Graham Holdings Co (GHC) is undervalued and 3M Co (MMM) is overvalued.
Against our estimates of intrinsic value, GHC trades at the wider discount: a margin of safety of +28%, against -94% for MMM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $1606.92; the price of $1150.03 is 28% below that value, and 79% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
Discounting its cash flows at 9.3% (average of 3 methods) values the shares at $87.07; the price of $169.30 is 94% above that value, and 74% of that value comes from beyond year five.
Leak Score 49/100 on 10 of 12 signals
| Metric | GHC | MMM |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $1150.03 | $169.30 |
| Intrinsic value | $1606.92 | $87.07 |
| Margin of safety | +28% | -94% |
| Leak Score | 84/100 (3/12) | 49/100 (10/12) |
| Market cap | $4.9B | $87.3B |
| Revenue growth, 5 years | 11.2% | -5.0% |
| Operating margin | 5.8% | 20.9% |
| Net margin | 10.6% | 11.9% |
| Return on equity | 11.8% | 82.8% |
| Debt to equity | 0.28 | 4.46 |
| P/E | 9.3x | 30.1x |
| Forward P/E | — | 17.2x |
| P/B | 1.0x | 29.6x |
| Dividend yield | 0.7% | 1.9% |