MMM
3M CO
Healthcare • CIK: 0000066740
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Market Cap
$83.77B
P/E (TTM)
24.6x
Rev Growth (TTM)
+1.1%
Net Margin (TTM)
13.7%
FCF Yield (TTM)
1.9%
FCF Margin (TTM)
6.4%
Cash Flow Health
Free Cash Flow5/8 positive
TTM$1.6B
Q3 '25
$1.5B+232%
Q2 '25
$-1.2B-269%
FCF Margin
TTM6.4%
Q3 '2523.6%+229%
Sector: 5.8%Above Avg
OCF Margin10.2%
OCF/NI0.75x
CapEx Coverage2.7x
FCF Yield1.9%
FCF Growth (2Y)-26%
Cash Conversion Cycle
81 days
DSO: 52+DIO: 97−DPO: 68
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.9%
Div Yield1.9%
+Buyback (TTM)4.1%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)1.9%
FCF Payout Ratio98.2%
Free Cash Flow (TTM)$1.6B
Stock Repurchases (TTM)$3.4B
Capital Return / FCF312.2%
Est. Dividends Paid (TTM)$1.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
32.2%
Stable
+0.3% YoY+6.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
15.8%
8Q: 16.5%
Asset Turnover
0.63x
8Q: 0.60x
Leverage (1+D/E)
3.72x
D/E: 2.72x
DuPont: 37.2% ≈ 32.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
3.36x
8Q:3.23x
+91.8%
Invested Cap Turn
2.04x
8Q:2.04x
+40.7%
CapEx Intensity
7.8%
8Q:9.5%
CapEx/Depreciation
0.79x
Depreciation Rate Trend
⚠ Declining -3.1%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $24.8B | $6.5B↑2.7% | $6.3B↑6.6% | $6.0B↓0.9% | $6.0B↓4.5% | $6.3B↑0.6% | $6.3B↑4.0% | $6.0B↑0.2% | $6.0B |
Operating Income | $4.9B | $1.4B↑26.9% | $1.1B↓8.5% | $1.2B↑14.8% | $1.1B↓17.6% | $1.3B↑3.5% | $1.3B↑10.7% | $1.1B↑27.8% | $899.0M |
Net Income | $3.4B | $834.0M↑15.4% | $723.0M↓35.2% | $1.1B↑53.3% | $728.0M↓46.9% | $1.4B↑19.8% | $1.1B↑23.4% | $928.0M↓1.8% | $945.0M |
Operating Cash Flow | $2.5B | $1.8B↑284.1% | $-954.0M↓1107.6% | $-79.0M↓104.3% | $1.8B↑201.7% | $-1.8B↓275.0% | $1.0B↑33.1% | $767.0M↓61.4% | $2.0B |
Free Cash Flow | $1.6B | $1.5B↑232.4% | $-1.2B↓268.9% | $-315.0M↓120.6% | $1.5B↑175.1% | $-2.0B↓370.3% | $752.0M↑91.8% | $392.0M↓75.9% | $1.6B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
24.6x
Valuation Lenses
Earnings
24.6x
vs – sector
Cash Flow
53.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.8P/E per %ROIC
ROIC: 32.2%
Shareholder Returns
Dividend
1.9%
Buyback
4.1%
Total Yield
5.9%
Market Cap$83.77B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
87/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
79.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
32.2%
8Q:–
+6.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 15.8%
Asset Turnover: 0.63x
Earnings Quality
Cash Conversion
0.75x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin40.9%
Capital Efficiency
Invested Capital Turnover2.04x
Working Capital
Cash Conversion Cycle81 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
41/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
1.1%
OpInc Growth YoY
10.0%
EPS Growth YoY
-21.0%
FCF 3Y CAGR
-25.7%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 26.8%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
40.9%
Operating
19.8%
Above Avg in sector
Net
13.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-7.3 pts
FCF: 6.4% | Net: 13.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $7.93B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.72x
Balance sheet risk & solvency analysis