3M COMPANY vs Smith & Nephew plc, two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
3M is a diversified industrial; Smith & Nephew makes orthopedic and wound-care devices, different businesses under one tag. Smith & Nephew earns 11.82% on equity at a 10.14% net margin, debt-free, and converts 4.94% to free cash, trading at 41.64 times earnings. 3M trades cheaper at 31.62 times but carries heavy debt, 3.79 turns. The pair sets a broad industrial against a focused orthopedics maker: Smith & Nephew runs a clean balance sheet in medical devices at a premium multiple, 3M is a diversified manufacturer at a lower multiple, weighed down by leverage and its litigation history.
Comparison updated 2026-07-11.
| Metric | MMM | SNN |
|---|---|---|
| Price | $157.46 | $30.68 |
| Market cap | $83.9B | $26.6B |
| Sector | Medical Devices | Medical Devices |
| Stage | Mature | Mature |
| Implied growth (priced in) | -2.9% | — |
| P/E | 30.3 | 42.5 |
| P/B | 25.34 | 5.03 |
| P/S | 3.35 | 4.32 |
| EV/EBITDA | 18.9 | 32.8 |
| Revenue growth | +2.1% | +4.3% |
| Gross margin | — | 68.0% |
| Operating margin | 23.2% | 12.9% |
| Net margin | 11.1% | 10.1% |
| Return on equity | 84.2% | 11.8% |
| Return on assets | 7.9% | 6.0% |
| Return on invested capital | 22.5% | 12.0% |
| FCF yield | 2.5% | 4.8% |
| Dividend yield | 1.9% | — |
| Debt / equity | 3.79 | 0.00 |
| Current ratio | 1.59 | 2.57 |
| Altman Z (solvency) | 4.09 | 4.93 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.