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3M (MMM) stock

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NYSE: MMM NYSE Industrial Conglomerates Next results ~January 19, 2027

A Fundamentals grade

3M is a US-listed company in the industrial conglomerates industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 42% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 42% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

3M valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter 3M files

10-Q filed October 20: 3M

Revenue for the twelve months to September 2026 was $25.2bn, up 1.7% on a year earlier, slower than the 2.3% growth a quarter earlier. Free-cash-flow margin rose to 10.6% from 6.4% a year earlier. The diluted share count is down 2.6% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C to C+.

Our model value for 3M is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 21: 3M

Revenue for the twelve months to June 2026 was $25.2bn, up 1.7% on a year earlier, slower than 2.3% a quarter earlier. That puts it 773 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 10.6% from 6.4% a year earlier. The diluted share count is down 2.6% on a year earlier, which lifts each remaining share. The rating stays Sell.

10-Q on SEC EDGAR

Where 3M stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.2bn, up 2.3% on a year earlier, about the same pace as a quarter earlier. That puts it 757 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 15.8% from -8.1% a year earlier. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

3M's trailing-twelve-month revenue grew 1.7% year on year, with a free-cash-flow margin of 10.6%. Where it stands out: net margin of 14.0% ranks 1 of 5 industrial conglomerates companies we cover.

Our discounted-cash-flow model values the business at ~$70 per share in the base case (~$46–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 68.6% while net income grew 4.0%: a 65pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 6 insiders sold $21M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 76% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 20, 2026
Earnings per share
$2.46 against an average estimate of $2.38: beat by 3.2%
Revenue
$6.58bn, up 1.0% on a year earlier
Share reaction
+7.9% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
adjusted total sales growth growth 4.5% (full-year 2026); adjusted organic sales growth growth 3.5% (full-year 2026)
Next report
January 19, 2027; average EPS estimate $2.03

3M's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week+3.2%
  • 1 month+10.2%
  • This year+13.0%
  • 1 year+9.1%
  • 5 years+39.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25.2B
Operating margin
18.8%
Net margin
14.0%
EPS (TTM, diluted)
$6.68

Growth

Revenue growth
+1.7%
Change in growth rate
−0.6 pts
Share count change
−2.6%

Cash

Free cash flow (TTM)
$2.7B
FCF margin
10.6%
Stock pay % of revenue
0.8%

Earnings

Last results
October 20, 2026
Next results (est.)
January 19, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    3M and AWS expand optical connectivity partnership

    3M said it has expanded its collaboration with AWS, which plans to deploy 3M's Expanded Beam Optical platform for data centers. The company expects the deal to support over 500 jobs and contribute nearly $0.5 billion to the US economy. New roles are planned across Minnesota, Texas and Wisconsin by 2027.

    Company releaseRead source ↗
  2. Results
  3. Guidance
  4. Announcement
  5. Announcement
  6. Announcement
  7. Agreement
  8. Dividend
  9. Insider trade
  10. Insider trade
  11. Results
  12. Partnership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

3M valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 42% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value 3M as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$47 ~$42–$53 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare 3M with Industrial Conglomerates in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$89.31$108.71$146.65$121.87$116.64$119.86$125.68$88.44$85.50$124.94$157.87$178.36
Market value$56.9bn$67.3bn$89.9bn$73.4bn$68.2bn$69.8bn$73.6bn$50.2bn$47.4bn$69.0bn$85.5bn$94.4bn
+ Net debt (− = net cash)$9.0bn$9.3bn$10.9bn$11.8bn$0$14.2bn$12.8bn$12.3bn$10.1bn$7.4bn$7.4bn$10.2bn
Enterprise value$65.9bn$76.5bn$100.7bn$85.1bn$68.2bn$83.9bn$86.4bn$62.5bn$57.5bn$76.5bn$92.8bn$104.5bn
Multiples
Price / sales 1.9x2.2x2.8x2.2x2.1x2.2x2.1x1.9x1.9x2.8x3.4x3.7x
Price / earnings 11.8x13.3x18.5x13.7x15.1x12.8x12.4x8.7x—16.5x26.3x26.7x
Price / free cash flow 11.5x12.8x18.5x15.1x12.7x10.6x12.6x13.1x9.4x108.2x61.2x35.3x
EV / EBITDA 7.9x9.0x10.9x9.8x8.8x9.3x9.3x10.1x—12.4x15.6x17.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard 3M's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 18.9% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 45.8%, moving by 4.9 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 20.8%; its worst year was -68.5%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.8% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (77 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 19, 2027, before the open. Analysts expect revenue of $6.3bn and EPS of $2.03 (range $2.00 to $2.06) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.13 +13% $25.4bn +5%
Next $9.91 +9% $26.6bn +5%

