3M (MMM)
Market Price (11/1/2026): $174.3 | Market Cap: $89.9 BilInvestor Relations Sector: Industrials | Industry: Industrial Conglomerates
3M (MMM)
Market Price (11/1/2026): $174.3Market Cap: $89.9 BilSector: IndustrialsIndustry: Industrial Conglomerates
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 3.6 Bil, FCF LTM is 2.7 Bil Stock buyback supportStock Buyback 3Y Total is 8.3 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Advanced Materials, Water Infrastructure, and Automation & Robotics. Themes include Lightweight Composites, Show more. | Trading close to highsDist 52W High is -4.7%, Dist 3Y High is -4.7% | Key risksMMM key risks include [1] massive liabilities from its PFAS "forever chemicals" litigation and [2] a multi-billion dollar settlement for its defective Combat Arms Earplugs. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 3.6 Bil, FCF LTM is 2.7 Bil |
| Stock buyback supportStock Buyback 3Y Total is 8.3 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Water Infrastructure, and Automation & Robotics. Themes include Lightweight Composites, Show more. |
| Trading close to highsDist 52W High is -4.7%, Dist 3Y High is -4.7% |
| Key risksMMM key risks include [1] massive liabilities from its PFAS "forever chemicals" litigation and [2] a multi-billion dollar settlement for its defective Combat Arms Earplugs. |
Qualitative Assessment
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Updated on 10/31/2026
3M (MMM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Performance and Outlook.
3M reported adjusted diluted earnings per share (EPS) of $2.50 for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst consensus estimates of approximately $2.38-$2.39 by 4.7%. The company also raised its full-year 2026 adjusted EPS guidance to a range of $9.10 to $9.15, surpassing the analyst consensus of around $8.93. However, adjusted sales of $6.6 billion, while up 4.2% year-over-year with 3.3% adjusted organic growth, slightly missed the consensus revenue estimate of $6.61 billion. While the Safety and Industrial segment demonstrated strength with 7.0% organic sales growth and 9.1% total sales growth, this was partially offset by softer results in the Consumer and Transportation and Electronics segments. The combination of an EPS beat and raised guidance with a slight revenue miss and segment-specific weaknesses created a balanced sentiment, preventing a significant directional movement in the stock.
2. Persistent Legal Overhangs Create Uncertainty.
Ongoing substantial legal liabilities, particularly related to per- and polyfluoroalkyl substances (PFAS) and Combat Arms earplugs, continued to cast a shadow over 3M's stock performance. Despite previous large settlements, such as $12.5 billion for drinking water utility claims and a $6.0 billion Combat Arms settlement, five categories of PFAS exposure remain unresolved, and approximately 15,000 personal injury claims are still pending. This multi-year legal overhang introduces significant financial and operational uncertainty for the company, likely limiting investor enthusiasm and contributing to the stock remaining largely range-bound.
Show more
3M (MMM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Performance and Outlook.
3M reported adjusted diluted earnings per share (EPS) of $2.50 for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst consensus estimates of approximately $2.38-$2.39 by 4.7%. The company also raised its full-year 2026 adjusted EPS guidance to a range of $9.10 to $9.15, surpassing the analyst consensus of around $8.93. However, adjusted sales of $6.6 billion, while up 4.2% year-over-year with 3.3% adjusted organic growth, slightly missed the consensus revenue estimate of $6.61 billion. While the Safety and Industrial segment demonstrated strength with 7.0% organic sales growth and 9.1% total sales growth, this was partially offset by softer results in the Consumer and Transportation and Electronics segments. The combination of an EPS beat and raised guidance with a slight revenue miss and segment-specific weaknesses created a balanced sentiment, preventing a significant directional movement in the stock.
2. Persistent Legal Overhangs Create Uncertainty.
Ongoing substantial legal liabilities, particularly related to per- and polyfluoroalkyl substances (PFAS) and Combat Arms earplugs, continued to cast a shadow over 3M's stock performance. Despite previous large settlements, such as $12.5 billion for drinking water utility claims and a $6.0 billion Combat Arms settlement, five categories of PFAS exposure remain unresolved, and approximately 15,000 personal injury claims are still pending. This multi-year legal overhang introduces significant financial and operational uncertainty for the company, likely limiting investor enthusiasm and contributing to the stock remaining largely range-bound.
Show more
Updated on 10/31/2026
3M (MMM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Performance and Outlook.
3M reported adjusted diluted earnings per share (EPS) of $2.50 for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst consensus estimates of approximately $2.38-$2.39 by 4.7%. The company also raised its full-year 2026 adjusted EPS guidance to a range of $9.10 to $9.15, surpassing the analyst consensus of around $8.93. However, adjusted sales of $6.6 billion, while up 4.2% year-over-year with 3.3% adjusted organic growth, slightly missed the consensus revenue estimate of $6.61 billion. While the Safety and Industrial segment demonstrated strength with 7.0% organic sales growth and 9.1% total sales growth, this was partially offset by softer results in the Consumer and Transportation and Electronics segments. The combination of an EPS beat and raised guidance with a slight revenue miss and segment-specific weaknesses created a balanced sentiment, preventing a significant directional movement in the stock.
2. Persistent Legal Overhangs Create Uncertainty.
Ongoing substantial legal liabilities, particularly related to per- and polyfluoroalkyl substances (PFAS) and Combat Arms earplugs, continued to cast a shadow over 3M's stock performance. Despite previous large settlements, such as $12.5 billion for drinking water utility claims and a $6.0 billion Combat Arms settlement, five categories of PFAS exposure remain unresolved, and approximately 15,000 personal injury claims are still pending. This multi-year legal overhang introduces significant financial and operational uncertainty for the company, likely limiting investor enthusiasm and contributing to the stock remaining largely range-bound.
