3M Company

MMM

Conglomerates · Industrials

Price

$159.84

-1.93 (-1.19%)

Market Cap

$83.37B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−7.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 585.3M (2021) → 539.0M (2025)

3M makes thousands of everyday products used in homes, hospitals, factories, and offices. Its most famous product is the Post-it Note, but it also makes Scotch tape, industrial adhesives, safety equipment like respirators, and medical supplies. The company sells to consumers, manufacturers, healthcare providers, and construction companies around the world.

3M earns money by selling physical products across four business segments: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. It operates in nearly every country, generating roughly half its revenue outside the United States, which makes it one of the most geographically diversified manufacturers in the world. Its main competitive advantage is its large portfolio of patents and its long history of developing new materials and coatings. The biggest risk 3M faces is ongoing legal liability from lawsuits related to PFAS chemicals and defective combat earplugs, which have already cost the company billions of dollars in settlements.

Winston Score History

Politician Trades

23 trades / 12mo

7 Congressional buys and 16 sells on MMM in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-40.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1.2B/ year

↑ Rising (+9% vs prior year)

4.7% of revenue

In line with sector average (4%)

R&D investment increasing — building for the future

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

3M Company is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

40.7%

Healthy — 40.7% gross margin

Operating Margin

23.2%

Excellent — 23.2% operating margin

ROCE

8.8%

Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+2.1%

Nearly flat sales (2.1% YoY)

EPS YoY

-34.3%

Earnings shrinking (-34.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

106%

Turns 106% of profit into real cash

FCF Margin

8.2%

Modest free cash flow (8.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

3.85

Heavy debt load (3.85)

Interest Cover

7.20x

Adequate interest coverage (7.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

30.6x

Pricey — P/E 30.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+15.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.6 → 15.1)

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Dividends

Dividend Yield

1.94%

Small dividend — 1.94% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+5.6%

Dividend growing modestly (5.6% YoY)

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