Next year's EPS estimate has moved +2.2% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.2% on 90 days ago. In the last 30 days, 4 analysts raised 3M's forecast and 3 cut it.

Consensus EPS forecast 3M, last 90 days
$8.50 $9.00 $9.50 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.93 Current fiscal year, 60 days ago: $8.94 Current fiscal year, 30 days ago: $8.94 Current fiscal year, 7 days ago: $8.93 Current fiscal year, Now: $9.13 $9.13 Next fiscal year, 90 days ago: $9.70 Next fiscal year, 60 days ago: $9.78 Next fiscal year, 30 days ago: $9.80 Next fiscal year, 7 days ago: $9.82 Next fiscal year, Now: $9.91 $9.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.93$9.70
60 days ago $8.94$9.78
30 days ago $8.94$9.80
7 days ago $8.93$9.82
Now $9.13$9.91

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.38 $2.46 +3.2%
Jun 2026 $2.25 $2.40 +6.8%
Mar 2026 $1.98 $2.14 +7.9%
Dec 2025 $1.80 $1.83 +1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • Adjusted total sales growth full-year 2026 about 4.5% growth Non-GAAP
    “Adjusted total sales growth 2 of >4.5 percent, reflecting adjusted organic sales growth 2 of >3.5 percent.” source
  • Adjusted organic sales growth full-year 2026 about 3.5% growth Non-GAAP
    “Adjusted total sales growth 2 of >4.5 percent, reflecting adjusted organic sales growth 2 of >3.5 percent.” source
  • Adjusted EPS full-year 2026 $9.10 to $9.15 Non-GAAP Raised
    “2026 adjusted EPS guidance raised to $9.10 to $9.15, incorporating new basis 1” source
  • 2026 adjusted operating income margin expansion 2026 forecast about 24.6% Non-GAAP
    “2026 adjusted operating income margin expansion (non-GAAP measure) 4,5 ~24.6%” source
  • Adjusted operating cash flow full-year 2026 about $5.9bn Non-GAAP
    “Adjusted operating cash flow 2 of ~$5.9 billion with adjusted free cash flow of ~$4.8 billion.” source
  • Adjusted free cash flow full-year 2026 about $4.8bn Non-GAAP
    “Adjusted operating cash flow 2 of ~$5.9 billion with adjusted free cash flow of ~$4.8 billion.” source
Show 2 more items
  • 2026 adjusted effective tax rate 2026 forecast about 20% Non-GAAP
    “2026 adjusted effective tax rate (non-GAAP measure) 4,5 ~20%” source
  • Purchase of property, plant and equipment (PPE) 2026 forecast about $1.1bn
    “Purchase of property, plant and equipment (PPE) ~$1.1” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

19 analysts, Oct 2026
Buy947%
Hold842%
Sell211%

Monthly trend

  1. Oct 202688219
  2. Sep 202688219
  3. Aug 202686318
  4. Jul 202686318

Counts of recommendations published by analysts covering 3M, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
3.39
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
0.1%
of shares
Employees
60,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.1%

$163.48 on October 31, 2025 to $178.36

ThenNowEffect
Revenue (last 12 months) $24.6bn $25.2bn +2.3%
Net margin 16.0% 11.9% −25.7%
P/E multiple 22.7x 31.7x +39.8%
Share count 547m 533m +2.6%

Biggest factor: p/e multiple.