3. Broad Macroeconomic Headwinds for the Industrials Sector.
During fiscal Q3 2026, 3M, as an industrial conglomerate, faced broader macroeconomic challenges. The investment environment became more demanding due to factors such as rising long-term interest rates and persistent inflation. The 10-year U.S. Treasury yield surged to 5.28% by September 30, 2026, marking levels not seen since 2007, which increases financing costs for businesses. The industrials sector experienced a decline of 5.7% and was the largest detractor in U.S. equities during this period. These systemic pressures likely counteracted any positive company-specific news, keeping the stock in check.
4. Cautious Analyst Sentiment Despite Earnings Beat.
Analyst sentiment for 3M remained largely cautious throughout the period, contributing to the stock's stable trend. Across sixteen ratings firms, 3M held an average "Hold" rating, with an average 12-month price target of $185.36 as of October 31, 2026. While some analysts raised their price targets following the Q3 2026 earnings beat, the overall consensus did not shift significantly towards a stronger buy rating. This mixed and conservative outlook from the analyst community, influenced by a combination of ongoing legal concerns and broader market conditions, reinforced the stock's largely neutral movement.
Show less
3M (MMM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Performance and Outlook.
3M reported adjusted diluted earnings per share (EPS) of $2.50 for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst consensus estimates of approximately $2.38-$2.39 by 4.7%. The company also raised its full-year 2026 adjusted EPS guidance to a range of $9.10 to $9.15, surpassing the analyst consensus of around $8.93. However, adjusted sales of $6.6 billion, while up 4.2% year-over-year with 3.3% adjusted organic growth, slightly missed the consensus revenue estimate of $6.61 billion. While the Safety and Industrial segment demonstrated strength with 7.0% organic sales growth and 9.1% total sales growth, this was partially offset by softer results in the Consumer and Transportation and Electronics segments. The combination of an EPS beat and raised guidance with a slight revenue miss and segment-specific weaknesses created a balanced sentiment, preventing a significant directional movement in the stock.
2. Persistent Legal Overhangs Create Uncertainty.
Ongoing substantial legal liabilities, particularly related to per- and polyfluoroalkyl substances (PFAS) and Combat Arms earplugs, continued to cast a shadow over 3M's stock performance. Despite previous large settlements, such as $12.5 billion for drinking water utility claims and a $6.0 billion Combat Arms settlement, five categories of PFAS exposure remain unresolved, and approximately 15,000 personal injury claims are still pending. This multi-year legal overhang introduces significant financial and operational uncertainty for the company, likely limiting investor enthusiasm and contributing to the stock remaining largely range-bound.
3. Broad Macroeconomic Headwinds for the Industrials Sector.
During fiscal Q3 2026, 3M, as an industrial conglomerate, faced broader macroeconomic challenges. The investment environment became more demanding due to factors such as rising long-term interest rates and persistent inflation. The 10-year U.S. Treasury yield surged to 5.28% by September 30, 2026, marking levels not seen since 2007, which increases financing costs for businesses. The industrials sector experienced a decline of 5.7% and was the largest detractor in U.S. equities during this period. These systemic pressures likely counteracted any positive company-specific news, keeping the stock in check.
4. Cautious Analyst Sentiment Despite Earnings Beat.
Analyst sentiment for 3M remained largely cautious throughout the period, contributing to the stock's stable trend. Across sixteen ratings firms, 3M held an average "Hold" rating, with an average 12-month price target of $185.36 as of October 31, 2026. While some analysts raised their price targets following the Q3 2026 earnings beat, the overall consensus did not shift significantly towards a stronger buy rating. This mixed and conservative outlook from the analyst community, influenced by a combination of ongoing legal concerns and broader market conditions, reinforced the stock's largely neutral movement.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -0.7% change in MMM stock from 7/31/2026 to 10/31/2026 was primarily driven by a -16.0% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 175.51 | 174.34 | -0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,180 | 25,247 | 0.3% |
| Net Income Margin (%) | 11.9% | 14.0% | 17.7% |
| P/E Multiple | 30.4 | 25.6 | -16.0% |
| Shares Outstanding (Mil) | 520 | 519 | 0.2% |
| Cumulative Contribution | -0.7% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MMM | -0.7% | |
| Market (SPY) | 1.2% | 24.0% |
| Sector (XLI) | -6.9% | 45.3% |
Fundamental Drivers
The 20.1% change in MMM stock from 4/30/2026 to 10/31/2026 was primarily driven by a 25.8% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 145.13 | 174.34 | 20.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,024 | 25,247 | 0.9% |
| Net Income Margin (%) | 11.1% | 14.0% | 25.8% |
| P/E Multiple | 27.6 | 25.6 | -7.2% |
| Shares Outstanding (Mil) | 529 | 519 | 2.0% |
| Cumulative Contribution | 20.1% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MMM | 20.1% | |
| Market (SPY) | 5.4% | 21.7% |
| Sector (XLI) | -3.9% | 39.2% |
Fundamental Drivers
The 6.6% change in MMM stock from 10/31/2025 to 10/31/2026 was primarily driven by a 2.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.48 | 174.34 | 6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,825 | 25,247 | 1.7% |
| Net Income Margin (%) | 13.7% | 14.0% | 2.2% |
| P/E Multiple | 25.7 | 25.6 | -0.4% |
| Shares Outstanding (Mil) | 534 | 519 | 2.9% |
| Cumulative Contribution | 6.6% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MMM | 6.6% | |
| Market (SPY) | 11.7% | 34.9% |
| Sector (XLI) | 8.9% | 46.4% |
Fundamental Drivers
The 148.7% change in MMM stock from 10/31/2023 to 10/31/2026 was primarily driven by a 89.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.11 | 174.34 | 148.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,595 | 25,247 | 22.6% |
| P/S Multiple | 1.9 | 3.6 | 89.9% |
| Shares Outstanding (Mil) | 554 | 519 | 6.8% |
| Cumulative Contribution | 148.7% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| MMM | 148.7% | |
| Market (SPY) | 86.9% | 45.3% |
| Sector (XLI) | 77.0% | 53.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MMM Return | 5% | -30% | -3% | 46% | 26% | 10% | 45% |
| Peers Return | 17% | -9% | 10% | 13% | 23% | 18% | 92% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MMM Win Rate | 58% | 42% | 42% | 67% | 58% | 60% | |
| Peers Win Rate | 60% | 38% | 42% | 55% | 57% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MMM Max Drawdown | -16% | -39% | -31% | -16% | -19% | -19% | |
| Peers Max Drawdown | -16% | -30% | -19% | -16% | -24% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HON, ITW, DD, GLW, AVY. 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] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | MMM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -16.1% | -18.8% |
| % Gain to Breakeven | 19.1% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.9% | -9.5% |
| % Gain to Breakeven | 26.4% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.7% | -6.7% |
| % Gain to Breakeven | 20.1% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.7% | -24.5% |
| % Gain to Breakeven | 60.4% | 32.4% |
| Time to Breakeven | 689 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.0% | -33.7% |
| % Gain to Breakeven | 35.2% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.6% | -19.2% |
| % Gain to Breakeven | 20.0% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
3M's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.1% gain to breakeven.
