3M MMM

NYSE · Surgical & Medical Instruments & Apparatus · $100.0B

$187.77−3.19%Nov 5 close · Databento

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MMM Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $187.771D −3.19%3M +3.15%SMA20 $172.07SMA50 $168.86RSI(14) 65.8

187.77

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 65.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$100.0B

EV / True FCF93.1x

Revenue$24.9B +1.5%

True FCF (ex-SBC)$1.2B +118.8%

Rule of 407.1%

ROIC25.6%

True FCF Yield1.2%

EPS, diluted$6.00 −20.5%

Modern Valuation (EOD)

Market Cap$100.0B

Enterprise Value$109.1B

EV / True FCF93.14

EV / FCF78.12

EV / Gross Profit—

EV / EBIT23.56

EV / Sales4.37

P / E (GAAP)30.78

P / FCF71.65

P / Oper. CF43.38

P / Book21.07

Owner & Cash Yields

True FCF Yield1.2%

FCF Yield1.4%

Owner Earn. Yield3.4%

Earnings Yield3.2%

Shareholder Yield+4.6%

Buyback Yield3.3%

Dividend Yield1.56%

Dividend / sh$2.92

Payout Ratio48%

FCF / sh$2.70

EPS (diluted)$6.00

Compounder & Returns

Rule of 407.1%

ROIC25.6%

Cash ROIC (CROIC)10.1%

GP / Assets—

ROE68.5%

ROA8.6%

Gross Margin—

Oper. Margin18.6%

Net Margin13.0%

FCF Margin5.6%

True FCF Margin4.7%

Quality & Dilution

Cash Conversion43%

Accrual Ratio+2.5%

SBC % of FCF16.1%

SBC % of Rev0.9%

Reinvest. Rate70%

Sales Growth Y/Y+1.5%

Sales 3Y CAGR−1.6%

EPS Growth Y/Y−20.5%

FCF Growth Y/Y+118.8%

FCF 3Y CAGR−28.6%

Share Change Y/Y−2.0%

Balance Sheet & Scale

Revenue (FY)$24.9B

Gross Profit (FY)—

Oper. Income (FY)$4.6B

GAAP Net Income$3.3B

True FCF (ex-SBC)$1.2B

Cash & Equiv$5.2B

Total Debt$14.3B

Net Cash (Debt)$-9.0B

Net Cash % MCap−9.0%

Debt / FCF (yrs)10.2y

Current Ratio1.71516.73M sh

Price & Technicals (EOD)

Perf Week+5.87%

Perf Month+15.82%

Perf Quarter+2.66%

Perf Half Y+30.62%

Perf YTD+24.02%

SMA 20 Dist+9.13%$172.07

SMA 50 Dist+11.20%$168.86

SMA 100 Dist+10.69%$169.63

Window High−3.19%$193.95

Window Low+32.64%$141.56

RSI (14) · Vol65.844%v

Income Distribution & Cash Flow ConversionHow every dollar of MMM revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$15.0B ($60.1 / $100)

R&D Reinvestment$700.0M ($2.8 / $100)

SG&A & Other OpEx$4.6B ($18.6 / $100)

Tax & Non-Operating$1.4B ($5.5 / $100)

Net Profit Kept$3.3B ($13.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$3.3B (13.0% margin)

Operating Cash Flow (OCF)$2.3B(9.2% of rev)

Less: Capital Expenditures−$910.0M(3.6% of rev)

Standard Free Cash Flow (FCF)$1.4B(5.6% margin)

Less: Stock-Based Comp (SBC)−$225.0M(16.1% of FCF)