Last 3 years +146.8%

$72.27 on November 3, 2023 to $178.36

ThenNowEffect
Revenue (last 12 months) $21.0bn $25.2bn +20.1%
P/S multiple 1.9x 3.8x +96.5%
Share count 557m 533m +4.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MMM+5%−30%−3%+46%+26%+13%
Industry peers (median)+15%−13%+14%+1%−2%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MMM58%42%42%67%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MMM−16%−39%−31%−16%−19%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 59% from January 26, 2018 to October 23, 2023. Getting back needed a 145% gain, reached on October 21, 2025, 729 days after the low.

Price behaviour

52-week range
$139.86 – $182.98
From 52-week high
−2.5%
vs 50-day average
+5.9%
vs 200-day average
+11.3%
Volatility (1 year)
26%
Beta vs S&P 500
0.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.2%
After a week
7 up, 5 down
typical move ±8.3%
After a month
6 up, 5 down
typical move ±9.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +7.9% +0.9% +5.9% —
July 21, 2026 +7.3% +0.7% +14.7% +13.5%
April 21, 2026 −3.7% +0.4% −3.5% −1.1%
January 20, 2026 −7.1% −0.9% −5.8% −1.2%
October 21, 2025 +8.0% −0.5% +7.8% +8.1%
July 18, 2025 −3.9% +0.1% −4.9% −3.9%
April 22, 2025 +7.9% +4.2% +9.7% +18.5%
January 21, 2025 +5.7% +1.5% +7.4% +6.2%
October 22, 2024 −5.1% −1.0% −4.1% −4.7%
July 26, 2024 +21.1% +1.2% +21.1% +28.2%
April 30, 2024 +6.8% −1.9% +3.7% +7.3%
January 23, 2024 −13.7% +0.4% −11.4% −13.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) 3M
$24.4B $24.6B $24.8B $25B $25.2B $25.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $24.6B Revenue (TTM), FY24 Q1: $24.6B Revenue (TTM), FY24 Q2: $24.5B Revenue (TTM), FY24 Q3: $24.6B Revenue (TTM), FY24 Q4: $24.6B Revenue (TTM), FY25 Q1: $24.5B Revenue (TTM), FY25 Q2: $24.6B Revenue (TTM), FY25 Q3: $24.8B Revenue (TTM), FY25 Q4: $24.9B Revenue (TTM), FY26 Q1: $25B Revenue (TTM), FY26 Q2: $25.2B Revenue (TTM), FY26 Q3: $25.2B $25.2B

