3M CO (MMM)

Price—Loading quote

AI: Overvalued

Price checkThe share price already assumes strong execution and little new legal damage.

At $182.65, 3M’s roughly 515.7 million shares imply a $94.2 billion market value. Against the midpoint of management’s 2026 adjusted earnings guidance—profit excluding selected unusual items—of $8.875 a share, the price is about 20.6 times earnings; against trailing reported earnings of $5.63, it is about 32.4 times. Trailing free cash flow—cash left after operations and capital spending—was roughly $4.0 billion, equal to 4.2% of market value. That is demanding for a slow-growing industrial company carrying large legal obligations, supporting an Overvalued verdict.

Big pictureSales are recovering, but cash generation still swings with settlement payments.

Revenue edged up 1.5% in 2025 to $24.95 billion, yet remained below 2022’s $26.16 billion. Second-quarter 2026 sales grew 2.4%; company-defined organic growth—sales change excluding acquisitions, divestitures, currency and discontinued chemical products—was 5.4%. Cash is less steady: operating cash flow was $2.31 billion in 2025 versus $6.68 billion in 2023, largely because legal payments shift between periods. Trailing operating cash flow recovered to about $4.90 billion. Factory, vehicle, construction and electronics demand can still rise or fall with customer spending cycles.

Business strengthHigh margins and fewer shares help, while buybacks have drained liquidity.

Adjusted operating margin reached 24.9% in the second quarter, showing strong pricing and cost control. Yet first-half free cash flow was only $1.11 billion, while buybacks used $2.99 billion and dividends $0.81 billion. Cash fell from $5.24 billion in December to $2.96 billion in June. Debt stayed near $12.55 billion, leaving $9.60 billion of net debt, meaning debt minus cash. Shares fell 2.7% to 515.7 million, so repurchases more than offset employee-share issuance, but liquidity paid for that benefit.

What could change the storyFaster growth could justify the price, but legal costs could erase the cushion.

The bull case needs management’s 2026 plan—adjusted earnings of $8.80-$8.95 a share, more than 3.5% organic growth and $5.8-$6.0 billion of adjusted operating cash—to become durable, with Microsoft-linked data-center products and the Madison fire-safety venture adding growth. The bear case is that those adjusted figures exclude transformation and litigation costs. At June, combat-earplug liabilities alone were $1.9 billion, while chemical claims remain open. Sustained earnings above $9 and normalized cash near guidance would soften the valuation concern; renewed cash drains or slower growth would deepen it.

$182.65 price considered

AI: News

Guidance raisedStrong second-quarter growth and a higher profit forecast lifted confidence in the turnaround.

On July 21, 2026, 3M reported $6.5 billion of sales, up 2.4%, and adjusted earnings per share of $2.40, up 11%. It raised its 2026 adjusted earnings forecast to $8.80-$8.95 from $8.50-$8.70 and projected $5.8-$6.0 billion of adjusted operating cash. Shares closed at $170.76, up 7.32% from the previous close. The same-day move is consistent with an earnings reaction, although price timing alone cannot prove causation.

New Jersey settlement approvedCourt approval reduced uncertainty around one known chemical liability, though broader claims remain.

On August 7, 2026, Reuters reported court approval of New Jersey settlements totaling about $2.5 billion across 3M and DuPont-related defendants. 3M’s own agreement provides up to $450 million, with $275-$325 million scheduled for 2026-2034 and possible later payments. The stock rose 1.21% that day, but timing alone does not establish attribution. Approval replaces one disputed exposure with scheduled cash payments and specified releases; it does not end separate chemical litigation elsewhere.

Microsoft partnership announcedMicrosoft became the first announced large cloud user of 3M’s new optical connection technology.

On July 15, 2026, 3M said Microsoft’s Azure network would become the first announced hyperscale cloud platform to deploy its expanded-beam optical technology. 3M is scaling production for data-center demand and will also use Microsoft tools internally. No contract value, volume commitment or expected profit was disclosed, so the financial opportunity remains unquantified. Shares gained 2.52% that day; the timing is notable, but it does not establish that the announcement caused the move.

Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$24.95B	$24.57B	$24.61B	$26.16B	$35.35B	$32.18B	$32.14B	$32.77B	$31.66B	$30.11B	$30.27B	$31.82B	$30.87B	$29.90B	$29.61B	$26.66B	$23.12B	$25.27B	$24.46B
Research & development	—	$700.0M	$700.0M	$800.0M	$1.20B	$1.10B	$1.25B	$1.25B	$1.35B	$1.25B	$1.22B	$1.19B	$1.15B	$1.08B	$1.04B	$919.0M	$838.0M	$851.0M	—
Operating income	$4.63B	$4.82B	−$10.69B	$4.37B	$7.37B	$7.16B	$6.17B	$7.21B	$7.69B	$7.03B	$6.95B	$7.13B	$6.67B	$6.48B	$6.18B	$5.92B	$4.81B	$5.22B	$6.19B
EBITDAderived	$5.94B	$6.18B	−$8.70B	$6.20B	$9.28B	$9.07B	$7.77B	$8.70B	$9.24B	$8.50B	$8.38B	$8.54B	$8.04B	$7.77B	$7.41B	$7.04B	$5.97B	$6.37B	$7.26B
Net income	$3.25B	$4.17B	−$7.00B	$5.78B	$5.92B	$5.45B	$4.52B	$5.35B	$4.86B	$5.05B	$4.83B	$4.96B	$4.66B	$4.44B	$4.28B	$4.08B	$3.19B	$3.46B	$4.10B
Basic EPSper diluted share	$6.05	$7.58	-$12.63	$10.21	$10.23	$9.43	$7.83	$9.09	$8.13	$8.35	$7.72	$7.63	$6.83	$6.40	$6.05	$5.72	$4.56	$4.95	$5.70
Diluted EPSper diluted share	$6.00	$7.55	-$12.63	$10.18	$10.12	$9.36	$7.72	$8.89	$7.93	$8.16	$7.58	$7.49	$6.72	$6.32	$5.96	$5.63	$4.52	$4.89	$5.60

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$1.8K disclosed value

Sells (SEC code S)150$44.71M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 11, 2026Form 4	Reinseth Theresa ESr Vice President & CAO	SellCommon Stock	40	$172.75	$6.9K	2.6K
Feb 11, 2026Form 4	Reinseth Theresa ESr Vice President & CAO	SellCommon Stock	240	$172.74	$41.5K	2.6K
Feb 11, 2026Form 4	Reinseth Theresa ESr Vice President & CAO	SellCommon Stock	1.9K	$172.73	$336.1K	2.9K
Feb 11, 2026Form 4	Reinseth Theresa ESr Vice President & CAO	SellCommon Stock	1.1K	$172.72	$194.0K	4.8K
Feb 11, 2026Form 4	Reinseth Theresa ESr Vice President & CAO	SellCommon Stock	1.8K	$172.79	$310.3K	2.6K

Review ownership filings at SEC.gov ↗

3M CO (MMM)

Financial charts

Financial statements

Insider buys & sells