3M (MMM)财务
NYSE · Industrials · Conglomerates · 员工60,500人 · CEO William Brown
- 股价
- $174.34 -1.70%
- 市值
- $899亿
- 企业价值
- $1000亿
- 最近财报
- Q3 '26 2026-10-20提交
- 下次财报
- 2027-01-19 EPS预期 $2.03
营收(TTM)$252亿+1.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)18.7%-1.5 百分点 对比去年同期营业利润 $47.3亿
净利润(TTM)$35.4亿+4.0% 对比去年同期税后,含营业外收益
自由现金流(TTM)$26.8亿+68.6% 对比去年同期资本支出 $9.52亿
稀释EPS(TTM)$6.71+7.2% 对比去年同期最近4个季度之和
净现金-$98.5亿-18.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $899亿 EV $1000亿
- 营收
- $252亿 过去12个月
- 营收增速
- +2% FY2026年一致预期
- 净利润率
- 14.0% 净利润 / 营收,TTM
- P/E
- 25.8× 预期 19.2×(FY2026)
- P/S
- 3.6× 股价 / 营收,TTM
- EV / EBITDA
- 16.4× TTM
- 自由现金流
- $26.8亿 过去12个月
- 净利润
- $35.4亿 过去12个月
- 营收预期
- $255亿 FY2026年一致预期
- 盈利
- 2027-01-19 营收预期 $63.4亿
- 股息
- $3.07 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-20):营收符合预期,EPS 超预期5.0%营收$66亿,预期$66.1亿(-0.1%);EPS $2.50,预期$2.38(+5.0%)。
- 营收增长放缓:同比1.0%Q3 '26营收$65.8亿,此前四个季度的平均值为2.3%。
- 营业利润率18.7%(TTM),较去年同期-1.5 百分点营收增长1.7%,营业利润增长-5.8%。
- 资本支出占营收的3.8%(去年为3.8%)最近4个季度投入$9.52亿(同比-0.1%)。自由现金流$26.8亿,相当于净利润的75.7%。
- 股东回报$35.5亿 = 自由现金流的132.5%回购$23.5亿(去年为$34亿),股息$12亿,股权激励$8900万(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少3.6%Q3 '26稀释股数5.23亿,一年前为5.42亿。
- 净债务 $98.5亿现金 + 短期投资 $51.5亿,含租赁债务 $150亿;一年前净债务 $83.5亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $65.8亿 | $65.2亿 | +1.0% |
| 毛利率 | 42.3% | 41.8% | +0.5 百分点 |
| 营业利润 | $15.6亿 | $16.1亿 | -3.3% |
| 营业利润率 | 23.7% | 24.7% | -1.1 百分点 |
| 净利润 | $13.7亿 | $8.34亿 | +64.6% |
| 稀释EPS | $2.63 | $1.55 | +69.7% |
| 经营现金流 | $4.86亿 | $17.6亿 | -72.3% |
| 资本支出 | $2.56亿 | $2.18亿 | +17.4% |
| 自由现金流 | $2.3亿 | $15.4亿 | -85.0% |
| R&D | $3.04亿 | $2.97亿 | +2.4% |
| 股权激励费用 | $4600万 | $5300万 | -13.2% |
实际 vs 一致预期
2026-10-20| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $66亿 | $66.1亿 | -0.1% |
| EPS(一致预期口径) | $2.50 | $2.38 | +5.0% |
来自2026-10-20发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Safety And Industrial Segment | $31.8亿 | +9.1% | 48.3% | $121亿 | – | |
| Transportation And Electronics Segment | $20亿 | -8.8% | 30.4% | $78.7亿 | – | |
| Consumer Segment | $13.1亿 | -0.4% | 19.9% | $49亿 | – | |
| Segment Reporting, Reconciling Item, Corporate Nonsegment | $9600万 | -1.0% | 1.5% | $4.06亿 | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $37.9亿 | +5.7% | 57.5% | $138亿 | +11.6% | |
| Asia Pacific | $17.2亿 | -6.5% | 26.0% | $71.3亿 | +6.0% | |
| E M E A | $10.8亿 | -1.7% | 16.4% | $43.6亿 | +15.3% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Safety And Industrial Segment | – | – | $9.6亿 | +21.2% | – | – | $32亿 |
| Transportation And Electronics Segment | – | – | $4.68亿 | -3.3% | – | – | $14.5亿 |
| Consumer Segment | – | – | $3亿 | +2.7% | – | – | $9.86亿 |
| Material Reconciling Items | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $36.3亿
- 资本支出
- -$9.52亿
- 股票回购
- -$23.5亿
- 股息
- -$12亿
- 收购
- -$18.8亿
- 债务净发行
- $25.1亿
- 股权激励费用
- $8900万
- 自由现金流
- $26.8亿
- 股东回报 / FCF
- 132.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 25.8× | 17.0× 5年中的4年 | 9.8× – 26.5× |
| EV / EBITDA | 16.4× | 11.1× 5年中的4年 | 8.0× – 14.8× |
| EV / 营收 | 4.0× | 2.9× | 2.0× – 3.7× |
| 股价 / FCF | 33.6× | 42.4× | 10.0× – 111.4× |
