Business Description
3M Company, founded in 1902, is a diversified technology conglomerate known for its innovative products such as Scotch™ Tape, Post-it® Notes, and 3M™ Littmann stethoscopes. It operates across healthcare, industrial, consumer, and safety markets with significant global revenue streams supported by robust R&D investments. Under CEO Michael Roman’s leadership since 2018, the company holds a strong market position and is actively pursuing digital and sustainable growth initiatives.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 24,948,000 | 24,575,000 | 24,610,000 | 26,161,000 |
| Cost of Sales | 14,991,000 | 14,447,000 | 14,983,000 | 15,853,000 |
| Gross Profit | 9,957,000 | 10,128,000 | 9,627,000 | 10,308,000 |
| Selling, General & Administrative Expenses | 3,997,000 | 4,221,000 | 19,198,000 | 7,232,000 |
| Research & Development Expenses | 1,169,000 | 1,085,000 | 1,154,000 | 1,160,000 |
| Other Operating Expenses | 162,000 | — | (36,000) | (2,453,000) |
| Operating Profit | 4,629,000 | 4,822,000 | (10,689,000) | 4,369,000 |
| Non-Operating Income | (416,000) | (3,000) | (582,000) | (165,000) |
| Total Non-Operating Income | (416,000) | (3,000) | (582,000) | (165,000) |
| Income Before Provision for Income Taxes | 4,213,000 | 4,819,000 | (11,271,000) | 4,204,000 |
| Provision for Income Taxes | 1,003,000 | 804,000 | (2,867,000) | 188,000 |
| Consolidated Net Income | 3,210,000 | 4,015,000 | (8,404,000) | 4,016,000 |
| Net Income Attributable to Minority Interests and Other | (40,000) | 6,000 | (2,000) | 3,000 |
| Net Income Attributable to Discontinued Operations | — | 164,000 | 1,407,000 | 1,764,000 |
| Net Income Attributable to Common Shareholders | 3,250,000 | 4,173,000 | (6,995,000) | 5,777,000 |
| Basic EPS | 6.05 | 7.58 | -12.63 | 10.21 |
| Diluted EPS | 6.00 | 7.55 | -12.63 | 10.18 |
| Basic Weighted Average Shares Outstanding | 537,400 | 550,800 | 553,900 | 566,000 |
| Diluted Weighted Average Shares Outstanding | 541,300 | 552,400 | 553,900 | 567,600 |
| Shares Outstanding | 530,279 | 539,470 | 552,581 | 549,245 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 5,235,000 | 5,600,000 | 5,735,000 | 3,655,000 |
| Short-Term Investments | 698,000 | 2,128,000 | 50,000 | 238,000 |
| Total Cash and Cash Equivalents | 5,933,000 | 7,728,000 | 5,785,000 | 3,893,000 |
| Accounts Receivable | 3,533,000 | 3,194,000 | 3,601,000 | 4,532,000 |
| Total Trade Receivables | 3,533,000 | 3,194,000 | 3,601,000 | 4,532,000 |
| Inventories | 3,661,000 | 3,698,000 | 3,944,000 | 5,372,000 |
| Other Current Assets | 3,260,000 | 1,264,000 | 3,049,000 | 891,000 |
| Total Current Assets | 16,387,000 | 15,884,000 | 16,379,000 | 14,688,000 |
| Net Property, Plant & Equipment | 7,101,000 | 7,388,000 | 8,347,000 | 10,007,000 |
| Net Intangible Assets | 1,103,000 | 1,210,000 | 1,323,000 | 4,699,000 |
| Goodwill | 6,419,000 | 6,281,000 | 6,382,000 | 12,790,000 |
| Other Long-Term Assets | 6,723,000 | 9,105,000 | 18,149,000 | 4,271,000 |
| Total Assets | 37,733,000 | 39,868,000 | 50,580,000 | 46,455,000 |
| Accounts Payable | 2,702,000 | 2,660,000 | 2,776,000 | 3,183,000 |
| Accrued Expenses | 718,000 | 712,000 | 999,000 | 951,000 |
| Short-Term Debt | 1,670,000 | 1,919,000 | 2,947,000 | 1,938,000 |
| Current Portion of Leases | — | — | 192,000 | 261,000 |
| Other Current Liabilities | 4,505,000 | 5,965,000 | 8,383,000 | 3,190,000 |
| Total Current Liabilities | 9,595,000 | 11,256,000 | 15,297,000 | 9,523,000 |
| Long-Term Debt | 10,932,000 | 11,125,000 | 13,088,000 | 14,001,000 |
| Leases | — | — | 464,000 | 580,000 |
| Other Long-Term Liabilities | 12,459,000 | 13,593,000 | 16,863,000 | 7,581,000 |
| Total Long-Term Liabilities | 23,391,000 | 24,718,000 | 30,415,000 | 22,162,000 |
| Total Liabilities | 32,986,000 | 35,974,000 | 45,712,000 | 31,685,000 |
| Common Stock | 9,000 | 9,000 | 9,000 | 9,000 |
| Treasury Stock | (35,936,000) | (34,462,000) | (32,859,000) | (33,255,000) |