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Asset Allocation
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| Event | MMM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.9% | -9.5% |
| % Gain to Breakeven | 26.4% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.7% | -24.5% |
| % Gain to Breakeven | 60.4% | 32.4% |
| Time to Breakeven | 689 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.0% | -33.7% |
| % Gain to Breakeven | 35.2% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.1% | -17.9% |
| % Gain to Breakeven | 33.6% | 21.8% |
| Time to Breakeven | 318 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.5% | -53.4% |
| % Gain to Breakeven | 98.0% | 114.4% |
| Time to Breakeven | 280 days | 1085 days |
In The Past
3M's stock fell -16.1% during the 2025 US Tariff Shock. Such a loss loss requires a 19.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About 3M (MMM)
3M (MMM) is a global diversified technology company that invents, manufactures, and markets a vast array of products across numerous industries worldwide. Leveraging scientific innovation, 3M develops essential solutions that span from improving industrial processes and safety to enhancing daily life and productivity for businesses and individual consumers alike.
The company's extensive product portfolio can be broadly categorized into industrial and safety solutions, transportation and electronics components, healthcare products, and consumer goods. Key offerings include industrial abrasives, structural adhesives, personal protective equipment (PPE) like respirators and ear protection, and electrical components for construction and manufacturing. For transportation and electronics, 3M provides specialized films, attachment tapes for vehicles, electronics assembly solutions, and reflective signage. In healthcare, it offers wound care products, dental and orthodontia solutions, and food safety indicators, while the consumer segment delivers popular items such as bandages, cleaning supplies, and stationery products.
3M serves an incredibly diverse customer base, reaching global businesses in sectors like manufacturing, automotive, healthcare, and construction, as well as individual consumers. The company distributes its wide range of innovations through various channels, including e-commerce, traditional wholesalers, retailers, and specialized distributors, making its solutions accessible to a broad spectrum of markets globally.
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Here are 1-3 brief analogies to describe 3M (MMM):
1. It's like a blend of **Honeywell's** vast industrial technology and materials science reach, combined with the everyday household and office product presence of a company like **Procter & Gamble**.
2. Imagine the diversified industrial innovation and materials science expertise of **DuPont**, also producing the wide array of consumer and office products you'd find from a company like **Newell Brands**.
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3M (MMM) offers a diverse range of products and services across multiple segments:
-
Safety and Industrial
- Industrial Abrasives: Products used for grinding, finishing, and polishing in industrial applications.
- Autobody Repair Solutions: Materials and systems designed for vehicle body repair and finishing.
- Electrical Products: Materials and components for construction, maintenance, and power distribution.
- Structural Adhesives & Tapes: High-strength bonding solutions for various industrial and manufacturing uses.
- Personal Protective Equipment (PPE): Solutions including respirators, hearing protection, eye protection, and fall protection.
- Roofing Granules: Mineral granules used for manufacturing asphalt shingles.
-
Transportation and Electronics
- Ceramic Solutions: Advanced ceramic materials used in various industrial and electronic applications.
- Automotive Tapes & Films: Adhesives and films for sound, temperature management, and attachment within vehicles.
- Graphic Films: Premium large format films for advertising, fleet signage, and vehicle graphics.
- Electronic Assembly Solutions: Films and solutions for light management and electronics manufacturing processes.
- Reflective Signage: Materials that provide high visibility for highway and vehicle safety signs.
-
Health Care
- Food Safety Indicators: Solutions designed to monitor and ensure the safety of food products.
- Healthcare Software: Software for medical procedure coding and reimbursement in healthcare settings.
- Wound & Infection Care: Products and solutions for skin care, wound treatment, and infection prevention.
- Dental & Orthodontic Solutions: Materials and systems used in dentistry and orthodontics.
- Filtration Systems: Advanced purification systems for various healthcare and industrial applications.
-
Consumer
- Health & Wellness Products: Consumer bandages, braces, supports, and respirators for personal use.
- Cleaning Products: Solutions for household cleaning and maintenance.
- DIY & Car Care Products: Retail abrasives, paint accessories, and car care items for home improvement.
- Picture Hanging Solutions: Adhesive-based products for hanging pictures and décor without damaging surfaces.
- Stationery Products: Office and school supplies, including sticky notes and various tapes.
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3M (symbol: MMM) primarily sells its products and solutions to other companies (B2B) across its diverse segments. While the Consumer segment targets individual end-users, the direct customers for these products are typically retailers, wholesalers, and distributors. Therefore, 3M's major customers are other businesses.
Based on the company description and its wide range of product offerings, examples of major customers, categorized by the industries they represent, include:
- Retailers and Distributors: These companies purchase 3M's consumer products (e.g., stationery, home care, DIY, and personal safety products) for resale to individual consumers, and also distribute industrial or healthcare products.
