NYSE · Industrials

3M Company

MMM · Conglomerates

$141.72

▼ -0.76 (-0.53%)

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Mr. Market is currently offering 3M Company at $141.72.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 39.9%

Operating Margin 19.2%

Net Income Margin 13.0%

Fin. Health C

Years to Pay Off Debt 3.9 yrs

Working Capital vs Long-Term Debt -$4.1B

Working Capital $6.8B

Valuation F

Margin of Safety 0.0%

Price-to-Book 15.72x

Cash Flow B

Free Cash Flow $1.4B

CapEx % of Net Income 28.0%

Owner Earnings $5.5B

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $73.9B

Enterprise Value $81.7B

P/E (TTM) 27.31

Dividend Yield 2.08%

Exchange NYSE

Key Margins

Gross Profit 39.9%

Operating Margin 19.2%

Net Margin 13.0%

Company Info

Sector Industrials

Industry Conglomerates

Employees 60500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering 3M Company at $141.72.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $141.72, the stock trades at a 306% premium to its Graham Number of $34.89. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About 3M Company

3M Company provides diversified technology services in the America, the Asia Pacific, Europe, the Middle East, Africa, and internationally. It operates through three segments: Safety and Industrial, Transportation and Electronics, and Consumer. The Safety and Industrial segment provides industrial abrasives and finishing for metalworking applications; autobody repair solutions; industrial specialty products, such as personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles. The Transportation and Electronics segment provides ceramic solutions; attachment and bonding, films, sound, and temperature management for transportation vehicles; format graphic films for advertising and fleet signage; reflective signage for highway and vehicle safety; light management films and electronics assembly solutions; chip packaging and interconnection solutions; semiconductor production materials; and data center solutions. The Consumer segment offers cleaning products for the home; consumer air quality products; picture hanging accessories; retail abrasives, paint accessories, and safety products; stationery and office products; automotive appearance products; and consumer bandages, tapes, braces, and supports. It serves automotive; commercial solutions; consumer markets; design and construction; electronics; energy; government; manufacturing; safety; transportation industries. The company offers its products through e-commerce and traditional wholesalers, retailers, jobbers, distributors, channel partner, and dealers, as well as directly to users. 3M Company was founded in 1902 and is headquartered in Saint Paul, Minnesota.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	39.9% ▼	41.2%	39.1%	39.4%	N/A
Operating Margin %	19.2% ▼	19.6%	-43.6%	7.3%	N/A
Net Income %	13.0% ▼	17.0%	-28.4%	22.1%	N/A
Diluted EPS	6.00 ▼	7.55	-12.63	10.18	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$37.7B	$39.9B	$50.6B	$46.5B	N/A
Total Debt	$12.6B ↓	$13.0B	$16.8B	$16.9B	N/A
Working Capital	$6.8B ▲	$4.6B	$1.1B	$5.2B	N/A
Years to Pay Debt	3.88	3.13	-2.39	2.92	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.4B ▲	$638M	$5.1B	$3.8B	N/A
Owner Earnings	$5.5B	$6.7B	-$3.4B	$9.4B	N/A
CapEx % of Net Income	28.0%	28.3%	N/A	30.3%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	57,137	260,937	9,144	110,385
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,227,000	5,809,000	-8,379,000	4,044,000
Total Unusual Items	240,000	1,564,000	36,000	2,453,000
Total Unusual Items Excluding Goodwill	240,000	1,564,000	36,000	2,453,000
Net Income From Continuing Operation Net Minority Interest	3,250,000	4,009,000	-8,402,000	4,013,000
Reconciled Depreciation	1,308,000	1,363,000	1,987,000	1,831,000
Reconciled Cost Of Revenue	14,991,000	14,447,000	14,983,000	15,853,000
