# 3M Company (MMM)

> Source: Nexqual · https://nexqual.com/MMM · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, 3M Company (MMM), nexqual.com/MMM" · informational, not investment advice.

**Price:** USD 175.56 (+0.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 174.74 · day 173.07–176.18 · 52w 139.34–184.9 · market cap $90.5B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $25.2B, net income $3.54B (14.0% margin), free cash flow $2.68B (SEC filings).
- Valuation: P/E 25.6x (avg 21.9x at the last 2 fiscal year-ends), EV/EBITDA 16.3x, net debt $9.85B.
- 4 of 80 tracked superinvestors hold MMM (13F, Q2 2026): 0 new, 0 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $4.3M; 5 not under a Rule 10b5-1 plan ($4.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $2K.
- Total return with dividends: 1Y +4.2% vs S&P 500 +14.9%; 5Y +38.4% vs S&P 500 +80.3%.
- Next earnings: 2027-01-19, EPS estimate USD 2.03, revenue estimate $6.35B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $35.4B | $26.2B | $24.6B | $24.6B | $24.9B | $25.2B |
| Gross profit | $16.6B | $10.3B | $9.63B | $10.1B | $9.96B | — |
| Operating income | $7.37B | $4.37B | -$10.7B | $4.82B | $4.63B | $4.74B |
| Net income | $5.92B | $5.78B | -$7.00B | $4.17B | $3.25B | $3.54B |
| EPS (diluted) | $8.46 | $10.18 | -$12.63 | $7.55 | $6.00 | — |
| Free cash flow | $5.85B | $3.84B | $5.07B | $638M | $1.40B | $2.68B |
| Gross margin | 46.8% | 39.4% | 39.1% | 41.2% | 39.9% | — |
| Operating margin | 20.8% | 16.7% | -43.4% | 19.6% | 18.6% | 18.8% |
| Net margin | 16.7% | 22.1% | -28.4% | 17.0% | 13.0% | 14.0% |
| Revenue growth | +9.9% | -26.0% | -5.9% | -0.1% | +1.5% | — |
| Cash + short-term investments | $4.76B | $3.89B | $5.98B | $7.73B | $5.93B | — |
| Total debt | $17.3B | $15.9B | $14.2B | $13.0B | $12.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 25.6x · P/S 3.6x · EV/EBITDA 16.3x · EV/Sales 4.0x · P/FCF 33.8x · P/B 21.9x · FCF yield 2.96% · Earnings yield 3.91% · Dividend yield (paid, TTM) 1.77% · Buyback yield (TTM) 4.17% · Net debt $9.85B · EV $100B
P/E at fiscal year-ends: Dec 2025 26.7x, Dec 2024 17.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold MMM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.52% | $56.6M | Reduced -0.7% |
| Jensen Investment Management |  | 0.11% | $4.5M | Reduced -0.0% |
| Torray Funds |  | 0.04% | $324K | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $1.2M | Reduced -1.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Chavez Rodriguez Beatriz Karina | Group President | 3,635 | $663K | 20.6% | No | Too little history (no open-market trades in 2023) |
| 2026-07-23 | Reinseth Theresa E | Sr Vice President & CAO | 924 | $157K | 22.5% | No | Too little history (no open-market trades in 2023) |
| 2026-07-23 | Banovetz John Patrick | Executive Vice President | 7,880 | $1.3M | 13.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-22 | Rhodes Kevin H | EVP, Chief Legal Off & Secret | 7,669 | $1.3M | 14.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-22 | Goralski Christian T Jr | Group President | 4,902 | $836K | 41.3% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $2K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price |
|---|---|---|---|---|---|
| 2024-05-30…2024-10-23 | Goralski Christian T Jr | Group President | 17 | $2K | 107.18 |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Citigroup | Target raised | Neutral | $183 → $188 |
| 2026-10-21 | Bernstein | Target raised | Market Perform | $171 → $197 |
| 2026-10-21 | JP Morgan | Target raised | Overweight | $185 → $191 |
| 2026-10-21 | RBC Capital | Target raised | Underperform | $132 → $135 |
| 2026-10-09 | JP Morgan | Target lowered | Overweight | $205 → $185 |
| 2026-09-25 | Wells Fargo | Initiated | Equal-Weight | $195 |
| 2026-09-25 | Bernstein | Upgrade | Underperform → Market Perform | $145 → $171 |
| 2026-07-23 | Mizuho | Target raised | Neutral | $160 → $180 |
| 2026-07-22 | UBS | Target raised | Buy | $190 → $218 |
| 2026-07-22 | Bernstein | Target raised | Underperform | $140 → $145 |
| 2026-07-22 | Citigroup | Target raised | Neutral | $166 → $183 |
| 2026-07-22 | RBC Capital | Target raised | Underperform | $123 → $132 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.2% | +38.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.2% | +6.7% |
| Volatility (annualized) | 25.6% | 28.4% |
| Max drawdown | -18.8% (Feb 2026→Mar 2026) | -48.3% (Nov 2021→Oct 2023) |

