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3M Company — Intrinsic Value & Fair Price

MMM
NYSEIndustrialsConglomeratesCIK 00000667403m.comAbout MMM
Last close · Oct 16, 2026164.72−0.61 (−0.37%)
Market cap$84.9B
Model value · DCF · Perpetuity growth · 5y
106.31
3M closed at $164.72 — overvalued by 55% vs model.
69.86the model's range217.06

DCF · Perpetuity growth · 5y leads for mature & stable — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
40.49 – 220.49
Wall St. target
192.00 14% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
1.86%
Past 2 years
low 1.64%high 4.22%
Dividends per share, a year at a time
$5.91Aug ’21$5.95Aug ’22$5.99Aug ’23$4.41Aug ’24$2.89Aug ’25$3.07TTM
Dividends / free cash flow, FY2025
111.9%
Raised
1 years in a row
Growth, 5 yrs
-12.3% a year
Last change
+6.8% · Feb 2026
Every payment, with ex-dates · latest $0.78, paid Sep 11, 2026

Research on MMM

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How it is valued

Valued asMature & Stable
Low/slowing growth (~1% recent)Moderate margins (13% net margin)Pays dividendsHighly cyclical earningsHigh leverage (D/E 2.7x)
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
27.5×
EV / EBITDA
15.8×
FCF yield
1.6%
Dividend yield, TTM
1.86%
Beta
1.06
Cost of capital (WACC)
8.92%
Full financials

Analyst actions

third-party, quoted
09-25Bernstein · “Market Perform” from “Underperform”upgrade
09-25Bernstein · target171.00
09-24Wells Fargo · target195.00
07-23Mizuho Securities · target180.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists MMM as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just MMM. No account.

About 3M

3M Company operates as a global technology conglomerate with diverse interests. Its extensive operations are strategically divided into four primary business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial division supplies a broad array of products, including specialized abrasives and finishing tools for metalworking, automotive body repair kits, fastening systems for personal hygiene items, various masking and packaging materials, electrical components for construction, maintenance, and power distribution, strong structural adhesives and tapes, comprehensive personal protective equipment for respiratory, auditory, visual, and fall protection, and mineral granules for roofing shingles. Within the Transportation and Electronics sector, offerings encompass advanced ceramic solutions, specialized attachment tapes and films, sophisticated sound and temperature management systems for vehicles, high-quality large-format graphic films for advertising and fleet branding, optical films, electronic assembly solutions, robust packaging and interconnection technologies, and reflective materials crucial for highway and vehicle safety. The Health Care segment provides essential solutions such as food safety indicators, software for medical procedure coding and reimbursement, a wide range of products for skin and wound care, infection prevention, dental and orthodontic supplies, and advanced filtration and purification systems. Finally, the Consumer unit delivers an assortment of household and personal products, including bandages, braces, support devices, and personal respirators; various home cleaning supplies; retail-grade abrasives, paint accessories, DIY car care products, picture hanging solutions, and consumer-focused air quality improvements; along with a selection of stationery items. The company distributes its extensive product portfolio through both online platforms and a comprehensive traditional network, leveraging wholesalers, retailers, jobbers, distributors, and authorized dealers. This enterprise was founded in 1902 and maintains its corporate headquarters in St. Paul, Minnesota.

CEO
William Brown
Headquarters
Saint Paul, MN
Employees
60,500
IPO
1946-01-14
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.