Stock Analysis on Net
Stock Analysis on Net

3M Co. (NYSE:MMM)

This company has been moved to the archive! The financial data has not been updated since October 25, 2022.

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

3M Co., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Net sales1 ÷ Total assets1
Dec 31, 2021 0.75 = 35,355 ÷ 47,072
Dec 31, 2020 0.68 = 32,184 ÷ 47,344
Dec 31, 2019 0.72 = 32,136 ÷ 44,659
Dec 31, 2018 0.90 = 32,765 ÷ 36,500
Dec 31, 2017 0.83 = 31,657 ÷ 37,987
Dec 31, 2016 0.92 = 30,109 ÷ 32,906
Dec 31, 2015 0.93 = 30,274 ÷ 32,718
Dec 31, 2014 1.02 = 31,821 ÷ 31,269
Dec 31, 2013 0.92 = 30,871 ÷ 33,550
Dec 31, 2012 0.88 = 29,904 ÷ 33,876
Dec 31, 2011 0.94 = 29,611 ÷ 31,616
Dec 31, 2010 0.88 = 26,662 ÷ 30,156
Dec 31, 2009 0.85 = 23,123 ÷ 27,250
Dec 31, 2008 0.99 = 25,269 ÷ 25,547
Dec 31, 2007 0.99 = 24,462 ÷ 24,694
Dec 31, 2006 1.08 = 22,923 ÷ 21,294
Dec 31, 2005 1.03 = 21,167 ÷ 20,513

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$ in millions

An analysis of financial performance from 2005 to 2021 reveals a divergence between revenue growth and asset utilization efficiency. While net sales experienced a long-term upward trajectory, the growth rate of total assets exceeded that of sales, resulting in a compressed total asset turnover ratio over the long term.

Revenue Trajectory
Net sales grew from US$ 21,167 million in 2005 to US$ 35,355 million in 2021. This expansion was characterized by steady increases, interrupted by a notable contraction in 2009 to US$ 23,123 million, followed by a recovery and sustained growth through 2014. A period of relative stability occurred between 2014 and 2020, with sales remaining largely stagnant around the US$ 32 billion mark before a significant increase was recorded in 2021.
Asset Base Expansion
Total assets exhibited a consistent and aggressive increase, rising from US$ 20,513 million in 2005 to US$ 47,072 million by 2021. The most significant acceleration in asset growth occurred after 2016, with assets increasing from US$ 32,906 million in 2016 to US$ 44,659 million by 2018, suggesting substantial capital investment or acquisition activity during this window.
Asset Turnover Efficiency
The total asset turnover ratio demonstrates a declining trend in operational efficiency. Between 2005 and 2014, the ratio fluctuated primarily between 0.85 and 1.08, indicating a relatively stable relationship between the asset base and revenue generation. However, a persistent decline began after 2014, with the ratio falling to a low of 0.68 in 2020. This downward trend indicates that each dollar of assets generated progressively less revenue. Although a modest recovery to 0.75 was observed in 2021, efficiency remains substantially lower than the levels maintained during the first decade of the analysis.

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Comparison to Competitors

3M Co., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
3M Co. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2021 0.75 0.45 0.58 0.58 0.36 0.53 1.32 0.40
Dec 31, 2020 0.68 0.38 0.50 0.56 0.29 0.51 1.29 0.35
Dec 31, 2019 0.72 0.57 0.65 0.65 0.33 0.63 1.26 0.55
Dec 31, 2018 0.90 0.86 0.66 0.70 0.37 0.72 1.20 0.50
Dec 31, 2017 0.83 1.01 0.55 0.63 0.30 0.68 1.10 0.62
Dec 31, 2016 0.92 1.05 0.48 0.65 0.30 0.73 0.99 0.64
Dec 31, 2015 0.93 1.02 0.56 0.67 0.21 0.78 0.94 0.64
Dec 31, 2014 1.02 0.91 0.62 0.67 0.16 0.89 1.23 0.71
Dec 31, 2013 0.92 0.93 0.62 0.62 0.15 0.86 1.25 0.69
Dec 31, 2012 0.88 0.92 0.71 0.46 0.15 0.90 1.22 0.65
Dec 31, 2011 0.94 0.86 0.70 0.90 0.13 0.92 1.23 0.95
Dec 31, 2010 0.88 0.94 0.62 0.79 0.13 0.88 1.31 0.93
Dec 31, 2009 0.85 1.10 0.49 0.73 0.13 0.86 1.29 0.94
Dec 31, 2008 0.99 1.13 0.71 0.92 0.14 1.03 1.28 1.03
Dec 31, 2007 0.99 1.13 0.75 0.97 0.13 1.02 1.45 0.99
Dec 31, 2006 1.08 1.19 0.76 1.08 0.14 1.01 1.40 1.00
Dec 31, 2005 1.03 0.91 0.72 1.09 0.14 0.86 1.34 0.92

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., total asset turnover, long-term trends, comparison to sector (capital goods)

Microsoft Excel
3M Co. Capital Goods
Dec 31, 2021 0.75 0.50
Dec 31, 2020 0.68 0.43
Dec 31, 2019 0.72 0.54
Dec 31, 2018 0.90 0.58
Dec 31, 2017 0.83 0.54
Dec 31, 2016 0.92 0.54
Dec 31, 2015 0.93 0.46
Dec 31, 2014 1.02 0.41
Dec 31, 2013 0.92 0.39
Dec 31, 2012 0.88 0.38
Dec 31, 2011 0.94 0.36
Dec 31, 2010 0.88 0.34
Dec 31, 2009 0.85 0.33
Dec 31, 2008 0.99 0.35
Dec 31, 2007 0.99 0.34
Dec 31, 2006 1.08 0.36
Dec 31, 2005 1.03 0.33

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., total asset turnover, long-term trends, comparison to industry (industrials)

Microsoft Excel
3M Co. Industrials
Dec 31, 2021 0.75 0.58
Dec 31, 2020 0.68 0.50
Dec 31, 2019 0.72 0.62
Dec 31, 2018 0.90 0.67
Dec 31, 2017 0.83 0.62
Dec 31, 2016 0.92 0.61
Dec 31, 2015 0.93 0.54
Dec 31, 2014 1.02 0.49
Dec 31, 2013 0.92 0.47
Dec 31, 2012 0.88 0.46
Dec 31, 2011 0.94 0.45
Dec 31, 2010 0.88 0.41
Dec 31, 2009 0.85 0.39
Dec 31, 2008 0.99 0.43
Dec 31, 2007 0.99 0.41
Dec 31, 2006 1.08 0.43
Dec 31, 2005 1.03 0.40

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).