- Walmart Inc. (WMT)
- Amazon.com, Inc. (AMZN)
- The Home Depot, Inc. (HD)
- Automotive and Transportation Manufacturers: Companies that integrate 3M's attachment tapes, films, sound/temperature management solutions, and reflective materials into vehicles and infrastructure.
- General Motors (GM)
- Ford Motor Company (F)
- Electronics Manufacturers: Companies utilizing 3M's light management films, electronics assembly solutions, packaging, and interconnection solutions for their devices.
- Apple Inc. (AAPL)
- Intel Corporation (INTC)
- Healthcare Providers and Medical Device Companies: Hospitals, clinics, dental practices, and manufacturers of medical devices that use 3M's wound care, infection prevention products, dentistry solutions, and healthcare software.
- HCA Healthcare (HCA)
- Abbott Laboratories (ABT)
- Industrial and Manufacturing Companies: A broad spectrum of businesses across various industries that purchase 3M's industrial abrasives, adhesives, safety equipment, electrical products, and structural solutions for their operations.
- Caterpillar Inc. (CAT)
- General Electric Company (GE)
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William "Bill" Brown, Chairman and Chief Executive Officer
William "Bill" Brown was appointed Chairman and CEO of 3M in May 2024. Prior to joining 3M, Brown served as the Chair and CEO of L3Harris Technologies, a global aerospace and defense technology solutions innovator. He previously held the roles of Chair and CEO of Harris Corporation before its merger with L3 Technologies in 2019, having joined Harris in November 2011 as President and CEO. Earlier in his career, Brown spent 14 years at United Technologies in various leadership capacities. He holds bachelor's and master's degrees in mechanical engineering from Villanova University and an MBA from The Wharton School, University of Pennsylvania.
Anurag Maheshwari, Executive Vice President and Chief Financial Officer
Anurag Maheshwari was appointed Executive Vice President and Chief Financial Officer of 3M, effective September 1, 2024. Before joining 3M, Maheshwari served as Executive Vice President and CFO for Otis Worldwide Corporation, a global leader in elevators and escalators. His career at Otis also included roles as Vice President, Finance, Information Technology, and Chief Transformation Officer in the Asia Pacific region. Prior to Otis, he held significant positions at Harris Corporation and L3Harris, where he led investor relations and strategic investment planning. Maheshwari's background also includes executive-level roles in strategy, private equity, and finance at United Technologies and Affinity Equity Partners. He holds a master's degree in finance from the Asian Institute of Management and a bachelor's degree in economics from Bombay University.
John P. Banovetz, Executive Vice President, Chief Technology Officer and Environmental Responsibility
Dr. John Banovetz serves as Executive Vice President, Chief Technology Officer and Environmental Responsibility for 3M, leading the company's research and development, environmental responsibility, sustainability efforts, and emerging growth venture investments. He joined 3M in 1995 as a research chemist in the Corporate R&D organization. After a period with McKinsey & Company in 2003, he rejoined 3M in 2007 to oversee corporate strategic initiatives. His roles at 3M have included global business director for 3M's Industrial Adhesives and Tapes Division, leading 3M's Corporate Research Lab, and serving as managing director of 3M's D-A-CH region (Germany, Austria, and Switzerland). He was appointed Chief Technology Officer and Senior Vice President of Research & Development in 2017.
Chris Goralski, Group President, Safety & Industrial
Chris Goralski is Group President of 3M's Safety and Industrial Business Group, which encompasses personal safety, adhesives and tapes, abrasives, industrial specialties, electrical markets, automotive aftermarket, and roofing granules. He began his career at 3M in 2005 in strategic business development. Goralski previously led 3M's Industrial Adhesives and Tapes business, responsible for strategy and growth. He has also held positions as Vice President of environmental stewardship, Vice President of ERP deployment, and Director of corporate strategy within the company.
Karina Chavez, Group President, Consumer Business Group
Karina Chavez serves as Group President of 3M's Consumer Business Group and oversees Integrated Business Operations, managing brands in construction and home improvement, stationery and office supplies, home and auto care, and consumer health care. Her career with 3M began in 2008 as a marketing and public affairs manager for 3M Mexico. Prior to her current role, Chavez served as Senior Vice President and Chief Strategy Officer for 3M.
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Key Risks to 3M (MMM)
3M Company faces several significant risks that could impact its business and financial performance, primarily stemming from substantial legal liabilities, broader macroeconomic challenges, and the complexities of its strategic operational transformation.
- Extensive Legal Liabilities: 3M is currently navigating substantial financial and reputational impacts from two major legal issues: the Combat Arms Earplugs litigation and Per- and Polyfluoroalkyl Substances (PFAS) lawsuits. The company has agreed to pay approximately $6.01 billion to settle lawsuits related to its defective Combat Arms Earplugs, which allegedly caused hearing loss in military service members. Additionally, 3M has tentatively agreed to pay around $10.3 billion to resolve claims of water pollution caused by PFAS "forever chemicals." These settlements represent significant cash outflows for the company and continue to consume considerable management attention and capital, posing the "most substantial financial risk" and "biggest near-term risks" for 3M.
- Macroeconomic Headwinds and Softening Demand: The company is exposed to global macroeconomic volatility, geopolitical tensions, and softening demand in several key end-markets. Weak consumer demand has notably affected its Consumer segment, which includes products like Scotch tape and Post-it notes. Other segments, such as the automotive aftermarket and roofing granule business, also face pressure, contributing to a cautious outlook for organic growth amid a challenging global macro environment.
- Operational Challenges from Strategic Transformation: 3M is undertaking a significant internal cleanup and strategic pivot, including the planned spin-off of its healthcare business, Solventum, and its commitment to exit all PFAS manufacturing by the end of 2025. While these initiatives aim to streamline operations and focus on core industrial segments, they involve substantial operational challenges, costs, and inherent execution risks associated with such large-scale organizational changes.
