Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
3M Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analyzed ratios reveal notable patterns in the valuation metrics over the observed quarters.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates a generally declining trend from early 2018 through late 2022, starting around 29 and falling to below 10 by September 2022. This steady decrease suggests that the company's market price relative to its earnings has compressed significantly over this period, possibly reflecting a change in market expectations about earnings growth or increased earnings themselves without equivalent share price growth.
- Price to Operating Profit (P/OP) Ratio
- This ratio also shows a downward trajectory, though with some fluctuations. It begins near 17 in early 2018, declines to a low around 8.7 in late 2022, and displays periodic rebounds before further decreases. The overall pattern mirrors that of the P/E ratio, indicating reduced market valuation relative to operating profit over time, which may denote increased operating efficiency or tempered investor growth outlook.
- Price to Sales (P/S) Ratio
- The P/S ratio presents a more gradual decrease, moving from approximately 3.7 in early 2018 to under 2 by late 2022. The decline suggests a diminishing market valuation relative to sales revenue, which could imply either slower revenue growth relative to share price or shifts in market sentiment affecting how sales translate into market value.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio decreases significantly over the period, starting above 10 and dropping to below 5 by the end of the observation window. This trend indicates a falling market price relative to book equity, possibly reflecting market reassessment of asset quality, returns on equity, or increased risk perception.
Collectively, these valuation ratios indicate a consistent decline in the company's market multiples across earnings, operating profit, sales, and book value metrics over the years. This suggests a market adjustment possibly driven by changes in financial performance, growth prospects, or broader market conditions impacting investor valuation benchmarks.
Price to Earnings (P/E)
3M Co., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to 3M (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income attributable to 3MQ3 2022
+ Net income attributable to 3MQ2 2022
+ Net income attributable to 3MQ1 2022
+ Net income attributable to 3MQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a generally declining trend over the period, starting at 201.74 US$ in March 2018 and decreasing to 118.5 US$ by September 2022. Notable declines occurred between March 2019 and December 2019, as well as from March 2021 onward. Brief recoveries were observed in the latter half of 2020 and early 2021, where prices rose from 155.33 US$ to 200.47 US$ but subsequently decreased again.
- Earnings Per Share (EPS) Trends
- EPS showed a moderately increasing trend from March 2018 (6.97 US$) to the end of 2021, peaking around 10.37 US$ in December 2021. Despite some fluctuations, including a decline in mid-2019 and early 2022, EPS reached a high of 11.9 US$ by September 2022, indicating strong earnings performance despite falling share prices.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio generally decreased from 28.95 in March 2018 to 9.96 in September 2022. It declined consistently through early 2020, dropped steeply after March 2021, and showed slight volatility after mid-2022. The decrease suggests that the market valuation of the company's earnings declined relative to its actual profits over time.
- Overall Financial Insight
- While earnings per share increased, the share price declined significantly, contributing to a reduction in the P/E ratio. This divergence indicates investor skepticism or external market factors affecting the stock price despite stronger earnings. The lower P/E ratio towards 2022 suggests the stock may be undervalued relative to its earnings, or investors may anticipate challenges impacting future profitability.
Price to Operating Profit (P/OP)
3M Co., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022
+ Operating incomeQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a fluctuating downward trend over the entire period. Starting around $201.74 at the end of March 2018, the price experienced a notable decline, particularly during the period from early 2019 to late 2022. The share price decreased steadily, reaching approximately $118.50 by September 2022. Some intermittent recoveries occurred, notably in late 2020 and mid-2021, but these were not sustained over the long term.
- Operating Profit per Share Trend
- Operating profit per share showed a more stable and generally positive trajectory compared to the share price. Beginning at $11.88 in March 2018, it gradually increased with minor fluctuations, peaking at $13.61 by September 2022. Slight declines were seen toward mid-2022, particularly in June 2022 when it dropped to $9.05, but the metric quickly recovered thereafter. This pattern indicates consistent operational profitability improving over time despite short-term volatility.