EBITDA	6,467,000	7,373,000	-8,343,000	6,497,000
EBIT	5,159,000	6,010,000	-10,330,000	4,666,000
Net Interest Income	-714,000	-739,000	-691,000	-397,000
Interest Expense	946,000	1,191,000	941,000	462,000
Interest Income	232,000	452,000	250,000	65,000
Normalized Income	3,067,137	2,705,937	-8,428,856	1,670,385
Net Income From Continuing And Discontinued Operation	3,250,000	4,173,000	-6,995,000	5,777,000
Total Expenses	20,157,000	19,753,000	35,335,000	24,245,000
Total Operating Income As Reported	4,629,000	4,822,000	-10,689,000	4,369,000
Diluted Average Shares	541,300	552,400	553,900	567,600
Basic Average Shares	537,400	550,800	553,900	566,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,250,000	4,173,000	-6,995,000	5,777,000
Net Income Common Stockholders	3,250,000	4,173,000	-6,995,000	5,777,000
Net Income	3,250,000	4,173,000	-6,995,000	5,777,000
Minority Interests	-12,000	-15,000	-16,000	-14,000
Net Income Including Noncontrolling Interests	3,262,000	4,188,000	-6,979,000	5,791,000
Net Income Discontinuous Operations	0	164,000	1,407,000	1,764,000
Net Income Continuous Operations	3,262,000	4,024,000	-8,386,000	4,027,000
Earnings From Equity Interest Net Of Tax	52,000	9,000	18,000	11,000
Tax Provision	1,003,000	804,000	-2,867,000	188,000
Pretax Income	4,213,000	4,819,000	-11,271,000	4,204,000
Other Income Expense	136,000	736,000	145,000	2,685,000
Other Non Operating Income Expenses	-104,000	-828,000	109,000	232,000
Special Income Charges	-162,000	0	36,000	2,453,000
Gain On Sale Of Business	-162,000	0	36,000	2,724,000
Impairment Of Capital Assets		0	0	271,000	0
Restructuring And Mergern Acquisition	-402,000
Gain On Sale Of Security	402,000	1,564,000
Net Non Operating Interest Income Expense	-714,000	-739,000	-691,000	-397,000
Interest Expense Non Operating	946,000	1,191,000	941,000	462,000
Interest Income Non Operating	232,000	452,000	250,000	65,000
Operating Income	4,791,000	4,822,000	-10,725,000	1,916,000
Operating Expense	5,166,000	5,306,000	20,352,000	8,392,000
Research And Development	1,169,000	1,085,000	1,154,000	1,160,000
Selling General And Administration	3,997,000	4,221,000	19,198,000	7,232,000
General And Administrative Expense			21,526,000	9,049,000	7,197,000
Other Gand A			21,526,000	9,049,000	7,197,000
Salaries And Wages			-129,000	-248,000	-297,000
Gross Profit	9,957,000	10,128,000	9,627,000	10,308,000
Cost Of Revenue	14,991,000	14,447,000	14,983,000	15,853,000
Total Revenue	24,948,000	24,575,000	24,610,000	26,161,000
Operating Revenue	24,948,000	24,575,000	24,610,000	26,161,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	413,754	404,563	391,452	394,788
Ordinary Shares Number	530,279	539,470	552,581	549,245
Share Issued	944,033	944,033	944,033	944,033
Net Debt	7,367,000	7,444,000	10,300,000	12,284,000
Total Debt	12,602,000	13,044,000	16,751,000	16,855,000
Tangible Book Value	-2,820,000	-3,649,000	-2,898,000	-2,767,000
Invested Capital	17,304,000	16,886,000	20,842,000	30,661,000
Working Capital	6,792,000	4,628,000	1,082,000	5,165,000
Net Tangible Assets	-2,820,000	-3,649,000	-2,898,000	-2,767,000
Capital Lease Obligations		615,000	716,000	916,000	947,000
Common Stock Equity	4,702,000	3,842,000	4,807,000	14,722,000
Total Capitalization	15,634,000	14,967,000	17,895,000	28,723,000
Total Equity Gross Minority Interest	4,747,000	3,894,000	4,868,000	14,770,000
Minority Interest	45,000	52,000	61,000	48,000
Stockholders Equity	4,702,000	3,842,000	4,807,000	14,722,000
Gains Losses Not Affecting Retained Earnings	-5,069,000	-5,731,000	-6,778,000	-6,673,000
Other Equity Adjustments	-5,069,000	-5,731,000	-6,778,000	-6,673,000
Treasury Stock	35,936,000	34,462,000	32,859,000	33,255,000
Retained Earnings	38,258,000	36,797,000	37,479,000	47,950,000
Additional Paid In Capital	7,440,000	7,229,000	6,956,000	6,691,000
Capital Stock	9,000	9,000	9,000	9,000
Common Stock	9,000	9,000	9,000	9,000
Total Liabilities Net Minority Interest	32,986,000	35,974,000	45,712,000	31,685,000
