Stock Analysis on Net
Stock Analysis on Net
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3M Co. (NYSE:MMM)

Price to FCFE (P/FCFE)

Intermediate level

Free Cash Flow to Equity (FCFE)

3M Co., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net income attributable to 3M 5,384  4,570  5,349  4,858  5,050 
Net income attributable to noncontrolling interest 12  14  11 
Net noncash charges 2,267  1,685  1,348  1,012  1,611 
Changes in assets and liabilities 458  803  (272) 359  (7)
Net cash provided by operating activities 8,113  7,070  6,439  6,240  6,662 
Purchases of property, plant and equipment (PP&E) (1,501) (1,699) (1,577) (1,373) (1,420)
Change in short-term debt, net (143) (316) (284) 578  (797)
Repayment of debt, maturities greater than 90 days (3,482) (2,716) (1,034) (962) (992)
Proceeds from debt, maturities greater than 90 days 1,750  6,281  2,251  1,987  2,832 
Free cash flow to equity (FCFE) 4,737  8,620  5,795  6,470  6,285 

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to 3M Co.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. 3M Co.’s FCFE increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Price to FCFE Ratio, Current

3M Co., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 579,100,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 4,737 
FCFE per share 8.18
Current share price (P) 198.00
Valuation Ratio
P/FCFE 24.21
Benchmarks
P/FCFE, Competitors1
General Electric Co.
Honeywell International Inc. 14.03
P/FCFE, Industry
Industrials 36.10

Based on: 10-K (filing date: 2021-02-04).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

3M Co., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 579,100,000 575,600,000 575,800,000 595,500,000 596,200,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 4,737  8,620  5,795  6,470  6,285 
FCFE per share3 8.18 14.98 10.06 10.86 10.54
Share price1, 4 177.10 162.89 199.84 222.89 178.18
Valuation Ratio
P/FCFE5 21.65 10.88 19.86 20.51 16.90
Benchmarks
P/FCFE, Competitors6
General Electric Co. 469.44
Honeywell International Inc. 12.59 21.75 26.34 18.13 11.09
P/FCFE, Sector
General Industrials 38.46 28.72
P/FCFE, Industry
Industrials 30.83 21.59 23.69 18.58 79.56

Based on: 10-K (filing date: 2021-02-04), 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-08), 10-K (filing date: 2017-02-09).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2020 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,737,000,000 ÷ 579,100,000 = 8.18

4 Closing price as at the filing date of 3M Co.’s Annual Report.

5 2020 Calculation
P/FCFE = Share price ÷ FCFE per share
= 177.10 ÷ 8.18 = 21.65

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. 3M Co.’s P/FCFE ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.