- Price to Operating Profit Ratio (P/OP) Trend
- The P/OP ratio followed a downward trend for much of the period, indicative of the share price declining faster than the operating profit per share increased. Starting at around 16.98 in March 2018, the ratio decreased steadily, reaching a low of about 8.71 in September 2022. This reduction suggests that the market valuation relative to operating profit became more conservative over time, possibly reflecting market skepticism or external economic pressures affecting valuation multiples.
- Overall Insights
- The data reveals a divergence between operating performance and market valuation. While operating profit per share improved moderately, the share price declined substantially, leading to a compression in the valuation multiple (P/OP). This could suggest external factors influencing investor sentiment beyond operational results, such as market conditions or company-specific risks. The operating profit per share stability and growth imply underlying operational strength, but the declining share price and valuation ratios indicate potential concerns or a reassessment of future growth prospects by the market.
Price to Sales (P/S)
3M Co., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (Net salesQ3 2022
+ Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods, focusing on the share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
- The share price exhibited a downward trend overall, starting at $201.74 in early 2018, experiencing some fluctuations, and generally declining through to late 2022. Notable decreases occurred especially after the first quarter of 2021, moving from $194.45 to $118.50 by the third quarter of 2022, indicating a significant depreciation in market valuation over this period.
- Sales Per Share
- Sales per share showed a consistent and gradual increase throughout the timeframe, rising from $54.32 in early 2018 to $62.89 by late 2022. This steady growth suggests that the company's revenue generation on a per-share basis improved steadily despite volatility in the share price.
- Price-to-Sales (P/S) Ratio
- The P/S ratio followed a declining trend over time, moving from a high of 3.72 in mid-2018 down to 1.88 by the third quarter of 2022. This decline reflects that while sales per share increased, the share price did not keep pace, leading to a lower valuation multiple based on sales, which could indicate market skepticism or sector-wide valuation adjustments.
Overall, the combination of steadily increasing sales per share and declining share price resulted in a compression of the P/S ratio. This pattern may suggest that the market perceived less value or higher risk associated with the stock over time, despite improved sales performance on a per-share basis. The consistent growth in sales per share contrasts with weakening stock market sentiment as shown by declining share price and valuation multiples.
Price to Book Value (P/BV)
3M Co., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total 3M Company shareholders’ equity (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Total 3M Company shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price demonstrated a general downward trend from March 2018 through September 2022. Initial values in early 2018 hovered around 200 US dollars, reaching a peak close to 208 in June 2018. Subsequently, a consistent decline was observed, including a noticeable dip during 2019 and a further reduction through 2020 to mid-2022. The lowest share price recorded was approximately 118.5 US dollars in September 2022, indicating substantial depreciation over the time span analyzed.
- Book Value Per Share (BVPS)
- Conversely, the book value per share exhibited a general upward trajectory throughout the same period. Starting near 18.5 US dollars in March 2018, this metric experienced gradual increases with minor fluctuations, reaching above 25 US dollars by March 2022. Despite slight volatility in some quarters, the overall movement suggested improvement in the underlying net asset value attributable per share.
- Price-to-Book Value (P/BV) Ratio
- The price-to-book value ratio reflected the combined effect of the declining share price and rising BVPS, revealing a considerable compression over time. It started at approximately 10.9 in March 2018 and experienced fluctuations around this level during early periods. However, from mid-2019 onward, there was a steady and pronounced decline, reaching a low near 4.65 by September 2022. This decrement in the P/BV ratio suggests that the market valuation relative to the company's book value diminished significantly, potentially indicating reduced investor confidence or changes in market perceptions despite the increase in book value per share.
In summary, the company experienced a declining market valuation in terms of share price and P/BV ratio over the period, contrasting with a rising book value per share. The divergence between market price trends and fundamental book value growth points to a changing investor valuation framework or market conditions affecting the company’s equity price negatively despite solid book value improvements.