| 股价 / 净资产 | 21.9× | 11.4× | 3.9× – 18.5× |
| FCF收益率 | 3.0% | 5.2% | 0.9% – 10.0% |
| 投入资本回报率 | 12.7% | 11.6% | 7.8% – 15.6% |
| 净资产收益率 | 94.0% | 22.2% | -145.5% – 108.6% |
分析师
一致目标价 $186.63 (+7.0%)
区间 $135.00 – $218.00 · 评级 Buy
强烈买入0
买入16
持有16
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $255亿 | +2.0% | $9.10 | +51.7% | 19.2× | 10 |
| FY2027 | $266亿 | +4.5% | $9.92 | +9.0% | 17.6× | 10 |
| FY2028 | $277亿 | +4.1% | $10.79 | +8.8% | 16.2× | 6 |
| FY2029 | $291亿 | +5.2% | $11.78 | +9.2% | 14.8× | 3 |
| FY2030 | $299亿 | +2.8% | $12.51 | +6.2% | 13.9× | 2 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
3M Company在近期10-Q / 10-K文件中标记的全部285项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $30.4亿 | $27.4亿 | +11.2% | $27亿 | $26.6亿 | +1.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $41.2亿 | $37.8亿 | +9.0% | $35.3亿 | $31.9亿 | +10.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $5200万 | $5400万 | -3.7% | $6100万 | $6000万 | +1.7% |
| Accrued Income Taxes, Current | $3.24亿2025-09-30 | $4.73亿 | -31.5% | $3.31亿2024-12-31 | $3.04亿 | +8.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $172亿 | $167亿 | +3.1% | $168亿 | $160亿 | +5.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$49.8亿 | -$51.2亿 | +2.7% | -$50.7亿 | -$57.3亿 | +11.6% |
| Additional Paid in Capital, Common Stock | $75.7亿 | $74亿 | +2.3% | $74.4亿 | $72.3亿 | +2.9% |
| Advertising Expense | – | – | – | $2.33亿 | $2.16亿 | +7.9% |
| Amortization of Intangible Assets | $4100万 | $2600万 | +57.7% | $1.04亿 | $1.08亿 | -3.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 690万 | 1150万 | -40.0% | 1270万 | 3080万 | -58.8% |
| APIC, Share-based Payment Arrangement, Recognition and Exercise | $4400万 | $5200万 | -15.4% | $2.11亿 | $2.73亿 | -22.7% |
| Asset Impairment Charges | $1200万2025-09-30 | – | – | $5100万 | – | – |
| Asset Retirement Obligation | $2.02亿2025-12-31 | $1.95亿 | +3.6% | $2.02亿 | $1.95亿 | +3.6% |
| Assets | $395亿 | $376亿 | +5.1% | $377亿 | $399亿 | -5.4% |
| Assets, Current | $167亿 | $161亿 | +3.9% | $164亿 | $159亿 | +3.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $48.4亿 | $46.7亿 | +3.5% | $52.4亿 | $56亿 | -6.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $48.4亿 | $46.7亿 | +3.5% | $52.4亿 | $56亿 | -6.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $18.8亿 | $9.59亿 | +96.0% | -$3.65亿 | -$3.33亿 | -9.6% |
| Common Stock, Dividends, Per Share, Declared | $0.78 | $0.73 | +6.8% | $2.92 | $3.61 | -19.1% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 30亿 | – | – | 30亿 | 30亿 | 0.0% |
| Common Stock, Shares, Issued | 9.44亿 | 9.44亿 | 0.0% | 9.44亿 | 9.44亿 | 0.0% |
| Common Stock, Shares, Outstanding | 5.17亿 | 5.31亿 | -2.7% | 5.3亿 | 5.39亿 | -1.7% |
| Common Stock, Value, Issued | $900万 | $900万 | 0.0% | $900万 | $900万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$1000万 | $300万 | -433.3% | $900万 | $1400万 | -35.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $14.8亿 | $9.27亿 | +60.1% | $39亿 | $46.4亿 | -15.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $14.7亿 | $9.3亿 | +58.5% | $39.1亿 | $46.5亿 | -15.9% |
| Cost of Revenue | $38亿 | $37.9亿 | +0.2% | $150亿 | $144亿 | +3.8% |
