# 3M Company (MMM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MMM/thesis · /stocks/MMM/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MMM/fundamental

## Navigation

- Overview: /stocks/MMM
- Financials (this page): /stocks/MMM/financials
- Thesis: /stocks/MMM/thesis
- Investment Memo: /stocks/MMM/memo
- Coverage universe: /stocks