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MMM3M

Industrials · Medical Instruments · NYSE

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FY2025 at a glance

Sales up 1.5%, free cash flow up to $1.4B

XBRL, from each 10-K

RevenueStatements ↓

$24.9B

from $24.6B in FY2024

FY2016FY2025

Net incomeStatements ↓

$3.2B

from $4.2B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$1.4B

from $638.0M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$6.00

from $7.55 in FY2024

FY2016FY2025

Operating marginStatements ↓

18.6%

from 19.6% in FY2024

FY2016FY2025

Total debtStatements ↓

$12.6B

from $13.0B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	6.70	Sales (ttm)	25.2B	Net income (ttm)	3.5B	Sales growth	+1.5%	EPS growth	-20.5%	Sales Q/Q	+1.0%
Free cash flow	2.7B	Gross margin	39.5%	Oper. margin	18.8%	Net margin	14.0%	FCF margin	10.6%	ROE	85.7%
ROA	8.9%	R&D / sales	-	Dividend	2.92	Debt/Eq	4.22	Curr. ratio	1.41	Cash	4.8B
Op. cash flow (ttm)	3.6B	EBITDA	5.9B	EBITDA margin	23.8%	Net debt	12.6B	Quick ratio	1.10	Interest cover	4.89
ROIC	16.4%	Payout ratio	48.7%	Tax rate	23.8%	Stock pay / sales	0.9%	Shares out.	516.7M	Shares Y/Y	-2.0%
Book / share	7.99	Cash / share	9.36	Sales / share	48.86	Asset turnover	0.64	Inventory turns	4.09	Days sales out.	52
Sales 3Y CAGR	-1.6%	Sales 5Y CAGR	-5.0%	EPS 3Y CAGR	-16.2%	EPS 5Y CAGR	-8.5%	Employees	60,500	Sales / employee	417K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 119%$638.0M → $1.4B · Cash from operations − capital expenditure · 10-K ↗

What management wrote about it → · Every company →

MMM against Industrials peers

Ten years, side by side → · All 83 →

MMMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+1.5%60th of 82 · median +4.8%

Net margin

14.0%32nd of 82 · median 13.0%

Return on equity

85.7%5th of 77 · median 24.9%

Free cash flow margin

10.6%51st of 79 · median 13.0%

Debt / equity (less is better)

4.2271st of 72 · median 0.72

MMM and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
MMM 3M	$25.2B	+1.5%	39.5%	14.0%	85.7%	10.6%	4.22
UNP Union Pacific Corporation	$26.4B	+1.1%	-	28.9%	34.6%	25.4%	1.38
WM Waste Management	$26.1B	+14.2%	40.4%	11.8%	31.1%	14.3%	2.37
JCI Johnson Controls	$24.4B	+2.8%	36.6%	14.5%	26.1%	10.9%	0.70
TT Trane Technologies	$23.2B	+7.5%	-	13.6%	34.6%	16.4%	0.46
LHX L3Harris	$22.8B	+9.8%	25.7%	9.0%	10.1%	16.0%	0.54

Where each dollar goes

FY2021FY2022FY2024FY2025

From $35.4B of sales to $5.9B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $26.2B of sales to $5.8B of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $24.6B of sales to $4.2B of profit

FY2024, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $24.9B of sales to $3.2B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$53$23$17

FY2022

$61$17$22

FY2024

$59$19$17

FY2025

$60$21$13

Cost of revenue
R&D
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3

✓
Net margin above the peer median14.0% vs 13.0%
✓
Return on equity above 15%85.7%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 16.8% → 13.0%

Balance sheet

1 of 4

!
Interest covered less than 5 timesOperating income is 4.9× interest expense
!
Debt larger than equityDebt / equity 4.22 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.41
!
Net debt over 3 years of free cash flow$12.6B net debt, 4.7 years

