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3M (MMM)

Market Price (10/13/2025): $148.59 | Market Cap: $79.9 Bil
Sector: Industrials | Industry: Industrial Conglomerates

3M (MMM)

Market Price (10/13/2025): $148.59
Market Cap: $79.9 Bil
Sector: Industrials
Industry: Industrial Conglomerates

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%		  Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%
1 Low stock price volatility
Vol 12M is 29%		  Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.1%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%
1 Low stock price volatility
Vol 12M is 29%
2 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%
3 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -8.1%

Market Valuation & Key Metrics

MMMS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)24.6
Rev Chg Q1.4%6.1%
Rev Chg LTM0.2%5.2%
Rev Chg 3Y Avg-10.7%5.3%
PROFITABILITYPOOR
Op Inc LTM ($ Bil)4.8
Op Mgn LTM19.5%18.6%
CFO LTM ($ Bil)-1.0
CFO/Rev LTM-4.1%20.3%
Net Inc LTM ($ Bil)3.9
Net Inc Mgn16.0%12.7%
VALUATIONMODERATE
P/S3.23.2
P/CFO-79.715.6
P/FCF-40.320.6
P/E20.323.6
STABILITYVERY GOOD
Debt/Equity0.170.21
Cash/Assets0.110.07

MMM Stock

Factor Drivers of Stock Movement
The 10.5% change in MMM stock from 4/13/2025 to 10/12/2025 was primarily driven by a 15.6% change in the company's P/E Multiple.

413202510122025Change
Stock Price ($)134.67148.7510.46%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)24575.0024602.000.11%
Net Income Margin (%)16.98%16.01%-5.71%
P/E Multiple17.5520.2915.62%
Shares Outstanding (Mil)543.90537.401.20%
Cumulative Contribution10.44%

LTM = Last Twelve Months as of date shown
The 12.6% change in MMM stock from 10/12/2024 to 10/12/2025 was primarily driven by a 316.7% change in the company's Net Income Margin (%).

1012202410122025Change
Stock Price ($)132.12148.7512.59%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)24543.0024602.000.24%
Net Income Margin (%)3.84%16.01%316.71%
P/E Multiple77.5920.29-73.84%
Shares Outstanding (Mil)553.80537.402.96%
Cumulative Contribution12.49%

LTM = Last Twelve Months as of date shown
The 75.2% change in MMM stock from 10/13/2022 to 10/12/2025 was primarily driven by a 73.7% change in the company's P/E Multiple.

1013202210122025Change
Stock Price ($)84.92148.7575.16%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)35085.0024602.00-29.88%
Net Income Margin (%)11.83%16.01%35.36%
P/E Multiple11.6820.2973.68%
Shares Outstanding (Mil)571.00537.405.88%
Cumulative Contribution74.55%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
MMM Return3%5%-30%-3%46%17%25%
Peers Return14%10%-5%22%33%29%150%
S&P 500 Return16%27%-19%24%23%11%103%

Monthly Win Rates [3]
MMM Win Rate42%58%42%42%67%56% 
Peers Win Rate55%55%45%48%63%60% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
MMM Max Drawdown-33%-5%-38%-25%-15%-2% 
Peers Max Drawdown-47%-4%-26%-11%-8%-17% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GE, HON, EMR, GLW, DD. See MMM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/10/2025 (YTD)

Downturns Compared

Unique KeyEventMMMS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-58.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven140.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-35.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven53.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven310 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-41.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven71.6%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-56.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven129.1%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven781 days1480 days


How Low Can It Go?

3M's stock fell -58.5% during the 2022 Inflation Shock from a high on 6/4/2021. A -58.5% loss requires a 140.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About 3M (MMM)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for 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 tapes, films, sound, and temperature management for transportation vehicles; premium large format graphic films for advertising and fleet signage; light management films and electronics assembly solutions; packaging and interconnection solutions; and reflective signage for highway, and vehicle safety. The Healthcare segment offers food safety indicator solutions; health care procedure coding and reimbursement software; skin, wound care, and infection prevention products and solutions; dentistry and orthodontia solutions; and filtration and purification systems. The Consumer segment provides consumer bandages, braces, supports and consumer respirators; cleaning products for the home; retail abrasives, paint accessories, car care DIY products, picture hanging, and consumer air quality solutions; and stationery products. It offers its products through e-commerce and traditional wholesalers, retailers, jobbers, distributors, and dealers. The company was founded in 1902 and is based in St. Paul, Minnesota.

