3M Co.

Strong competitive position supported by its broad product, customer, and geographic diversification. Differentiated technology platforms generate strong brands and scale. Above-average profitability with EBITDA margins in the high-20% area and relatively low volatility of earnings over an economic cycle. Strong and consistent free operating cash flow (FOCF) of over $5 billion annually. Expectation for debt-to-EBITDA to be between 1.5x-2.0x, and for funds from operations (FFO)-to-debt at about 45% or higher, over the next two years. Capacity to pursue financial objectives, including acquisitions, share repurchases, and moderately growing dividends while maintaining credit measures in line with the rating. S&P Global Ratings' stable outlook on 3M Co. reflects our expectation that management will continue to make financial policy decisions (including shareholder returns

...Business Risk: Strong Financial Risk: Modest + Strong competitive position supported by its broad product, customer, and geographic diversification. + Differentiated technology platforms generate strong brands and scale. + Above-average profitability with EBITDA margins in the high-20% area and relatively low volatility of earnings over an economic cycle. + Strong and consistent free operating cash flow (FOCF) of over $5 billion annually. + Expectation for debt-to-EBITDA to be between 1.5x-2.0x, and for funds from operations (FFO)-to-debt at about 45% or higher, over the next two years. + Capacity to pursue financial objectives, including acquisitions, share repurchases, and moderately growing dividends while maintaining credit measures in line with the rating....

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