Debt / equity at each year end, FY2016 to FY2025: 1.21 → 2.68

What the debt is made of ↓

Cash and shareholders

2 of 4

✓
Free cash flow positive in every one of 10 years$1.4B last year
✓
Share count down over 5 years−7.0%
!
Dividend per share not up over 5 years$5.88 → $2.92
!
Cash from operations below net income$2.3B vs $3.2B

Free cash flow, FY2016 to FY2025: 5.2B → 1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$14.0B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 24.9B Net income 3.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

MMM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue24.9B

Net income3.2B

Free cash flow1.4B

EPS (diluted)6.00

Dividend per share2.92

Diluted shares541.3M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Safety And Industrial	11.4B	45.6%	+3.9%
Transportation And Electronics	8.3B	33.2%	-1.3%
Consumer	4.9B	19.7%	-0.2%

10-K 0000066740-26-000014, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
Americas	13.6B	54.4%	+1.3%
United States	10.9B	43.8%	+1.4%
Asia Pacific	7.1B	28.4%	+1.4%
Europe, Middle East and Africa	4.3B	17.1%	+2.3%
China/Hong Kong	3.0B	11.8%	+4.5%

10-K 0000066740-26-000014, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30.1B	31.7B	32.8B	32.1B	32.2B	35.4B	26.2B	24.6B	24.6B	24.9B
Cost of revenue	15.1B	16.1B	16.7B	17.1B	16.6B	18.8B	15.9B	15.0B	14.4B	15.0B
R&D	1.2B	1.4B	1.3B	1.3B	1.1B	1.2B	800.0M	700.0M	700.0M	-
SG&A	6.3B	6.6B	7.6B	7.0B	6.9B	7.2B	7.2B	19.2B	4.2B	4.0B
Operating income	7.0B	7.7B	7.2B	6.2B	7.2B	7.4B	4.4B	-10.7B	4.8B	4.6B
Interest expense	199.0M	322.0M	350.0M	448.0M	529.0M	488.0M	462.0M	942.0M	1.2B	946.0M
Pretax income	7.1B	7.5B	7.0B	5.7B	6.8B	7.2B	4.2B	-11.3B	4.8B	4.2B
Income tax	2.0B	2.7B	1.6B	1.1B	1.3B	1.3B	188.0M	-2.9B	804.0M	1.0B
Net income	5.0B	4.9B	5.3B	4.5B	5.4B	5.9B	5.8B	-7.0B	4.2B	3.2B
EPS (diluted)	8.16	7.93	8.89	7.72	9.36	10.12	10.18	-12.63	7.55	6.00
Diluted shares	618.7M	612.7M	602.0M	585.1M	582.2M	585.3M	567.6M	553.9M	552.4M	541.3M
Depreciation & amortization	1.5B	1.5B	1.5B	1.6B	1.9B	1.9B	1.8B	2.0B	1.4B	1.3B
EBITDA	8.5B	9.2B	8.7B	7.8B	9.1B	9.3B	6.2B	-8.7B	6.2B	5.9B
Operating margin	23.3%	24.3%	22.0%	19.2%	22.3%	20.8%	16.7%	-43.4%	19.6%	18.6%
Net margin	16.8%	15.3%	16.3%	14.1%	16.9%	16.7%	22.1%	-28.4%	17.0%	13.0%
Revenue growth	-	+5.1%	+3.5%	-1.9%	+0.1%	+9.9%	-26.0%	-5.9%	-0.1%	+1.5%
EPS growth	-	-2.8%	+12.1%	-13.2%	+21.2%	+8.1%	+0.6%	-224%	-	-20.5%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.4B	3.1B	2.9B	-	4.6B	4.6B	3.7B	5.9B	5.6B	5.2B