Interactive Breakdown

3M Interactive Breakdown Analysis

Better Bets than 3M (MMM)

 MMMBetter Performance than MMM
MetricValueIndustry (Industrial Conglomerates)
Rev Chg LTM0.2%HON (7.1%), CSL (4.4%), CSW (12.3%), SEB (4.7%), CODI (11.9%)
Rev Chg 3Y Avg-10.7%HON (5.1%), CSL (5.2%), CSW (11.3%), SEB (-2.7%), TTI (8.9%)
Op Mgn LTM19.5%HON (19.8%), CSL (22.0%), CSW (19.8%)
CFO/Rev LTM-4.1%HON (15.5%), CSL (17.4%), CSW (18.2%), SEB (5.8%), TTI (12.8%)
FCF/Rev LTM-8.1%HON (12.4%), CSL (15.2%), CSW (16.4%), SEB (0.2%), TTI (1.8%)
Total Yield5.9%HON (6.8%), CSL (9.1%), TTI (15.5%), CODI (21.8%), RCMT (7.9%)
 MMMBetter Performance than MMM
MetricValueAll Other Sectors
Rev Chg LTM0.2%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg-10.7%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM19.5%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM-4.1%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM-8.1%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield5.9%JPM (6.7%), XOM (10.1%), JNJ (7.6%), BAC (7.5%), HD (6.4%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
13M Earnings Notes  
2MMM Delivers $100 Bil to Investors Over a Decade  
33M vs Johnson & Johnson: Which Is A Better Investment?Counter-Intuitive Comparisons 
43M vs Union Pacific: Which Is A Better Investment?Counter-Intuitive Comparisons 
53M vs Carlisle Companies: Which Is A Better Investment?Counter-Intuitive Comparisons 
6Day 8 of Gains Streak for 3M Stock with 11% Return (vs. 25% YTD) [8/13/2025]Notification 
7How Does MMM Stack Up Against Its Peers?Peer Comparison 
8Day 7 of Gains Streak for 3M Stock with 9.3% Return (vs. 23% YTD) [8/12/2025]Notification 
9Day 6 of Gains Streak for 3M Stock with 7.5% Return (vs. 21% YTD) [8/11/2025]Notification 
103M (MMM) Valuation Ratios ComparisonFinancials 
11ARTICLES  
12MMM Delivers $51 Bil to Shareholders Over the Last 10 Years September 5th, 2025
13S&P 500 Stocks Trading At 52-Week High August 14th, 2025
14MMM Stock Up 11% after 8-Day Win Streak August 14th, 2025
15MMM Stock Up 9.3% after 7-Day Win Streak August 13th, 2025
16MMM Stock Up 7.5% after 6-Day Win Streak August 12th, 2025

Trade Ideas

Select past trade ideas related to MMM and Industrial Conglomerates.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%-1.3%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.3%-7.3%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.5%-6.5%-6.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-5.6%-5.6%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		17.3%17.3%-1.2%
MMM_10312023_Monopoly_xInd_xCD_Getting_Cheaper10312023MMM3MMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		30.9%75.2%-0.4%
MMM_6302022_Dip_Buyer_FCFYield06302022MMM3MDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-4.8%-18.7%-24.2%
MMM_1312020_Dip_Buyer_FCFYield01312020MMM3MDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-3.4%14.8%-25.0%
MMM_5312019_Dip_Buyer_FCFYield05312019MMM3MDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		8.2%1.6%-24.2%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%-1.3%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.3%-7.3%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.5%-6.5%-6.5%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-5.6%-5.6%-5.6%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		17.3%17.3%-1.2%
MMM_10312023_Monopoly_xInd_xCD_Getting_Cheaper10312023MMM3MMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		30.9%75.2%-0.4%
MMM_6302022_Dip_Buyer_FCFYield06302022MMM3MDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-4.8%-18.7%-24.2%
MMM_1312020_Dip_Buyer_FCFYield01312020MMM3MDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-3.4%14.8%-25.0%
MMM_5312019_Dip_Buyer_FCFYield05312019MMM3MDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		8.2%1.6%-24.2%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony57.5%589.8%
2HIVEHIVE Digital Technologies48.5%131.9%
3SESSES AI46.6%37.9%
4BITFBitfarms39.5%181.9%
5SLDPSolid Power35.6%210.1%
6PTGXProtagonist Therapeutics34.2%125.4%
7PATHUiPath32.2%34.1%
8APGEApogee Therapeutics31.6%15.8%
9AMDAdvanced Micro Devices30.5%77.9%
10GLUEMonte Rosa Therapeutics29.7%44.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNBrookfield-37.4%12.9%
2BNTBrookfield Wealth Solutions-37.3%13.1%
3VGVenture Global-32.3% 
4BBBYBed Bath & Beyond-27.1% 
5USNAUsana Health Sciences-25.4%-43.5%
6AEHRAehr Test Systems-24.3%41.3%
7NFENew Fortress Energy-24.0%-87.6%
8PENGPenguin Solutions-23.7%10.3%
9ESPREsperion Therapeutics-23.3%15.0%
10ANGXAngel Studios-23.1% 

