3M Co (MMM)
Fair ValueFundamental
58
Price
$173.46
Market Cap
$90.12B
Part 1 · What the company is worth
Overview
3M is a diversified technology company with a global presence that develops and manufactures products for safety, industrial, transportation, electronics, and consumer markets. The company operates through three main business segments: Safety and Industrial, Transportation and Electronics, and Consumer.
How it makes money
3M generates revenue by selling a wide variety of products directly to users and through distribution channels including wholesalers, retailers, jobbers, distributors, and dealers worldwide. The company relies on its expertise in product development, manufacturing, and marketing to compete in technologically oriented markets.
Revenue by segment
This segment includes abrasives, automotive aftermarket, electrical markets, industrial adhesives and tapes, industrial specialties, personal safety, and roofing granules. It serves industries with products for metalworking, bodyshop repair, construction, and worker protection.
This segment covers advanced materials, automotive and aerospace solutions, commercial branding, display materials, and electronics materials. It provides products for vehicle management, graphic films, reflective signage, and semiconductor production.
This segment offers consumer safety and well-being products, home and auto care items, home improvement solutions, and packaging. It includes brands like Scotch, Post-it, Nexcare, and Filtrete for household and personal use.
Competitive moat
Brand · Wide3M possesses a strong brand recognition and a portfolio of well-known trademarks such as Scotch, Post-it, and Nexcare. The company also holds numerous patents and trade secrets that provide competitive advantages in product development and innovation across its diverse markets.
What drives demand
Moderately cyclicalDemand for 3M's products varies by segment; industrial and transportation products are sensitive to economic cycles and capital expenditure trends, while consumer products show more defensive characteristics with some seasonality. The company serves a broad range of end markets, providing some diversification against cyclical downturns.
Key risks
- PFAS Liabilities and Litigation — The company faces significant liabilities related to perfluoroalkyl and polyfluoroalkyl substances (PFAS), including a class-action settlement requiring payments of $10.5 billion to $12.5 billion between 2024 and 2036. Ongoing litigation and regulatory actions regarding PFAS could have a material adverse effect on results.
- Global Economic and Geopolitical Conditions — With approximately 56% of revenues derived from outside the United States, 3M is exposed to global economic downturns, trade restrictions, tariffs, currency fluctuations, and geopolitical tensions that can impact demand and profitability.
- Regulatory and Compliance Risks — The company operates in a highly regulated environment subject to laws regarding product liability, environmental compliance, anti-bribery (FCPA), and government contracts. Non-compliance could result in fines, penalties, or reputational harm.
Customer concentration
The filing does not disclose specific revenue percentages for top customers. 3M sells through numerous distribution channels and to a wide variety of trades in many countries, suggesting a diversified customer base without significant concentration in any single entity.
The case for
Buyers argue that 3M benefits from a diversified portfolio of essential products across industrial and consumer markets, strong brand equity, and a global distribution network. The company's focus on innovation and its ability to adapt to market trends position it for sustained growth despite macroeconomic headwinds.
The case against
Sellers fear that the massive PFAS-related liabilities and ongoing litigation will significantly erode shareholder value and cash flow. Additionally, exposure to global trade tensions, tariffs, and economic uncertainty poses risks to margins and demand, particularly in its international operations.
Generated with artificial intelligence on October 23, 2026, shared with all users
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on October 23, 2026, shared with all users
Avery Dennison competes with 3M in pressure-sensitive tapes, graphic films and retroreflective sheeting for traffic signs, selling to the same sign makers, converters and industrial manufacturers.
Through its Norton brand, Saint-Gobain is 3M's main rival in industrial abrasives such as grinding discs, cut-off wheels and sanding products for metalworking and construction.
MSA Safety competes with 3M in worker safety equipment, including respirators, fall protection, head and eye protection, sold to industrial employers and first responders.
Since it bought Honeywell's PPE business in 2025, this privately held company sells hearing, fall and head-to-toe protection brands such as Howard Leight and Miller that go head to head with 3M's personal safety lines.
Henkel competes with 3M in industrial adhesives, sealants and bonding materials used by electronics, automotive and general manufacturing customers.
Balance Sheet & Liquidity
Revenue
$25.25B
Trailing 12 months (through 9/30/2026)
Net Income
$3.54B
Trailing 12 months (through 9/30/2026)
Free Cash Flow
$1.40B
Total Equity
$4.70B
Total Liabilities
$32.99B
Current Ratio
1.41
Interest Coverage
5.54
Debt/EBITDA
2.63
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$145.24
Current Price
$173.46
Margin of Safety
-19.4%
Fair Value Range
$98.59 - $191.89
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
25.85
ROE
69.1%
P/B Ratio
21.72
P/FCF
33.48
Gross Margin
39.5%
ROIC
13.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
13.5%
WACC
9.3%
ROIC − WACC
+4.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (15)
- EPS shows upward trend
- ROIC 13.5%
- Gross margin 39.5%
- Operating margin 18.8%
- Positive free cash flow
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- ROE 94.0%
- Earnings surprise, average 4.3%
- Earnings quality (operating cash flow / net income) 1.03
- Share dilution -2.0%
- Net margin trend 14.0% vs 13.7%
- Piotroski F-Score 6/9
Failed (10)
- EPS CAGR 0.38%
- Price CAGR 0.97%
- P/FCF 33.48
- P/B ratio 21.72
- Debt/equity ratio
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue growth 5Y -5.0%
Unavailable (2)
- Dividend payout –
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. William M. Brown | CEO & Chairman | 62 |
| Mr. Anurag Maheshwari | CFO & Executive VP | 51 |
| Mr. Kevin H. Rhodes J.D. | Executive VP, Chief Legal Affairs Officer & Secretary | 62 |
| Mr. Christian T. Goralski Jr. | Group President of Safety & Industrial | 53 |
| Ms. Wendy A. Bauer | Group President of Transportation & Electronics Business Group | 49 |
| Dr. Tushar Kshirsagar | Executive VP, Chief Technology Officer and Environmental Responsibility | - |
| Mr. Bobby K. George | Executive Vice President & Chief Information and Digital Officer | 52 |
| Mr. Chinmay Trivedi | Senior Vice President of Investor Relations and Financial Planning & Analysis | - |
| Ms. Jennifer Cunningham | Executive VP & Chief Human Resources Officer | - |
| Mr. Luigi Faltoni | Managing Director of 3M Brazil | - |
Audit Risk
5
Board Risk
7
Compensation Risk
5
Shareholder Rights Risk
4
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-03
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-10-20
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-20
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much MMM moves, measured on its daily prices.