Total Non Current Liabilities Net Minority Interest	23,391,000	24,718,000	30,415,000	22,162,000
Other Non Current Liabilities	10,828,000	11,780,000	12,492,000	3,544,000
Liabilities Heldfor Sale Non Current		0	686,000
Employee Benefits	1,631,000	1,813,000	2,478,000	2,352,000
Non Current Pension And Other Postretirement Benefit Plans	1,631,000	1,813,000	2,156,000	1,966,000
Tradeand Other Payables Non Current		605,000	832,000	1,051,000	1,324,000
Non Current Deferred Liabilities		354,000	315,000	559,000	458,000
Non Current Deferred Taxes Liabilities		354,000	315,000	559,000	458,000
Long Term Debt And Capital Lease Obligation	10,932,000	11,125,000	13,612,000	14,656,000
Long Term Capital Lease Obligation		452,000	524,000	655,000	684,000
Long Term Debt	10,932,000	11,125,000	13,088,000	14,001,000
Current Liabilities	9,595,000	11,256,000	15,297,000	9,523,000
Other Current Liabilities	4,505,000	5,965,000	7,310,000	1,353,000
Current Deferred Liabilities		15,000	23,000	538,000	529,000
Current Deferred Revenue		15,000	23,000	538,000	529,000
Current Debt And Capital Lease Obligation	1,670,000	1,919,000	3,139,000	2,199,000
Current Capital Lease Obligation		163,000	192,000	261,000	263,000
Current Debt	1,670,000	1,919,000	2,947,000	1,938,000
Other Current Borrowings		1,919,000	1,152,000	1,938,000	1,307,000
Commercial Paper		0	1,795,000	0	0
Pensionand Other Post Retirement Benefit Plans Current		256,000	303,000	324,000	297,000
Payables And Accrued Expenses	3,420,000	3,372,000	4,522,000	5,109,000
Current Accrued Expenses	718,000	712,000	1,288,000	1,443,000
Payables	2,702,000	2,660,000	3,234,000	3,666,000
Total Tax Payable		515,000	458,000	483,000	586,000
Income Tax Payable		331,000	304,000	259,000	260,000
Accounts Payable	2,702,000	2,660,000	2,776,000	3,183,000
Total Assets	37,733,000	39,868,000	50,580,000	46,455,000
Total Non Current Assets	21,346,000	23,984,000	34,201,000	31,767,000
Other Non Current Assets	6,723,000	9,105,000	11,888,000	1,047,000
Defined Pension Benefit		1,243,000	1,239,000	1,225,000	943,000
Non Current Deferred Assets		4,146,000	4,779,000	959,000	581,000
Non Current Deferred Taxes Assets		4,146,000	4,779,000	959,000	581,000
Non Current Accounts Receivable		31,000	33,000	73,000	51,000
Investments And Advances		2,505,000	210,000	967,000	262,000
Investmentin Financial Assets		2,430,000	137,000	886,000	133,000
Long Term Equity Investment		2,505,000	73,000	81,000	129,000
Goodwill And Other Intangible Assets	7,522,000	7,491,000	7,705,000	17,489,000
Other Intangible Assets	1,103,000	1,210,000	1,323,000	4,699,000
Goodwill	6,419,000	6,281,000	6,382,000	12,790,000
Net PPE	7,101,000	7,388,000	8,347,000	10,007,000
Accumulated Depreciation	-16,821,000	-16,018,000	-15,804,000	-16,820,000
Gross PPE	23,922,000	23,406,000	24,151,000	26,827,000
Construction In Progress	663,000	994,000	1,532,000	1,728,000
Other Properties		565,000	657,000	829,000	858,000
Machinery Furniture Equipment	15,328,000	14,780,000	14,716,000	16,455,000
Buildings And Improvements	7,729,000	7,432,000	7,031,000	7,560,000
Land And Improvements	202,000	200,000	215,000	255,000
Current Assets	16,387,000	15,884,000	16,379,000	14,688,000
Other Current Assets	2,823,000	771,000	144,000	191,000
Hedging Assets Current		64,000	73,000	162,000	78,000
Assets Held For Sale Current	46,000	0	2,379,000
Prepaid Assets	391,000	493,000	344,000	435,000
Inventory	3,661,000	3,698,000	3,944,000	5,372,000
Finished Goods	1,744,000	1,849,000	1,842,000	2,497,000
Work In Process	1,126,000	1,051,000	1,242,000	1,606,000
Raw Materials	791,000	798,000	860,000	1,269,000
Receivables	3,533,000	3,194,000	3,710,000	4,635,000
Other Receivables		78,000	109,000	103,000	110,000
Accounts Receivable	3,533,000	3,194,000	3,601,000	4,532,000
Allowance For Doubtful Accounts Receivable	-61,000	-60,000	-62,000	-174,000
Gross Accounts Receivable	3,594,000	3,254,000	3,663,000	4,706,000
