3M vs Unilever: Revenue, Profit and Business Model
3M reported $24.9B of revenue in FY2025 and $3.3B of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income.
Latest financial snapshot
Financial summary
3M
3M has long been a steady dividend payer. Its revenue is spread across many industries, which makes it resilient in downturns. Its balance sheet has been strained by multi-billion dollar legal settlements over PFAS chemicals and combat earplugs. The underlying business still generates strong cash flow because it has pricing power on its specialized industrial products.
Unilever
Unilever's 2025 turnover from continuing operations was ~$57.1 billion (EUR 50.5 billion), down 3.8% in reported terms because of adverse currency moves and disposals, even as underlying sales grew 3.5% with 1.5% from volume. Free cash flow was ~$6.67 billion (EUR 5.9 billion), about $757 million (EUR 670 million) of productivity savings had been delivered by the end of 2025, and the company announced a new ~$1.69 billion (EUR 1.5 billion) share buyback. Momentum improved in 2026: first-half turnover was ~$28.9 billion (EUR 25.6 billion) (up 0.5%), underlying sales grew 4.8% with 4.2% volume, Q2 underlying growth reached 5.8%, and the underlying operating margin was 20.3%. Unilever raised its full-year outlook after the H1 2026 results.
Revenue and profit by year
3M
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $24.9B | $3.3B | 13.0% | +1.5% | Source |
| FY2024 | $24.6B | $4.2B | 17.0% | -0.1% | Source |
| FY2023 | $24.6B | -$7B | -28.4% | -5.9% | Source |
| FY2022 | $26.2B | $5.8B | 22.1% | -26.0% | Source |
| FY2021 | $35.4B | $5.9B | 16.7% | +9.9% | Source |
| FY2020 | $32.2B | $5.4B | 16.9% | +0.1% | Source |
| FY2019 | $32.1B | $4.5B | 14.1% | -1.9% | Source |
| FY2018 | $32.8B | $5.3B | 16.3% | +3.5% | Source |
| FY2017 | $31.7B | $4.9B | 15.3% | +5.1% | Source |
| FY2016 | $30.1B | $5B | 16.8% | — | Source |
Unilever
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1B | ~$10.7B | 18.7% | -3.8% | Source |
| FY2024 | ~$59.3B | ~$6.5B | 10.9% | +1.5% | Source |
| FY2023 | ~$58.4B | ~$7.3B | 12.6% | -14.0% | Source |
| FY2022 | ~$67.9B | ~$8.6B | 12.7% | +14.5% | Source |
| FY2021 | ~$59.3B | ~$6.8B | 11.5% | +3.4% | Source |
| FY2020 | ~$57.3B | ~$6.3B | 11.0% | -2.4% | Source |
| FY2019 | ~$58.7B | ~$6.4B | 10.8% | +2.0% | Source |
| FY2018 | ~$57.6B | ~$10.6B | 18.4% | -5.1% | Source |
| FY2017 | ~$60.7B | ~$6.8B | 11.2% | +1.9% | Source |
| FY2016 | ~$59.6B | ~$5.9B | 9.8% | — | Source |
Where the revenue comes from
3M
- Safety and Industrial Segment~46%
The Safety and Industrial segment is 3M's largest revenue contributor, generating $11.4 billion of net sales in fiscal year 2025. This segment manufactures and sells personal protective equipment including N95 respirators, hearing protection, and eye protection; industrial abrasives including Cubitron II ceramic abrasives; adhesive tapes and specialty bonding products for industrial applications; electrical insulation and electrical products; and roofing granules. Customers include construction companies, automotive manufacturers, oil and gas producers, aerospace manufacturers, and general industrial enterprises globally. The segment's competitive strength rests on 3M's proprietary materials science capabilities that allow it to engineer products meeting demanding performance specifications in safety and industrial applications where failure consequences are significant.
- Transportation and Electronics Segment~33%
The Transportation and Electronics segment generated $8.3 billion of net sales in fiscal year 2025, serving automotive original equipment manufacturers, electronics assemblers, semiconductor fabricators, and aerospace manufacturers with advanced specialty materials. Key product categories include light management films for display applications, conductive adhesives and specialty tapes for electronics assembly, automotive structural adhesives that enable vehicle lightweighting, thermal management materials for electric vehicle battery systems, and specialty chemicals for semiconductor processing. This segment is positioned at the intersection of the electrification and digitalization trends that are driving the most significant changes in global manufacturing, making it a strategic growth focus for 3M's leadership.
