
Cash	3.7B USD	3.0B USD	−20.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Conglomerates companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	46.8%	39.4%	39.1%	41.2%	39.9%	▼ 1.3 pts
Operating margin	20.8%	16.7%	-43.4%	19.6%	18.6%	▼ 1.1 pts
Net margin	16.7%	22.1%	-28.4%	17.0%	13.0%	▼ 4.0 pts
Return on assets (ROA)	12.6%	12.4%	-13.8%	10.5%	8.6%	▼ 1.9 pts
Return on equity (ROE)	39.4%	39.2%	-145.5%	108.6%	69.1%	▼ 39 pts
Free cash flow margin	16.5%	14.7%	20.6%	2.6%	5.6%	▲ 3.0 pts
Current ratio	1.70×	1.54×	1.07×	1.41×	1.71×	▲ 21%
Quick ratio	1.15×	0.98×	0.81×	1.08×	1.33×	▲ 23%
Debt to equity	1.15×	1.08×	3.34×	3.40×	2.68×	▼ 21%
Interest coverage	15.10×	9.46×	-11.35×	4.05×	4.89×	▲ 21%

MMM price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.06 vs a peer median of 0.64), less short-term liquidity (current ratio 1.24 vs a peer median of 1.62) and more debt relative to equity (4.25× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.06 vs peers 0.64), less liquidity (current ratio 1.24 vs peers 1.62) and more debt vs equity (4.25× vs peers 0.40×)

About average: valuation

Ranks #1,447 of 2,308 industrials companies (bottom 38%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $11.9B vs $7.1B of free cash flow over the 3 fiscal years to 2025.

3M returned $11.9B to shareholders over three years, 168% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Much more borrowing than peers. Debt is 4.3× equity vs a peer median of 0.4×.Debt is 4.3× equity vs peers 0.4×.

Debt is 4.3× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 4.3× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Profit is backed by cash. Free cash flow is 133% of reported profit.

3M's free cash flow is 133% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Wide margins. Operating margin 18% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 18% vs peers 7.7%.

3M keeps 18% of revenue as operating profit, more than 86% of peers (median 7.7%).

Questions investors ask about 3M

Is 3M getting weaker?

Its latest SEC filing (Jul 21, 2026) showed no major changes. Its overall score is unchanged at 45/100 since Oct 28, 2026.

How is 3M valued vs its peers?

Priced about in line with its peers. Valuation scores 44/100 against 2,459 industrials peers.

Is 3M growing?

More slowly than most of its peers. Growth scores 37/100 against 2,459 industrials peers. Earnings per share growth -21.4% vs a peer median of 7.1% (weaker than 77% of peers).Earnings per share growth -21.4% vs peers 7.1% (weaker than 77% of peers).

How profitable is 3M?

More profitable than most of its peers. Profitability scores 95/100 against 2,459 industrials peers. Return on invested capital 29.1% vs a peer median of 7.1% (stronger than 93% of peers).Return on invested capital 29.1% vs peers 7.1% (stronger than 93% of peers).

How risky is 3M?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 4.25× vs a peer median of 0.40× (weaker than 100% of peers).Debt / equity 4.25× vs peers 0.40× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

25.0B USD

25.2B USD

+0.6%

Net income (12 months)

2.8B USD

3.0B USD

+7.5%

Operating margin

19.1%

18.4%

−0.7 pts

Free cash flow (12 months)

2.1B USD

4.0B USD

+93.4%

Debt

12.6B USD

12.6B USD

−0.0%

Cash

3.7B USD

3.0B USD

−20.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

46.8%

39.4%

39.1%

41.2%

39.9%

▼ 1.3 pts

Operating margin

20.8%

16.7%

-43.4%

19.6%

18.6%

▼ 1.1 pts

Net margin

16.7%

22.1%

-28.4%

17.0%

13.0%

▼ 4.0 pts

Return on assets (ROA)

12.6%

12.4%

-13.8%

10.5%

8.6%

▼ 1.9 pts

Return on equity (ROE)

39.4%

39.2%

-145.5%

108.6%

69.1%

▼ 39 pts

Free cash flow margin

16.5%

14.7%

20.6%

2.6%

5.6%

▲ 3.0 pts

Current ratio

1.70×

1.54×

1.07×

1.41×

1.71×

▲ 21%

Quick ratio

1.15×

0.98×

0.81×

1.08×

1.33×

▲ 23%

Debt to equity

1.15×

1.08×

3.34×

3.40×

2.68×

▼ 21%

Interest coverage

15.10×

9.46×

-11.35×

4.05×

4.89×

▲ 21%