Cash Cash Equivalents And Short Term Investments	5,933,000	7,728,000	5,785,000	3,893,000
Other Short Term Investments	698,000	2,128,000	50,000	238,000
Cash And Cash Equivalents	5,235,000	5,600,000	5,735,000	3,655,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,396,000	638,000	5,065,000	3,842,000
Repurchase Of Capital Stock	-3,251,000	-1,801,000	-33,000	-1,464,000
Repayment Of Debt	-1,815,000	-2,656,000	-3,086,000	-1,179,000
Issuance Of Debt	1,099,000	8,367,000	2,835,000	1,000
Capital Expenditure	-910,000	-1,181,000	-1,615,000	-1,749,000
Interest Paid Supplemental Data	467,000	505,000	520,000	440,000
Income Tax Paid Supplemental Data	800,000	852,000	1,384,000	1,320,000
End Cash Position	5,235,000	5,600,000	5,933,000	3,655,000
Other Cash Adjustment Outside Changein Cash	-46,000	0	0
Beginning Cash Position	5,600,000	5,933,000	3,655,000	4,564,000
Effect Of Exchange Rate Changes	41,000	-44,000	-48,000	-104,000
Changes In Cash	-360,000	-289,000	2,326,000	-805,000
Financing Cash Flow	-4,016,000	1,098,000	-3,147,000	-5,350,000
Cash Flow From Continuing Financing Activities	-4,016,000	1,098,000	-3,147,000	-5,350,000
Net Other Financing Charges	-49,000	-717,000	-21,000	-60,000
Proceeds From Stock Option Exercised	1,562,000	92,000	264,000	381,000
Cash Dividends Paid	-1,562,000	-1,982,000	-3,311,000	-3,369,000
Common Stock Dividend Paid	-1,562,000	-1,982,000	-3,311,000	-3,369,000
Net Common Stock Issuance	-3,251,000	-1,801,000	-33,000	-1,464,000
Common Stock Payments	-3,251,000	-1,801,000	-33,000	-1,464,000
Net Issuance Payments Of Debt	-716,000	5,506,000	-46,000	-838,000
Net Short Term Debt Issuance	0	-205,000	205,000	340,000
Net Long Term Debt Issuance	-716,000	5,711,000	-251,000	-1,178,000
Long Term Debt Payments	-1,815,000	-2,656,000	-3,086,000	-1,179,000
Long Term Debt Issuance	1,099,000	8,367,000	2,835,000	1,000
Investing Cash Flow	1,350,000	-3,206,000	-1,207,000	-1,046,000
Cash Flow From Continuing Investing Activities	1,350,000	-3,206,000	-1,207,000	-1,046,000
Net Other Investing Changes	-3,000	-7,000	35,000	1,000
Net Investment Purchase And Sale	2,163,000	-2,079,000	194,000	11,000
Sale Of Investment	3,468,000	2,074,000	1,660,000	1,261,000
Purchase Of Investment	-1,305,000	-4,153,000	-1,466,000	-1,250,000
Net Business Purchase And Sale	5,000	0	60,000	491,000
Sale Of Business	5,000	0	60,000	491,000
Net PPE Purchase And Sale	-815,000	-1,120,000	-1,496,000	-1,549,000
Sale Of PPE	95,000	61,000	119,000	200,000
Purchase Of PPE	-910,000	-1,181,000	-1,615,000	-1,749,000
Operating Cash Flow	2,306,000	1,819,000	6,680,000	5,591,000
Cash Flow From Continuing Operating Activities	2,306,000	1,819,000	6,680,000	5,591,000
Change In Working Capital	-3,196,000	-5,223,000	15,296,000	184,000
Change In Other Working Capital	-3,145,000	-5,424,000	14,761,000	854,000
Change In Payables And Accrued Expense	21,000	46,000	138,000	64,000
Change In Payable	21,000	46,000	138,000	64,000
Change In Account Payable	21,000	46,000	138,000	111,000
Change In Tax Payable		-272,000	-218,000	-47,000	-244,000
Change In Income Tax Payable		-272,000	-218,000	-47,000	-244,000
Change In Inventory	139,000	41,000	567,000	-629,000
Change In Receivables	-211,000	114,000	-170,000	-105,000
Changes In Account Receivables	-211,000	114,000	-170,000	-105,000
Other Non Cash Items	-145,000	-154,000	-152,000	-158,000
Stock Based Compensation	225,000	289,000	274,000	263,000
Asset Impairment Charge		0	0	889,000	0
Deferred Tax	418,000	321,000	-3,855,000	-663,000
Deferred Income Tax	418,000	321,000	-3,855,000	-663,000
Depreciation Amortization Depletion	1,308,000	1,363,000	1,987,000	1,831,000
Depreciation And Amortization	1,308,000	1,363,000	1,987,000	1,831,000
Operating Gains Losses	434,000	1,035,000	109,000	-2,546,000
Pension And Employee Benefit Expense	272,000	1,035,000	145,000	178,000
Gain Loss On Sale Of Business	162,000	0	-36,000	-2,724,000
Net Income From Continuing Operations	3,262,000	4,188,000	-6,979,000	5,791,000