| Costs and Expenses | $50.3亿 | $50.7亿 | -0.9% | $203亿 | $198亿 | +2.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$1100万 | -$7500万 | +85.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $5.97亿 | $5.83亿 | +2.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$100万 | -$600万 | +83.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2900万 | $1.31亿 | -77.9% | $1.11亿 | $7400万 | +50.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $2.93亿 | $4.02亿 | -27.1% | $5.99亿 | $20.7亿 | -71.1% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $3.22亿 | $5.33亿 | -39.6% | $7.1亿 | $21.4亿 | -66.9% |
| Debt, Current | $24.4亿 | $7.49亿 | +225.6% | $16.7亿 | $19.2亿 | -13.0% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $4.31亿2026-03-31 | $7.14亿 | -39.6% | $7.1亿 | $21.4亿 | -66.9% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent | $3.1亿 | $5.17亿 | -40.0% | $6.98亿 | $21.3亿 | -67.2% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent | $1200万2025-12-31 | $1600万 | -25.0% | $1200万 | $1600万 | -25.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $3.07亿 | $3.28亿 | -6.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $9000万 | -$2700万 | +433.3% |
| Deferred Income Tax Expense (Benefit) | $9100万 | $8100万 | +12.3% | $4.18亿 | $3.21亿 | +30.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $2100万 | $100万 | +2,000.0% |
| Deferred Tax Assets, Gross | $52.6亿2025-12-31 | $54.6亿 | -3.7% | $52.6亿 | $54.6亿 | -3.7% |
| Deferred Tax Assets, Investments | $1.75亿2025-12-31 | $3.33亿 | -47.4% | $1.75亿 | $3.33亿 | -47.4% |
| Deferred Tax Assets, Net | $27.9亿 | $36亿 | -22.5% | $34.1亿 | $37.9亿 | -10.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $35.3亿 | – | – | $42亿 | $43.9亿 | -4.3% |
| Deferred Tax Assets, Other | $2.29亿2025-12-31 | $7000万 | +227.1% | $2.29亿 | $7000万 | +227.1% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $2.1亿2025-12-31 | $1.43亿 | +46.9% | $2.1亿 | $1.43亿 | +46.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $2.5亿2025-12-31 | $2.41亿 | +3.7% | $2.5亿 | $2.41亿 | +3.7% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $2.22亿2025-12-31 | $2.67亿 | -16.9% | $2.22亿 | $2.67亿 | -16.9% |
| Deferred Tax Assets, Valuation Allowance | $10.5亿2025-12-31 | $10.6亿 | -0.8% | $10.5亿 | $10.6亿 | -0.8% |
| Deferred Tax Liabilities, Gross | $7.43亿 | – | – | $7.95亿 | $6.02亿 | +32.1% |
| Deferred Tax Liabilities, Other | $2.56亿2025-12-31 | $1.88亿 | +36.2% | $2.56亿 | $1.88亿 | +36.2% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $4.03亿2025-12-31 | $2.63亿 | +53.2% | $4.03亿 | $2.63亿 | +53.2% |
| Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | – | – | – | $8.08亿2024-12-31 | – | – |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | -$200万 | $2000万 | -110.0% | $1.04亿 | $8.28亿 | -87.4% |
| Depreciation, Depletion and Amortization | $3.36亿 | $2.98亿 | +12.8% | $13.1亿 | $13.6亿 | -4.0% |
| Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $2600万 | $600万 | +333.3% | $1700万 | $7800万 | -78.2% |
| Derivative Asset, Fair Value, Gross Asset | $1.83亿 | $1.45亿 | +26.2% | $1.92亿 | $1.42亿 | +35.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01