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3M

MMM NYSE Industrial Conglomerates Financials FY2016–FY2025

3M's revenue rose 1.5% to $24.9 billion in fiscal 2025. Its operating margin was 18.6%, down from 19.6% a year earlier. Free cash flow was $1.4 billion, up 118.8%. It paid out $4.8 billion in dividends and buybacks, 345% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$173.46

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$24.9B
1.5% vs prior year
Operating margin Operating income as a share of revenue.
18.6%
1.1 pts
Net income Profit after all expenses, interest and tax.
$3.3B
22.1%
Free cash flow Cash from operations minus capital spending.
$1.4B
118.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
34.2%
1.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$90.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.9x
On $6.71 EPS (TTM)

What 3M does

3M makes a wide range of industrial and household products. They include sandpaper and other abrasives, industrial tapes and adhesives, electrical products, respirators, hearing and fall protection, and roofing granules; films, ceramics and other materials for cars, aircraft, electronics, chips, data centers and road signs; and household brands such as Scotch tape, Post-it notes, Command hooks, Filtrete air filters, Scotch-Brite sponges and Nexcare bandages. It sells directly to users and through wholesalers, retailers, distributors and dealers in many countries.

3M reports three segments: Safety and Industrial, Transportation and Electronics, and Consumer. In 2025, sales in Safety and Industrial rose 3.9 percent. The Americas made up just over half of its sales, with the rest coming from Asia Pacific and from Europe, the Middle East and Africa. The company says most of its products face competition from other technology-driven manufacturers.

3M was incorporated in 1929 to continue a business begun in 1902. In April 2024 it spun off its health care business as a separate company, Solventum. It finished exiting the manufacture of PFAS, a family of long-lasting chemicals, by the end of 2025, but still faces lawsuits and regulation over them. At the end of 2025 it employed about 60,500 people, about 22,500 of them in the United States.

Legal name
3M COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 3, 2026
Accession · CIK
0000066740-26-000014
0000066740

Revenue and margins

3M had $24.9B of revenue in fiscal 2025, up 1.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −3.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 5.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

3M returned $4.8B to shareholders in fiscal 2025, 345% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value 3M yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$6.7B and divides by 541.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.9x · peers 19.8x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably 3M can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.8B$3.9B$6.0B$7.7B$5.9B
Debt incl. finance leases $17.4B$16.0B$14.2B$13.0B$12.6B
Net debt / EBITDA 1.4x2.0x—0.9x1.1x
Debt / equity 1.2x1.1x3.0x3.4x2.7x
Interest coverage 15.1x9.5x−11.4x4.1x4.9x
Current ratio 1.7x1.5x1.1x1.4x1.7x
Quick ratio 1.2x1.0x0.8x1.1x1.3x
Total assets $47.1B$46.5B$50.6B$39.9B$37.7B
Total liabilities $32.0B$31.7B$45.7B$36.0B$33.0B
Shareholders' equity $15.0B$14.7B$4.8B$3.8B$4.7B
Net debt (− = net cash) $12.7B$12.1B$8.3B$5.3B$6.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$21.0M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 5, 2026 Rodriguez Beatriz Karina ChavezGroup President Sold 3,635 $182.51 $0.7M Form 4
Jul 23, 2026 John Patrick BanovetzExecutive Vice President Sold 7,880 $170.44 $1.3M Form 4
Jul 23, 2026 Theresa E ReinsethSr Vice President & CAO Sold 924 $169.42 $0.2M Form 4
Jul 22, 2026 Christian T Goralski JRGroup President Sold 4,902 $170.46 $0.8M Form 4
Jul 22, 2026 Kevin H RhodesEVP, Chief Legal Off & Secret Sold 7,669 $171.20 $1.3M Form 4
Feb 11, 2026 Theresa E ReinsethSr Vice President & CAO Sold 5,145 $172.75 $0.9M Form 4
Feb 9, 2026 Rodriguez Beatriz Karina ChavezGroup President Sold 1,190 $171.13 $0.2M Form 4
Feb 9, 2026 Zoe L DicksonEVP & Chief HR Officer Sold 20,519 $169.97 $3.5M Form 4
Feb 9, 2026 Zoe L DicksonEVP & Chief HR Officer Sold 25,055 $170.34 $4.3M Form 4
Nov 13, 2025 Zoe L DicksonEVP & Chief HR Officer Sold 13,826 $169.78 $2.3M Form 4
Nov 13, 2025 Zoe L DicksonEVP & Chief HR Officer Sold 13,629 $169.83 $2.3M Form 4
Oct 29, 2025 Mark W. MurphyEVP & Chief Info Digital Off Sold 19,061 $166.55 $3.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 97 / 95 / 9
Accruals ratio −28.2%5.2%2.4%
Altman Z'' 1.254.705.46

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
3M MMM $90.7B 1.5% 18.6% 5.6% 34.2% 25.9x 5
Honeywell Technologies HON $70.6B 7.9% 21.7% 14.5% 17.1% 15.0x 4 Compare →
DuPont DD $18.7B 1.9% — 3.3% 1.1% — 6 Compare →
Carlisle Companies CSL $14.0B 0.3% 20.0% 19.3% 21.9% 19.8x 6 Compare →
Waste Management WM $96.3B 14.2% 17.1% 11.2% 10.9% 33.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $30.1B $31.7B $32.8B $32.1B $32.2B $35.4B $26.2B $24.6B $24.6B $24.9B
Gross profit $15.0B $15.6B $16.1B $15.0B $15.6B $16.6B $10.3B $9.6B $10.1B $10.0B
Research and development $1.2B $1.4B $1.3B $1.3B $1.1B $1.2B $800M $700M $700M —
Operating income $7.0B $7.7B $7.2B $6.2B $7.2B $7.4B $4.4B −$10.7B $4.8B $4.6B
Interest expense $199M $322M $350M $448M $529M $488M $462M $942M $1.2B $946M
Pretax income $7.1B $7.5B $7.0B $5.7B $6.8B $7.2B $4.2B −$11.3B $4.8B $4.2B
Income tax $2.0B $2.7B $1.6B $1.1B $1.3B $1.3B $188M −$2.9B $804M $1.0B
Net income $5.1B $4.9B $5.3B $4.5B $5.4B $5.9B $5.8B −$7.0B $4.2B $3.3B
Diluted EPS $8.16 $7.93 $8.89 $7.72 $9.36 $10.12 $10.18 −$12.63 $7.55 $6.00
Diluted shares 0.62B 0.61B 0.60B 0.59B 0.58B 0.59B 0.57B 0.55B 0.55B 0.54B
Cash flow
Cash from operations $6.7B $6.2B $6.4B $7.1B $8.1B $7.5B $5.6B $6.7B $1.8B $2.3B
Capital expenditure $1.4B $1.4B $1.6B $1.7B $1.5B $1.6B $1.7B $1.6B $1.2B $910M
Free cash flow $5.2B $4.9B $4.9B $5.4B $6.6B $5.9B $3.8B $5.1B $638M $1.4B
Depreciation and amortization $1.5B $1.5B $1.5B $1.6B $1.9B $1.9B $1.8B $2.0B $1.4B $1.3B
Stock-based compensation $298M $324M $302M $278M $262M $274M $263M $274M $289M $225M
Acquisitions $16.0M $2.0B $13.0M $5.0B $25.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $3.8B $2.1B $4.9B $1.4B $368M $2.2B $1.5B $33.0M $1.8B $3.3B
Dividends paid $2.7B $2.8B $3.2B $3.3B $3.4B $3.4B $3.4B $3.3B $2.0B $1.6B
Dividends and buybacks $6.4B $4.9B $8.1B $4.7B $3.8B $5.6B $4.8B $3.3B $3.8B $4.8B
Balance sheet
Cash and short-term investments $2.4B $4.1B $3.2B — $5.0B $4.8B $3.9B $6.0B $7.7B $5.9B
Total debt $11.5B $13.2B $14.2B $19.4B $18.8B $17.3B $15.9B $14.2B $13.0B $12.6B
Finance lease liabilities $0.0M $0.0M $0.0M $132M $115M $100M $86.0M $0.0M $0.0M $0.0M
Current assets $11.7B $14.3B $13.7B $13.0B $15.0B $15.4B $14.7B $16.4B $15.9B $16.4B
Current liabilities $6.2B $7.7B $7.2B $9.2B $7.9B $9.0B $9.5B $15.3B $11.3B $9.6B
Inventory $3.4B $4.0B $4.4B $4.1B $4.2B $5.0B $5.4B $3.9B $3.7B $3.7B