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1554.3%367.0%
2QUREuniQure263.4%248.6%
3UAMYUnited States Antimony166.0%589.8%
4LACLithium Americas163.7%152.2%
5RGTIRigetti Computing163.2%187.8%
6SESSES AI160.3%37.9%
7CLPTClearPoint Neuro135.4%69.8%
8BETRBetter Home & Finance131.2%537.8%
9PLUGPlug Power126.5%60.6%
10USARUSA Rare Earth124.4%109329.5%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1REXREX American Resources-50.4%46.7%
2ANGXAngel Studios-49.2% 
3USNAUsana Health Sciences-34.3%-43.5%
4GOSSGossamer Bio-34.1%152.0%
5FLYFirefly Aerospace-34.0% 
6TROXTronox-33.8%-65.3%
7KRUSKura Sushi USA-32.9%-38.5%
8VGVenture Global-31.2% 
9OXMOxford Industries-30.7%-52.8%
10SFIXStitch Fix-30.4%-6.4%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony57.5%589.8%
2HIVEHIVE Digital Technologies48.5%131.9%
3SESSES AI46.6%37.9%
4BITFBitfarms39.5%181.9%
5SLDPSolid Power35.6%210.1%
6PTGXProtagonist Therapeutics34.2%125.4%
7PATHUiPath32.2%34.1%
8APGEApogee Therapeutics31.6%15.8%
9AMDAdvanced Micro Devices30.5%77.9%
10GLUEMonte Rosa Therapeutics29.7%44.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1BNBrookfield-37.4%12.9%
2BNTBrookfield Wealth Solutions-37.3%13.1%
3VGVenture Global-32.3% 
4BBBYBed Bath & Beyond-27.1% 
5USNAUsana Health Sciences-25.4%-43.5%
6AEHRAehr Test Systems-24.3%41.3%
7NFENew Fortress Energy-24.0%-87.6%
8PENGPenguin Solutions-23.7%10.3%
9ESPREsperion Therapeutics-23.3%15.0%
10ANGXAngel Studios-23.1% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for 3M

Financials

MMMGEHONEMRGLWDDMedian
Name3M GE Aeros.Honeywel.Emerson .Corning DuPont d. 
Mkt Price148.75291.49200.91126.0182.9873.70137.38
Mkt Cap79.9309.9128.170.870.930.975.4
Rev LTM24,60241,60939,99017,77914,20612,60721,190
Op Inc LTM4,7907,9487,9213,3391,7132,0254,064
FCF LTM-1,9835,4924,9682,7411,1941,1081,968
FCF 3Y Avg2,2465,4824,8732,0437966932,144
CFO LTM-1,0026,5606,1943,1722,1812,0642,676
CFO 3Y Avg3,6406,5265,9342,4252,0422,0133,032

Growth & Margins

MMMGEHONEMRGLWDDMedian
Name3M GE Aeros.Honeywel.Emerson .Corning DuPont d. 
Rev Chg LTM0.2%13.0%7.1%4.8%14.6%4.6%6.0%
Rev Chg 3Y Avg-10.7%3.4%5.1%24.9%-0.3%-1.0%1.5%
Rev Chg Q1.4%21.2%8.1%3.9%18.8%2.7%6.0%
QoQ Delta Rev Chg LTM0.4%4.9%2.0%1.0%4.5%0.7%1.5%
Op Mgn LTM19.5%19.1%19.8%18.8%12.1%16.1%18.9%
Op Mgn 3Y Avg0.5%18.4%19.7%17.5%8.4%15.1%16.3%
QoQ Delta Op Mgn LTM-0.6%0.3%-0.0%0.5%2.3%0.3%0.3%
CFO/Rev LTM-4.1%15.8%15.5%17.8%15.4%16.4%15.6%
CFO/Rev 3Y Avg13.1%19.5%15.7%14.7%15.4%16.3%15.5%
FCF/Rev LTM-8.1%13.2%12.4%15.4%8.4%8.8%10.6%
FCF/Rev 3Y Avg7.9%16.3%12.9%12.4%6.0%5.5%10.1%

