3M Co., current enterprise value calculation

Current share price (P)	$118.50
No. shares of common stock outstanding	552,742,915
US$ in millions
Common equity (market value)¹	65,500)
Add: Noncontrolling interest (per books)	71)
Total equity	65,571)
Add: Short-term borrowings and current portion of long-term debt (per books)	1,307)
Add: Current obligations of finance leases (per books)	7)
Add: Long-term debt, excluding current portion (per books)	16,056)
Add: Finance leases, net of current obligations (per books)	93)
Total equity and debt	83,034)
Less: Cash and cash equivalents	4,564)
Less: Marketable securities, current	201)
Enterprise value (EV)	78,269)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 118.50 × 552,742,915

3M Co., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$163.64	$177.10	$162.89	$199.84	$222.89
No. shares of common stock outstanding¹	571,100,000	579,100,000	575,600,000	575,800,000	595,500,000
US$ in millions
Common equity (market value)³	93,455)	102,559)	93,759)	115,068)	132,731)
Add: Noncontrolling interest (book value)	71)	64)	63)	52)	59)
Total equity	93,526)	102,623)	93,822)	115,120)	132,790)
Add: Short-term borrowings and current portion of long-term debt (book value)	1,307)	806)	2,795)	1,211)	1,853)
Add: Current obligations of finance leases (book value)	7)	22)	21)	17)	13)
Add: Long-term debt, excluding current portion (book value)	16,056)	17,989)	17,518)	13,411)	12,096)
Add: Finance leases, net of current obligations (book value)	93)	93)	111)	75)	60)
Total equity and debt	110,989)	121,533)	114,267)	129,834)	146,812)
Less: Cash and cash equivalents	4,564)	4,634)	2,353)	2,853)	3,053)
Less: Marketable securities, current	201)	404)	98)	380)	1,076)
Enterprise value (EV)	106,224)	116,495)	111,816)	126,601)	142,683)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of 3M Co. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 163.64 × 571,100,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	3M Co. EV increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

3M Co. (NYSE:MMM)

Enterprise Value (EV)