Property and equipment, net $8.5B $8.9B $8.7B $9.3B $9.4B $9.4B $9.2B $7.7B $7.4B $7.1B
Total assets $32.9B $38.0B $36.5B $44.7B $47.3B $47.1B $46.5B $50.6B $39.9B $37.7B
Total liabilities $22.6B $26.4B $26.7B $34.5B $34.4B $32.0B $31.7B $45.7B $36.0B $33.0B
Shareholders' equity $10.3B $11.6B $9.8B $10.1B $12.9B $15.0B $14.7B $4.8B $3.8B $4.7B
Margins
Gross margin 49.8% 49.3% 49.1% 46.7% 48.4% 46.8% 39.4% 39.1% 41.2% 39.9%
Operating margin 23.3% 24.3% 22.0% 19.2% 22.3% 20.8% 16.7% −43.4% 19.6% 18.6%
EBITDA margin 28.2% 29.2% 26.5% 24.2% 28.2% 26.3% 23.7% −35.4% 25.2% 23.8%
Net margin 16.8% 15.4% 16.3% 14.1% 16.9% 16.8% 22.1% −28.4% 17.0% 13.0%
FCF margin 17.4% 15.4% 14.8% 16.7% 20.5% 16.6% 14.7% 20.6% 2.6% 5.6%
Returns
Return on capital 25.9% 24.7% 26.6% — — 22.2% 15.3% −42.2% 36.0% 34.2%
Return on capital employed 26.8% 27.0% 24.2% 19.1% 19.1% 19.0% 11.7% −29.6% 15.1% 16.3%
Return on equity 46.5% 44.4% 50.1% 45.5% 47.5% 42.4% 38.8% −71.6% 96.5% 76.1%
Return on assets 15.4% 13.7% 14.4% 11.1% 11.9% 12.5% 12.4% −14.4% 9.2% 8.4%
Growth
Revenue growth −0.6% 5.1% 3.5% −1.9% 0.2% 9.9% −26.0% −5.9% −0.1% 1.5%
Net income growth 4.5% −3.8% 10.1% −15.6% 20.6% 8.7% −2.4% −221.1% — −22.1%
EPS growth 7.7% −2.8% 12.1% −13.2% 21.2% 8.1% 0.6% −224.1% — −20.5%
FCF growth 5.7% −7.2% −0.1% 10.5% 23.1% −11.5% −34.3% 31.8% −87.4% 118.8%
Share count change −2.9% −1.0% −1.8% −2.8% −0.5% 0.5% −3.0% −2.4% −0.3% −2.0%
Financial health
Net debt / EBITDA 1.1x 1.0x 1.3x — 1.5x 1.4x 2.0x — 0.9x 1.1x
Debt / equity 1.1x 1.1x 1.5x 1.9x 1.5x 1.2x 1.1x 3.0x 3.4x 2.7x
Interest coverage 35.3x 23.9x 20.6x 13.8x 13.5x 15.1x 9.5x −11.4x 4.1x 4.9x
Current ratio 1.9x 1.9x 1.9x 1.4x 1.9x 1.7x 1.5x 1.1x 1.4x 1.7x
Quick ratio 1.3x 1.3x 1.3x 1.0x 1.4x 1.2x 1.0x 0.8x 1.1x 1.3x
Capital allocation
Capex / revenue 4.7% 4.3% 4.8% 5.3% 4.7% 4.5% 6.7% 6.6% 4.8% 3.7%
Stock comp / revenue 1.0% 1.0% 0.9% 0.9% 0.8% 0.8% 1.0% 1.1% 1.2% 0.9%
Payouts / FCF 122.7% 100.1% 165.8% 87.9% 56.8% 96.0% 125.8% 66.0% 593.0% 344.8%
Quality scores
Piotroski F-score 6.0 5.0 5.0 5.0 7.0 6.0 4.0 4.0 7.0 5.0
Altman Z'' 6.8 6.3 6.5 4.9 5.4 5.6 5.2 1.3 4.7 5.5
Accruals ratio −4.9% −3.9% −2.9% −6.3% −5.8% −3.3% 0.4% −28.2% 5.2% 2.4%

Source: SEC EDGAR XBRL filings (CIK 0000066740). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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