---
title: 3M (MMM) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mmm
ticker: MMM
as_of: 2026-10-17
sector: Industrials
industry: Conglomerates
---
# 3M (MMM)

3M (MMM) closed at $164.72 on Oct 16, 2026, overvalued by 55% vs its model value of $106.31 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $164.72 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $106.31 |
| Price vs model | overvalued by 55% vs model |
| Range of that model | $69.86 – $217.06 |
| Market value | $84.9B |
| P/E (fiscal 2025) | 27.5 |
| Net margin (fiscal 2025) | 13.0% |
| Free cash flow (fiscal 2025) | $1.4B |
| Dividend yield (trailing twelve months) | 1.86% |
| Beta | 1.06 |
| Cost of capital (WACC) | 8.92% |
| Business classification | Mature & Stable (Low/slowing growth (~1% recent), Moderate margins (13% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 2.7x)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.86% |
| Dividends per share, last 12 months | $3.07 |
| Dividends / free cash flow (fiscal 2025) | 111.9% |
| Raised | 1 years in a row |
| Growth over 5 years | -12.3% a year |
| Latest payment | $0.78, ex-date Aug 24, 2026, paid Sep 11, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 20, 2021 | $5.91 |
| To Aug 19, 2022 | $5.95 |
| To Aug 18, 2023 | $5.99 |
| To Aug 26, 2024 | $4.41 |
| To Aug 25, 2025 | $2.89 |
| Trailing twelve months (to Aug 24, 2026) | $3.07 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $106.31 | $69.86 | $217.06 |
| DCF · Perpetuity growth · 10y | cross check | $110.83 | $75.17 | $217.13 |
| DCF · EBITDA exit · 5y | cross check | $187.42 | $140.46 | $242.44 |
| DCF · EBITDA exit · 10y | cross check | $173.95 | $125.43 | $237.86 |
| P/E · peers | cross check | $204.38 | $184.50 | $229.35 |
| P/E · own history | cross check | $114.92 | $71.11 | $157.83 |
| PEG | sanity check | $149.42 | $149.42 | $149.42 |
| EV/EBITDA · peers | cross check | $206.60 | $181.34 | $255.51 |
| EV/Revenue · peers | cross check | $220.49 | $190.69 | $261.88 |
| Earnings power value | cross check | $40.49 | $32.70 | $51.44 |
| Dividend discount | cross check | $41.29 | $31.59 | $65.49 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 5 open-market sales ($4.3M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 7, 2026 | Rhodes Kevin H | EVP, Chief Legal Off & Secret | Option/RSU exercise | 176 | $0 |
| Oct 7, 2026 | Rhodes Kevin H | EVP, Chief Legal Off & Secret | Tax withholding | 176 | $28,533.1 |
| Oct 7, 2026 | Rhodes Kevin H | EVP, Chief Legal Off & Secret | Option/RSU exercise | 176 | $28,533.1 |
| Oct 7, 2026 | Kshirsagar Tushar A. | EVP Chief Tech Officer | Option/RSU exercise | 53 | $0 |
| Oct 7, 2026 | Kshirsagar Tushar A. | EVP Chief Tech Officer | Tax withholding | 53 | $8,592.4 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 10, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/66740/000110465926106710/tm2624999d1_8k.htm |
| Sep 3, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/66740/000110465926104872/tm2621008-1_424b5.htm |
| Aug 19, 2026 | 8-K | 1.01 Entry into a Material Agreement; 1.02 Termination of a Material Agreement; 2.03 Creation of a Direct Financial Obligation | https://www.sec.gov/Archives/edgar/data/66740/000006674026000268/mmm-20260817.htm |
| Jul 21, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/66740/000006674026000246/mmm-20260630.htm |
| Jul 21, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/66740/000006674026000242/mmm-20260721.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Mairs & Power | 2026-06-30 | 349,350 | $56.6M |
| Jensen | 2026-06-30 | 27,618 | $4.5M |
| Bridgewater | 2026-06-30 | 14,060 | $2.3M |
| Dodge & Cox | 2026-06-30 | 7,558 | $1.2M |

5 tracked managers in all.

## About

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 fil…

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Source: https://sweetvaluelab.com/stocks/mmm (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.