3M COMPANY
MMM · scored from FY2025 filings · Narrow moat
On the watchlist
The four filters
Pricing power72
Median gross margin 46.8% over 10y, stable.
Returns on capital97
Median ROIC 22.0%, above the 9% hurdle in 90% of years.
Balance-sheet safety59
Net debt/EBITDA 1.2x, interest coverage 10x.
Capital discipline45
Owner earnings -3.7%/yr, share count shrinking (buybacks).
Margin of safety
Above valueOn sale
- Owner earnings (normalized)
- $4.4B
- Est. intrinsic value / share
- $91.25
- Recent price
- —
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
Moat Score history
Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.