| Additional Paid-in Capital | 7,440,000 | 7,229,000 | 6,956,000 | 6,691,000 |
| Accumulated Other Comprehensive Income | (5,069,000) | (5,731,000) | (6,778,000) | (6,673,000) |
| Retained Earnings | 38,258,000 | 36,797,000 | 37,479,000 | 47,950,000 |
| Total Common Shareholders' Equity | 4,702,000 | 3,842,000 | 4,807,000 | 14,722,000 |
| Minority Interests and Other | 45,000 | 52,000 | 61,000 | 48,000 |
| Total Shareholders' Equity | 4,747,000 | 3,894,000 | 4,868,000 | 14,770,000 |
| Total Liabilities and Shareholders' Equity | 37,733,000 | 39,868,000 | 50,580,000 | 46,455,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 3,262,000 | 4,188,000 | (6,979,000) | 5,791,000 |
| Depreciation & Amortization | 1,308,000 | 1,363,000 | 1,987,000 | 1,831,000 |
| Share-Based Compensation Expense | 225,000 | 289,000 | 274,000 | 263,000 |
| Other Adjustments | 707,000 | 1,203,000 | (3,898,000) | (2,478,000) |
| Changes in Trade Receivables | (211,000) | 114,000 | (170,000) | (105,000) |
| Changes in Inventories | 139,000 | 41,000 | 567,000 | (629,000) |
| Changes in Accounts Payable | 21,000 | 46,000 | 138,000 | 111,000 |
| Changes in Income Taxes Payable | — | — | — | (47,000) |
| Changes in Other Operating Activities | (3,145,000) | (5,424,000) | 14,761,000 | 854,000 |
| Cash from Operating Activities | 2,306,000 | 1,819,000 | 6,680,000 | 5,591,000 |
| Capital Expenditure | (910,000) | (1,181,000) | (1,615,000) | (1,749,000) |
| Proceeds from Sale of Property, Plant & Equipment | 95,000 | 61,000 | 119,000 | 200,000 |
| Purchases of Investments | (1,305,000) | (4,153,000) | (1,466,000) | (1,250,000) |
| Proceeds from Sale of Investments | 3,468,000 | 2,074,000 | 1,660,000 | 1,261,000 |
| Proceeds from Business Divestments | — | 5,000 | 60,000 | 13,000 |
| Other Investing Activities | (3,000) | (7,000) | 35,000 | 479,000 |
| Cash from Investing Activities | 1,350,000 | (3,206,000) | (1,207,000) | (1,046,000) |
| Issuance of Short-Term Debt | — | (205,000) | 205,000 | 340,000 |
| Net Issuance / (Repayments) of Short-Term Debt | — | (205,000) | 205,000 | 340,000 |
| Issuance of Long-Term Debt | 1,099,000 | 8,367,000 | 2,835,000 | 1,000 |
| Repayments of Long-Term Debt | (1,815,000) | (2,656,000) | (3,086,000) | (1,179,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (716,000) | 5,711,000 | (251,000) | (1,178,000) |
| Issuance of Common Shares | 1,562,000 | 92,000 | 264,000 | 381,000 |
| Repurchases of Common Shares | (3,251,000) | (1,801,000) | (33,000) | (1,464,000) |
| Net Issuance / (Repurchases) of Common Shares | (1,689,000) | (1,709,000) | 231,000 | (1,083,000) |
| Common Share Dividends Paid | (1,562,000) | (1,982,000) | (3,311,000) | (3,369,000) |
| Other Financing Activities | (49,000) | (922,000) | 184,000 | 280,000 |
| Cash from Financing Activities | (4,016,000) | 1,098,000 | (3,147,000) | (5,350,000) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 41,000 | (44,000) | (48,000) | (104,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (365,000) | (333,000) | 2,278,000 | (909,000) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $84.90B |
| P/E | 26.68x |
| P/S | 3.40x |
| EV/EBITDA | 15.43x |
| Return on Equity | 74.3% |
| Return on Invested Capital | 11.7% |
| Current Ratio | 1.71x |
| Dividend Yield | 1.8% |
| Free Cash Flow Margin | 5.6% |
Margins
Gross margin
39.9%
Operating margin
18.6%
Net margin
12.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $6.03B | +1.3% | 23.2% | $1.40B |
| Q4 2025 | $6.13B | +2.0% | 13.0% | $796M |
| Q3 2025 | $6.52B | +3.5% | 22.2% | $1.45B |
| Q2 2025 | $6.34B | +1.4% | 18.0% | $1.14B |
| Q1 2025 | $5.95B | — | 20.9% | $1.25B |
| Q4 2024 | $6.01B | — | 18.1% | $1.08B |
| Q3 2024 | $6.29B | — | 20.9% | $1.32B |
| Q2 2024 | $6.25B | — | 20.3% | $1.27B |
More on 3M Company
Figures compiled from public company filings.
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