A Business at a Glance
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FREEPORT-MCMORAN INC
FCX
$90.8B
Mkt Cap
$62.60
-1.42%
FREEPORT-MCMORAN INC (FCX) has a current P/E ratio of 41.2, compared to its historical median P/E of 22.3. The stock is currently considered Expensive based on its historical valuation range.
FREEPORT-MCMORAN INC (FCX) has a 5-year average return on invested capital (ROIC) of 24.3%. This indicates strong capital allocation and a potential competitive advantage.
FREEPORT-MCMORAN INC (FCX) has a market capitalization of $90.4B. It is classified as a large-cap stock.
Yes, FREEPORT-MCMORAN INC (FCX) pays a dividend with a trailing twelve-month yield of 0.96%. The company also returns capital through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, FREEPORT-MCMORAN INC (FCX) appears expensive. The current P/E of 41.2 is 85% above its historical median of 22.3. The estimated fair value CAGR (P/E method) is 19.2%.
FREEPORT-MCMORAN INC (FCX) operates in the Metal Mining industry, within the Materials sector.
FREEPORT-MCMORAN INC (FCX) reported annual revenue of $25.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Freeport-McMoRan is a diversified copper producer with large-scale mining operations across Indonesia, the United States, and South America, generating revenue through the sale of copper, gold, and molybdenum concentrates and refined copper. The company operates major block cave mines at Grasberg in Indonesia and conventional open-pit mines including Morenci and Bagdad in Arizona, Cerro Verde in Peru, and El Abra in Chile (in partnership with Codelco), with a business model centered on extracting and processing ore at scale to supply growing global demand driven by electrification, renewable energy infrastructure, and technology advancement. Unit economics are characterized by capital intensity, with significant ongoing investment in mine development, processing infrastructure, and smelting capacity, while the company pursues operational leverage through cost discipline, automation, and innovation initiatives including a proprietary leach technology platform designed to enhance copper recovery from existing stockpiles. Distribution is primarily through direct sales of copper concentrate and refined metal to global customers, with the company recently bringing online an integrated smelter in Indonesia to capture additional value and reduce reliance on third-party treatment. Freeport's competitive moat derives from its portfolio of long-life, low-cost reserves, geographically diversified asset base, established operational expertise spanning decades, and emerging technological advantages in leach recovery enhancement, positioning it to serve secular copper demand growth while maintaining cost competitiveness across commodity price cycles.
【Grasberg ramp-up progressing with constraints】 Management expects the Grasberg Block Cave to reach approximately 60,000 tons per day from production blocks 2 and 3 in the second half of 2026, increasing to the 90,000 tons per day range by mid-2027 as material handling infrastructure modifications are completed, with the majority of bottlenecks addressed by mid-2027. The company is advancing de-risking initiatives on surface drainage and cave monitoring while preparing for future production block one south startup in mid-2027, with the revised five-year production forecast reflecting an approximate 9% reduction for copper and 7% for gold compared to prior estimates, primarily impacting 2026 and 2027. In the Americas, Freeport is entering a period of growth with near and medium-term opportunities to scale its leach initiative toward 800 million pounds per annum by 2030, including heat trials and additive deployment expected to reach 400 million pounds in 2026, while advancing the Bagdad expansion toward an investment decision and pursuing major expansion at El Abra in Chile. Cost pressures from elevated diesel prices and global supply chain inflation are expected to persist, with net unit cash costs forecast to average $1.95 per pound of copper for 2026, though management is targeting reductions in the U.S. cost position for 2027 and beyond through operational efficiencies and incremental low-cost leach volumes.
| Metric | Target | Period |
|---|---|---|
| Net unit cash costs | $1.95 per pound of copper | FY2026 |
| Grasberg production blocks 2 and 3 throughput | approximately 60,000 tons per day | H2 2026 |
| Grasberg production blocks 2 and 3 throughput | 90,000 tons per day range | mid-2027 |
| Leach initiative production | 400 million pounds per annum | 2026 (scaling target) |
| Capital expenditures | $4.3 billion | FY2026 |
| Capital expenditures | $4.5 billion | FY2027 |
| Discretionary capital projects | $1.6–$1.7 billion per year | FY2026 and FY2027 |
Net unit cash costs (FY2026): “our current outlook for net unit costs is expected to average $1.95 per pound of copper for the year, compared with the prior estimate of $1.75 per pound.”