Short-term investments	-	1.1B	380.0M	98.0M	404.0M	-	-	-	-	-
Receivables	4.4B	4.9B	5.0B	4.8B	4.7B	4.7B	4.5B	3.6B	3.2B	3.5B
Inventory	3.4B	4.0B	4.4B	4.1B	4.2B	5.0B	5.4B	3.9B	3.7B	3.7B
Current assets	11.7B	14.3B	13.7B	13.0B	15.0B	15.4B	14.7B	16.4B	15.9B	16.4B
Property & equipment	8.5B	8.9B	8.7B	9.3B	9.4B	9.4B	9.2B	7.7B	7.4B	7.1B
Goodwill	9.2B	10.5B	10.1B	13.4B	13.8B	13.5B	6.3B	6.4B	6.3B	6.4B
Total assets	32.9B	38.0B	36.5B	44.7B	47.3B	47.1B	46.5B	50.6B	39.9B	37.7B
Accounts payable	1.8B	1.9B	2.3B	2.2B	2.6B	3.0B	3.2B	2.8B	2.7B	2.7B
Current liabilities	6.2B	7.7B	7.2B	9.2B	7.9B	9.0B	9.5B	15.3B	11.3B	9.6B
Total debt	12.4B	15.1B	15.4B	22.2B	18.8B	17.4B	15.9B	16.0B	13.0B	12.6B
Total liabilities	22.6B	26.4B	26.7B	34.5B	34.4B	32.0B	31.7B	45.7B	36.0B	33.0B
Shareholders' equity	10.3B	11.6B	9.8B	10.1B	12.9B	15.0B	14.7B	4.8B	3.8B	4.7B
Retained earnings	37.9B	39.1B	40.6B	42.1B	43.8B	45.8B	48.0B	37.5B	36.8B	38.3B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	6.7B	6.2B	6.4B	7.1B	8.1B	7.5B	5.6B	6.7B	1.8B	2.3B
Capital spending	1.4B	1.4B	1.6B	1.7B	1.5B	1.6B	1.7B	1.6B	1.2B	910.0M
Free cash flow	5.2B	4.9B	4.9B	5.4B	6.6B	5.9B	3.8B	5.1B	638.0M	1.4B
Stock-based pay (added back)	298.0M	324.0M	302.0M	278.0M	262.0M	274.0M	263.0M	274.0M	289.0M	225.0M
Dividends paid	2.7B	2.8B	3.2B	3.3B	3.4B	3.4B	3.4B	3.3B	2.0B	1.6B
Buybacks	3.8B	2.1B	4.9B	1.4B	368.0M	2.2B	1.5B	33.0M	1.8B	3.3B
Acquisitions	16.0M	2.0B	-13.0M	5.0B	25.0M	0	0	-	-	-
Investing cash flow	-1.4B	-3.1B	222.0M	-6.4B	-580.0M	-1.3B	-1.0B	-1.2B	-3.2B	1.4B
Financing cash flow	-4.6B	-2.7B	-6.7B	-1.1B	-5.3B	-6.1B	-5.3B	-3.1B	1.1B	-4.0B
Dividend per share	4.44	4.70	5.44	5.76	5.88	5.92	5.96	6.00	3.61	2.92

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	298.0M	324.0M	302.0M	278.0M	262.0M	274.0M	263.0M	274.0M	289.0M	225.0M
Stock-based pay / revenue	1.0%	1.0%	0.9%	0.9%	0.8%	0.8%	1.0%	1.1%	1.2%	0.9%
Operating lease cost	-	-	-	308.0M	348.0M	319.0M	281.0M	259.0M	210.0M	203.0M
Operating lease cash paid	-	-	-	309.0M	326.0M	317.0M	281.0M	260.0M	212.0M	200.0M
Finance lease principal paid	-	-	-	18.0M	58.0M	19.0M	25.0M	-	-	-
Right-of-use assets	-	-	-	858.0M	864.0M	858.0M	829.0M	657.0M	565.0M	516.0M
Operating lease liabilities	-	-	-	854.0M	865.0M	854.0M	841.0M	759.0M	568.0M	530.0M
Finance lease liabilities	-	-	-	132.0M	115.0M	100.0M	86.0M	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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