More volatile than 21% of the tracked stocks (90-day volatility).
- Volatility 30d
- 26.1%
- Volatility 90d
- 25.3%
- Beta vs S&P 500 (1y)
- 0.68Correlation 0.34
- Max drawdown (12m)
- -19.1%
- ATR (14d, % of price)
- 2.37%
Earnings reactions
How MMM moved around its past quarterly results.
Next earnings release
Jan 19, 2027 · In 87 days · Before the open
EPS estimate: 2.03Revenue estimate: $6.3B
What usually happens
- Over the last 12 releases the stock moved a median of 6.4% the next day, up or down.
- Next-day moves: up 7, down 5 (out of 12).
- Of the 5 releases that beat estimates, the stock fell the next day after 2.
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Oct 20, 2026 | Before the open | 2.39 | 2.50 | +4.7% | +0.6% | +5.8% | n/a |
| Jul 21, 2026 | During the session | 2.27 | 2.40 | +5.8% | +6.3% | +7.3% | +12.0% |
| Apr 21, 2026 | During the session | 2.00 | 2.14 | +6.8% | +0.2% | -1.9% | -3.7% |
| Jan 20, 2026 | During the session | 1.82 | 1.83 | +0.7% | -5.0% | -7.0% | -4.9% |
| Oct 21, 2025 | During the session | 2.10 | 2.19 | +4.5% | +2.1% | +7.7% | +8.8% |
| Jul 18, 2025 | During the session | n/a | n/a | n/a | +2.2% | -3.7% | -6.1% |
| Apr 22, 2025 | During the session | n/a | n/a | n/a | +5.7% | +8.1% | +9.4% |
| Jan 21, 2025 | During the session | n/a | n/a | n/a | +3.2% | +4.2% | +7.4% |
| Oct 22, 2024 | During the session | n/a | n/a | n/a | +4.0% | -2.3% | -3.4% |
| Jul 26, 2024 | During the session | n/a | n/a | n/a | +9.0% | +23.0% | +22.3% |
| Apr 30, 2024 | During the session | n/a | n/a | n/a | +3.9% | +4.7% | +4.8% |
| Jan 23, 2024 | During the session | n/a | n/a | n/a | -6.6% | -11.0% | -10.8% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on MMM and what the price did next.
- 10/20/2026Positive3M, utili: Cramer esalta il turnaround; accordo con Amazon aumenta l'ottimismo
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 3/19/2026Positive3M Goes Big On Fire Safety With $1.95 Billion Deal
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for MMM.
- 4d agoPOSITIVE3M, utili: Cramer esalta il turnaround; accordo con Amazon aumenta l'ottimismo
Jim Cramer highlighted positive signs for 3M's turnaround, following the company's October 20th earnings report which showed double-digit profit growth and an upward revision of annual forecasts. Cramer praised CEO Bill Brown for revitalizing the industrial giant, noting organic growth and improved margins. Despite the positive earnings momentum, 3M's stock is trading nearly 10% below its year-to-date high. The news suggests potential for further stock appreciation as the market digests the turnaround progress and the implications of a new agreement with Amazon.
- 5/12/2026NEUTRAL3M Expands AI Data Center Push With New Optical Connectivity Partnership
3M Company is participating in a new initiative to establish open standards for AI data center connectivity. This collaboration aims to foster innovation and interoperability within the rapidly growing AI infrastructure sector. Despite the forward-looking nature of this partnership, 3M's stock (MMM) experienced a decline on Tuesday. While the initiative itself suggests a strategic move towards future technologies, the market's immediate reaction indicates a disconnect or other prevailing negative sentiment impacting the stock price.
- 3/19/2026POSITIVE3M Goes Big On Fire Safety With $1.95 Billion Deal
3M Company has announced a significant strategic move into the fire safety sector, entering into a partnership with Bain Capital to acquire Madison Fire & Rescue for $1.95 billion. This substantial investment signals 3M's intent to bolster its presence and offerings in a critical safety market. While the acquisition is expected to enhance 3M's portfolio and potentially drive future revenue growth, investors will be closely monitoring the integration process and its impact on the company's financial performance and earnings outlook. The deal underscores a commitment to expanding its safety solutions business.
- 3/13/2026NEUTRALLouisiana Rep. Julia Letlow Sold Up to $270K Worth of 3M Stock
Representative Julia Letlow disclosed selling between $15,001 and $270,000 worth of 3M Company stock in a recent transaction. The sales occurred across multiple transactions, with the largest single sale valued at between $50,001 and $100,000. This disclosure pertains to insider trading regulations for members of Congress. While the specific reasons for the sale are not detailed, such transactions can sometimes signal a lack of confidence or a need for liquidity by the insider. Investors typically monitor these trades for potential insights into company performance or executive sentiment, though individual sales may not always reflect broader market trends.