True FCF (Owner Cash ex-SBC)$1.2B(4.7% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$35.4B	$26.2B	$24.6B	$24.6B	$24.9B	+1.5%	−8.3%
Cost of Revenue (COGS)	$18.8B	$15.9B	$15.0B	$14.4B	$15.0B	+3.8%	−5.5%
Research & Development (R&D)	$1.2B	$800.0M	$700.0M	$700.0M	$700.0M	+0.0%	−12.6%
Selling, General & Admin (SG&A)	$7.2B	$7.2B	$19.2B	$4.2B	$4.0B	−5.3%	−13.7%
Operating Income (EBIT)	$7.4B	$4.4B	$-10.7B	$4.8B	$4.6B	−4.0%	−11.0%
Interest Expense	$488.0M	$462.0M	$942.0M	$1.2B	$946.0M	−20.6%	+18.0%
Income Tax Expense	$1.3B	$188.0M	$-2.9B	$804.0M	$1.0B	+24.8%	−6.0%
GAAP Net Income	$5.9B	$5.8B	$-7.0B	$4.2B	$3.3B	−22.1%	−13.9%
Diluted EPS	$10.12	$10.18	$-12.63	$7.55	$6.00	−20.5%	−12.3%
Diluted Shares	585.3M	567.6M	553.9M	552.4M	541.3M	−2.0%	−1.9%
Balance Sheet
Cash & Equivalents	$4.6B	$3.7B	$5.9B	$5.6B	$5.2B	−6.5%	+3.5%
Inventory	$5.0B	$5.4B	$3.9B	$3.7B	$3.7B	−1.0%	−7.4%
Total Current Assets	$15.4B	$14.7B	$16.4B	$15.9B	$16.4B	+3.2%	+1.6%
Total Assets	$47.1B	$46.5B	$50.6B	$39.9B	$37.7B	−5.4%	−5.4%
Total Current Liabilities	$9.0B	$9.5B	$15.3B	$11.3B	$9.6B	−14.8%	+1.5%
Total Debt (Short + Long Term)	$18.7B	$17.9B	$17.2B	$15.0B	$14.3B	−4.6%	−6.5%
Total Liabilities	$32.0B	$31.7B	$45.7B	$36.0B	$33.0B	−8.3%	+0.8%
Stockholders' Equity	$15.1B	$14.8B	$4.9B	$3.9B	$4.7B	+21.9%	−25.1%
Net Cash / (Net Debt)	$-14.1B	$-14.2B	$-11.3B	$-9.4B	$-9.0B	+3.5%	—
Invested Capital	$29.2B	$29.0B	$16.1B	$13.3B	$13.8B	+4.0%	−17.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$7.5B	$5.6B	$6.7B	$1.8B	$2.3B	+26.8%	−25.4%
Depreciation & Amortization (D&A)	$1.9B	$1.8B	$2.0B	$1.4B	$1.3B	−4.0%	−9.1%
Stock-Based Compensation (SBC)	$274.0M	$263.0M	$274.0M	$289.0M	$225.0M	−22.1%	−4.8%
Capital Expenditures (CapEx)	$1.6B	$1.7B	$1.6B	$1.2B	$910.0M	−22.9%	−13.2%
Free Cash Flow (FCF)	$5.9B	$3.8B	$5.1B	$638.0M	$1.4B	+118.8%	−30.1%
True FCF (ex-SBC Owner Cash)	$5.6B	$3.6B	$4.8B	$349.0M	$1.2B	+235.5%	−32.3%
Share Repurchases (Buybacks)	$2.2B	$1.5B	$33.0M	$1.8B	$3.3B	+80.5%	+10.3%
Dividends Paid	$3.4B	$3.4B	$3.3B	$2.0B	$1.6B	−21.2%	−17.8%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MMM did at the next close after each story

No Wire story has named MMM yet.

What happened · big days

14 big days in a year, and what we hold on each

A big day is a close more than 2.75% from the one before, three times MMM’s median day (0.92%). On 4 of the 14, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.75%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMMMWhat we hold that dayGroup (median of 4) · each