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- The widespread adoption of digital collaboration tools, advanced note-taking applications, and virtual whiteboards (e.g., Miro, Mural) presents an emerging threat to 3M's Consumer segment, specifically its stationery products like Post-it Notes and Scotch Tape. These digital alternatives increasingly replace the traditional use cases for physical stationery in professional and educational environments.
- The growing prevalence of advanced digital signage, LED displays, and dynamic electronic billboards poses an emerging threat to 3M's Transportation and Electronics segment, particularly its premium large format graphic films for advertising and fleet signage. As advertisers and businesses increasingly opt for versatile and updateable digital displays, the demand for static physical graphic films is being challenged.
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Here are the addressable market sizes for 3M's main products and services:
* Safety and Industrial Segment:
- Industrial Abrasives: The global industrial abrasives market was valued at approximately USD 49.2 billion in 2024, with projections to reach USD 67 billion by 2030. Other sources estimate the global abrasives market size to be around USD 72.98 billion in 2024, with an expected increase to USD 110.32 billion by 2032.
- Respiratory Protection Solutions: The global respiratory protective equipment market was valued at approximately USD 13.36 billion in 2024, with projections to grow to USD 27.39 billion by 2033. Other estimations place the market at USD 15.34 billion in 2024, expected to reach USD 31.95 billion by 2033.
- Hearing Protection Solutions: The global hearing protection equipment market was valued at approximately USD 4.31 billion in 2024, and is expected to reach USD 15.52 billion by 2032. Another report indicates a global hearing protection market size of USD 2.2 billion in 2023, anticipated to reach USD 2.95 billion by 2029.
- Eye Protection Solutions: The global eye protection equipment market was valued at approximately USD 1.50 billion in 2024, with a projected growth to USD 2.66 billion by 2033. Other reports estimate the market size at USD 711.3 million in 2024, expected to reach USD 1.97 billion by 2033.
- Fall Protection Solutions: The global fall protection market size was estimated at USD 3.60 billion in 2024. Other sources indicate a market size of USD 4.829 billion in 2024, projected to grow to USD 8.27 billion by 2035. Another report values the market at USD 3.19 billion in 2025, with an expectation to reach USD 5.61 billion by 2033.
- Structural Adhesives and Tapes: The global structural adhesive tapes market was valued at approximately USD 11.68 billion in 2024, with a forecast to reach USD 18.96 billion by 2035. The broader structural adhesive market was valued at USD 23.5 billion in 2025, and is expected to grow to USD 41.8 billion by 2035.
- Specific addressable market sizes for 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, electronics assembly solutions, packaging and interconnection solutions, and reflective signage for highway and vehicle safety were not explicitly identified in the provided search results. Therefore, the market size is: null
- Specific addressable market sizes for 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 (healthcare) were not explicitly identified in the provided search results. Therefore, the market size is: null
- Consumer Bandages, Braces, Supports and Consumer Respirators: Specific addressable market sizes for consumer bandages, braces, and supports were not explicitly identified in the provided search results. Consumer respirators are covered under respiratory protection solutions in the Safety and Industrial segment. Therefore, the market size for bandages, braces, and supports is: null
- Cleaning Products for the Home: The global household cleaning products market was valued at approximately USD 256.96 billion in 2024, with projections to reach USD 378.59 billion by 2033. Other reports estimate the market at USD 282.28 billion in 2025, expected to reach USD 413.57 billion by 2034.
- Retail Abrasives, Paint Accessories, Car Care DIY Products, Picture Hanging, and Consumer Air Quality Solutions:
- Retail Abrasives, Paint Accessories, Car Care DIY Products, and Consumer Air Quality Solutions: Specific addressable market sizes were not explicitly identified in the provided search results. Therefore, the market size is: null
- Picture Hanging: The global picture hanging system market was valued at approximately USD 916 million in 2024, with projections to reach USD 1.58 billion by 2031. Other reports estimate the market at USD 1.01 billion in 2024, expected to grow to USD 1.97 billion by 2033.
- Stationery Products: The global stationery products market was valued at approximately USD 117.22 billion in 2024, with projections to reach USD 180.65 billion by 2034. Other reports estimate the market at USD 147.5 billion in 2024, expected to reach USD 213.7 billion by 2034.
AI Analysis | Feedback
3M (NYSE: MMM) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:
- Increased Innovation and New Product Launches: 3M plans a significant push in innovation, targeting 1,000 new product launches between 2025 and 2027. This initiative aims to accelerate sales growth, with a goal to increase sales from products launched in the past five years by over 15% by the end of 2025. The company successfully launched 284 new products in 2025, a 68% increase year-over-year.
- Enhanced Commercial Excellence: The company is focused on reinvigorating top-line growth by improving commercial excellence. This involves better understanding customer needs, efficiently developing differentiated products, and increasing sales of existing products.
- Strategic Focus on High-Growth, High-Return End-Markets: 3M is actively managing its business portfolio and investing capital in high-growth, high-return end-markets where it can leverage its fundamental strengths. Key sectors mentioned include aerospace, automotive, electronics, and semiconductors. For example, in Q4 2025, organic sales in Transportation & Electronics increased 2.4%, driven by momentum in electronics and aerospace.
- Operational Excellence and Productivity Gains: Through the implementation of a new 3M operating system called "3M Excellence," the company aims to drive sustained operational performance. These efforts are expected to lead to productivity gains and cost-cutting, supporting margin expansion and indirectly contributing to revenue competitiveness and the ability to invest in growth.
- Outperforming Macroeconomic Conditions: 3M is committed to outperforming the broader macroeconomic environment with its organic sales growth. For 2026, the company expects organic sales growth of approximately 3%, with acceleration anticipated throughout the year. In 2025, 3M's organic sales growth accelerated, with all geographies, including China, India, Europe, and the U.S., contributing to growth.
