Freeport-McMoRan Inc FCX

MaterialsMetals & MiningUnited States of America

Last close 62.47 USD on Nov 1, 2026, +24.1% year to date

Quant rating

Quant rating A Rank 15 of 151 in Materials

Growth A 5 of 151
Valuation C 69 of 151
Quality B 60 of 151
Revisions A 12 of 151
Momentum B 44 of 151

Wall Street consensus Buy (2.15)Average target 78.41 USD +25.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 87.5B
Enterprise value: 106.1B
52-week range: 38.55 – 80.22
3-year range: 29.15 – 80.22
Dividend yield: 0.96%
Beta (5 years): 1.36
Shares outstanding: 1,400M
Next earnings: Jan 22, 2027

About the company

Freeport-McMoRan Inc. is a metals company. The Company operates assets with reserves of copper, gold and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, which is a copper and gold deposit; and operations in the United States, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America. Its segments include Cerro Verde copper mine, Indonesia operations and United States Rod & Refining operations. It produces copper concentrate, cathode and continuous cast copper rod. Its copper ore from mines is processed by smelting and refining or by solution extraction and electrowinning (SX/EW). It produces copper cathodes at an electrolytic refinery located in El Paso, Texas. The SX/EW cathode is produced from the Morenci, Bagdad, Safford, Sierrita, Miami, Chino and Tyrone mines in the United States, and from the Cerro Verde and El Abra mines in South America.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	25,915	25,455	22,855	22,780	22,845	–
Revenue growth	1.8%	11.4%	0.3%	−0.3%	60.9%	12.8%
EPS (basic, normalized)	1.77	1.48	1.54	2.44	3.13	–
EPS growth	19.6%	−3.9%	−36.9%	−22.0%	–	–
Gross margin	29.0%	30.8%	32.1%	34.3%	39.0%	33.1%
Net margin	8.5%	7.4%	8.1%	15.2%	18.8%	11.6%
ROE	12.1%	11.0%	11.5%	23.5%	35.7%	18.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,335
Current ratio	2.02x
Long-term debt (mil)	8,676
Net debt (mil)	18,653
Total equity (mil)	20,981
Net debt / equity	0.89x
Net debt / EBITDA	1.93x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	25,915	+1.8%	4.1x	9,658	−2.5%	11.0x	1.77	+19.6%	35.3x
2026	30,012	+15.8%	3.5x	12,703	+31.5%	8.4x	3.23	+82.3%	19.4x
2027	36,670	+22.2%	2.9x	17,706	+39.4%	6.0x	4.36	+35.1%	14.3x
2028	38,686	+5.5%	2.7x	19,800	+11.8%	5.4x	4.84	+11.1%	12.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	30,012	+1.6%	+1.3%	+6.2%	3.23	+7.0%	+7.2%	+28.3%
2027	36,670	+3.0%	+2.0%	+7.6%	4.36	+3.5%	+3.8%	+18.6%
2028	38,686	+5.4%	+4.0%	+9.2%	4.84	+6.1%	+6.2%	+20.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,321	6,624	6,790	5,720	5,728	7,582	6,972	5,633	6,234	7,029
Sales mean (mil)	5,660	5,993	6,470	5,875	5,438	7,219	6,705	5,355	5,811	6,760
Surprise	+11.7%	+10.5%	+5.0%	−2.6%	+5.3%	+5.0%	+4.0%	+5.2%	+7.3%	+4.0%
EPS reported	0.32	0.46	0.38	0.31	0.24	0.54	0.50	0.47	0.57	0.74
EPS mean	0.26	0.38	0.35	0.20	0.24	0.45	0.41	0.29	0.46	0.59
Surprise	+24.2%	+19.5%	+7.8%	+52.5%	+0.8%	+19.0%	+22.6%	+63.6%	+24.3%	+25.4%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FCX Freeport-McMoRan Inc	87.5B	1.93x	8.5%	4.28x	19.4x	14.3x	8.4x	6.0x
BHP BHP Group Ltd	205.7B	–	16.7%	4.04x	16.2x	16.1x	6.9x	6.9x
RIO Rio Tinto Limited	140.8B	–	17.3%	2.57x	12.9x	12.6x	5.7x	5.4x
SCCO Southern Copper Corp	149.9B	0.09x	32.3%	12.58x	22.2x	23.6x	13.3x	13.8x
NEM Newmont Corporation	110.8B	−0.23x	31.3%	3.12x	11.6x	10.7x	6.4x	6.1x
RIO Rio Tinto plc	140.8B	–	17.3%	2.03x	10.0x	10.0x	5.7x	5.4x
Mean		0.60x	20.6%	4.77x	15.4x	14.5x	7.7x	7.3x
Median		0.09x	17.3%	3.58x	14.5x	13.4x	6.6x	6.1x

