MMM
3M Company
MMM's fundamentals are mixed, but it looks expensive: trading at 28x earnings, above its usual 19x. Analysts expect earnings growth.
MMM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Healthy |
MMM's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
MMM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $98.78 | -47% |
| Fair | 19x | $128 | -31% |
| Forward | 19x | $186 | — |
| Expensive | 27x | $179 | -4.1% |
| Current | 28x | $186 | — |
Historical ranges are pointers, not guarantees.
MMM's PE is in its expensive range at 28x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its fair range.
MMM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MMM, with profitability improving.
MMM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.64 | +44% |
| Q3 2026 | $6.71 | +7.2% |
| Q2 2026 | $5.63 | -22% |
| Q1 2026 | $5.19 | -34% |
| Q4 2025 | $6.00 | -21% |
| Q3 2025 | $6.26 | -21% |
| Q2 2025 | $7.19 | +323% |
| Q1 2025 | $7.92 | +$20.64 |
| Q4 2024 | $7.55 | +$20.18 |
MMM's earnings per share have fallen from their peak: $6.71 over the past year, against $11.48 in late 2022.
MMM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.6B | +1% |
| Q2 2026 | $6.5B | +2.5% |
| Q1 2026 | $6B | +1.3% |
| Q4 2025 | $6.1B | +2% |
| Q3 2025 | $6.5B | +3.5% |
| Q2 2025 | $6.3B | +1.4% |
| Q1 2025 | $6B | -26% |
| Q4 2024 | $6B | -25% |
MMM's revenue fell from its 2021 peak and has held roughly level since: $6.6B last quarter, up 1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +1.5 points |
| Q2 2026 | 15% | -2.8 points |
| Q1 2026 | 23% | +2.2 points |
| Q4 2025 | 13% | -5.1 points |
| Q3 2025 | 22% | +1.3 points |
| Q2 2025 | 18% | -2.4 points |
| Q1 2025 | 21% | +2.2 points |
| Q4 2024 | 18% | +2.5 points |
MMM's operating margin was 24% last quarter, up 1.5 points from the same quarter a year ago.
MMM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $230M | -85% |
| Q2 2026 | $763M | +$1.9B |
| Q1 2026 | $349M | +$664M |
| Q4 2025 | $1.3B | -13% |
| Q3 2025 | $1.5B | +$3.6B |
| Q2 2025 | -$1.2B | -255% |
| Q1 2025 | -$315M | -180% |
| Q4 2024 | $1.5B | -6.2% |
MMM still generates free cash flow, though less than at its 2020 peak: $2.7B over the past year.
MMM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +200K shares |
| 1 year | -2.9% | -15.5M shares |
| 3 years | -5.7% | -31.7M shares |
| 5 years | -11% | -63.7M shares |
| Available history | -11% | -62.5M shares |
MMM has 523M diluted shares, down 2.9% from a year ago, with $3.8B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $232M |
| Q2 2026 | $994M |
| Q1 2026 | $2B |
| Q4 2025 | $552M |
| Q3 2025 | $472M |
| Q2 2025 | $953M |
| Q1 2025 | $1.3B |
| Q4 2024 | $705M |
MMM spent $3.8B buying back its own shares over the past year, up 11% from the year before.
MMM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.1x | Healthy |
MMM's net debt is about 1.6 years of its operating earnings (EBITDA), up from 1.3 years a year ago.
MMM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.6 | Neutral |
| Stochastic | 66.5 | Neutral |
MMM's weekly RSI is 66 (neutral) and its Stochastic is 66 (neutral).
MMM PE vs Industrials Sector
| Metric | MMM | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 24x | 16% above |
| PE % | 87 | 58 | 29 pts above |
MMM is trading at 28x earnings, a 16% premium to the Industrials sector's median of 24x.
MMM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $171.9 | 8.3% above |
| 20 week MA | $171.0 | 8.9% above |
| 50 week MA | $162.5 | 15% above |
| 100 week MA | $156.0 | 19% above |
| 200 week MA | $126.5 | 47% above |
MMM is in an uptrend: it's above all five of its weekly moving averages, and 47% above its 200-week average.
MMM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $148.2 | $145.9 | -1.5% |
| 2021 | $145.9 | $146.3 | +0.3% |
| 2022 | $146.3 | $100.5 | -31% |
| 2023 | $100.5 | $91.4 | -9% |
| 2024 | $91.4 | $130.2 | +42% |
| 2025 | $130.2 | $162.1 | +25% |
| 2026 YTD | $162.1 | $186.2 | +15% |
MMM has finished lower in three of the last six years. It's up 15% so far in 2026.