What is 3M Co worth?
With the base-case assumptions below, a discounted cash flow model on 3M Co's reported free cash flow gives $11.56 per share. The share price was $169.55 on September 25, 2026, 1,367% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -10.0% | 10.0% | $1.97 | -99% |
| Base | -5.0% | 9.0% | $11.56 | -93% |
| Bull | 0.0% | 8.0% | $29.43 | -83% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $17.94 | $19.82 | $22.11 | $24.98 | $28.67 |
| 8.0% | $13.23 | $14.45 | $15.89 | $17.61 | $19.72 |
| 9.0% | $9.77 | $10.60 | $11.56 | $12.68 | $14.00 |
| 10.0% | $7.10 | $7.70 | $8.37 | $9.13 | $10.02 |
| 11.0% | $4.99 | $5.43 | $5.91 | $6.46 | $7.08 |
Where the presets come from
Base: years 1 to 5 grow at 3M Co's revenue growth rate over the last 5 fiscal years (-5.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions