Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner


Historical Valuation Ratios (Summary)

3M Co., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Price to earnings (P/E) 21.51 23.80 27.66 28.95 27.32 24.97 22.50 23.15 21.04 20.03 22.00 20.75 18.86 19.51 19.01 20.05 21.25
Price to operating profit (P/OP) 15.97 14.87 16.78 16.98 16.97 17.89 16.11 16.37 14.71 14.00 15.33 14.55 13.12 13.65 13.28 13.88 14.76
Price to sales (P/S) 3.51 3.28 3.72 3.71 4.19 4.42 3.97 3.88 3.53 3.28 3.58 3.38 3.01 3.16 3.04 3.14 3.31
Price to book value (P/BV) 11.75 10.51 11.77 10.91 11.48 11.29 10.46 10.74 10.32 8.23 9.06 8.68 7.79 7.96 7.23 7.13 8.03 6.03 5.26 5.28

Based on: 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-10-31), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-01), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-31), 10-Q (filing date: 2014-05-01).

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. 3M Co.’s P/E ratio declined from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. 3M Co.’s P/OP ratio declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. 3M Co.’s P/S ratio declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. 3M Co.’s P/BV ratio declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.

Price to Earnings (P/E)

3M Co., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 575,800,000 582,287,135 586,613,476 593,692,282 595,500,000 595,608,108 596,767,147 597,239,576 596,200,000 601,466,401 604,400,291 606,514,530 605,038,186 615,712,937 624,745,409 634,340,975 634,749,706 640,818,842 647,969,147 654,278,447
Selected Financial Data (USD $)
Net income attributable to 3M (in millions) 1,347  1,543  1,857  602  523  1,429  1,583  1,323  1,155  1,329  1,291  1,275  1,038  1,296  1,300  1,199  1,179  1,303  1,267  1,207 
Earnings per share (EPS)3 9.29 7.77 7.52 6.97 8.16 9.22 9.03 8.54 8.47 8.20 8.11 8.09 7.99 8.08 7.97 7.80 7.81 0.00 0.00 0.00
Share price1, 2 199.84 184.99 207.96 201.74 222.89 230.19 203.18 197.63 178.18 164.25 178.36 167.97 150.67 157.61 151.57 156.39 165.91 152.10 140.89 140.81
P/E ratio4 21.51 23.80 27.66 28.95 27.32 24.97 22.50 23.15 21.04 20.03 22.00 20.75 18.86 19.51 19.01 20.05 21.25

Based on: 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-10-31), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-01), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-31), 10-Q (filing date: 2014-05-01).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of 3M Co.’s Quarterly or Annual Report.

Q4 2018 Calculations

3 EPS = (Net income attributable to 3MQ4 2018 + Net income attributable to 3MQ3 2018 + Net income attributable to 3MQ2 2018 + Net income attributable to 3MQ1 2018) ÷ No. shares of common stock outstanding
= (1,347,000,000 + 1,543,000,000 + 1,857,000,000 + 602,000,000) ÷ 575,800,000 = 9.29

4 P/E ratio = Share price ÷ EPS
= 199.84 ÷ 9.29 = 21.51

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. 3M Co.’s P/E ratio declined from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Price to Operating Profit (P/OP)

3M Co., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 575,800,000 582,287,135 586,613,476 593,692,282 595,500,000 595,608,108 596,767,147 597,239,576 596,200,000 601,466,401 604,400,291 606,514,530 605,038,186 615,712,937 624,745,409 634,340,975 634,749,706 640,818,842 647,969,147 654,278,447
Selected Financial Data (USD $)
Operating income (in millions) 1,783  2,016  2,401  1,007  1,821  2,041  2,184  1,774  1,665  1,904  1,866  1,788  1,500  1,876  1,840  1,730  1,662  1,901  1,856  1,716 
Operating profit per share3 12.52 12.44 12.39 11.88 13.13 12.87 12.61 12.07 12.12 11.73 11.63 11.55 11.48 11.54 11.42 11.27 11.24 0.00 0.00 0.00
Share price1, 2 199.84 184.99 207.96 201.74 222.89 230.19 203.18 197.63 178.18 164.25 178.36 167.97 150.67 157.61 151.57 156.39 165.91 152.10 140.89 140.81
P/OP ratio4 15.97 14.87 16.78 16.98 16.97 17.89 16.11 16.37 14.71 14.00 15.33 14.55 13.12 13.65 13.28 13.88 14.76

Based on: 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-10-31), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-01), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-31), 10-Q (filing date: 2014-05-01).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of 3M Co.’s Quarterly or Annual Report.

