Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin23.3%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin10.8%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt19.2 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$5.5B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$5.4B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book25.67x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
B
Free Cash Flow$349M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income34.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$1.2B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering 3M Company at $160.60.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
At $160.60, the stock trades at a 1120% premium to its Graham Number of $13.16. 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.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
40.7%▲
33.6%•
N/A
Operating Margin %
23.3%▲
12.9%•
N/A
Net Income %
10.8%▲
9.4%•
N/A
Diluted EPS
1.23▲
1.07•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$35.4B
$37.7B
N/A
Total Debt
$12.6B▼
$12.6B•
N/A
Working Capital
$5.4B▼
$6.8B•
N/A
Years to Pay Debt
19.23
21.84
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$349M▼
$1.3B•
N/A
Owner Earnings
$1.2B
$1.3B
N/A
CapEx % of Net Income
34.5%
43.0%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
-91,370
39,538
Tax Rate For Calcs
0
0
Normalized EBITDA
1,781,000
1,248,000
Total Unusual Items
-363,000
162,000
Total Unusual Items Excluding Goodwill
-363,000
162,000
Net Income From Continuing Operation Net Minority Interest
653,000
577,000
Reconciled Depreciation
326,000
430,000
Reconciled Cost Of Revenue
3,574,000
4,075,000
EBITDA
1,418,000
1,410,000
EBIT
1,092,000
980,000
Net Interest Income
-165,000
-165,000
Interest Expense
214,000
222,000
Interest Income
49,000
57,000
Normalized Income
924,630
454,538
Net Income From Continuing And Discontinued Operation
653,000
577,000
Total Expenses
4,626,000
5,339,000
Total Operating Income As Reported
1,397,000
796,000
Diluted Average Shares
532,800
539,000
Basic Average Shares
529,100
534,300
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
653,000
577,000
Net Income Common Stockholders
653,000
577,000
Net Income
653,000
577,000
Minority Interests
-6,000
3,000
Net Income Including Noncontrolling Interests
659,000
574,000
Net Income Continuous Operations
659,000
574,000
Earnings From Equity Interest Net Of Tax
2,000
1,000
Tax Provision
221,000
185,000
Pretax Income
878,000
758,000
Other Income Expense
-361,000
129,000
Other Non Operating Income Expenses
2,000
-33,000
Special Income Charges
-7,000
2,000
Gain On Sale Of Business
-7,000
2,000
Restructuring And Mergern Acquisition
-160,000
Gain On Sale Of Security
-356,000
160,000
Net Non Operating Interest Income Expense
-165,000
-165,000
Interest Expense Non Operating
214,000
222,000
Interest Income Non Operating
49,000
57,000
Operating Income
1,404,000
794,000
Operating Expense
1,052,000
1,264,000
Research And Development
308,000
299,000
Selling General And Administration
744,000
965,000
Gross Profit
2,456,000
2,058,000
Cost Of Revenue
3,574,000
4,075,000
Total Revenue
6,030,000
6,133,000
Operating Revenue
6,030,000
6,133,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
422,466
413,754
Ordinary Shares Number
521,567
530,279
Share Issued
944,033
944,033
Net Debt
8,827,000
7,367,000
Total Debt
12,556,000
12,602,000
Tangible Book Value
-4,199,000
-2,820,000
Invested Capital
15,819,000
17,304,000
Working Capital
5,361,000
6,792,000
Net Tangible Assets
-4,199,000
-2,820,000
Capital Lease Obligations
615,000
Common Stock Equity
3,263,000
4,702,000
Total Capitalization
14,169,000
15,634,000
Total Equity Gross Minority Interest
3,311,000
4,747,000
Minority Interest
48,000
45,000
Stockholders Equity
3,263,000
4,702,000
Gains Losses Not Affecting Retained Earnings