Grasberg production blocks 2 and 3 throughput (H2 2026): “we now expect to be limited to approximately 60,000 tons per day from production blocks 2 and 3 in the H2 of 2026”
Grasberg production blocks 2 and 3 throughput (mid-2027): “increasing to the 90,000 tons per day range by mid-2027 as modifications to ore loading infrastructure are completed over the next several months.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 26.4B | 25.9B | 25.5B | 22.9B | 22.8B | 22.8B |
| Net Income | 2.7B | 2.2B | 1.9B | 1.8B | 3.5B | 4.3B |
| EPS | $1.86 | $1.52 | $1.30 | $1.28 | $2.39 | $2.90 |
| Free Cash Flow | 1.8B | 1.1B | 2.4B | 455M | 1.7B | 5.6B |
| ROIC | 15.6% | 17.7% | 19.6% | 19.5% | 27.8% | 36.9% |
| Gross Margin | - | 28.2% | 30.1% | 31.3% | 33.8% | 38.6% |
| Debt/Equity | 0.48 | 0.56 | 0.55 | 0.59 | 0.70 | 0.70 |
| Dividends/Share | $0.60 | $0.60 | $0.60 | $0.60 | $0.60 | $0.22 |
| Operating Income | 7.4B | 6.5B | 6.9B | 6.2B | 7.0B | 8.4B |
| Operating Margin | 27.8% | 25.2% | 27.0% | 27.2% | 30.9% | 36.6% |
| ROE | 14.0% | 12.1% | 11.0% | 11.5% | 23.5% | 35.7% |
| Shares Outstanding | 1,444M | 1,450M | 1,453M | 1,444M | 1,451M | 1,485M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 20.0B | 14.6B | 14.8B | 16.4B | 18.6B | 14.4B | 14.2B | 22.8B | 22.8B | 22.9B | 25.5B | 25.9B | 26.4B |
| Gross Margin | 2.5% | -95.3% | 8.7% | 41.3% | 37.2% | 8.9% | 17.9% | 38.6% | 33.8% | 31.3% | 30.1% | 28.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 580M | 558M | 597M | 477M | 422M | 394M | 370M | 383M | 420M | 479M | 513M | 545M | 553M |
| EBIT | -298M | -13.5B | -2.7B | 3.7B | 4.8B | 1.1B | 2.4B | 8.4B | 7.0B | 6.2B | 6.9B | 6.5B | 7.4B |
| Op. Margin | -1.5% | -92.5% | -18.4% | 22.5% | 25.5% | 7.6% | 17.2% | 36.6% | 30.9% | 27.2% | 27.0% | 25.2% | 27.8% |
| Net Income | -1.3B | -12.2B | -4.2B | 1.8B | 2.6B | -239M | 599M | 4.3B | 3.5B | 1.8B | 1.9B | 2.2B | 2.7B |
| Net Margin | -6.5% | -83.8% | -28.0% | 11.1% | 14.0% | -1.7% | 4.2% | 18.8% | 15.2% | 8.1% | 7.4% | 8.5% | 10.3% |
| Non-Recurring | 2.5B | 85M | 1.2B | 129M | 212M | 596M | 473M | 80M | 2.0M | 0 | 0 | 89M | 89M |
| Returns on Capital | |||||||||||||
| ROIC | -0.8% | -38.1% | -17.2% | 14.9% | 21.2% | 3.8% | 8.7% | 36.9% | 27.8% | 19.5% | 19.6% | 17.7% | 15.6% |
| ROE | -6.7% | -93.7% | -59.9% | 25.9% | 29.3% | -2.5% | 6.2% | 35.7% | 23.5% | 11.5% | 11.0% | 12.1% | 14.0% |
| ROA | -2.1% | -23.3% | -9.9% | 4.9% | 6.5% | -0.6% | 1.4% | 9.6% | 7.0% | 3.6% | 3.5% | 3.9% | 4.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 5.6B | 3.2B | 3.7B | 4.7B | 3.9B | 1.5B | 3.0B | 7.7B | 5.1B | 5.3B | 7.2B | 5.6B | 6.0B |