AI Analysis | Feedback
Share Repurchases
- On February 4, 2025, 3M authorized a new stock repurchase program of up to $7.5 billion, replacing an existing program, with no pre-established closing date.
- The company's annual share buybacks were $3.251 billion in 2025, $1.801 billion in 2024, and $33 million in 2023.
- In the first half of 2025, 3M executed $2.2 billion in gross share buybacks.
Outbound Investments
- 3M successfully spun off its healthcare business, now known as Solventum, on April 1, 2024.
- The impact of acquisitions, net of divestitures, on adjusted sales was +0.2% in 2025.
Capital Expenditures
- 3M's capital expenditures averaged $1.412 billion annually for the fiscal years ending December 2021 to 2025.
- Annual capital expenditures were $1.603 billion in 2021, $1.749 billion in 2022, $1.615 billion in 2023, $1.181 billion in 2024, and $910 million in 2025.
- In March 2026, 3M announced a planned expansion of its U.S. manufacturing capacity for Expanded Beam Optical (EBO) interconnect technology to meet increasing global demand from AI data centers.
Peer Outperformance in Industrial Conglomerates
MMM has outperformed 69% of its 16 Industrial Conglomerates peers over 5Y. Among the peers that beat it is CSL. Industrial Conglomerates ranks 12th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Industrial Conglomerates constituents that MMM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
33%
of 18 industry peers · 6.6% return
3Y
100%
of 18 industry peers · 149.8% return
5Y
69%
of 16 industry peers · 38.9% return
Industrial Conglomerates peers with revenue growth within 4pp of MMM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MMM | 3M | 7.3% | 25.6x | 6.6% | 149.8% | 38.9% | — |
| CSL | Carlisle Companies | 4.2% | 20.6x | 17.3% | 52.1% | 78.4% | +39pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Industrial Conglomerates is MMM's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 55.0% | 55.3% | 159.8% | MATX 186% · KEX 175% |
| Construction & Engineering | 29 | -7.3% | 104.5% | 152.2% | STRL 1339% · FIX 1275% · AGX 809% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.1% | 64.6% | 104.9% | ALSN 249% · CAT 231% · WAB 217% |
| Aerospace & Defense | 52 | -12.4% | 64.5% | 67.6% | ATI 929% · FTAI 906% · HWM 581% |
| Trading Companies & Distributors | 19 | 20.7% | 36.0% | 61.7% | DXPE 429% · URI 221% · AIT 215% |
| Diversified Support Services | 34 | 18.8% | 42.8% | 35.8% | CXW 259% · OPLN 166% · CACI 135% |
| Industrial Machinery & Supplies & Components | 72 | 4.2% | 51.0% | 35.8% | CRS 865% · MLI 344% · SYM 280% |
| Rail Transportation | 7 | 30.8% | 59.2% | 29.9% | CSX 54% · UNP 41% · NSC 30% |
| Building Products | 32 | -8.3% | 11.6% | 22.5% | GFF 363% · TT 141% · JCI 124% |
| Electrical Components & Equipment | 37 | -8.0% | 75.7% | 17.1% | POWL 1863% · VRT 810% · BE 550% |
| Cargo Ground Transportation | 16 | 32.0% | 6.7% | 11.9% | R 275% · XPO 263% · ARCB 43% |
| Industrial Conglomerates ← | 17 | 15.6% | 3.5% | 2.4% | CSW 111% · DD 85% · CSL 78% |
| Office Services & Supplies | 9 | 24.8% | 20.6% | -9.3% | PBI 186% · TILE 161% · HNI 55% |
| Data Processing & Outsourced Services | 6 | -19.2% | -0.1% | -15.9% | EXLS 69% · BR 10% · G -13% |
| Security & Alarm Services | 9 | -52.4% | 22.1% | -17.6% | BCO 58% |
| Agricultural & Farm Machinery | 16 | 9.2% | -6.1% | -19.6% | DE 111% · TTC 23% · AGCO 5% |
| Environmental & Facilities Services | 29 | -28.8% | 34.2% | -25.0% | GEO 249% · CLH 168% · RSG 93% |
| Research & Consulting Services | 13 | 4.5% | -12.9% | -25.4% | HURN 288% · FCN 27% · BAH 12% |
| Passenger Airlines | 11 | -3.5% | 55.0% | -32.4% | LTM 2856% · UAL 126% · DAL 113% |
| Passenger Ground Transportation | 3 | -21.0% | 48.9% | -34.4% | UBER 49% · CAR -34% · LYFT -65% |
| Air Freight & Logistics | 12 | -18.8% | -8.1% | -39.3% | FDX 84% · EXPD 71% · CHRW 45% |
| Human Resource & Employment Services | 22 | 19.9% | -5.2% | -42.8% | ADP 46% · FA 28% · PAYX 6% |
| Airport Services | 4 | -53.3% | -60.0% | -85.9% | JOBY -44% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| 3M stock vs Honeywell International stock: Which Is A Better Investment? | 08/05/2026 | |
| 3M Earnings Notes | 07/18/2026 | |
| 3M Stock Hands $24 Bil Back - Worth a Look? | 06/23/2026 | |
| Now Is Not The Time To Buy 3M Stock | 10/24/2025 | |
| Day 5 of Gains Streak for 3M Stock with 13% Return (vs. 35% YTD) [10/23/2025] | 10/24/2025 | |
| Can 3M Stock Recover If Markets Fall? | 10/17/2025 | |
| 3M vs Union Pacific: Which Is A Better Investment? | 08/18/2025 | |
| 3M vs Carlisle Companies: Which Is A Better Investment? | 08/18/2025 | |
| ARTICLES | ||
| How Will 3M Stock React To Its Upcoming Earnings? | 07/20/2026 | |
| 3M Stock Pays Out $24 Bil – Investors Take Note | 04/25/2026 | |