-5,099,000
-5,069,000
Other Equity Adjustments
-5,099,000
-5,069,000
Treasury Stock
37,309,000
35,936,000
Retained Earnings
38,162,000
38,258,000
Additional Paid In Capital
7,500,000
7,440,000
Capital Stock
9,000
9,000
Common Stock
9,000
9,000
Total Liabilities Net Minority Interest
32,125,000
32,986,000
Total Non Current Liabilities Net Minority Interest
23,093,000
23,391,000
Other Non Current Liabilities
10,601,000
10,828,000
Employee Benefits
1,586,000
1,631,000
Non Current Pension And Other Postretirement Benefit Plans
1,586,000
1,631,000
Tradeand Other Payables Non Current
605,000
Non Current Deferred Liabilities
354,000
Non Current Deferred Taxes Liabilities
354,000
Long Term Debt And Capital Lease Obligation
10,906,000
10,932,000
Long Term Capital Lease Obligation
452,000
Long Term Debt
10,906,000
10,932,000
Current Liabilities
9,032,000
9,595,000
Other Current Liabilities
4,176,000
4,505,000
Current Deferred Liabilities
15,000
Current Deferred Revenue
15,000
Current Debt And Capital Lease Obligation
1,650,000
1,670,000
Current Capital Lease Obligation
163,000
Current Debt
1,650,000
1,670,000
Other Current Borrowings
1,919,000
Pensionand Other Post Retirement Benefit Plans Current
256,000
Payables And Accrued Expenses
3,206,000
3,420,000
Current Accrued Expenses
420,000
718,000
Payables
2,786,000
2,702,000
Total Tax Payable
515,000
Income Tax Payable
331,000
Accounts Payable
2,786,000
2,702,000
Total Assets
35,436,000
37,733,000
Total Non Current Assets
21,043,000
21,346,000
Other Non Current Assets
6,621,000
6,723,000
Defined Pension Benefit
1,243,000
Non Current Deferred Assets
4,146,000
Non Current Deferred Taxes Assets
4,146,000
Non Current Accounts Receivable
31,000
Investments And Advances
2,505,000
Investmentin Financial Assets
2,430,000
Long Term Equity Investment
2,505,000
Goodwill And Other Intangible Assets
7,462,000
7,522,000
Other Intangible Assets
1,078,000
1,103,000
Goodwill
6,384,000
6,419,000
Net PPE
6,960,000
7,101,000
Accumulated Depreciation
-16,951,000
-16,821,000
Gross PPE
23,911,000
23,922,000
Construction In Progress
663,000
994,000
Other Properties
23,911,000
565,000
Machinery Furniture Equipment
15,328,000
14,780,000
Buildings And Improvements
7,729,000
7,432,000
Land And Improvements
202,000
200,000
Current Assets
14,393,000
16,387,000
Other Current Assets
2,344,000
2,823,000
Hedging Assets Current
64,000
Assets Held For Sale Current
49,000
46,000
0
Prepaid Assets
407,000
391,000
Inventory
3,690,000
3,661,000
Finished Goods
1,738,000
1,744,000
Work In Process
1,130,000
1,126,000
Raw Materials
822,000
791,000
Receivables
3,754,000
3,533,000
Other Receivables
78,000
Accounts Receivable
3,754,000
3,533,000
Allowance For Doubtful Accounts Receivable
-45,000
-61,000
Gross Accounts Receivable
3,799,000
3,594,000
Cash Cash Equivalents And Short Term Investments
4,149,000
5,933,000
Other Short Term Investments
420,000
698,000
Cash And Cash Equivalents
3,729,000
5,235,000
Cash Flow
2026
2025
2024
Free Cash Flow
349,000
1,335,000
Repurchase Of Capital Stock
-1,999,000
-552,000
Repayment Of Debt
0
-11,000
Issuance Of Debt
0
0
Capital Expenditure
-225,000
-248,000
Interest Paid Supplemental Data
214,000
-257,000
End Cash Position
3,729,000
5,235,000
Other Cash Adjustment Outside Changein Cash
-3,000
-2,000
Beginning Cash Position
5,235,000
4,671,000
Effect Of Exchange Rate Changes
-13,000
5,000
Changes In Cash
-1,490,000
561,000
Financing Cash Flow
-2,124,000
-617,000
Cash Flow From Continuing Financing Activities
-2,124,000
-617,000
Net Other Financing Charges
-15,000
-10,000
Proceeds From Stock Option Exercised
302,000
343,000
Cash Dividends Paid
-412,000
-387,000
Common Stock Dividend Paid
-412,000
-387,000
Net Common Stock Issuance
-1,999,000
-552,000
Common Stock Payments
-1,999,000
-552,000
Net Issuance Payments Of Debt
0
-11,000
Net Long Term Debt Issuance
