3M is a diversified global manufacturer and technology innovator, operating across four main business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer . The company develops and sells a wide range of products, including industrial abrasives, electronics assembly solutions, and consumer bandages, leveraging its technological innovations and global reach to maintain a strong market presence . Recently, 3M spun off its Health Care segment as Solventum, which was a substantial part of its business .
- Safety and Industrial - Offers industrial abrasives, autobody repair solutions, and personal safety equipment, significantly contributing to the company's revenue .
- Transportation and Electronics - Provides advanced materials, electronics assembly solutions, and reflective signage, with strong growth observed in electronics .
- Health Care - Previously included health care coding software, wound care products, and filtration systems before being spun off as Solventum .
- Consumer - Supplies consumer bandages, cleaning supplies, and stationery, with sales affected by seasonality, especially during back-to-school periods .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael F. Roman ExecutiveBoard | Executive Chairman of the Board | Board Member at Abbott Laboratories | Former CEO of 3M (2018-2024); transitioned to Executive Chairman in 2024. Long tenure at 3M with leadership across multiple divisions. | |
William M. Brown ExecutiveBoard | Chief Executive Officer | Director at Becton, Dickinson and Company; Director at Celanese Corporation (until May 2024) | Former CEO of L3Harris Technologies; joined 3M as CEO in May 2024. Extensive experience in aerospace and defense industries. | View Report → |
Anurag Maheshwari Executive | Executive Vice President and CFO | None | Joined 3M as CFO in September 2024. Previously CFO at Otis Worldwide Corporation and held leadership roles at L3Harris Technologies. | |
Theresa E. Reinseth Executive | Senior VP, Corporate Controller, and CAO | None | Serving as CAO since 2019. Briefly served as Interim CFO in 2024 before Anurag Maheshwari's appointment. | |
Amy E. Hood Board | Director | EVP and CFO of Microsoft Corporation | CFO of Microsoft since 2013. Played a key role in Microsoft's transition to Office 365 and major acquisitions. | |
Anne H. Chow Board | Director | Lead Independent Director at FranklinCovey Co.; Founder and CEO of The Rewired CEO; Adjunct Professor at Kellogg School of Management | Former CEO of AT&T Business; joined 3M's Board in 2023. Recognized in Fortune's Most Powerful Women in Business. | |
Audrey Choi Board | Director | None | Former Chief Sustainability Officer at Morgan Stanley. Recognized leader in sustainability and public-private partnerships. | |
David B. Dillon Board | Director | Director at Union Pacific Corporation | Retired Chairman and CEO of Kroger. Played a key role in Kroger's merger with Fred Meyer. | |
David P. Bozeman Board | Director | President and CEO of C.H. Robinson; Board Member at The Brookings Institution and The Conservation Fund | Former SVP at Amazon and VP at Ford. Extensive experience in transportation and logistics. | |
Gregory R. Page Board | Director | Lead Director at Eaton Corporation; Non-Executive Chair at Corteva Agriscience; Board Member at Deere & Company | Retired Chairman and CEO of Cargill. Extensive experience in corporate governance and sustainability. | |
James R. Fitterling Board | Director | Chairman and CEO of Dow Inc.; Chair of the Alliance to End Plastic Waste; Trustee of Committee for Economic Development | CEO of Dow Inc. since 2018. Recognized for advocacy in inclusion and diversity. | |
Pedro J. Pizarro Board | Director | President and CEO of Edison International; Vice Chairman of Edison Electric Institute; Trustee at Caltech | CEO of Edison International since 2016. Extensive experience in energy and utilities. | |
Suzan Kereere Board | Director | President of Global Markets at PayPal; Trustee at Alvin Ailey American Dance Theater; Board Member at Code for America | Former Head of Global Business Solutions at Fiserv. Extensive experience in payments and technology platforms. | |
Thomas W. Sweet Board | Director | Board Member at Trimble Inc.; Advisory Board Member at Salvation Army of Central Texas | Former CFO of Dell Technologies (2014-2023). Recognized for financial expertise and strategic leadership. |
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You mentioned centralizing your factories and supply chains under a common leader; can you elaborate on any challenges this centralization has posed, and how it affects your ability to respond swiftly to regional market demands?
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With $175 million in insurance recoveries year-to-date related to PFAS and combat arms, but liabilities exceeding total insurance coverage, what is your expected total recovery, and how will remaining liabilities impact future financial results?
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Your new product vitality index has declined to around 10-11%; what specific actions are you taking to boost innovation and increase this metric, and when do you anticipate seeing tangible results in the market?