Q4 2018 Calculations

3 Operating profit per share = (Operating incomeQ4 2018 + Operating incomeQ3 2018 + Operating incomeQ2 2018 + Operating incomeQ1 2018) ÷ No. shares of common stock outstanding
= (1,783,000,000 + 2,016,000,000 + 2,401,000,000 + 1,007,000,000) ÷ 575,800,000 = 12.52

4 P/OP ratio = Share price ÷ Operating profit per share
= 199.84 ÷ 12.52 = 15.97

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. 3M Co.’s P/OP ratio declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.

Price to Sales (P/S)

3M Co., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 575,800,000 582,287,135 586,613,476 593,692,282 595,500,000 595,608,108 596,767,147 597,239,576 596,200,000 601,466,401 604,400,291 606,514,530 605,038,186 615,712,937 624,745,409 634,340,975 634,749,706 640,818,842 647,969,147 654,278,447
Selected Financial Data (USD $)
Net sales (in millions) 7,945  8,152  8,390  8,278  7,990  8,172  7,810  7,685  7,329  7,709  7,662  7,409  7,298  7,712  7,686  7,578  7,719  8,137  8,134  7,831 
Sales per share3 56.90 56.35 55.97 54.32 53.16 52.04 51.16 50.88 50.50 50.01 49.77 49.64 50.04 49.85 49.81 49.77 50.13 0.00 0.00 0.00
Share price1, 2 199.84 184.99 207.96 201.74 222.89 230.19 203.18 197.63 178.18 164.25 178.36 167.97 150.67 157.61 151.57 156.39 165.91 152.10 140.89 140.81
P/S ratio4 3.51 3.28 3.72 3.71 4.19 4.42 3.97 3.88 3.53 3.28 3.58 3.38 3.01 3.16 3.04 3.14 3.31

Based on: 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-10-31), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-01), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-31), 10-Q (filing date: 2014-05-01).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of 3M Co.’s Quarterly or Annual Report.

Q4 2018 Calculations

3 Sales per share = (Net salesQ4 2018 + Net salesQ3 2018 + Net salesQ2 2018 + Net salesQ1 2018) ÷ No. shares of common stock outstanding
= (7,945,000,000 + 8,152,000,000 + 8,390,000,000 + 8,278,000,000) ÷ 575,800,000 = 56.90

4 P/S ratio = Share price ÷ Sales per share
= 199.84 ÷ 56.90 = 3.51

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. 3M Co.’s P/S ratio declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.

Price to Book Value (P/BV)

3M Co., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 575,800,000 582,287,135 586,613,476 593,692,282 595,500,000 595,608,108 596,767,147 597,239,576 596,200,000 601,466,401 604,400,291 606,514,530 605,038,186 615,712,937 624,745,409 634,340,975 634,749,706 640,818,842 647,969,147 654,278,447
Selected Financial Data (USD $)
Total 3M Company shareholders’ equity (in millions) 9,796  10,248  10,365  10,977  11,563  12,146  11,591  10,989  10,298  12,002  11,894  11,733  11,708  12,186  13,093  13,917  13,109  16,173  17,354  17,448 
Book value per share (BVPS)3 17.01 17.60 17.67 18.49 19.42 20.39 19.42 18.40 17.27 19.95 19.68 19.34 19.35 19.79 20.96 21.94 20.65 25.24 26.78 26.67
Share price1, 2 199.84 184.99 207.96 201.74 222.89 230.19 203.18 197.63 178.18 164.25 178.36 167.97 150.67 157.61 151.57 156.39 165.91 152.10 140.89 140.81
P/BV ratio4 11.75 10.51 11.77 10.91 11.48 11.29 10.46 10.74 10.32 8.23 9.06 8.68 7.79 7.96 7.23 7.13 8.03 6.03 5.26 5.28

Based on: 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-10-31), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-01), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-31), 10-Q (filing date: 2014-05-01).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of 3M Co.’s Quarterly or Annual Report.

Q4 2018 Calculations

3 BVPS = Total 3M Company shareholders’ equity ÷ No. shares of common stock outstanding
= 9,796,000,000 ÷ 575,800,000 = 17.01

4 P/BV ratio = Share price ÷ BVPS
= 199.84 ÷ 17.01 = 11.75

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. 3M Co.’s P/BV ratio declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.