3M Company
MMMFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.0B
Q1 2026 · +1.3% YoY
TTM ROIC
18%
FY2024 · NOPAT / Invested Capital (Equity + Net Debt + Goodwill + other) · WACC ~8.75% · Moat spread +9pp
Financial Snapshot
ticker: MMM step: 04 generated: 2026-05-12 source: quick-research
3M Company (MMM) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 (est) |
|---|---|---|---|---|
| Revenue | $34.2B | $32.7B | $24.6B | $24.5B |
| Organic Growth | +1.2% | -2.5% | +1.2% | +2-3% |
| Adj Operating Margin | 20.2% | 18.6% | 21.4% | 23-24% |
| Adj EPS | $10.10 | $9.24 | $7.30 | $8.10-8.30 |
| Adj EPS Growth | -6% | -9% | +21% | +12% |
2024 figures reflect Solventum (healthcare) divestiture. Bill Brown turnaround driving 280bps margin expansion in 2024; Q2 2025 adj op margin reached 24.5% (+290bps YoY).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Adjusted Operating Cash Flow | ~$5.5B |
| Adjusted Free Cash Flow | $4.9B |
| FCF Conversion | ~100% |
| Cash & Equivalents | ~$7.5B |
| Total Debt | ~$13B |
| Net Debt | ~$5.5B |
| Litigation Reserves | ~$10B (PFAS + earplugs) |
Key Ratios (approximate)
- P/E: ~18x Adj | EV/EBITDA: ~12x | FCF Yield: ~5.5%
- Revenue Growth (TTM): ~2% organic | Op Margin: ~23%
- Dividend Yield: ~2.0% | Forward P/E: ~16x
Growth Profile
Post-Solventum spinoff (April 2024), 3M is a focused industrial materials science company. Bill Brown's turnaround prioritizes operational execution + 1,000 new product launches (2025-2027) + 2% net productivity annually. Margin expansion is the primary EPS driver — gross margin target high-40s vs ~43% currently. Organic growth aspiration mid-single-digit longer-term.
Forward Estimates
- FY 2025: Organic growth +2-3%; adj op margin expansion 130-190bps; adj EPS $8.10-8.30
- FY 2026: Continued margin expansion; adj EPS ~$8.80-9.20
- FY 2027: 1,000 new products fully ramped; mid-single-digit growth aspiration
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MMM.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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