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Operating equipment efficiency in your largest facilities is averaging 50%, well below best-in-class levels; what precise initiatives are you implementing to improve OEE, and what targets have you set for operational improvement timelines?
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Considering the slowdown in China's economy and geopolitical tensions, how are you adjusting your strategy in the region to mitigate risks, and what impact do you foresee on your sales and operations in China, which currently accounts for 10% of your revenue?
Research analysts who have asked questions during 3M earnings calls.
Andrew Kaplowitz
Citigroup
4 questions for MMM
Andrew Obin
Bank of America
4 questions for MMM
Jeffrey Sprague
Vertical Research Partners
4 questions for MMM
Joseph O'Dea
Wells Fargo & Company
4 questions for MMM
Julian Mitchell
Barclays Investment Bank
4 questions for MMM
Nicole DeBlase
BofA Securities
4 questions for MMM
Nigel Coe
Wolfe Research, LLC
4 questions for MMM
Scott Davis
Melius Research
4 questions for MMM
Amit Mehrotra
UBS
3 questions for MMM
C. Stephen Tusa
JPMorgan Chase & Co.
3 questions for MMM
Deane Dray
RBC Capital Markets
3 questions for MMM
Brett Linzey
Mizuho Securities
1 question for MMM
Chris Snyder
Morgan Stanley
1 question for MMM
Christopher Snyder
Morgan Stanley
1 question for MMM
Joseph Ritchie
Goldman Sachs
1 question for MMM
Laurence Alexander
Jefferies
1 question for MMM
Steve Tusa
JPMorgan Chase & Co.
1 question for MMM
Recent press releases and 8-K filings for MMM.
- 3M reported Q3 sales of $6.318 B with 3.2% organic growth, an operating margin of 24.7%, EPS of $2.19, and free cash flow of $1.3 B (111% conversion).
- Updated full-year guidance: organic sales growth >2%, operating margin expansion of 180–200 bps, EPS of $7.95–$8.05, and free cash flow conversion >100%.
- Returned $0.9 B in capital to shareholders in Q3 ( $0.5 B share repurchases, $0.4 B dividends), totaling $3.9 B YTD.
- 3M delivered 3.2% organic sales growth, 24.7% adjusted operating margin (up 170 bp), and EPS of $2.19 (up 10%) in Q3, with $1.3 billion free cash flow (111% conversion); raised full-year EPS guidance to $7.95–$8.05 and expects >2% organic growth and >100% free cash flow conversion for 2025.
- All three segments accelerated growth: Safety & Industrial (SIBG) at 4.1%, Transportation & Electronics (TEBG) at 3.6%, and Consumer (CBG) at 0.3%.
- Returned $900 million to shareholders in Q3 ($400 million dividends, $500 million share repurchases), totaling $3.9 billion YTD; agreed to divest its precision grinding and finishing business (≈1% of sales) with no earnings dilution.
- Continued emphasis on commercial excellence, launching 70 new products in Q3 (196 YTD) and targeting 250+ launches in 2025, while driving operational improvements (OTIF 91.6%, cost of poor quality 5.7%).
- 3M delivered GAAP sales of $6.5 billion, up 3.5% YoY, with a GAAP operating margin of 22.2% (+130 bps) and GAAP EPS of $1.55 for Q3 2025.
- On an adjusted basis, 3M achieved sales of $6.3 billion (+4.1% YoY) with organic growth of 3.2%, an adjusted operating margin of 24.7% (+170 bps), and adjusted EPS of $2.19 (+10% YoY).
- Operating cash flow reached $1.8 billion, producing adjusted free cash flow of $1.3 billion, and the company returned $0.9 billion to shareholders through dividends and buybacks.
- 3M raised its full-year 2025 outlook to adjusted EPS of $7.95–$8.05 and expects adjusted operating margin expansion of 180–200 bps.
- 3M posted GAAP sales of $6.5 billion, up 3.5% YoY, with a 22.2% operating margin and GAAP EPS of $1.55 (down 38% YoY) in Q3 2025.
- Adjusted sales were $6.3 billion with 3.2% organic growth, an adjusted operating margin of 24.7% (up 170 bps) and adjusted EPS of $2.19 (up 10% YoY).
- Generated $1.8 billion in operating cash flow, $1.3 billion of adjusted free cash flow, and returned $0.9 billion to shareholders via dividends and share repurchases.
- Increased 2025 adjusted EPS guidance to $7.95–$8.05 and expects adjusted operating cash flow of $5.2–$5.4 billion.