Valuation

MMMGEHONEMRGLWDDMedian
Name3M GE Aeros.Honeywel.Emerson .Corning DuPont d. 
Mkt Cap79.9309.9128.170.870.930.975.4
P/S3.27.43.24.05.02.43.6
P/EBIT13.832.115.422.047.436.627.0
P/E20.339.922.426.786.6-159.124.6
P/CFO-79.847.220.722.332.515.021.5
Total Yield5.9%2.5%6.8%4.2%2.6%1.5%3.4%
Dividend Yield1.0%0.0%2.3%0.4%1.4%2.1%1.2%
FCF Yield 3Y Avg4.9%3.6%3.4%3.3%2.1%2.3%3.4%
D/E0.20.10.30.20.10.20.2
Net D/E0.10.00.20.20.10.20.1

Returns

MMMGEHONEMRGLWDDMedian
Name3M GE Aeros.Honeywel.Emerson .Corning DuPont d. 
1M Rtn-5.8%3.6%-5.0%-6.7%7.7%-4.6%-4.8%
3M Rtn-4.1%14.3%-14.4%-9.7%61.5%-1.9%-3.0%
6M Rtn10.5%60.9%2.2%26.4%103.1%26.6%26.5%
12M Rtn12.6%53.4%-5.1%14.3%82.5%-13.0%13.5%
3Y Rtn75.2%592.9%21.2%66.7%196.3%46.8%70.9%
1M Excs Rtn-6.2%4.2%-6.2%-7.8%10.5%-5.0%-5.6%
3M Excs Rtn-9.9%6.7%-19.7%-14.1%52.3%-5.6%-7.7%
6M Excs Rtn-11.4%36.6%-19.4%3.0%76.6%4.9%4.0%
12M Excs Rtn-1.3%42.5%-14.9%3.2%76.2%-24.9%0.9%
3Y Excs Rtn0.6%524.8%-52.2%-4.4%116.1%-29.5%-1.9%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/18/20254/22/20252/5/202510/22/20247/26/20244/30/20242/7/202410/24/20237/25/20234/25/20232/8/202310/25/2022
Key Financials Quarterly            
Total Revenue6,3445,9546,0106,2946,2556,0166,0026,2706,2838,0318,0798,619
Ebitda1,4501,9301,3332,3072,0331,7001,558-2,463-8,8371,7781,1724,688
Operating Income1,1431,2461,0851,3161,2721,149899-3,132-9,3581,2419031,432
Net Income7231,1167281,3721,145928945-2,075-6,8419765413,859
EPS1.352.051.342.492.071.671.70-3.74-12.351.770.986.79
Key Financials TTM            
Total Revenue TTM24,60224,51324,57524,56724,54324,57126,58628,66331,01233,43134,22934,762
Ebitda TTM7,0207,6037,3737,5982,828-8,042-7,964-8,350-1,1998,2888,6859,702
Operating Income TTM4,7904,9194,8224,636188-10,442-10,350-10,346-5,7823,6864,0864,799
Net Income TTM3,9394,3614,1734,390943-7,043-6,995-7,399-1,4655,4545,7776,575
Growth Rates Quarterly            
Total Revenue Growth1.4%-1.0%0.1%0.4%-0.4%-25.1%-25.7%-27.3%-27.8%-9.0%-6.2%-3.6%
EBITDA Growth-28.7%13.5%-14.4%193.7%123.0%-4.4%32.9%-152.5%-1459.5%-18.3%-46.5%99.5%
Operating Income Growth-10.1%8.4%20.7%142.0%113.6%-7.4%-0.4%-318.7%-8607.3%-24.4%-44.1%-19.9%
Net Income Growth-36.9%20.3%-23.0%166.1%116.7%-4.9%74.7%-153.8%-8870.5%-24.9%-59.6%169.1%
Margins Quarterly            
EBITDA Margin22.9%32.4%22.2%36.7%32.5%28.3%26.0%-39.3%-140.6%22.1%14.5%54.4%
Operating Income Margin18.0%20.9%18.1%20.9%20.3%19.1%15.0%-50.0%-148.9%15.5%11.2%16.6%
Net Income Margin11.4%18.7%12.1%21.8%18.3%15.4%15.7%-33.1%-108.9%12.2%6.7%44.8%
Cash & Debt            
Total Cash4,2147,0247,7287,29510,33810,9715,7855,2134,3143,9693,8933,589
Total Debt13,72614,06713,65913,80013,69522,15716,75116,79716,80116,85016,85516,516
Net Debt / (Cash)9,5127,0435,9316,5053,35711,18610,96611,58412,48712,88112,96212,927
Cash Flows Quarterly            
FCF from Operations-954-791,818-1,7871,0217671,9861,9101,5091,2751,9221,531
Cash Flows TTM            
FCF from Operations TTM-1,0029731,8191,9875,6846,1726,6806,6166,2375,8555,5915,674
Returns to Shareholders Quarterly            
Dividends390396378383386835828828828827819850
Share Repurchases9531,2747056754002122-029536155
Return on Invested Capital (ROIC) Quarterly            
ROIC35.3%57.2%70.0%64.6%129.7%31.4%31.5%-82.7%-227.9%31.7%25.0%41.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM41.0%58.6%67.7%59.2%5.6%-70.0%-70.1%-66.7%-23.7%26.1%28.5%33.2%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Safety and Industrial10,95611,60411,98111,73411,514
Transportation and Electronics8,5018,9029,2628,8339,591
Consumer5,0265,2925,5095,3115,151
Corporate and Other90822-2110
Other37281   
Health Care  8,6018,3457,431
Elimination of Dual Credit   -2,037-1,661
Total24,61026,16135,35532,18432,136


