3M Co. (MMM) intrinsic value & 10-year financials
3M Co. (MMM) has a Graham intrinsic value of $9.21 per share. At $164.75 on Oct 17, 2026, the stock trades 1689% above that value. Over the last 10 fiscal years revenue shrank 2.1% a year to $24.9B, with an average return on invested capital of 19.3%.
- Graham intrinsic value
- $9.21
- Share price (Oct 17, 2026)
- $164.75
- Price vs Graham value
- 1689% above
- Market cap
- $89.2B
- Revenue (FY2025)
- $24.9B
- Revenue growth (10-yr CAGR)
- -2.1%
- ROIC (10-yr avg)
- 19.3%
- Free cash flow (FY2025)
- $1.4B
MMM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $24.9B | $3.2B | $6.00 | $1.4B | 18.6% | 29.3% |
| FY2024 | $24.6B | $4.2B | $7.55 | $638.0M | 19.6% | 31.9% |
| FY2023 | $24.6B | -$7.0B | -$12.63 | $5.1B | -37.1% | -31.9% |
| FY2022 | $34.2B | $5.8B | $10.18 | $3.8B | 19.1% | 21.1% |
| FY2021 | $35.4B | $5.9B | $10.12 | $5.9B | 20.8% | 21.5% |
| FY2020 | $32.2B | $5.4B | $9.25 | $6.6B | 22.3% | 20.5% |
| FY2019 | $32.1B | $4.6B | $7.81 | $5.4B | 19.2% | 20.3% |
| FY2018 | $32.8B | $5.3B | $8.89 | $4.9B | 22.0% | 26.9% |
| FY2017 | $31.7B | $4.9B | $7.93 | $4.9B | 24.7% | 25.7% |
| FY2016 | $30.1B | $5.0B | $8.16 | $5.2B | 24.0% | 27.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
3M is facing top-line stagnation, with revenue contracting over the decade.
3M has earned high returns on invested capital, averaging 19.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, 3M shows that management has aggressively returned capital to shareholders by retiring 12.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, 3M is modeled at -3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.21 per share.