| Large Cap Stocks Trading At 52-Week High | 02/10/2026 | |
| Is Seaboard a Better Buy Than 3M? | 02/10/2026 | |
| 3M Stock To $120? | 10/24/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 178.24 |
| Mkt Cap | 74.3 |
| Rev LTM | 16,805 |
| Op Inc LTM | 3,514 |
| FCF LTM | 1,714 |
| FCF 3Y Avg | 1,588 |
| CFO LTM | 2,604 |
| CFO 3Y Avg | 2,718 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.3% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 13.4% |
| Op Mgn LTM | 17.5% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 17.0% |
| CFO/Rev 3Y Avg | 14.2% |
| FCF/Rev LTM | 10.9% |
| FCF/Rev 3Y Avg | 9.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 74.3 |
| P/S | 3.8 |
| P/Op Inc | 17.9 |
| P/EBIT | 17.3 |
| P/E | 25.1 |
| P/CFO | 24.6 |
| Total Yield | 6.0% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 2.8% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.5% |
| 3M Rtn | -1.5% |
| 6M Rtn | 6.5% |
| 12M Rtn | 13.3% |
| 3Y Rtn | 58.8% |
| 1M Excs Rtn | 5.5% |
| 3M Excs Rtn | -3.9% |
| 6M Excs Rtn | -0.6% |
| 12M Excs Rtn | 1.6% |
| 3Y Excs Rtn | -30.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety and Industrial | 11,384 | 10,961 | 10,956 | 11,604 | 11,981 |
| Transportation and Electronics | 8,272 | 8,380 | 8,501 | 8,902 | 9,262 |
| Consumer | 4,920 | 4,931 | 5,026 | 5,292 | 5,509 |
| Corporate | 372 | 303 | 127 | 82 | 2 |
| Other | 281 | ||||
| Health Care | 8,601 | ||||
| Total | 24,948 | 24,575 | 24,610 | 26,161 | 35,355 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Safety and Industrial | 2,836 | 2,491 | 2,324 | 1,135 | 2,460 |
| Transportation and Electronics | 1,436 | 1,578 | 1,312 | 973 | 1,869 |
| Consumer | 996 | 932 | 904 | 978 | 1,164 |
| Corporate | -639 | -179 | -15,229 | 1,213 | -158 |
| Other | 70 | ||||
| Health Care | 2,034 | ||||
| Total | 4,629 | 4,822 | -10,689 | 4,369 | 7,369 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Non-current assets | 21,346 | 23,984 | |||
| All other current assets | 12,964 | 12,387 | |||
| Safety and Industrial | 1,636 | 1,509 | 1,592 | 11,730 | 11,744 |
| Transportation and Electronics | 1,093 | 1,269 | 1,459 | 6,453 | 6,999 |
| Consumer | 694 | 719 | 699 | 2,753 | 2,783 |
| Corporate | 12,176 | 11,491 | |||
| Health Care | 13,343 | 14,055 | |||
| Total | 37,733 | 39,868 | 3,750 | 46,455 | 47,072 |
Price Behavior
Price Behavior
| Market Price | $174.34 | |
| Market Cap ($ Bil) | 90.4 | |
| First Trading Date | 01/02/1970 | |
| Distance from 52W High | -4.7% | |
| 50 Days | 200 Days | |
| DMA Price | $168.45 | $160.14 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 3.5% | 8.9% |
| 3M | 1YR | |
| Volatility | 22.3% | 25.7% |
| Downside Capture | 78.51 | 71.36 |
| Upside Capture | 55.22 | 69.24 |
| Correlation (S&P 500) | 21.8% | 34.3% |
MMM Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.19 | 0.34 | 0.49 | 0.45 | 0.70 | 0.89 |
| Up Beta | -3.12 | -0.67 | 0.28 | -0.28 | 0.67 | 1.04 |
| Down Beta | 0.97 | 0.55 | 0.40 | 0.49 | 0.80 | 0.99 |
| Up Capture | 58% | 47% | 52% | 84% | 57% | 59% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 20 | 31 | 67 | 127 | 395 |
| Down Capture | -39% | 33% | 64% | 43% | 76% | 84% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 23 | 32 | 57 | 121 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMM | |
|---|---|---|---|---|
| MMM | 7.9% | 25.7% | 0.25 | - |
| Sector ETF (XLI) | 8.9% | 17.3% | 0.32 | 46.3% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 34.4% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 18.3% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -26.4% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 40.2% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMM | |
|---|---|---|---|---|
| MMM | 6.5% | 28.7% | 0.23 | - |
| Sector ETF (XLI) | 11.4% | 17.6% | 0.48 | 58.0% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 49.6% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 6.6% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 1.5% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 45.9% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MMM | |
|---|---|---|---|---|
| MMM | 5.4% | 26.8% | 0.22 | - |
| Sector ETF (XLI) | 13.2% | 20.1% | 0.58 | 65.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 57.6% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 3.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 12.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 47.2% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 11.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 5.8% | 6.7% | |
| 7/21/2026 | 7.3% | 12.0% | 13.7% |
| 4/21/2026 | -1.9% | -3.7% | -1.3% |
| 1/20/2026 | -0.2% | 1.2% | 6.2% |
| 10/21/2025 | 7.7% | 8.8% | 7.6% |