Operating Income by Segment
$ Mil20242023202220212020
Safety and Industrial2,3241,1352,4602,7842,510
Transportation and Electronics1,3129731,8691,8142,221
Consumer9049781,1641,2031,124
Other5570   
Corporate and Other-15,2841,213-15891-1,130
Health Care  2,0341,7901,858
Elimination of Dual Credit   -521-409
Total-10,6894,3697,3697,1616,174


Assets by Segment
$ Mil20242023202220212020
Corporate and Unallocated and Other16,195    
Non-current assets of discontinued operations11,343    
Safety and Industrial11,212  11,71111,682
Transportation and Electronics6,826  6,9976,871
Consumer2,625  2,5672,428
Current assets of discontinued operations2,379    
Corporate and Other   11,5388,888
Health Care   14,53114,790
Total50,580  47,34444,659


Price Behavior

MMM Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.071.391.301.131.050.97
Up Beta3.732.482.101.051.081.05
Down Beta-0.971.571.171.311.041.00
Up Capture54%92%85%93%100%76%
Bmk +ve Days13233574144420
Stock +ve Days8223368128378
Down Capture130%98%125%116%101%97%
Bmk -ve Days8192952107330
Stock -ve Days13203158122370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity6,619,440
Short Interest: % Change Since 9152025-16.7%
Average Daily Volume2,638,247
Days-to-Cover Short Interest2.51
Basic Shares Quantity537,400,000
Short % of Basic Shares1.2%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/18/2025-3.7%-6.1%-4.2%
4/22/20258.1%9.4%22.3%
1/21/20254.2%7.4%7.0%
10/22/2024-2.3%-3.4%-4.4%
7/26/202423.0%22.3%26.3%
4/30/20244.7%4.8%6.6%
1/23/2024-11.0%-10.8%-13.7%
10/24/20235.3%4.6%11.5%
...
SUMMARY STATS   
# Positive111012
# Negative141513
Median Positive4.7%6.6%6.9%
Median Negative-3.0%-3.4%-4.2%
Max Positive23.0%22.3%26.3%
Max Negative-11.0%-10.8%-15.6%

SEC Filings

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Report DateFiling DateFiling
6302025718202510-Q 6/30/2025
3312025422202510-Q 3/31/2025
12312024205202510-K 12/31/2024
93020241022202410-Q 9/30/2024
6302024726202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023207202410-K 12/31/2023
93020231024202310-Q 9/30/2023
6302023725202310-Q 6/30/2023
3312023425202310-Q 3/31/2023
12312022208202310-K 12/31/2022
93020221025202210-Q 9/30/2022
6302022727202210-Q 6/30/2022
3312022426202210-Q 3/31/2022
12312021209202210-K 12/31/2021
93020211026202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Reinseth Theresa ESr Vice President & CAO8062025Sell150.633,477523,741385,701Form
1Dickson Zoe LEVP & Chief HR Officer5192025Sell148.932,074308,8811,187,900Form
2Clarke VictoriaEVP & Chief Public Affairs Off2032025Sell154.21700107,947191,841Form
3Goralski Christian T JRGroup President1272025Sell149.436,318944,070750,701Form
4Reinseth Theresa ESr Vice President & CAO11212024Sell127.711,033131,925560,399Form

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