Technical analysis

1M−13.0%
3M+1.6%
1Y+53.2%
3Y+92.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Freeport-McMoRan Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	25,915	25,455	22,855	22,780	22,845	14,198
Cost of revenue	18,395	17,605	15,521	14,959	13,926	11,421
Gross profit	7,520	7,850	7,334	7,821	8,919	2,777
Selling, general & administrative expenses	768	703	653	550	487	354
Research & development	192	156	137	115	55.0	42.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	61.0	45.0	183	−33.0	−80.0	−114
Other operating expenses	−19.0	82.0	195	121	91.0	159
Operating income	6,518	6,864	6,166	7,068	8,366	2,336
Net interest income (expense)	−335	−302	−495	−415	−536	−598
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	189	345	335	62.0	−171	59.0
Net income before taxes	6,372	6,907	6,006	6,715	7,659	1,797
Provision for taxes	2,221	2,523	2,270	2,267	2,299	944
Minority interest	−1,948	−2,510	−1,903	−1,011	−1,059	−266
Equity in affiliates	1.0	15.0	15.0	31.0	5.0	12.0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,204	1,889	1,848	3,468	4,306	599
Extraordinary items	–	–	–	–	0	0
Net income	2,204	1,889	1,848	3,468	4,306	599
EBIT, normalized	6,579	6,909	6,349	7,035	8,286	2,222
EBITDA, normalized	8,823	9,150	8,417	9,054	10,284	3,718
Basic EPS, normalized	1.77	1.48	1.54	2.44	3.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Freeport-McMoRan Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,824	3,923	4,758	8,146	8,068	3,657
Receivables	1,663	1,142	1,664	1,795	1,742	1,412
Total inventory	7,493	6,808	6,060	5,180	4,497	3,893
Prepaid expenses	–	–	–	–	–	–
Other current assets	810	1,423	1,583	492	523	341
Total current assets	13,790	13,296	14,065	15,613	14,830	9,303
Property, plant & equipment	40,736	38,514	35,295	32,627	30,345	29,818
Goodwill	–	–	–	–	–	–
Intangibles	432	428	422	416	412	401
Long-term investments	477	456	207	262	232	295
Note receivable	810	43.0	70.0	54.0	84.0	106
Other long-term assets	1,922	2,111	2,447	2,121	2,119	2,221
Total assets	58,167	54,848	52,506	51,093	48,022	42,144
Liabilities
Accounts payable	2,948	2,789	2,466	2,701	2,035	1,473
Payable/accrued	651	394	360	354	287	347
Accrued expenses	709	675	674	701	829	760
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	466	41.0	766	1,037	372	34.0
Other current liabilities	1,245	1,597	1,549	1,552	2,369	803
Total current liabilities	6,019	5,496	5,815	6,345	5,892	3,417
Long-term debt	8,913	8,907	8,656	9,583	9,078	9,677
Minority interest	11,867	11,197	10,617	9,316	9,039	8,494
Other liabilities	12,469	11,667	10,725	10,294	10,033	10,382
Total liabilities	39,268	37,267	35,813	35,538	34,042	31,970
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	163	162	162	161	160	159
Additional paid-in capital	23,680	23,797	24,637	25,322	25,875	26,037
Retained earnings (accumulated deficit)	1,385	−170	−2,059	−3,907	−7,375	−11,681
Treasury stock	−6,024	−5,894	−5,773	−5,701	−4,292	−3,758
Other equity	−305	−314	−274	−320	−388	−583
Total equity	18,899	17,581	16,693	15,555	13,980	10,174
Total liabilities & shareholders' equity	58,167	54,848	52,506	51,093	48,022	42,144

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Freeport-McMoRan Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,152	4,399	3,751	4,479	5,365	865
Depreciation, depletion & amortization	2,244	2,241	2,068	2,019	1,998	1,528
Deferred taxes	247	−76.0	182	36.0	−171	181
Non-cash items	305	625	158	133	−232	−225
Changes in working capital	−1,338	−29.0	−880	−1,528	755	668
Cash from operations	5,610	7,160	5,279	5,139	7,715	3,017
Investing activities
Capital expenditures	−3,987	−4,433	−4,624	−3,315	−2,115	−1,961
Other investing cash flows	−485	−595	−332	−125	151	697
Cash from investing	−4,472	−5,028	−4,956	−3,440	−1,964	−1,264
Financing activities
Financing cash flow items	−1,297	−1,868	−635	−755	−471	138
Cash dividends paid	−865	−865	−863	−866	−331	−73.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	286	−551	−1,152	−2.0	−538	−193
Cash from financing	−1,876	−3,284	−2,650	−1,623	−1,340	−128
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−738	−1,152	−2,327	76.0	4,411	1,625
Free cash flow	1,623	2,727	655	1,824	5,600	1,056

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.