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STOCK COMPARISON

3M vs Thermax: Fair Value & Quality

Both stocks run through our valuation models. Here is how 3M (MMM) and Thermax (THERMAX) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees 3M as the less overvalued of the two: 3M trades at $170 versus a fair value of $71.86 (-58%), while Thermax trades at ₹3,465 versus ₹1,343 (-61%).
3M
MMM · USD · Industrials
-58%
upside to fair value
overvalued
Price$170
Fair Value$71.86
Quality62/100
Thermax
THERMAX.NSE · INR · Industrials
-61%
upside to fair value
overvalued
Price₹3,465
Fair Value₹1,343
Quality45/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

3MThermax
Valuation
32.9×P/E (TTM)54.2×
3.67×P/S (TTM)5.07×
19.52× · book value is mostly goodwillP/B9.76×
15.6×EV/EBITDA53.2×
1.67×PEGn/a
−57.8%Fair value upside−61.2%
1.7%Dividend yield0.6%
$2.97Dividend per share₹20.00
Profitability
23%Operating margin9%
0.85×EBIT margin trend (5Y)1.85×
71%Return on equity14%
8%Return on assets4%
Growth
1%Revenue growth (YoY)11%
n/aAvg. growth/yr (3Y)10.0%
n/aAvg. growth/yr (5Y)17.8%
−11.5%Value creation/yr+28.2%
Balance & size
6.3×Interest coverage (EBIT/interest)6.6×
2.33×Debt / equity0.29×
$92BMarket cap$6B
mixedGrowth qualityexpensive

3M leads: 8 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

3Mof which business quality 56 · market factors 59 Thermaxof which business quality 45 · market factors 49
ProfitabilityMargins and returns on capital today
62
44
Quality GrowthAre margins and returns improving?
32
35
CashflowEarnings quality: real cash, not paper profit
33
11
Fin. StrengthBalance sheet, leverage, solvency risk
37
65
InvestmentDisciplined investing over empire-building
97
42
Low VolatilityCalm price path (market factor)
65
77
MomentumPrice trend over the last 3–12 months (market factor)
55
39
52W MomentumDistance to the 52-week high (market factor)
58
34
Net IssuanceShare count: buybacks or dilution?
100
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model family3MPrice $170ThermaxPrice ₹3,465
DCF Models-44%below the price$95.13n/a
Earnings-Based-56%below the price$75.06-72%below the price₹954
Dividend Discount-84%below the price$27.44-93%below the price₹225
Multiples-50%below the price$85.72-65%below the price₹1,215
Asset-Based-96%below the price$6.04-90%below the price₹330
Growth DCF-69%below the price$53.39n/a
Economic Profit-53%below the price$80.57-84%below the price₹558
Minimum-96%below the price$6.04-93%below the price₹225
Maximum-44%below the price$95.13-65%below the price₹1,215
Median-56%below the price$75.06-84%below the price₹558
Geometric mean-73%below the price$46.01-84%below the price₹545

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

3M: 12 of 12 models see the stock below the current price.

Thermax: 8 of 8 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

3M
Price $170
Fair Value $71.86
Bear $43.30Bull $102
Thermax
Price ₹3,465
Fair Value ₹1,343
Bear ₹441Bull ₹1,679

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

3M · Industrials

Quality score62 · Top 25%
Fair value upside-58% · bottom 25%

Thermax · Industrials

Quality score45 · below median
Fair value upside-61% · bottom 25%

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees 3M as the less overvalued of the two: 3M trades at $170 versus a fair value of $71.86 (-58%), while Thermax trades at ₹3,465 versus ₹1,343 (-61%).

3M has the higher quality score (62/100).

Open 3M live analysis →
3M · Thermax

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.