Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.06, read 2026-10-27
Ethical does not pass the values gate
Price173.46 USD
Fair value193.20
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-27Read Markup165.33+4.9% to today ✓Accumulation gives way to Markup first Markup read since August
2026-10-17Read Accumulation165.33+4.9% to today ✓Markdown gives way to Accumulation
2026-10-14Read Markdown159.96+8.4% to today Accumulation gives way to Markdown after a 6% slide in 3 days
2026-10-11Read Accumulation169.55+2.3% to today ✓Markdown gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
3M holds its Markup at $173.46. Consolidating, no directional conviction, held for 328 days.
As held on the ledger · 2026-10-23
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 328 days
Price at the screen
$173.46
Valuation
29.06 trailing · 16.84 forward price to earnings
Values screen
FAIL· score 10.0
Beta
1.06
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
33.40%
Below 33%
Interest-bearing debt is 33.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
1.85%
Below 33%
Cash held in interest-bearing accounts and securities is 1.8% of assets, under the one-third limit.
Pass
Receivables
23.24%
Below 49%
Money owed to the company is 23.2% of assets, under the 49% limit.
Pass
Revenue purity
0.93%
Below 5%
Only 0.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
3M's business is in a permissible area, but its interest-bearing debt is about 33% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when MMM's ethical verdict changes
Today MMM does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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The Conscience Overlay
Conscience flag · AFSC Investigate
The quantitative screen above is arithmetic. Separately, community boycott lists cite this company: Documented on AFSC Investigate. The desk records that flag here without folding it into the verdict: the screen measures the balance sheet, the overlay informs the conscience, and they are different judgements that belong to different owners. The second one is yours.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 17% discount to our $193.20 fair value, moderate competitive moat, 2.50% revenue growth.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 16.9% margin of safety to the base estimate.
Third-party analyst targets: 18 covering, consensus Buy. The average target sits +10% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
3M's Everyday Brands Mask Heavy Debt
Walk through any workshop or hospital and you will spot 3M products holding things together. The business still earns a solid 11 percent profit margin and posts a striking 71 percent ROE, yet revenue is barely growing at 1 percent a year.
We pass on the name because it fails our ethical screen on debt levels. A forward multiple of 16.8 times and a moderate moat do not offset that red flag, even with a modest gap to our fair value estimate.
The high return on equity looks impressive until you factor in the leverage behind it, and any slowdown in industrial spending could expose the thin growth rate quickly. Analysis, not advice.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MMM trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-27Markup · changed$165.33+0.0%Entry 20
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173.
2026-10-20Accumulation$165.33+0.0%Entry 19
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Accumulation$165.33+0.0%Entry 18
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Accumulation$165.33+0.0%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markdown$165.33+3.4%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 3.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Markdown$159.96+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Markdown · changed$159.96+0.0%Entry 13
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-13Accumulation$159.96-5.7%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 5.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 10%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (17 analysts) rates it buy, with a mean price target of $173.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.