- 3M raised its full-year 2025 adjusted EPS guidance to $7.95–$8.05, surpassing prior forecasts.
- Q3 results featured EPS of $2.19 on $6.3 billion revenue, beating analyst expectations.
- Shares closed at $154.78, up 17.5% over the last 12 months and 3.67% in the past three months.
- Analysts remain optimistic, with several maintaining overweight or neutral ratings and boosting price targets (e.g., JPMorgan $178; Wells Fargo $176).
- Strategic actions include cost-cutting, potential divestiture of industrial units, and a planned spin-off of the healthcare business to sharpen focus and margins.
- 3M Co. is assessing the potential sale of billions of dollars in industrial assets to divest low-growth operations and streamline its portfolio
- The company is in discussions with Goldman Sachs, but no final decision has been reached
- The move follows the spin-off of healthcare arm Solventum and aligns with CEO William Brown’s push to refocus R&D on product innovation and improve commercialization
- The safety and industrials unit generated about $11 billion in revenue last year, and all three business groups have posted organic sales growth over the past three quarters
- 3M has faced a -9.7% three-year revenue growth decline, an operating margin of 19.47%, a net margin of 16.01%, and a debt-to-equity ratio of 3.2, underscoring profitability and leverage challenges
- 3M launched 126 new products in H1 2025, up 70% YoY and on track for >215 launches this year toward its goal of 1,000 over three years.
- Commercial excellence in the Safety & Industrial Business Group drove 2.5% organic growth in H1 2025, versus negative growth in H1 2024.
- Operating margins expanded 250 bps in H1; full-year guidance is 150–200 bps of margin improvement, targeting 25% by 2027 (up 360 bps from 2024).
- Raised 2025 organic growth guidance to 2% (with ~2.5% in H2) and aims for ~3% long-term growth, supported by portfolio shifts into higher-growth segments.
- Strategic portfolio review flags ~10% of profit centers as non-core, with plans to divest 2–3% and reinvest in priority verticals like semiconductors and automotive.
- Launched 126 new products in H1 (vs 128 in all of 2023), on track for >215 launches this year and 1,000 launches over the next three years.
- Safety & Industrial Business Group organic growth rose to 2.5% in H1; company-wide margins were up 250 bps vs. last year, with full-year expansion of 150–200 bps, targeting 25% margins by 2027 (from 21.4% in 2024).
- Delivered 1.5% organic growth in H1, guiding 2% for the full year (implying ~2.5% in H2) and aiming for ~3% sustainable growth over the next three years, supported by portfolio repositioning.
- Conducting a portfolio review to divest ~10% of commodity-like profit centers (targeting 2–3% divestitures) and reinvest in high-growth verticals: semiconductors, data centers, aerospace & defense, electronics, automotive, and safety.
- PFAS litigation update: $12.5 billion public water settlement paid over 13 years; New Jersey AG settlement deferring cash payments to 2030–2050; Vermont AG trial moved to November; personal-injury bellwether vacated pending case filings.
- CEO Bill Brown reviewed three strategic priorities: driving top-line growth through innovation (126 new product launches in H1 vs. 128 in 2023, targeting over 215 launches in 2025), enhancing commercial excellence, and improving operational performance and capital deployment.
- Margins expanded by 250 bps in H1 2025 over H1 2024; full-year margin improvement is guided at 150–200 bps, on track toward a 25% margin goal by 2027 (up 360 bps from 2024).
- On-time, in-full delivery rose to 89.6% at end-Q2 2025 (up 300 bps YoY) and has exceeded 90% in Q3, reducing retailer fines and lowering churn in the Safety & Industrial segment.
- Litigation update: $12.5 billion settlement to U.S. public water suppliers (paid over 13 years); New Jersey AG case settled with deferred payments (2030–2050) and broad liability protections; Vermont AG and PFAS personal-injury MDL trials remain pending.
- 126 new products launched in H1 2025 (up 70% YoY; on track for >215 launches this year and 1,000 over three years) to support $1 billion of growth above macro by 2027.
- Safety & Industrial segment delivered 2.5% organic growth in H1 2025, reversing a –?1.6% decline in H2 2024 through early commercial-excellence initiatives.
- Operating margins improved 250 bps YoY in H1 (21.4% in 2024), with full-year margin expansion guidance of 150–200 bps and a target of 25% by 2027.
- Portfolio review covering ~120 profit centers has identified ~10% of the business for potential divestiture (with 2–3% currently in active sale processes) to refocus on higher-growth markets.