## Peers (Conglomerates)
HON (Honeywell International Inc.) USD 218.31 +1.67% · VMI (Valmont Industries, Inc.) USD 435.87 -2.81% · PWR (Quanta Services, Inc.) USD 552.44 -8.10% · CSX (CSX Corporation) USD 51.67 +6.76% · EMR (Emerson Electric Company) USD 160.29 -1.73% · JCI (Johnson Controls International ) USD 143 -5.31%

## More
Full page: https://nexqual.com/MMM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MMM in their own reports (relationship from MMM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Amcor plc (AMCR) | 10-K 2026-08-14 | "Competitors include 3M, AptarGroup, Inc., Avery Dennison Corporation, Ball Corporation, Crown Holdings, Inc., Graphic Packaging International, Inc., Huhtamaki Oyj, International Paper Company, O-I Gla…" |
| customer | NEOGEN CORP (NEOG) | 10-K 2026-07-30 | "Further, in fiscal year 2025, we experienced negative impacts from delays in restarting full production of our sample collection product line, which we relocated from 3M into a Neogen facility." |
| partner | J-Long Group Ltd (JL) | 20-F 2026-07-28 | "We are a long-standing channel partner and a converter of 3M™ Scotchlite™" |
| supplier | GRAHAM CORP (GHM) | 10-K 2026-06-08 | "A representative list of our customers include: 3M, Air Liquide, Anduril, Applied Research Laboratory at Pennsylvania State University, Aramco, Axiom Space, Bechtel Plant Machinery Inc., Blue Origin, …" |
| competitor | STERIS plc (STE) | 10-K 2026-05-29 | "On a product basis, competitors include 3M, Baxter, Boston Scientific, Belimed, Ecolab, Fortive, Getinge, Karl Storz, Olympus, Ruhof, SteelCo, Stryker, Skytron and Wassenburg." |
| supplier | Silynxcom Ltd. (SYNX) | 20-F 2026-04-30 | "embedded technology inside this iconic 3M Peltor brand family of headsets will provide us with both quicker access to a still large customer" |
| customer | NutriBand Inc. (NTRB) | 10-K 2026-04-29 | "and clinical supply agreement with Kindeva Drug Delivery, formerly 3M Drug Delivery ("Kindeva"), for the development of AVERSA™" |
| customer | CHIPMOS TECHNOLOGIES INC (IMOS) | 20-F 2026-04-14 | "3P/3M Cu pillar bumping for 300mm wafers high pin count products;" |
| partner | GasLog Partners LP (GLOP-PB) | 20-F 2026-03-19 | "On July 16, 2020, GasLog Partners entered into a five-year credit agreement of $260,331 (the "GasLog Partners $260.3M Facility") with BNP Paribas, Credit Suisse AG and Alpha Bank S.A., each an origina…" |
| supplier | ARTESIAN RESOURCES CORP (ARTNA) | 10-K 2026-03-16 | "received from 3M to Artesian Water's customers through a one-time bill credit," |
| competitor | ALPHA PRO TECH LTD (APT) | 10-K 2026-03-11 | "Other large competitors include 3M Company, Johnson & Johnson, White Knight Engineered Products (Precept Medical Products, Inc.), Cardinal Health, Inc. and Medline Industries Inc. Our major competitor…" |
| competitor | ACME UNITED CORP (ACU) | 10-K 2026-03-11 | "The major competitors in the cutting category are 3M and Fiskars Corporation." |