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $24.6B
FY24 Q1 $24.6B
FY24 Q2 $24.5B
FY24 Q3 $24.6B
FY24 Q4 $24.6B
FY25 Q1 $24.5B
FY25 Q2 $24.6B
FY25 Q3 $24.8B
FY25 Q4 $24.9B
FY26 Q1 $25B
FY26 Q2 $25.2B
FY26 Q3 $25.2B
Revenue growth, TTM YoY 3M
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -5.9% Revenue growth, TTM YoY, FY24 Q1: 5.1% Revenue growth, TTM YoY, FY24 Q2: 17.0% Revenue growth, TTM YoY, FY24 Q3: 31.9% Revenue growth, TTM YoY, FY24 Q4: -0.1% Revenue growth, TTM YoY, FY25 Q1: -0.2% Revenue growth, TTM YoY, FY25 Q2: 0.2% Revenue growth, TTM YoY, FY25 Q3: 1.1% Revenue growth, TTM YoY, FY25 Q4: 1.5% Revenue growth, TTM YoY, FY26 Q1: 2.1% Revenue growth, TTM YoY, FY26 Q2: 2.3% Revenue growth, TTM YoY, FY26 Q3: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -5.9%
FY24 Q1 5.1%
FY24 Q2 17.0%
FY24 Q3 31.9%
FY24 Q4 -0.1%
FY25 Q1 -0.2%
FY25 Q2 0.2%
FY25 Q3 1.1%
FY25 Q4 1.5%
FY26 Q1 2.1%
FY26 Q2 2.3%
FY26 Q3 1.7%
Operating margin (TTM) 3M
-60% -40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -41.9% Operating margin (TTM), FY24 Q1: -42.4% Operating margin (TTM), FY24 Q2: 0.9% Operating margin (TTM), FY24 Q3: 18.9% Operating margin (TTM), FY24 Q4: 19.6% Operating margin (TTM), FY25 Q1: 20.1% Operating margin (TTM), FY25 Q2: 19.5% Operating margin (TTM), FY25 Q3: 19.8% Operating margin (TTM), FY25 Q4: 18.6% Operating margin (TTM), FY26 Q1: 19.1% Operating margin (TTM), FY26 Q2: 18.4% Operating margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -41.9%
FY24 Q1 -42.4%
FY24 Q2 0.9%
FY24 Q3 18.9%
FY24 Q4 19.6%
FY25 Q1 20.1%
FY25 Q2 19.5%
FY25 Q3 19.8%
FY25 Q4 18.6%
FY26 Q1 19.1%
FY26 Q2 18.4%
FY26 Q3 18.8%
FCF margin (TTM) 3M
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 20.6% FCF margin (TTM), FY24 Q1: 19.0% FCF margin (TTM), FY24 Q2: 17.4% FCF margin (TTM), FY24 Q3: 3.0% FCF margin (TTM), FY24 Q4: 2.6% FCF margin (TTM), FY25 Q1: -0.3% FCF margin (TTM), FY25 Q2: -8.1% FCF margin (TTM), FY25 Q3: 6.4% FCF margin (TTM), FY25 Q4: 5.6% FCF margin (TTM), FY26 Q1: 8.2% FCF margin (TTM), FY26 Q2: 15.8% FCF margin (TTM), FY26 Q3: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 20.6%
FY24 Q1 19.0%
FY24 Q2 17.4%
FY24 Q3 3.0%
FY24 Q4 2.6%
FY25 Q1 -0.3%
FY25 Q2 -8.1%
FY25 Q3 6.4%
FY25 Q4 5.6%
FY26 Q1 8.2%
FY26 Q2 15.8%
FY26 Q3 10.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar 3M took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $24.9B
  2. Cost of revenue $15B · 60.1%
  3. Gross profit $10B · 39.9%
  4. Selling, general and admin $4B · 16.0%
  5. Other operating costs $1.3B · 5.3%
  6. Operating income $4.6B · 18.6%
  7. Income tax $1B · 4.0%
  8. Interest and other $376M · 1.5%
  9. Net income $3.3B · 13.0%