- Consumer Segment~20%
The Consumer segment generated $4.9 billion of net sales in fiscal year 2025, selling branded products including Post-it Notes, Scotch tape, Command adhesive strips, Filtrete home air filters, and other home improvement and office products through mass retail, office supply, home improvement, and e-commerce channels. While the smallest of 3M's post-Solventum segments by revenue, the Consumer business plays a strategic role in maintaining brand awareness with individual consumers and institutional purchasers who interact with 3M products in personal contexts.
Unilever
- Power Brands
78% of 2025 turnover
Dove, Vaseline, Rexona, Sunsilk, OMO, Knorr and the other Power Brands made up 78% of turnover in 2025.
- Beauty & Wellbeing
Not formally reported
One of four business groups reported after the 2025 Ice Cream demerger; it includes prestige beauty and wellbeing supplements.
- Personal Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Home Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Foods
Not formally reported
Largely to be combined with McCormick in a pending transaction; it includes Unilever Food Solutions for foodservice.
Business model and strategy
3M
How it makes money
3M's business model is basically acting as a giant, outsourced R&D department for the rest of the world. They pour billions into scientific research to invent proprietary materials. Once they hold the patent, they figure out how to sell that material to as many different industries as possible.
Growth strategy
3M is currently trying to shed its slower-growing legacy businesses to focus entirely on the future. They recently spun off their large healthcare division to streamline their operations. Going forward, they are heavily targeting high-growth megatrends like electric vehicle manufacturing, climate tech, and home improvement.
Competitive advantage
The biggest competitive advantage 3M has is its patent portfolio and its culture of cross-pollination. If a 3M scientist invents a new type of ceramic for an airplane engine, another scientist might realize that same ceramic can be used for dental braces. This ability to reuse foundational R&D across dozens of markets gives them a large economy of scale that pure-play competitors just can't replicate.
Unilever
How it makes money
Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce. After the 2025 Ice Cream demerger it reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its Power Brands, such as Dove, Vaseline, Rexona, Sunsilk, OMO and Knorr, made up 78% of turnover in 2025.
Growth strategy
Under Fernando Fernandez, Unilever is concentrating investment behind about 30 Power Brands, increasing marketing spend through social and influencer channels, rotating the portfolio toward premium beauty and wellbeing (2025 deals included Dr. Squatch, Wild and Minimalist), and separating lower-growth food and ice cream assets.
Competitive advantage
Unilever's advantage is a mix of trusted brands, emerging-market distribution, local manufacturing, repeat-purchase categories, Power Brand marketing scale, and deep category knowledge in personal care, home care, beauty, and foods.
Questions about 3M vs Unilever
Which company has higher revenue — 3M Company or Unilever PLC?
3M Company reported $24.9B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, Unilever PLC is the larger business, with 3M Company reporting a smaller revenue base.
What is the market cap of 3M Company vs Unilever PLC?
3M Company's market capitalisation stands at $86.4B, while Unilever PLC's is $132.5B. Unilever PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to 3M Company.
Which is more financially efficient — 3M Company or Unilever PLC?
3M Company generates $412k / employee in revenue per employee, while Unilever PLC generates $594k / employee. Unilever PLC shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do 3M Company and Unilever PLC make money?
3M Company and Unilever PLC generate revenue in fundamentally different ways. 3M Company: 3M's business model is basically acting as a giant, outsourced R&D department for the rest of the world. Unilever PLC: Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce.
Which company is valued higher relative to revenue — 3M Company or Unilever PLC?
On a price-to-sales (P/S) basis, 3M Company trades at 3.5x P/S and Unilever PLC at 2.3x P/S. 3M Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Unilever PLC. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is 3M Company bigger than Unilever PLC?
By last reported revenue, Unilever PLC (~$57.1B (FY2025)) is the larger company compared to 3M Company ($24.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the 3M vs Unilever overview