| Free Cash Flow | -1.6B | -3.1B | 924M | 3.3B | 1.9B | -1.2B | 1.1B | 5.6B | 1.7B | 455M | 2.4B | 1.1B | 1.8B |
| Owner Earnings | 1.7B | -362M | 1.0B | 2.9B | 2.0B | 7.0M | 1.4B | 5.6B | 3.0B | 3.1B | 4.8B | 3.2B | 3.6B |
| CapEx | 7.2B | 6.4B | 2.8B | 1.4B | 2.0B | 2.7B | 2.0B | 2.1B | 3.5B | 4.8B | 4.8B | 4.5B | 4.3B |
| Maint. CapEx | 3.9B | 3.5B | 2.6B | 1.7B | 1.8B | 1.4B | 1.5B | 2.0B | 2.0B | 2.1B | 2.2B | 2.2B | 2.3B |
| Growth CapEx | 3.4B | 2.9B | 203M | 0 | 217M | 1.2B | 433M | 117M | 1.4B | 2.8B | 2.6B | 2.2B | 2.0B |
| D&A | 3.9B | 3.5B | 2.6B | 1.7B | 1.8B | 1.4B | 1.5B | 2.0B | 2.0B | 2.1B | 2.2B | 2.2B | 2.3B |
| CapEx/OCF | 128.1% | 197.3% | 75.3% | 30.2% | 51.0% | 178.9% | 65.0% | 27.4% | 67.5% | 91.4% | 67.2% | 80.1% | 71.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.3B | 605M | 6.0M | 2.0M | 218M | 291M | 73M | 331M | 866M | 863M | 865M | 865M | 865M |
| Dividend Yield | 4.4% | 4.0% | 0.0% | 0.0% | 1.0% | 2.0% | 0.4% | 0.7% | 1.7% | 1.6% | 1.3% | 1.5% | 1.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 488M | 1.3B | 0 | 59M | 107M | 145M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.8% | 2.6% | N/A | 0.1% | 0.1% | 0.2% |
| Stock-Based Comp | 106M | 85M | 86M | 71M | 76M | 63M | 99M | 98M | 95M | 109M | 109M | 121M | 135M |
| Debt Repayment | 10.3B | 6.7B | 7.6B | 3.8B | 2.7B | 3.2B | 3.7B | 1.5B | 4.5B | 3.0B | 2.7B | 2.8B | 2.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 18.6B | 20.1B | 11.8B | 8.7B | 6.9B | 8.1B | 6.2B | 1.6B | 2.7B | 5.0B | 5.7B | 6.5B | 5.7B |
| Cash & Equiv. | 298M | 177M | 4.2B | 4.5B | 4.2B | 2.0B | 3.7B | 8.1B | 8.1B | 4.8B | 3.9B | 3.8B | 3.7B |
| Long-Term Debt | 18.4B | 19.7B | 14.8B | 11.8B | 11.1B | 9.8B | 9.7B | 9.1B | 9.6B | 8.7B | 8.9B | 8.9B | 8.9B |
| Debt/Equity | 1.03 | 2.60 | 2.65 | 1.66 | 1.14 | 1.08 | 0.98 | 0.70 | 0.70 | 0.59 | 0.55 | 0.56 | 0.48 |
| Interest Coverage | -0.5 | -21.9 | -3.6 | 4.6 | 5.0 | 1.8 | 4.1 | 13.9 | 12.6 | 12.1 | 21.5 | 17.7 | 17.7 |
| Equity | 18.3B | 7.8B | 6.1B | 8.0B | 9.8B | 9.3B | 10.2B | 14.0B | 15.6B | 16.7B | 17.6B | 18.9B | 19.5B |
| Total Assets | 58.7B | 46.6B | 37.3B | 37.3B | 42.2B | 40.8B | 42.1B | 48.0B | 51.1B | 52.5B | 54.8B | 58.2B | 58.8B |
| Total Liabilities | 35.4B | 33.8B | 28.1B | 26.0B | 24.3B | 23.4B | 23.5B | 25.0B | 26.2B | 25.2B | 26.1B | 27.4B | 27.3B |
| Intangibles | 334M | 316M | 305M | 307M | 398M | 402M | 401M | 412M | 416M | 422M | 428M | 432M | 432M |