Shares of revenue. Source: 3M's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 23.1 26.7 29.6 29.9 30.9 31.8 30.3 30.1 31.7 32.8 32.1 32.2 35.4 26.2 24.6 24.6 24.9 25.2
Gross profit 11.0 12.8 13.9 14.2 14.8 15.4 14.9 15.0 15.6 16.1 15.0 15.6 16.6 10.3 9.6 10.1 10.0 10.0
EBITDA 6.0 7.0 7.4 7.8 8.0 8.5 8.4 8.5 9.2 8.7 7.8 9.1 9.3 6.2 −8.7 6.2 5.9 6.2
Operating income 4.8 5.9 6.2 6.5 6.7 7.1 6.9 7.0 7.7 7.2 6.2 7.2 7.4 4.4 −10.7 4.8 4.6 4.7
Net income 3.2 4.1 4.3 4.4 4.7 5.0 4.8 5.1 4.9 5.3 4.5 5.4 5.9 5.8 −7.0 4.2 3.3 3.5
Diluted EPS $4.52 $5.63 $5.96 $6.32 $6.72 $7.49 $7.58 $8.16 $7.93 $8.89 $7.72 $9.36 $10.12 $10.18 −$12.63 $7.55 $6.00 $6.68
Growth (year on year)
Revenue −8.5% +15.3% +11.1% +1.0% +3.2% +3.1% −4.9% −0.5% +5.1% +3.5% −1.9% +0.1% +9.9% −26.0% −5.9% −0.1% +1.5% +1.7%
EBITDA −6.3% +17.9% +5.3% +4.8% +3.4% +6.3% −1.9% +1.4% +8.6% −5.9% −10.7% +16.8% +2.3% −33.2% −240.4% — −4.0% +0.7%
Operating income −7.7% +22.9% +4.4% +4.9% +2.8% +7.0% −2.6% +1.2% +9.5% −6.3% −14.3% +16.0% +2.9% −40.7% −344.7% — −4.0% −3.7%
Net income −7.7% +27.9% +4.8% +3.8% +4.8% +6.4% −2.5% +4.5% −3.8% +10.1% −15.6% +20.6% +8.7% −2.4% −221.1% — −22.1% +4.0%
Diluted EPS −7.6% +24.6% +5.9% +6.0% +6.3% +11.5% +1.2% +7.7% −2.8% +12.1% −13.2% +21.2% +8.1% +0.6% −224.1% — −20.5% +6.7%
Margins
Gross margin 47.6% 48.1% 47.0% 47.5% 47.8% 48.3% 49.2% 49.8% 49.3% 49.1% 46.7% 48.4% 46.8% 39.4% 39.1% 41.2% 39.9% 39.5%
EBITDA margin 25.8% 26.4% 25.0% 26.0% 26.0% 26.8% 27.7% 28.2% 29.2% 26.5% 24.2% 28.2% 26.3% 23.7% −35.4% 25.2% 23.8% 24.4%
Operating margin 20.8% 22.2% 20.9% 21.7% 21.6% 22.4% 22.9% 23.3% 24.3% 22.0% 19.2% 22.3% 20.8% 16.7% −43.4% 19.6% 18.6% 18.8%
Net margin 13.8% 15.3% 14.5% 14.9% 15.1% 15.6% 16.0% 16.8% 15.3% 16.3% 14.1% 16.9% 16.7% 22.1% −28.4% 17.0% 13.0% 14.0%
Free-cash-flow margin 17.5% 15.3% 13.2% 12.8% 13.4% 16.1% 16.4% 17.4% 15.4% 14.8% 16.7% 20.5% 16.5% 14.7% 20.6% 2.6% 5.6% 10.6%
Cash flow
Cash from operations 4.9 5.2 5.3 5.3 5.8 6.6 6.4 6.7 6.2 6.4 7.1 8.1 7.5 5.6 6.7 1.8 2.3 3.6
Capital spending 0.9 1.1 1.4 1.5 1.7 1.5 1.5 1.4 1.4 1.6 1.7 1.5 1.6 1.7 1.6 1.2 0.9 1.0
Free cash flow 4.0 4.1 3.9 3.8 4.2 5.1 5.0 5.2 4.9 4.9 5.4 6.6 5.9 3.8 5.1 0.6 1.4 2.7
Stock-based pay 0.2 0.3 0.3 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2
Free cash flow after stock pay 3.8 3.8 3.7 3.6 3.9 4.9 4.7 4.9 4.5 4.6 5.1 6.4 5.6 3.6 4.8 0.3 1.2 2.5
Balance sheet
Cash 3.0 3.4 2.2 2.9 2.6 1.9 1.8 2.4 3.1 2.9 — 4.6 4.6 3.7 5.9 5.6 5.2 4.8
Total debt 5.7 5.5 5.2 6.0 6.0 6.8 10.8 11.7 13.9 14.6 20.3 18.8 17.4 15.9 16.0 13.0 12.6 15.0
Net debt (negative = net cash) 2.7 2.1 2.9 3.1 3.4 4.9 9.0 9.3 10.9 11.8 — 14.2 12.8 12.3 10.1 7.4 7.4 10.2
Diluted shares 707m 726m 719m 703m 694m 662m 637m 619m 613m 602m 585m 582m 585m 568m 554m 552m 541m 529m
Returned to shareholders
Dividends 1.4 1.5 1.6 1.6 1.7 2.2 2.6 2.7 2.8 3.2 3.3 3.4 3.4 3.4 3.3 2.0 1.6 1.6
Buybacks 0.0 0.9 2.7 2.2 5.2 5.7 5.2 3.8 2.1 4.9 1.4 0.4 2.2 1.5 0.0 1.8 3.3 3.8
Total returned 1.4 2.4 4.3 3.8 6.9 7.9 7.8 6.4 4.9 8.1 4.7 3.8 5.6 4.8 3.3 3.8 4.8 5.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $39.5bn
Short-term assets $16.7bnLonger-term assets $22.8bn
What it owes, and who funded it · $38.5bn
Short-term liabilities $11.9bnLonger-term liabilities $22.5bnShareholders' equity $4.1bn
  • Short-term assets cover short-term liabilities $16.7bn of assets due within a year against $11.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $16.7bn short-term assets against $22.5bn of longer-dated liabilities.
  • More cash than debt $4.8bn of cash against $15.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 363% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 99% to 363% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.6bn of operating cash flow against $15.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.7bn against $855m of interest.

