Based on Wall Street's 2022 FCF estimates for Caterpillar and 3M (and the actual number for Johnson Controls, which already finished its fiscal 2022), here are the price-to-FCF valuations for the three companies. Finally, Caterpillar's CEO, Jim Umpleby, said the company would miss its profit margin target for 2022 partly due to "supply chain constraints" and "ongoing inflationary pressures within manufacturing." There's evidence to suggest that companies like 3M (NYSE: MMM), Caterpillar (NYSE: CAT), and Johnson Controls (NYSE: JCI) are set to generate significant improvements in cash flow generation this coming year.