3M Co
MMM—
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3M Co AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is -2.9B with debt/equity at 2.84x - equity cushion nearly exhausted by 13.2B total debt load[Tangible Book Value]
- ROIC TTM of 18.8% vs industry median 1.5% - capital efficiency remains exceptional despite balance sheet stress[ROIC TTM]
- FCF TTM of 1.6B covers 1.6B dividends but leaves zero margin for debt reduction at current payout[Free Cash Flow TTM]
Watch Triggers
- Dividends Paid Per Share TTM: Cut below $2.00 annually — Would signal management prioritizing balance sheet repair over income investors
- Goodwill: Impairment charge >$1B — 6.4B goodwill at 139% of equity - any writedown could trigger covenant issues
- Operating Margin TTM: Decline below 18% — Post-spinoff margin stability is key thesis - compression invalidates turnaround
Bull Case
ROIC of 18.8% (12x industry median) proves core business generates exceptional returns despite corporate restructuring - turnaround could unlock significant value
ROIC TTMOperating Margin TTMAsset Turnover TTM
P/E of 25.8x at 2.1x industry median but EPS of 6.35 on streamlined operations suggests earnings power underappreciated if litigation resolved
P/E RatioEPS TTMNet Margin TTM
Bear Case
Negative tangible equity (-2.9B) with 2.84x debt/equity creates existential refinancing risk - goodwill impairment would devastate equity
Tangible Book ValueDebt to EquityGoodwill
FCF of 1.6B consumed entirely by 1.6B dividends while 976M interest expense drains cash - no deleveraging capacity at current payout
Free Cash Flow TTMDividends Paid Per Share TTMInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Deleveraging imperative will force dividend cut or asset sales within 18 months
1-3ymed
- Net debt 7.9B vs equity 4.6B creates 1.7x leverage on shrinking base
- Interest expense 976M consumes 61% of FCF
- Negative tangible equity limits refinancing options
Debt/equity 2.84x vs typical industrial <1.5xFCF 1.6B barely covers 1.6B dividendTangible book -2.9B signals goodwill dependency
Operating margin sustainability at 20.5% depends on post-spinoff cost structure
1-3ylow
- Healthcare spinoff (Solventum) removed revenue but kept legacy costs
- R&D at 1.2B (4.6% of revenue) below peers
- Gross margin 40.9% provides limited buffer
Operating margin 20.5% vs industry median 0%Revenue 24.8B post-spinoff baselineGoodwill 6.4B (139% of equity) at risk
Valuation Context
Caveats
Public Strategies Rankings
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MMM Fundamentals
Management of Companies and Enterprises → Management of Companies and Enterprises
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$77.85B | — | ||
$85.22B | — | ||
24 | — | ||
$24.95B | +1.5% | — | |
$6.00 | +15.5% | — | |
19.2% | -0.4% | — | |
13.0% | -4.0% | — | |
$1.4B | +118.8% | — | |
76.1% | -20.4% | — | |
Beta 5Y (Monthly) | unknown | — |
MMM Dividend History
105 dividends
2026
$0.780002/13/26$0.7800
2025
$2.920011/14/25$0.7300
08/25/25$0.7300
05/23/25$0.7300
02/14/25$0.7300
2024
$3.610011/15/24$0.7000
08/26/24$0.7000
05/23/24$0.7000
02/15/24$1.5100
2023
$6.000011/16/23$1.5000
08/18/23$1.5000
05/18/23$1.5000
02/16/23$1.5000
2022
$5.960011/17/22$1.4900
08/19/22$1.4900
05/19/22$1.4900
02/17/22$1.4900
2021
$5.920011/18/21$1.4800
08/20/21$1.4800
05/20/21$1.4800
02/11/21$1.4800
2020
$5.880011/19/20$1.4700
08/21/20$1.4700
05/21/20$1.4700
02/13/20$1.4700
2019
$5.760011/21/19$1.4400
08/15/19$1.4400
05/23/19$1.4400
02/14/19$1.4400
2018
$5.440011/21/18$1.3600
08/23/18$1.3600
05/17/18$1.3600
02/15/18$1.3600
2017
$4.700011/22/17$1.1750
08/23/17$1.1750
05/17/17$1.1750
02/15/17$1.1750
2016
$4.440011/16/16$1.1100
08/17/16$1.1100
05/18/16$1.1100
02/10/16$1.1100
2015
$4.100011/18/15$1.0250
08/19/15$1.0250
05/20/15$1.0250
02/11/15$1.0250
2014
$3.420011/19/14$0.8550
08/20/14$0.8550
05/21/14$0.8550
02/12/14$0.8550
2013
$2.540011/20/13$0.6350
08/21/13$0.6350
05/22/13$0.6350
02/13/13$0.6350
2012
