3M Co., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income attributable to 3M	5,921)	5,384)	4,570)	5,349)	4,858)
Net income attributable to noncontrolling interest	8)	4)	12)	14)	11)
Net noncash charges	2,276)	2,267)	1,685)	1,348)	1,012)
Changes in assets and liabilities	(751)	458)	803)	(272)	359)
Net cash provided by operating activities	7,454)	8,113)	7,070)	6,439)	6,240)
Purchases of property, plant and equipment (PP&E)	(1,603)	(1,501)	(1,699)	(1,577)	(1,373)
Change in short-term debt, net	(2)	(143)	(316)	(284)	578)
Repayment of debt, maturities greater than 90 days	(1,144)	(3,482)	(2,716)	(1,034)	(962)
Proceeds from debt, maturities greater than 90 days	1)	1,750)	6,281)	2,251)	1,987)
Free cash flow to equity (FCFE)	4,706)	4,737)	8,620)	5,795)	6,470)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to 3M Co. 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. FCFE decreased from 2019 to 2020 and from 2020 to 2021.

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

No. shares of common stock outstanding	552,742,915
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	4,706)
FCFE per share	8.51
Current share price (P)	118.50
Valuation Ratio
P/FCFE	13.92
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Caterpillar Inc.	15.11
Cummins Inc.	24.35
Eaton Corp. plc	36.92
General Electric Co.	267.45
Honeywell International Inc.	25.51
Lockheed Martin Corp.	13.79
RTX Corp.	7.79

Based on: 10-K (reporting date: 2021-12-31).

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.

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

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	571,100,000	579,100,000	575,600,000	575,800,000	595,500,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	4,706)	4,737)	8,620)	5,795)	6,470)
FCFE per share³	8.24	8.18	14.98	10.06	10.86
Share price^1, 4	163.64	177.10	162.89	199.84	222.89
Valuation Ratio
P/FCFE⁵	19.86	21.65	10.88	19.86	20.51
Benchmarks
P/FCFE, Competitors⁶
Boeing Co.	—	6.78	19.60	—	—
Caterpillar Inc.	16.36	25.22	11.07	—	—
Cummins Inc.	20.97	9.53	10.85	—	—
Eaton Corp. plc	24.43	25.59	11.12	—	—
General Electric Co.	—	—	—	—	—
Honeywell International Inc.	46.23	12.59	21.75	—	—
Lockheed Martin Corp.	14.65	15.57	28.62	—	—
RTX Corp.	35.07	—	28.09	—	—
P/FCFE, Sector
Capital Goods	—	56.46	26.31	—	—
P/FCFE, Industry
Industrials	—	43.78	27.50	—	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,706,000,000 ÷ 571,100,000 = 8.24

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

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 163.64 ÷ 8.24 = 19.86

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	3M Co. P/FCFE ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

3M Co. (NYSE:MMM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical