3M CO (MMM)

Surgical & Medical Instruments & Apparatus

Latest Price

$176.28

TTM P/E

31.31

Normalized P/E

46.71

Div Yield

1.71%

Book Value

5.63

P/B Ratio

31.31

Valuation metrics

EPS: $6.00

Book value / share: $8.87

Formula: √(22.5 × EPS × BVPS)

Graham Number

$34.60

80% downside

Norm. op. income: $6.2B (median of 7yr)

Tax rate: 19%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$78.33

56% downside

Base FCF: $3.8B (median of recent 5yr)

Growth: 6%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$114.79

35% downside

EPS: $6.00

Target P/E: 47×

Formula: EPS × P/E

P/E Fair Value

$282.00

+60% upside

65.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	42.66M	$6.20B	8.27%	+3.50M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	34.23M	$4.97B	6.64%	--	2026-03-31
STATE STREET CORP	27.72M	$4.03B	5.38%	-146.9K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	11.90M	$1.72B	2.31%	+100.2K	2026-03-31
FMR LLC	9.48M	$1.38B	1.84%	+225.2K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	9.45M	$1.37B	1.83%	--	2026-03-31
Capital World Investors	9.17M	$1.33B	1.78%	-1.66M	2026-03-31
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	7.93M	$1.15B	1.54%	--	2026-03-31
MORGAN STANLEY	7.48M	$1.09B	1.45%	-650.6K	2026-03-31
NORTHERN TRUST CORP	5.63M	$817.0M	1.09%	-92.5K	2026-03-31