$2.360011/20/12$0.5900
08/22/12$0.5900
05/16/12$0.5900
02/15/12$0.5900
2011
$2.200011/22/11$0.5500
08/17/11$0.5500
05/18/11$0.5500
02/16/11$0.5500
2010
$2.100011/17/10$0.5250
08/18/10$0.5250
05/19/10$0.5250
02/17/10$0.5250
2009
$2.040011/18/09$0.5100
08/19/09$0.5100
05/20/09$0.5100
02/18/09$0.5100
2008
$2.000011/19/08$0.5000
08/20/08$0.5000
05/21/08$0.5000
02/20/08$0.5000
2007
$1.920011/20/07$0.4800
08/22/07$0.4800
05/16/07$0.4800
02/21/07$0.4800
2006
$1.840011/21/06$0.4600
08/23/06$0.4600
05/17/06$0.4600
02/22/06$0.4600
2005
$1.680011/22/05$0.4200
08/17/05$0.4200
05/18/05$0.4200
02/23/05$0.4200
2004
$1.440011/17/04$0.3600
08/18/04$0.3600
05/19/04$0.3600
02/18/04$0.3600
2003
$1.320011/19/03$0.3300
08/20/03$0.3300
05/21/03$0.3300
02/19/03$0.3300
2002
$1.240011/20/02$0.3100
08/21/02$0.3100
05/22/02$0.3100
02/20/02$0.3100
2001
$1.200011/20/01$0.3000
08/22/01$0.3000
05/16/01$0.3000
02/21/01$0.3000
2000
$1.160011/21/00$0.2900
08/23/00$0.2900
05/17/00$0.2900
02/23/00$0.2900
MMM Stock Splits
1 stock split
09/30/030.5:1 split
MMM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/03/26 | 12/31/25 | 10-K | |
10/21/25 | 09/30/25 | 10-Q | |
07/18/25 | 06/30/25 | 10-Q | |
04/22/25 | 03/31/25 | 10-Q | |
02/05/25 | 12/31/24 | Unknown | |
10/22/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/07/24 | 12/31/23 | 10-K | |
10/24/23 | 09/30/23 | 10-Q | |
07/25/23 | 06/30/23 | 10-Q | |
04/25/23 | 03/31/23 | 10-Q | |
02/08/23 | 12/31/22 | 10-K | |
10/25/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/26/22 | 03/31/22 | 10-Q | |
02/09/22 | 12/31/21 | 10-K | |
10/26/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/04/21 | 12/31/20 | 10-K | |
10/27/20 | 09/30/20 | 10-Q | |
07/28/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
02/06/20 | 12/31/19 | 10-K | |
10/25/19 | 09/30/19 | 10-Q | |
07/26/19 | 06/30/19 | 10-Q | |
04/26/19 | 03/31/19 | 10-Q | |
02/07/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/08/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
08/01/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/09/17 | 12/31/16 | 10-K | |
11/01/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/11/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/12/15 | 12/31/14 | 10-K | |
10/30/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
02/13/14 | 12/31/13 | 10-K | |
10/31/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
02/14/13 | 12/31/12 | 10-K | |
11/01/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/03/12 | 03/31/12 | 10-Q | |
02/16/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/16/11 | 12/31/10 | 10-K | |
11/03/11 | 09/30/10 | 10-Q | |
08/04/11 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/16/10 | 12/31/09 | 10-K | |
11/05/10 | 09/30/09 | 10-Q | |
10/30/09 | 09/30/09 | 10-Q | |
07/31/09 | 06/30/09 | 10-Q | |
08/04/10 | 06/30/09 | 10-Q | |
05/01/09 | 03/31/09 | 10-Q | |
02/17/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/30/08 | Unknown | -- |
02/15/08 | 12/31/07 | 10-K | |
10/29/07 | 09/30/07 | 10-Q | |
08/07/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/30/07 | Unknown | -- |
02/26/07 | 12/31/06 | 10-K | |
10/27/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/02/06 | 03/30/06 | Unknown | -- |
02/21/06 | 12/31/05 | 10-K | |
10/27/05 | 09/30/05 | 10-Q | |
08/03/05 | 06/30/05 | 8-K | |
05/06/05 | 03/30/05 | Unknown | -- |
02/24/05 | 12/31/04 | 10-K | |
11/01/04 | 09/30/04 | 10-Q | |
08/04/04 | 06/30/04 | 8-K | |
05/04/04 | 03/30/04 | Unknown | -- |
03/02/04 | 12/31/03 | 10-K | |
11/10/03 | 09/30/03 | S-8 | |
08/13/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/10/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/12/02 | 06/30/02 | 10-Q | |
05/01/02 | 03/30/02 | Unknown | -- |
03/11/02 | 12/31/01 | 10-K405 | |
11/13/01 | 09/30/01 | 10-Q | |
08/01/01 | 06/30/01 | 10-Q | |
05/01/01 | 03/30/01 | Unknown | -- |
02/20/01 | 12/31/00 | 10-K405 | |
11/01/00 | 09/30/00 | 10-Q | |
08/04/00 | 06/30/00 | 10-Q | |
05/08/00 | 03/30/00 | Unknown | -- |