From 3M's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$3.8B
Dividends (TTM)
$1.6B
Returned to shareholders
201%
of free cash flow
Buybacks, last 3 fiscal years
$5.1B
Diluted share count
−2.6%
year over year
Total shareholder yield
5.8%
dividends 1.7% + buybacks 4.1% of market value
Dividend payout ratio
45%
of net income paid out
Sales & admin spending
14.6%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial conglomerates
Last 12 months unless stated MMM IEP CODI MATW LGPS Median
Revenue, last 12 months $25.2bn $10.6bn $1.8bn $1.1bn $148m $1.8bn
Revenue growth, last 12 months 1.7% 10.6% −4.8% −31.8% 8.9% 1.7%
Revenue growth, 3-year average 10.7% −3.6% 1.0% −15.8% — −1.3%
Revenue growth, latest quarter 1.0% 25.6% −11.4% −29.6% — −5.2%
Gross margin 39.5% 16.8% 44.6% 36.6% 19.8% 36.6%
Operating margin 18.8% — 3.5% 6.3% 7.1% 6.7%
Operating margin, 3-year average 19.1% — −1.2% 4.0% — 4.0%
Net margin 14.0% −5.0% −5.3% −2.6% 3.4% −2.6%
Cash from operations / revenue 14.4% 1.0% 6.2% −5.3% −9.9% 1.0%
Free-cash-flow margin 10.6% −2.3% 4.4% −7.4% −17.3% −2.3%
Free-cash-flow margin, 3-year average 6.7% 5.7% −4.4% −3.2% — 1.3%
Stock pay / revenue 0.8% — — 1.6% 0.1% 0.8%
Change in share count −2.6% 9.7% −0.2% 0.8% 9.0% 0.8%

Median of all 5 companies we cover in industrial conglomerates. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 industrial conglomerates companies
Measure Company Peer median Rank
Revenue growth Growth 1.7% 1.7% 3 of 5
Change in growth rate Growth -0.6pp -2.9pp 2 of 5
Net margin Profitability 14.0% -2.6% 1 of 5
Free-cash-flow margin Cash generation 10.6% -2.3% 1 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
Americas $13.6B ▲ 1.3%
United States $10.9B ▲ 1.4%
Asia Pacific $7.1B ▲ 1.4%
EMEA $4.3B ▲ 2.3%
China and Hong Kong $3B ▲ 4.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From 3M's 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$62.6B
Institutions reporting
2,199
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
162 / 99

