MMM3M CO

Surgical & Medical Instruments & Apparatus

Revenue: $24.9B; 1.5% YoY
Operating margin: 18.6%; 5.4% YoY
EBITDA: $5.9B; 4.0% YoY
Market cap: $90.1B
Employees: 60,500; $412K revenue each
Net debt / EBITDA: 2.2×; $12.8B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
71% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
209% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$412K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 50th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$90.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$18M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$35.4B	$26.2B	$24.6B	$24.6B	$24.9B	1.5%
Operating income	$7.4B	$4.4B	−$10.7B	$4.8B	$4.6B	4.0%
Net income	$5.9B	$5.8B	−$7.0B	$4.2B	$3.3B	22%
Operating cash flow	$7.5B	$5.6B	$6.7B	$1.8B	$2.3B	27%
Capex	$1.6B	$1.7B	$1.6B	$1.2B	$910M	23%
Stock-based comp	$274M	$263M	$274M	$289M	$225M	22%
Buybacks	$2.2B	$1.5B	$33M	$1.8B	$3.3B	81%
Dividends	$3.4B	$3.4B	$3.3B	$2.0B	$1.6B	21%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 58
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.