0
-11,000
Long Term Debt Payments
0
-11,000
Long Term Debt Issuance
0
0
Investing Cash Flow
60,000
-405,000
Cash Flow From Continuing Investing Activities
60,000
-405,000
Net Other Investing Changes
2,000
0
Net Investment Purchase And Sale
281,000
-183,000
Sale Of Investment
436,000
283,000
Purchase Of Investment
-155,000
-466,000
Net PPE Purchase And Sale
-223,000
-222,000
Sale Of PPE
2,000
26,000
Purchase Of PPE
-225,000
-248,000
Operating Cash Flow
574,000
1,583,000
Cash Flow From Continuing Operating Activities
574,000
1,583,000
Change In Working Capital
-572,000
390,000
Change In Other Working Capital
-393,000
-160,000
Change In Payables And Accrued Expense
120,000
79,000
Change In Payable
120,000
79,000
Change In Account Payable
120,000
-46,000
Change In Tax Payable
-120,000
Change In Income Tax Payable
-120,000
Change In Inventory
-51,000
231,000
Change In Receivables
-248,000
240,000
Changes In Account Receivables
-248,000
240,000
Other Non Cash Items
-38,000
-46,000
Stock Based Compensation
80,000
43,000
Deferred Tax
75,000
120,000
Deferred Income Tax
75,000
120,000
Depreciation Amortization Depletion
326,000
430,000
Depreciation And Amortization
326,000
430,000
Operating Gains Losses
44,000
72,000
Pension And Employee Benefit Expense
37,000
74,000
Gain Loss On Sale Of Business
7,000
-2,000
Net Income From Continuing Operations
659,000
574,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $6.0B▲ $6.0B+1.3%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 41.6%▼ 40.7%-0.9pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 23.6%▲ 23.3%-0.3pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 18.7%▼ 10.8%-7.9pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$6.0B/qtr (≈$24.1B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.59x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$349M
vs Positive
Operating Cash Flow
$574M
Latest quarter · Buffett's cash reality check
ROIC
4.2%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
25.3x
Net Assets: $3.3B
⚠️Net margin compressed 7.9pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
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)
20.0%
Excellent — management generates strong returns on equity
Return on Assets (ROA)
1.8%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$3.3B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-0.4% YoY
Debt is declining — management is deleveraging
Leadership Team
William Brown
CEO & Chairman
Age 62
Pay: $6,249,915
0.957% of net income
Anurag Maheshwari
CFO & Executive VP
Age 51
Pay: $2,950,434
0.452% of net income
Christian Goralski Jr.
Group President of Safety & Industrial
Age 53
Pay: $2,080,109
0.319% of net income
Wendy Bauer
Group President of Transportation & Electronics Business Group
Age 49
Pay: $1,853,308
0.284% of net income
Chinmay Trivedi
Senior Vice President of Investor Relations and Financial Planning & Analysis
Top Institutional Holders
Institution
% Owned
Shares
JPMORGAN CHASE & CO
8.90%
46,431,098
Blackrock Inc.
8.18%
42,661,966
Vanguard Capital Management LLC
6.56%
34,227,417
State Street Corporation
5.32%
27,723,744
Geode Capital Management, LLC
2.28%
11,897,247
FMR, LLC
1.82%
9,484,937
Vanguard Portfolio Management LLC
1.81%
9,450,949
Capital World Investors
1.76%
9,172,034
⚠️Very high debt-to-equity — leverage risk
Risk Analysis
Beta (Market Risk)
1.09
Moderate volatility — moves slightly more than market
Short Interest
1.8% 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: $139.34Current: $160.60High: $177.41
Currently at 56% of 52-week range
3M Company (MMM) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $13.16. Margin of safety: 0%. Gross profit margin: 40.7%. Operating margin: 23.3%. Net margin: 10.8%. Market cap: $83.8B. Sector: Industrials. Industry: Conglomerates. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.