These metrics estimate what 3M Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$34.89

Margin of Safety

Market Cap ÷ Company Value

3.29

P/B Ratio

15.72

Warren's Owner Earnings

$5.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$24.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.71x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.08%

vs Uninterrupted dividends

❌ Earnings Growth

-41.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

15.72x P/B (P/E×P/B: 429.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-31.83

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$102.06

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	28.0%	28.3%	N/A	30.3%	N/A
Repurchase of Capital Stock	-$3.3B	-$1.8B	-$33M	-$1.5B	N/A
Free Cash Flow	$1.4B ▲	$638M ▼	$5.1B ▲	$3.8B •	N/A •
Warren's Owner Earnings	$5.5B	$6.7B	-$3.4B	$9.4B	N/A

Peers & Industry

No auto-detected peers for Conglomerates. You can manually compare MMM against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.10%

Low — management has little skin in the game

Return on Equity (ROE)

69.1%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

8.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-3.4% YoY

Debt is declining — management is deleveraging

Leadership Team

William Brown

CEO & Chairman

Age 62

Pay: $6,249,915

0.192% of net income

Anurag Maheshwari

CFO & Executive VP

Age 51

Pay: $2,950,434

0.091% of net income

Christian Goralski Jr.

Group President of Safety & Industrial

Age 53

Pay: $2,080,109

0.064% of net income

Wendy Bauer

Group President of Transportation & Electronics Business Group

Age 49

Pay: $1,853,308

0.057% of net income

Chinmay Trivedi

Senior Vice President of Investor Relations and Financial Planning & Analysis

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.41%	49,055,462
JPMORGAN CHASE & CO	8.73%	45,554,373
Blackrock Inc.	7.51%	39,162,174
State Street Corporation	5.34%	27,870,655
Geode Capital Management, LLC	2.26%	11,797,004
Capital World Investors	2.08%	10,835,505
NORGES BANK	1.82%	9,486,659
FMR, LLC	1.78%	9,259,699

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.09

Moderate volatility — moves slightly more than market

Short Interest

1.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

3.96x

High leverage — significant financial risk

Current Ratio

1.59x

Adequate liquidity

52-Week Price Range

Low: $137.63 Current: $141.72 High: $177.41

Currently at 10% of 52-week range

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