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Diversified industrial manufacturer making adhesives, abrasives, safety equipment and Post-it notes, after spinning off its healthcare unit.
Diversified industrial manufacturer making adhesives, abrasives, safety equipment and Post-it notes, after spinning off its healthcare unit.
Sells thousands of products, largely through distributors to industrial users, with consumer brands going through retailers. Its 2024 spin-off of Solventum, the healthcare unit, left a smaller company focused on industrial, safety and consumer goods. It is also settling legacy claims over earplugs and PFAS chemicals, and said it would stop making PFAS by the end of 2025.
Moat: narrow (brand, IP / patents, scale). Broad patent portfolio and iconic brands (Post-it, Scotch) across many industrial/consumer niches.
Headquarters: Saint Paul, Minnesota, US · Founded: 1902 · Employees: 60,500
Size 3M (MMM) is a United States Industrials company (Industrial Conglomerates) with a market value of $95.7B, the 134th largest of 3,117 United States companies the cockpit tracks. Shares closed at $185.15 on 6 Nov 2026.
Performance Over six months the shares gained 29.9%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 17 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +6.6%); the operating margin is 20.7% (peer median 9.3%).
Valuation It trades at 19.2× forward earnings against a peer median of 11.2× (4th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 15.6 points above its cost of capital (9.2% WACC).
Credit 3M has 15 bonds outstanding ($9.85B), rated BBB+ by the agencies and trading like A at a weighted spread of 67 bp.
Short interest Short interest is 1.9% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $25.2B | $24.9B | $24.6B | $24.6B | $34.2B |
| Revenue growth | — | +2% | 0% | -28% | — |
| Gross profit | $9.99B | $9.88B | $10.1B | $9.57B | $15.0B |
| EBITDA | $6.65B | $6.04B | $6.16B | $5.48B | $5.90B |
| Net income | $3.54B | $3.25B | $4.17B | -$7.00B | $5.78B |
| Free cash flow | $2.68B | $1.40B | $638M | $5.07B | $3.84B |
| Capital expenditure | $952M | $910M | $1.18B | $1.61B | $1.75B |
| Total debt | $15.6B | $13.1B | $13.7B | $16.8B | $16.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Avery Dennison AVY | $14.1B | +14% | +7% | 13% | 17.4× | 1.9% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MMM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | -4.3% | highest of 17 |
| 6-month return | +29.9% | -14.5% | 4th highest of 17 |
| Distance from 52-week high | -6.0% | -26.9% | 2nd highest of 17 |
| Revenue growth (TTM) | +1.7% | +6.6% | 6th lowest of 17 |
| Operating margin | 20.7% | 9.3% | 4th highest of 17 |
| Forward P/E | 19.2× | 11.2× | 4th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 11.3% | 3.6% | 7th most demanding of 14 |
| Growth delivered (Del g) | -5.0% | +14.3% | lowest of 14 |
| Hurdle (Req g minus delivered) | +16.3 pp | -2.7 pp | most demanding of 14 |
| ROIC minus cost of capital | +15.6 pp | -1.1 pp | 4th highest of 16 |
| EV / EBITDA | 16.1× | 8.0× | 3rd most expensive of 11 |
| Net debt / EBITDA | 1.6× | -0.6× | 4th most indebted of 13 |
| Bond spread | 67 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 3M MMM | United States | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% | -5.0% |
| Jardine Matheson J36.SI | Singapore | $17.8B | -15% | -7% | 8% | 8.7× | 0.2% | +0.9% |
| Posco International 047050.KS | South Korea | $6.03B | -45% | +7% | 4% | 8.1× | -16.6% | +8.6% |
| Cirsa Enterprises, S.A.U CIRSA.MC | Spain | $3.69B | +54% | +6% | 23% | 11.8× | -7.5% | +25.2% |
| 3M India 3MINDIA.NS | India | $3.29B | -16% | +16% | 17% | 39.8× | 28.0% | +14.3% |
| Societe BIC BB.PA | France | $2.92B | +11% | -4% | 15% | 13.4× | -11.9% | +5.1% |
| Sankyo 6417.T | Japan | $2.68B | +16% | -23% | 31% | 10.2× | -18.7% | +25.3% |
| ADEKA 4401.T | Japan | $2.53B | +3% | +5% | 11% | 11.8× | 3.6% | +5.0% |
| DCM Shriram DCMSHRIRAM.NS | India | $1.47B | -29% | +14% | 7% | 9.2× | 16.6% | +10.7% |
| Tsuburaya Fields 2767.T | Japan | $963M | +72% | -5% | 10% | 10.1× | -10.3% | +35.0% |
| Grupo Empresarial San Jose GSJ.MC | Spain | $517M | -14% | +11% | 4% | 10.6× | n/a | n/a |
| Tri Chemical Laboratories 4369.T | Japan | $511M | -22% | +12% | 25% | 12.3× | 19.4% | +19.5% |
| China Boton 3318.HK | Hong Kong | $435M | +163% | +11% | -5% | n/a | n/a | n/a |
| Hangzhou Tianyuan Pet Products 301335.SZ | China | $415M | -15% | +4% | 2% | 88.6× | 13.0% | +15.7% |
| Guangzhou Wahlap Technology 301011.SZ | China | $325M | -30% | -18% | -8% | n/a | n/a | n/a |
| Universal Entertainment 6425.T | Japan | $324M | -10% | +9% | 4% | 9.4× | 15.1% | +6.2% |
| RF Materials 327260.KS | South Korea | $292M | -51% | +57% | 18% | 29.5× | 16.7% | +28.6% |
3M has 15 bonds outstanding with $9.85B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 5.57%, a spread of 67 bp over government bonds.