3M: The PFAS Cloud Is Lifting, And What's Underneath Looks Really Good

3M Company is transitioning from a litigation-driven narrative to an execution-focused story as major PFAS liabilities are now resolved and structured. MMM delivered 200 basis points of adjusted operating margin expansion in 2025, with adjusted EPS up 10% to $8.06 and strong shareholder returns via buybacks and dividends. Management, under CEO Bill Brown, is accelerating innovation, targeting 350 new product launches in 2026, and focusing on high-margin growth while divesting low-margin segments.