| Retained Earnings | 128M | -12.4B | -16.5B | -14.7B | -12.0B | -12.3B | -11.7B | -7.4B | -3.9B | -2.1B | -170M | 1.4B | 2.0B |
| Working Capital | 3.9B | 3.2B | 6.2B | 5.7B | 7.1B | 4.7B | 5.9B | 8.9B | 9.3B | 8.3B | 7.8B | 7.8B | 8.2B |
| Current Assets | 9.0B | 7.5B | 10.4B | 10.6B | 10.5B | 7.9B | 9.3B | 14.8B | 15.6B | 14.1B | 13.3B | 13.8B | 14.1B |
| Current Liabilities | 5.2B | 4.3B | 4.3B | 4.9B | 3.3B | 3.2B | 3.4B | 5.9B | 6.3B | 5.8B | 5.5B | 6.0B | 5.9B |
| Per Share Data | |||||||||||||
| EPS | -1.26 | -11.31 | -3.16 | 1.25 | 1.78 | -0.17 | 0.41 | 2.90 | 2.39 | 1.28 | 1.30 | 1.52 | 1.86 |
| Owner EPS | 1.60 | -0.33 | 0.79 | 1.98 | 1.39 | 0.00 | 0.95 | 3.78 | 2.08 | 2.15 | 3.31 | 2.24 | 2.51 |
| Book Value | 17.62 | 7.24 | 4.60 | 5.49 | 6.70 | 6.61 | 6.96 | 9.42 | 10.72 | 11.56 | 12.10 | 13.03 | 13.51 |
| Cash Flow/Share | 5.42 | 2.98 | 2.84 | 3.21 | 2.64 | 1.05 | 2.07 | 5.20 | 3.54 | 3.66 | 4.93 | 3.87 | 3.48 |
| Dividends/Share | 1.25 | 0.56 | 0.00 | 0.00 | 0.20 | 0.20 | 0.05 | 0.22 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 |
| Shares Out. | 1.0B | 1.1B | 1.3B | 1.5B | 1.5B | 1.4B | 1.5B | 1.5B | 1.5B | 1.4B | 1.5B | 1.4B | 1.4B |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 13.9 | 5.4 | N/A | 56.1 | 13.6 | 15.2 | 32.6 | 29.4 | 34.8 | 33.6 |
| P/FCF | N/A | N/A | 17.5 | 7.8 | 7.4 | N/A | 31.8 | 10.5 | 31.5 | 132.4 | 23.6 | 68.7 | 51.6 |
| EV/EBIT | N/A | N/A | N/A | 9.2 | 4.4 | 22.8 | 16.2 | 6.2 | 6.8 | 9.8 | 8.2 | 12.1 | 13.1 |
| Price/Book | 1.2 | 0.9 | 2.7 | 3.2 | 1.4 | 1.8 | 3.3 | 4.2 | 3.4 | 3.6 | 3.2 | 4.1 | 4.6 |
| Price/Sales | 1.5 | 1.0 | 0.8 | 1.1 | 1.1 | 1.0 | 1.3 | 2.2 | 2.2 | 2.4 | 2.5 | 2.3 | 3.4 |
| FCF Yield | -7.4% | -46.7% | 5.7% | 12.8% | 13.5% | -6.9% | 3.1% | 9.6% | 3.2% | 0.8% | 4.2% | 1.5% | 1.9% |
| Market Cap | 21.4B | 6.7B | 16.1B | 25.3B | 14.0B | 17.0B | 33.6B | 58.6B | 52.6B | 60.3B | 55.5B | 76.7B | 90.4B |
| Avg. Price | 28.53 | 13.96 | 9.56 | 12.56 | 14.22 | 10.34 | 12.70 | 33.66 | 35.19 | 37.79 | 44.22 | 40.32 | 62.60 |
| Year-End Price | 20.64 | 6.20 | 12.28 | 17.44 | 9.56 | 12.12 | 22.99 | 39.45 | 36.22 | 41.74 | 38.18 | 52.91 | 62.60 |
FREEPORT-MCMORAN INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
FREEPORT-MCMORAN INC trades at 41.2x trailing earnings, compared to its 15-year median P/E of 22.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 80.6x vs a median of 20.5x. The company's 5-year average ROIC is 24.3% with a gross margin of 32.4%. Total shareholder yield (dividends + buybacks) is 1.1%. At current prices, the estimated annualized return to fair value is +1.6%.