Top buyers and sellers, Q2 2026: 874 institutions bought and 943 sold ; the biggest buyer was Blackrock, Inc (+2.4M shares) and the biggest seller Jpmorgan Chase & Co (−7.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.3B 45.0M 11.6% ▲ 5.6%
Jpmorgan Chase & Co $6.4B 39.4M 10.2% ▼ 15.1%
Vanguard Capital Management LLC $5.5B 34.1M 8.8% ▼ 0.5%
State Street Corp $4.5B 27.8M 7.2% ▲ 0.4%
Geode Capital Management, LLC $1.9B 12.0M 3.1% ▲ 0.5%
Vanguard Portfolio Management LLC $1.5B 9.5M 2.5% ▲ 1.0%
Capital World Investors $1.4B 8.4M 2.2% ▼ 8.5%
State Farm Mutual Automobile Insurance Co $1.3B 7.9M 2.1% 0.0%
Norges Bank $1.3B 7.8M 2.0% —
Morgan Stanley $1.2B 7.6M 2.0% ▲ 2.0%
Northern Trust Corp $911M 5.6M 1.5% 0.0%
Newport Trust Company, LLC $883M 5.5M 1.4% ▼ 2.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not 3M's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $21.3M 59 trades by 6 insiders · 0% under pre-set plans
Net ▼ $21.3M net selling
Insider Date Trade Shares Price Value
Chavez Rodriguez Beatriz Karina Group President August 5, 2026 Sell 3,635 $182.51 $663,430
Banovetz John Patrick Executive Vice President July 23, 2026 Sell 7,880 $170.44 $1.3M
Reinseth Theresa E Sr Vice President & CAO July 23, 2026 Sell 924 $169.42 $156,544
Goralski Christian T Jr Group President July 22, 2026 Sell 4,902 $170.46 $835,577
Rhodes Kevin H EVP, Chief Legal Off & Secret July 22, 2026 Sell 7,669 $171.20 $1.3M
Reinseth Theresa E Sr Vice President & CAO February 11, 2026 Sell 40 $172.75 $6,910
Reinseth Theresa E Sr Vice President & CAO February 11, 2026 Sell 240 $172.74 $41,458
Reinseth Theresa E Sr Vice President & CAO February 11, 2026 Sell 1,946 $172.73 $336,133
Reinseth Theresa E Sr Vice President & CAO February 11, 2026 Sell 1,123 $172.72 $193,965
Reinseth Theresa E Sr Vice President & CAO February 11, 2026 Sell 1,796 $172.79 $310,331
Chavez Rodriguez Beatriz Karina Group President February 9, 2026 Sell 1,190 $171.13 $203,645
Dickson Zoe L EVP & Chief HR Officer February 9, 2026 Sell 20,519 $169.97 $3.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 112 trades and filings

In the last 12 months, 3 members of Congress disclosed 0 purchases and 5 sales of 3M shares.

  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded April 28, 2026, filed May 19, 2026
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 4, 2026, filed March 12, 2026
  • Julia Letlow(R-LA 5):Sale (partial), $1,001 - $15,000, traded February 2, 2026, filed March 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 21, 2026
  • January 20, 2026
  • October 21, 2025
  • July 18, 2025

Recent SEC filings

Data status

When each part of this page on 3M was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

3M in brief

What does 3M do?
3M is a US-listed company in the industrial conglomerates industry. Its financial year ends in December.
What is 3M's stock ticker?
3M trades under the ticker MMM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is 3M's revenue, and how fast is it growing?
Over its most recent trailing twelve months, 3M reported revenue of $25.2B, 1.7% higher than a year earlier, according to its SEC filings.
What is 3M's free cash flow?
3M's free-cash-flow margin is 10.6% of revenue over the trailing twelve months, ranking 1 of the 5 industrial conglomerates companies we cover.
Who are 3M's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jpmorgan Chase & Co and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is 3M buying back stock, and does it pay a dividend?
3M spent $3.8B on share repurchases over the trailing twelve months, and its diluted share count fell 2.6% over the year.
What is 3M's market cap?
On November 2, 2026, 3M's market capitalisation was about $94.4B, with a price-to-earnings ratio of 26.7 and net debt of $10.2B. Market figures come from third-party market data and may be delayed.
Does 3M pay a dividend?
Yes: 3M paid $1.6B in dividends over the trailing twelve months, a dividend yield of 1.74% and a payout ratio of 45.3%.
How much debt does 3M have?
3M's debt-to-equity ratio is 363.4%, from its latest balance sheet (99.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are 3M's competitors?
In our Industrial Conglomerates peer group, the companies closest to 3M are Icahn Enterprises L.p., Compass Diversified Holdings, Matthews International Corp and Logprostyle Inc. The side-by-side comparison below sets their revenue, margins and growth against 3M's.
Are insiders buying or selling 3M stock?
Over the last 12 months, 3M's directors and officers reported 0 open-market purchases and 59 sales on Form 4. The insider trading page charts every trade.
When is 3M's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — 3M announces its own schedule.