| 7/18/2025 | -3.7% | -6.1% | -4.2% |
| 4/22/2025 | 8.1% | 9.4% | 22.3% |
| 1/21/2025 | 1.5% | 3.1% | 2.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 13 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 5.6% | 6.5% | 7.5% |
| Median Negative | -2.3% | -1.9% | -2.7% |
| Max Positive | 23.0% | 22.3% | 26.3% |
| Max Negative | -3.7% | -6.1% | -16.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 5.8% | 6.7% | |
| 7/21/2026 | 7.3% | 12.0% | 13.7% |
| 4/21/2026 | -1.9% | -3.7% | -1.3% |
| 1/20/2026 | -0.2% | 1.2% | 6.2% |
| 10/21/2025 | 7.7% | 8.8% | 7.6% |
| 7/18/2025 | -3.7% | -6.1% | -4.2% |
| 4/22/2025 | 8.1% | 9.4% | 22.3% |
| 1/21/2025 | 1.5% | 3.1% | 2.0% |
| 10/22/2024 | -2.3% | -3.4% | -4.4% |
| 7/26/2024 | 23.0% | 22.3% | 26.3% |
| 4/30/2024 | 4.7% | 4.8% | 6.6% |
| 1/23/2024 | -3.0% | -0.4% | -2.4% |
| 10/24/2023 | 5.3% | 4.6% | 11.5% |
| 7/25/2023 | 5.3% | 6.9% | -4.1% |
| 4/25/2023 | -0.7% | 0.8% | -2.7% |
| 1/24/2023 | -1.8% | 0.1% | -4.0% |
| 10/25/2022 | 0.1% | 6.3% | 9.9% |
| 7/26/2022 | 4.9% | 6.9% | 6.8% |
| 4/26/2022 | -2.9% | -1.8% | -0.9% |
| 1/25/2022 | -2.6% | -3.6% | -16.5% |
| 10/26/2021 | -0.1% | -1.5% | -0.8% |
| 7/27/2021 | -0.6% | -2.1% | -2.7% |
| 4/27/2021 | -2.6% | -0.5% | 1.8% |
| 1/26/2021 | 6.1% | -0.5% | 2.4% |
| 10/27/2020 | -3.1% | -1.9% | 7.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 14 | 13 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 5.6% | 6.5% | 7.5% |
| Median Negative | -2.3% | -1.9% | -2.7% |
| Max Positive | 23.0% | 22.3% | 26.3% |
| Max Negative | -3.7% | -6.1% | -16.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/20/2026 | 10-Q |
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/18/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/20/2026 | 10-Q |
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/18/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-K |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chavez, Rodriguez Beatriz Karina | Group President | Direct | Sell | 8062026 | 182.51 | 3,635 | 663,430 | 2,561,520 | Form |
| 2 | Rhodes, Kevin H | EVP, Chief Legal Off & Secret | Direct | Sell | 7232026 | 171.20 | 7,669 | 1,312,933 | 7,495,135 | Form |
| 3 | Goralski, Christian T JR | Group President | Direct | Sell | 7232026 | 170.46 | 4,902 | 835,577 | 1,188,299 | Form |
| 4 | Goralski, Christian T JR | Group President | Direct | Buy | 4092026 | 127.99 | 2 | 256 | 892,254 | Form |
| 5 | Goralski, Christian T JR | Group President | Direct | Buy | 4092026 | 127.04 | 3 | 381 | 885,356 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chavez, Rodriguez Beatriz Karina | Group President | Direct | Sell | 8062026 | 182.51 | 3,635 | 663,430 | 2,561,520 | Form |
| 2 | Rhodes, Kevin H | EVP, Chief Legal Off & Secret | Direct | Sell | 7232026 | 171.20 | 7,669 | 1,312,933 | 7,495,135 | Form |
| 3 | Goralski, Christian T JR | Group President | Direct | Sell | 7232026 | 170.46 | 4,902 | 835,577 | 1,188,299 | Form |
| 4 | Goralski, Christian T JR | Group President | Direct | Buy | 4092026 | 127.99 | 2 | 256 | 892,254 | Form |
| 5 | Goralski, Christian T JR | Group President | Direct | Buy | 4092026 | 127.04 | 3 | 381 | 885,356 | Form |
| 6 | Goralski, Christian T JR | Group President | Direct | Buy | 4092026 | 103.21 | 3 | 310 | 718,983 | Form |
| 7 | Goralski, Christian T JR | Group President | Direct | Buy | 4092026 | 97.26 | 9 | 875 | 677,228 | Form |
| 8 | Reinseth, Theresa E | Sr Vice President & CAO | Direct | Sell | 2122026 | 172.75 | 5,145 | 888,796 | 446,485 | Form |
| 9 | Dickson, Zoe L | EVP & Chief HR Officer | Direct | Sell | 2102026 | 170.34 | 25,055 | 4,267,869 | 3,598,167 | Form |
| 10 | Dickson, Zoe L | EVP & Chief HR Officer | Direct | Sell | 2102026 | 169.97 | 20,519 | 3,487,614 | 3,590,351 | Form |
| 11 | Chavez, Rodriguez Beatriz Karina | Group President | Direct | Sell | 2102026 | 171.13 | 1,190 | 203,645 | 3,020,327 | Form |
| 12 | Dickson, Zoe L | EVP & Chief HR Officer | Direct | Sell | 11142025 | 169.82 | 13,629 | 2,314,538 | 1,046,377 | Form |
| 13 | Dickson, Zoe L | EVP & Chief HR Officer | Direct | Sell | 11142025 | 169.78 | 13,826 | 2,347,371 | 1,046,100 | Form |
| 14 | Murphy, Mark W | EVP & Chief Info Digital Off | Direct | Sell | 10302025 | 166.55 | 19,061 | 3,174,589 | 1,098,255 | Form |
Investor Activity (13F)
Updated Nov 1, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Electron Capital Partners, LLC | $128.3 Mil | 6.0% | 40 | Exited | Dec 31, 2025 | 13F |
| Cartenna Capital, LP | $72.0 Mil | 3.8% | 36 | Exited | Dec 31, 2025 | 13F |
| Hill City Capital, LP | $59.2 Mil | 2.2% | 23 | Exited | Dec 31, 2025 | 13F |
| Parsifal Capital Management, LP | $38.9 Mil | 5.0% | 17 | TRIM -35.8% | Mar 31, 2026 | 13F |
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