3M
MMM on NYSE. 3M sells safety, industrial, transportation, electronics, and consumer products to businesses and people worldwide. Market value $84.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.72 of spare cash in the past 12 months. A savings account pays about $4.
You pay 20.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 21 cents a year. Above 10 is good.
Quality score: 63 of 100. Price score: 63 of 100. Our list needs 70 on quality and 60 on price.
$163.64 a share, 17% above its 1-year low
Over the past year the price has ranged from $139.34 to $184.90.
Expected to report results Tuesday 20 Oct, before the market opens.
Dividend: 1.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $4 billion in the past 12 months, $1.4 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $35.4bn | $26.2bn | $24.6bn | $24.6bn | $24.9bn |
| Operating margin | |||||
| Operating margin | 20.8% | 16.7% | -43.4% | 19.6% | 18.6% |
| Debt to equity | |||||
| Debt to equity | 1.16 | 1.09 | 3.35 | 3.41 | 2.68 |
| Shares outstanding | |||||
| Shares outstanding | 0.55bn | 0.55bn | 0.54bn | 0.53bn | 0.52bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt2.68× equity
- Revenue growth, five yearsShrinking, 5.0% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.5 billion last quarter, up 2% on a year ago.
- Profit: $933 million, up 29% on a year ago.
- It keeps 18 cents of each $1 of sales as operating profit, down from 19 cents a year earlier.
- Spare cash over the past 12 months: $4 billion. A year earlier it spent $2 billion more than it brought in.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $9.6 billion more than cash, up from $9.4 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.3bn |
| December 2024 | $6.0bn |
| March 2025 | $6.0bn |
| June 2025 | $6.3bn |
| September 2025 | $6.5bn |
| December 2025 | $6.1bn |
| March 2026 | $6.0bn |
| June 2026 | $6.5bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $1.4bn |
| December 2024 | $728m |
| March 2025 | $1.1bn |
| June 2025 | $723m |
| September 2025 | $834m |
| December 2025 | $577m |
| March 2026 | $653m |
| June 2026 | $933m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 20 October 2026
- Last annual report (10-K)
- 3 February 2026
- Next quarterly (estimated, 10-Q)
- 20 October 2026
Who owns it
13 long-term investors we follow own it, up from 12 last quarter. 2,233 funds in all.
- Mairs & PowerAndy Adams
- Value
- $57m
- Share of fund
- 0.5%
- First Manhattan Co.First Manhattan partners
- Value
- $5m
- Share of fund
- <0.1%
- Jensen Investment ManagementEric Schoenstein
- Value
- $4m
- Share of fund
- 0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
- Dodge & CoxDodge & Cox investment committee
- Value
- $1m
- Share of fund
- <0.1%
- Aristotle Capital ManagementHoward Gleicher
- Value
- $1m
- Share of fund
- <0.1%
- Torray Investment PartnersRobert Torray (founder)
- Value
- $323,820
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $170m | 0.2% | Cut |
| Mairs & PowerAndy Adams | $57m | 0.5% | |
| Gotham Asset ManagementJoel Greenblatt | $8m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $5m | <0.1% | |
| Jensen Investment ManagementEric Schoenstein | $4m | 0.1% | |
| Nuance InvestmentsScott Moore | $3m | 0.6% | Cut |
| Beutel GoodmanBeutel Goodman team | $3m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| Dodge & CoxDodge & Cox investment committee | $1m | <0.1% | |
| Aristotle Capital ManagementHoward Gleicher | $1m | <0.1% | |
| Horizon KineticsMurray Stahl | $437,157 | <0.1% | Cut |
| Torray Investment PartnersRobert Torray (founder) | $323,820 | <0.1% | |
| Auxier Asset ManagementJeff Auxier | $208,054 | <0.1% | New |
Largest holders overall
- BlackRock$7.3bnAdded
- JPMorgan Chase$6.4bnCut
- Banque Cantonale Vaudoise$6.3bnCut
- Vanguard Capital Management$5.5bn
- State Street$4.5bn
- Geode Capital Management$1.9bn
- Vanguard Portfolio Management$1.5bn
- Capital World Investors$1.4bnCut
- State Farm Mutual Automobile Insurance$1.3bn
- Norges Bank$1.3bnNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.6%Since 31 March 2026
- JPMORGAN CHASE & CO.Passive investor7.4%−1.4 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor6.6%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.1%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.6% | 31 March 2026 | |
JPMORGAN CHASE & CO. Passive investor | 7.4%−1.4 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.6% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.1% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $17m.
- Chavez Rodriguez Beatriz KarinaGroup PresidentSold
- Date
- 5 August 2026
- Shares
- 3,635
- Price
- $182.51
- Value
- $663,430
- Reinseth Theresa ESr Vice President & CAOSold
- Date
- 23 July 2026
- Shares
- 924
- Price
- $169.42
- Value
- $156,544
- Banovetz John PatrickExecutive Vice PresidentSold
- Date
- 23 July 2026
- Shares
- 7,880
- Price
- $170.44
- Value
- $1m
- Rhodes Kevin HEVP, Chief Legal Off & SecretSold
- Date
- 22 July 2026
- Shares
- 7,669
- Price
- $171.20
- Value
- $1m
- Goralski Christian T JRGroup PresidentSold
- Date
- 22 July 2026
- Shares
- 4,902
- Price
- $170.46
- Value
- $835,577
- Reinseth Theresa ESr Vice President & CAOSold
- Date
- 11 February 2026
- Shares
- 5,145
- Price
- $172.75
- Value
- $888,796
- Dickson Zoe LEVP & Chief HR OfficerSold
- Date
- 9 February 2026
- Shares
- 20,519
- Price
- $169.97
- Value
- $3m
- Chavez Rodriguez Beatriz KarinaGroup PresidentSold
- Date
- 9 February 2026
- Shares
- 1,190
- Price
- $171.13
- Value
- $203,645
- Dickson Zoe LEVP & Chief HR OfficerSold
- Date
- 13 November 2025
- Shares
- 13,629
- Price
- $169.83
- Value
- $2m
- Dickson Zoe LEVP & Chief HR OfficerSold
- Date
- 13 November 2025
- Shares
- 13,826
- Price
- $169.78
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 August 2026 | Chavez Rodriguez Beatriz Karina Group President | Sold | 3,635 | $182.51 | $663,430 |
| 23 July 2026 | Reinseth Theresa E Sr Vice President & CAO | Sold | 924 | $169.42 | $156,544 |
| 23 July 2026 | Banovetz John Patrick Executive Vice President | Sold | 7,880 | $170.44 | $1m |
| 22 July 2026 | Rhodes Kevin H EVP, Chief Legal Off & Secret | Sold | 7,669 | $171.20 | $1m |
| 22 July 2026 | Goralski Christian T JR Group President | Sold | 4,902 | $170.46 | $835,577 |
| 11 February 2026 | Reinseth Theresa E Sr Vice President & CAO | Sold | 5,145 | $172.75 | $888,796 |
| 9 February 2026 | Dickson Zoe L EVP & Chief HR Officer | Sold | 20,519 | $169.97 | $3m |
| 9 February 2026 | Chavez Rodriguez Beatriz Karina Group President | Sold | 1,190 | $171.13 | $203,645 |
| 13 November 2025 | Dickson Zoe L EVP & Chief HR Officer | Sold | 13,629 | $169.83 | $2m |
| 13 November 2025 | Dickson Zoe L EVP & Chief HR Officer | Sold | 13,826 | $169.78 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Feb 2026, plus the 10-Q filed 21 Jul 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.7× its equity.
- Sales have shrunk: 5.0% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.