FREEPORT-MCMORAN INC (FCX) has a net profit margin of 8.5%. This is a modest margin.
FREEPORT-MCMORAN INC (FCX) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FREEPORT-MCMORAN INC (FCX) has a debt-to-equity ratio of 0.56. This indicates moderate leverage.
FREEPORT-MCMORAN INC (FCX) reported earnings per share (EPS) of $1.52 in its most recent fiscal year.
FREEPORT-MCMORAN INC (FCX) has a return on equity (ROE) of 12.1%. This indicates moderate shareholder returns.
FREEPORT-MCMORAN INC (FCX) has a 5-year average gross margin of 32.4%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for FREEPORT-MCMORAN INC (FCX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FREEPORT-MCMORAN INC (FCX) has a book value per share of $13.03, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the Grasberg Block Cave to reach approximately 60,000 tons per day from production blocks 2 and 3 in the second half of 2026, increasing to the 90,000 tons per day range by mid-2027 as material handling infrastructure modifications are completed, with the majority of bottlenecks addressed by mid-2027. The company is advancing de-risking initiatives on surface drainage and cave monitoring while preparing for future production block one south startup in mid-2027, with the revised five-year production forecast reflecting an approximate 9% reduction for copper and 7% for gold compared to prior estimates, primarily impacting 2026 and 2027. In the Americas, Freeport is entering a period of growth with near and medium-term opportunities to scale its leach initiative toward 800 million pounds per annum by 2030, including heat trials and additive deployment expected to reach 400 million pounds in 2026, while advancing the Bagdad expansion toward an investment decision and pursuing major expansion at El Abra in Chile. Cost pressures from elevated diesel prices and global supply chain inflation are expected to persist, with net unit cash costs forecast to average $1.95 per pound of copper for 2026, though management is targeting reductions in the U.S. cost position for 2027 and beyond through operational efficiencies and incremental low-cost leach volumes.
Based on recent SEC filings and earnings calls, FREEPORT-MCMORAN INC (FCX) has provided the following forward guidance: Net unit cash costs: $1.95 per pound of copper (FY2026); Grasberg production blocks 2 and 3 throughput: approximately 60,000 tons per day (H2 2026); Grasberg production blocks 2 and 3 throughput: 90,000 tons per day range (mid-2027); Leach initiative production: 400 million pounds per annum (2026 (scaling target)); Capital expenditures: $4.3 billion (FY2026), plus 2 additional metrics.
Leach initiative production (2026 (scaling target)): “work to scale next year to 400 million pounds per annum from this initiative, and to define our path to 800 million pounds by as soon as 2030.”
Capital expenditures (FY2026): “Capital expenditures are similar to our prior estimates and are expected to approximate $4.3 billion in 2026 and $4.5 billion in 2027.”
Capital expenditures (FY2027): “Capital expenditures are similar to our prior estimates and are expected to approximate $4.3 billion in 2026 and $4.5 billion in 2027.”
Discretionary capital projects (FY2026 and FY2027): “The discretionary projects are expected to approximate $1.6-$1.7 billion per year in 2026 and 2027”