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
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
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2021FinancialBest year on record$5.92B net income
- 2019Acquisition3M purchased Acelity and its KCI subsidiaries for $6.7 billion, including assumption of debt and…
- Dec 19, 2018Acquisition3M announced it had entered into a definitive agreement to acquire the technology business of…
- 2017Acquisition3M purchased Johnson Controls International Plc's safety gear business, Scott Safety, for $2 billion
- FY2016FinancialFirst recorded profitable year$5.05B net income
- FY2016FinancialRevenue already above $10B$30.1B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2011Founded3M created CloudLibrary as part of its library systems unit as a competitor to OverDrive, Inc
- 1979Product3M introduced a digital audio recording system called "3M Digital Audio Mastering System"
- 1977Product3M launched "Press 'n Peel", a sticky bookmark page holder in stores in four cities in 1977, but the results were…
- 1951AcquisitionDuPont purchased PFOA from then-Minnesota Mining and Manufacturing Company for use in the manufacturing of…
- 1924Acquisition3M obtained its first patent in 1924 and acquires approximately 3,000 new patents annually
- 1916Milestone3M finally became financially stable in 1916 and was able to pay dividends
- 1905AcquisitionCo-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.
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.
- 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 ▾Close ▴
| 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.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/MMM
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of MMM on PreMarketPriceFigures 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.