Price to Book Value (P/BV)
since 2005
Calculation
3M Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total 3M Company shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2022 | 6.21 | = | 163.64 | ÷ | 26.35 | 26.35 | = | 15,046 | ÷ | 571,100,000 | |
| Feb 4, 2021 | 7.97 | = | 177.10 | ÷ | 22.22 | 22.22 | = | 12,867 | ÷ | 579,100,000 | |
| Feb 6, 2020 | 9.32 | = | 162.89 | ÷ | 17.48 | 17.48 | = | 10,063 | ÷ | 575,600,000 | |
| Feb 7, 2019 | 11.75 | = | 199.84 | ÷ | 17.01 | 17.01 | = | 9,796 | ÷ | 575,800,000 | |
| Feb 8, 2018 | 11.48 | = | 222.89 | ÷ | 19.42 | 19.42 | = | 11,563 | ÷ | 595,500,000 | |
| Feb 9, 2017 | 10.32 | = | 178.18 | ÷ | 17.27 | 17.27 | = | 10,298 | ÷ | 596,200,000 | |
| Feb 11, 2016 | 7.79 | = | 150.67 | ÷ | 19.35 | 19.35 | = | 11,708 | ÷ | 605,038,186 | |
| Feb 12, 2015 | 8.03 | = | 165.91 | ÷ | 20.65 | 20.65 | = | 13,109 | ÷ | 634,749,706 | |
| Feb 13, 2014 | 4.93 | = | 130.14 | ÷ | 26.41 | 26.41 | = | 17,502 | ÷ | 662,692,234 | |
| Feb 14, 2013 | 4.04 | = | 102.78 | ÷ | 25.47 | 25.47 | = | 17,575 | ÷ | 689,990,255 | |
| Feb 16, 2012 | 3.95 | = | 87.65 | ÷ | 22.20 | 22.20 | = | 15,420 | ÷ | 694,543,763 | |
| Feb 16, 2011 | 4.20 | = | 92.33 | ÷ | 22.00 | 22.00 | = | 15,663 | ÷ | 711,805,978 | |
| Feb 16, 2010 | 4.49 | = | 80.47 | ÷ | 17.93 | 17.93 | = | 12,764 | ÷ | 711,733,377 | |
| Feb 17, 2009 | 3.33 | = | 47.42 | ÷ | 14.24 | 14.24 | = | 9,879 | ÷ | 693,791,556 | |
| Feb 15, 2008 | 4.82 | = | 79.95 | ÷ | 16.60 | 16.60 | = | 11,747 | ÷ | 707,662,632 | |
| Feb 26, 2007 | 5.61 | = | 76.12 | ÷ | 13.57 | 13.57 | = | 9,959 | ÷ | 733,885,504 | |
| Feb 21, 2006 | 5.47 | = | 73.20 | ÷ | 13.38 | 13.38 | = | 10,100 | ÷ | 754,988,840 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of 3M Co. Annual Report.
The Price to Book Value (P/BV) ratio from 2006 to 2022 exhibits a trajectory characterized by an initial period of relative stability, a phase of significant valuation expansion, and a subsequent corrective trend.
- Initial Stability and Minimum Valuation (2006–2012)
- During this interval, the P/BV ratio remained within a moderate range, fluctuating between 3.33 and 5.61. A notable decline occurred in February 2009, where the ratio reached its historical minimum of 3.33. This low point was primarily driven by a sharp contraction in the share price to 47.42 US$, despite a relatively stable book value per share.
- Valuation Expansion Phase (2013–2019)
- A substantial upward shift in market valuation relative to book value began in 2015. The P/BV ratio accelerated from 4.93 in 2014 to 8.03 in 2015, eventually peaking at 11.75 in February 2019. This expansion was fueled by a significant increase in the share price, which reached a high of 222.89 US$ in 2018, while the book value per share experienced intermittent declines during the same period.
- Corrective Trend (2020–2022)
- Following the 2019 peak, a consistent downward trend is observed in the P/BV ratio. The ratio contracted from 11.75 to 6.21 by February 2022. This decline is attributed to a combination of retreating share prices and a recovery in the book value per share, which rose to 26.35 US$ by the end of the observed period, effectively narrowing the gap between market price and accounting value.
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Comparison to Competitors
3M Co., P/BV, long-term trends, comparison to competitors
| 3M Co. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 9, 2022 | 6.21 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Feb 4, 2021 | 7.97 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Feb 6, 2020 | 9.32 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Feb 7, 2019 | 11.75 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Feb 8, 2018 | 11.48 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Feb 9, 2017 | 10.32 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Feb 11, 2016 | 7.79 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Feb 12, 2015 | 8.03 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Feb 13, 2014 | 4.93 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Feb 14, 2013 | 4.04 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Feb 16, 2012 | 3.95 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Feb 16, 2011 | 4.20 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
| Feb 16, 2010 | 4.49 | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 7.00 | 3.12 |
| Feb 17, 2009 | 3.33 | — | 2.63 | 0.95 | 1.10 | 3.38 | 9.51 | 2.82 |
| Feb 15, 2008 | 4.82 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 4.38 | 3.28 |
| Feb 26, 2007 | 5.61 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 6.23 | 3.92 |
| Feb 21, 2006 | 5.47 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 4.05 | 3.39 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
3M Co., P/BV, long-term trends, comparison to sector (capital goods)
| 3M Co. | Capital Goods | |
|---|---|---|
| Feb 9, 2022 | 6.21 | 4.77 |
| Feb 4, 2021 | 7.97 | 5.05 |
| Feb 6, 2020 | 9.32 | 6.91 |
| Feb 7, 2019 | 11.75 | 6.11 |
| Feb 8, 2018 | 11.48 | 5.42 |
| Feb 9, 2017 | 10.32 | 4.64 |
| Feb 11, 2016 | 7.79 | 3.45 |
| Feb 12, 2015 | 8.03 | 3.17 |
| Feb 13, 2014 | 4.93 | 2.85 |
| Feb 14, 2013 | 4.04 | 2.77 |
| Feb 16, 2012 | 3.95 | 2.89 |
| Feb 16, 2011 | 4.20 | 2.90 |
| Feb 16, 2010 | 4.49 | 2.29 |
| Feb 17, 2009 | 3.33 | 1.86 |
| Feb 15, 2008 | 4.82 | 3.46 |
| Feb 26, 2007 | 5.61 | 3.91 |
| Feb 21, 2006 | 5.47 | 3.47 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
3M Co., P/BV, long-term trends, comparison to industry (industrials)
| 3M Co. | Industrials | |
|---|---|---|
| Feb 9, 2022 | 6.21 | 5.44 |
| Feb 4, 2021 | 7.97 | 5.89 |
| Feb 6, 2020 | 9.32 | 6.28 |
| Feb 7, 2019 | 11.75 | 5.96 |
| Feb 8, 2018 | 11.48 | 5.37 |
| Feb 9, 2017 | 10.32 | 4.89 |
| Feb 11, 2016 | 7.79 | 3.68 |
| Feb 12, 2015 | 8.03 | 3.70 |
| Feb 13, 2014 | 4.93 | 3.14 |
| Feb 14, 2013 | 4.04 | 3.06 |
| Feb 16, 2012 | 3.95 | 3.09 |
| Feb 16, 2011 | 4.20 | 3.05 |
| Feb 16, 2010 | 4.49 | 2.43 |
| Feb 17, 2009 | 3.33 | 2.01 |
| Feb 15, 2008 | 4.82 | 3.45 |
| Feb 26, 2007 | 5.61 | 3.75 |
| Feb 21, 2006 | 5.47 | 3.95 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).