1 Jan 20, 2026−6.96%
Resultsgroup −1.4%, did not move with it
1Jan 20, 2026−6.96%
ResultsFirst close after the Jan 20 results filing
−1.4% did not move with itBDX −1.8 · RMD −1.7 · SYK −1.1 · BSX +3.5
2 Jan 22, 2026+3.05%
Before our storiesgroup −0.8%, did not move with it
2Jan 22, 2026+3.05%
Before our stories
−0.8% did not move with itBDX −0.1 · BSX −0.5 · SYK −1.2 · RMD −1.5
3 Feb 4, 2026+5.21%
Before our storiesgroup +0.3%, did not move with it
3Feb 4, 2026+5.21%
Before our stories
+0.3% did not move with itRMD +4.6 · BDX +0.7 · SYK −0.0 · BSX −17.6
4 Feb 6, 2026+4.59%
Before our storiesgroup +0.3%, did not move with it
4Feb 6, 2026+4.59%
Before our stories
+0.3% did not move with itRMD +1.7 · BDX +1.7 · SYK −1.1 · BSX −1.8
5 Mar 5, 2026−2.91%
Before our storiesgroup −1.2%, did not move with it
5Mar 5, 2026−2.91%
Before our stories
−1.2% did not move with itSYK −3.0 · RMD −1.4 · BDX −0.9 · BSX +1.1
6 Mar 12, 2026−3.91%
Before our storiesgroup −2.3%, moved with MMM
6Mar 12, 2026−3.91%
Before our stories
−2.3% moved with MMMRMD −3.2 · SYK −2.5 · BDX −2.2 · BSX −1.6
7 Mar 23, 2026+3.80%
Before our storiesgroup +0.5%, did not move with it
7Mar 23, 2026+3.80%
Before our stories
+0.5% did not move with itBDX +1.4 · RMD +0.9 · BSX +0.1 · SYK −0.9
8 Apr 8, 2026+3.34%
Before our storiesgroup +1.7%, moved with MMM
8Apr 8, 2026+3.34%
Before our stories
+1.7% moved with MMMSYK +2.4 · RMD +2.1 · BDX +1.4 · BSX +1.1
9 May 18, 2026+4.32%
Before our storiesgroup +1.6%, did not move with it
9May 18, 2026+4.32%
Before our stories
+1.6% did not move with itBSX +6.2 · SYK +2.1 · RMD +1.1 · BDX −0.8
10 Jul 21, 2026+7.32%
Resultsgroup −1.4%, did not move with it
10Jul 21, 2026+7.32%
ResultsFirst close after the Jul 21 results filing
−1.4% did not move with itBDX −0.4 · BSX −1.3 · RMD −1.4 · SYK −1.4
11 Jul 27, 2026+3.25%
Nothing on MMMgroup +2.4%, moved with MMM
11Jul 27, 2026+3.25%
Nothing on MMMNo MMM story, brief or results filing in our record that day
+2.4% moved with MMMRMD +4.0 · BSX +2.9 · SYK +2.0 · BDX +1.6
12 Oct 20, 2026+5.78%
Resultsgroup +1.9%, did not move with it
12Oct 20, 2026+5.78%
ResultsFirst close after the Oct 20 results filing
+1.9% did not move with itRMD +2.4 · SYK +2.2 · BDX +1.6 · BSX +1.2
13 Nov 4, 2026+9.55%
Nothing on MMMgroup +5.7%, moved with MMM
13Nov 4, 2026+9.55%
Nothing on MMMNo MMM story, brief or results filing in our record that day
+5.7% moved with MMMSYK +9.4 · RMD +5.9 · BDX +5.6 · BSX +5.3
14 Nov 5, 2026−3.19%
Nothing on MMMgroup −0.9%, did not move with it
14Nov 5, 2026−3.19%
Nothing on MMMNo MMM story, brief or results filing in our record that day
−0.9% did not move with itBSX −2.6 · SYK −1.4 · RMD −0.5 · BDX +2.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of SYK, BSX, BDX and RMD that day, the largest companies in MMM’s SEC industry; “moved with MMM” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). MMM reports before the open, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 20, 2026

day 1−6.96%day 6−5.81%

Reported Apr 21, 2026

day 1−1.94%day 6−3.55%

Reported Jul 21, 2026

day 1+7.32%day 6+14.69%

Reported Oct 20, 2026

day 1+5.78%day 6+5.91%

Next report: expected mid JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 20 report: +15.90%. Four reports is a small sample.

Every report since 2023 →

Each line is MMM’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

MMM against four medical device peers, a year at 100

MMM is up 13.9% in a year. Becton Dickinson is up 20.1%. Of these four, Resmed (−4.8%), Stryker (−5.9%) and Boston Scientific (−55.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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MMM +13.9%. Becton Dickinson +20.1%, Resmed −4.8%, Stryker −5.9%, Boston Scientific −55.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MMM’s SEC industry (Surgical & Medical Instruments & Apparatus) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

SYK	Stryker	$130.3B	−1.35%
BSX	Boston Scientific	$66.4B	−2.58%
BDX	Becton Dickinson	$57.0B	+2.08%
RMD	Resmed	$34.7B	−0.50%
DXCM	Dexcom	$33.4B	−4.54%
MDLN	Medline	$32.7B	−1.46%
WST	West Pharmaceutical Services	$28.8B	−3.99%
SOLV	Solventum	$15.2B	−2.43%