| customer | Solventum Corp (SOLV) | 10-K 2026-02-27 | "The use of both distribution networks and manufacturing sites is covered under a Transition and Distribution Agreement and a Transition Contract Manufacturing Agreement, respectively, with 3M." |
| competitor | Claritev Corp (CTEV) | 10-K 2026-02-26 | "In risk modeling and digital underwriting, we compete with solutions offered by Milliman, Gradient AI, 3M and John Hopkins ACG." |
| competitor | Mativ Holdings, Inc. (MATV) | 10-K 2026-02-26 | "Our FAM products are typically leaders in their respective categories and compete against specialty products made by competitors such as Shaoxing Naite Plastics Co. Ltd., 3M Company, Covestro AG, ORAF…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Safety and Industrial | $3.18B | 48.3% | +9.1% | $960.0M | 30.2% |
| Transportation and Electronics | $2.00B | 30.4% | +0.4% | $468.0M | 23.4% |
| Consumer | $1.31B | 19.9% | -0.4% | $300.0M | 23.0% |
| Total revenue | $6.58B | 100% | — | $1.56B | 23.7% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Personal Safety | $848.0M | 12.9% | +7.8% |
| Commercial Branding and Transportation | $718.0M | 10.9% | +3.9% |
| Industrial Adhesives and Tapes | $633.0M | 9.6% | +7.8% |
| Electronics | $616.0M | 9.4% | -7.8% |
| Automotive and Aerospace | $490.0M | 7.4% | +1.2% |
| Electrical Markets | $423.0M | 6.4% | +13.4% |
| Home Improvement | $414.0M | 6.3% | -0.7% |
| Abrasives | $326.0M | 5.0% | -5.2% |
| Industrial Specialties Division | $312.0M | 4.7% | +5.1% |
| Automotive Aftermarket | $309.0M | 4.7% | +5.5% |
| Consumer Safety and Well-Being | $307.0M | 4.7% | +4.4% |
| Home and Auto Care | $307.0M | 4.7% | +1.0% |
| Packaging and Expression | $279.0M | 4.2% | -6.1% |
| Fire Safety and Rescue | $206.0M | 3.1% | +90.7% |
| Advanced Materials | $175.0M | 2.7% | +17.4% |
| Roofing Granules | $125.0M | 1.9% | -2.3% |
| Total revenue | $6.58B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $3.79B | 57.5% | +5.7% |
| United States | $3.05B | 46.3% | +4.9% |
| Asia Pacific | $1.72B | 26.0% | -6.5% |
| Europe, Middle East and Africa | $1.08B | 16.4% | -1.7% |
| China/Hong Kong | $731.0M | 11.1% | -7.4% |
| Total revenue | $6.58B | 100% | — |
The lines above cover 157.4% of total revenue.

## Company outlook (8-K filed 2026-10-20)

- "Guidance • Q3 GAAP sales of $6.6 billion, up 1.0%; operating margin of 23.7%, up 150 bps;"
- "EPS of $2.63, up 70%, all YoY ◦ Adjusted sales of $6.6 billion with organic growth of 3.3% YoY ◦ Adjusted operating margin of 26.2% on new basis 1 , up 110 bps YoY ◦ Adjusted EPS of $2.50 on new basis 1 , up 12% YoY • Q3 operating cash flow of $0.5 billion with adjusted free cash flow of $1.2 billion • 2026 adjusted EPS guidance raised to $9.10 to $9.15, incorporating new basis 1 ST."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.03 | $2.01 | +1.4% | $6.35B | 12 |
| Next quarter (ends 2027-03-31) | $2.29 | $2.23 | +3.0% | $6.39B | 8 |
| Current fiscal year (ends 2026-12-31) | $9.13 | $8.93 | +2.2% | $25.44B | 16 |
| Next fiscal year (ends 2027-12-31) | $9.91 | $9.66 | +2.6% | $26.63B | 18 |