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Freeport-McMoRan Inc.

FCX Basic Materials Copper

Freeport-McMoRan Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.9 billion, up 1.81% from fiscal 2024.

Revenue
+8.23%
EPS
+28.3%
Free cash flow
+25.5%
Total debt
+1.08%

Quarter to September 2026, against a year earlier

58.29 4.31 −6.88%
Market cap
$83.2B
P/E
28.7×
Fwd P/E
19.6×
Dividend yield
0.51%
F-score
6/9
Altman Z
2.61
Beneish M
−2.09
Dividend safety
28/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2013

  • Refined Copper Products
  • Copper In Concentrates
  • Oil Products
  • Gold
  • Silver And Other
  • Molybdenum

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 46.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 5 — — — — 1 4 — — —
Insider Ownership 0.56%

Capital & Financial Ratios $m

Size
Market Cap 83,150.00
Revenue ttm 26,442.00
Net income ttm 5,031.00
Free cash flow ttm 1,929.00
Net debt Q 4,784.00
Valuation
P/E 28.71
Forward P/E 19.60
Price / sales 3.17
Forward P/S Powerpack
Price / FCF 45.73
Price / book 2.49
Financial health
Current ratio Q 2.02 (at or above 1.5: strong)
Debt / equity Q 0.28 (at or below 0.5: strong)
Interest coverage Q 27.36
Growth
Revenue growth Q +8.23% (above 0%: growing)
Operating income growth Q +19.32% (above 0%: growing)
EPS, this year +78.36% (at or above 15%: strong)
EPS, next year A +36.10% (at or above 15%: strong)
Revenue, next year A +16.31% (at or above 10%: strong)
EPS, past 5 yrs +29.96% (at or above 15%: strong)
EPS, next 5 yrs A +39.80% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 2.4×; over the ten years it ranged from 1.2× in 2018 to 4.4× in 2026.
P/E against its own 10 years 59.28%
10-year low 10-year high
P/S against its own 10 years 88.93%
10-year low 10-year high
P/B against its own 10 years 79.50%
10-year low 10-year high
EV/Sales against its own 10 years 88.41%
10-year low 10-year high
EV/FCF against its own 10 years 71.69%
10-year low 10-year high

Dividends

Yield
0.51%
Annual rate
0.30
Payout ratio
11.0%
Growth, 2018–25
0.00%/yr
  1. 0.15 ’18
  2. 0.20 ’19 +33
  3. 0.05 ’20 −75
  4. 0.23 ’21 +350
  5. 0.08 ’22 −67
  6. 0.23 ’23 +200
  7. 0.15 ’24 −33
  8. 0.15 ’25 +0
  9. 0.59 ’26e +296
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,966 4,811 4,054 4,614
Receivables 1,664 1,142 1,663 1,628
Inventory 6,060 6,808 7,493 8,434
Other 375 535 580 629
14,065 13,296 13,790 15,305
2023 2024 2025 Q'26
Payables 3,729 4,057 4,565 4,727
ST’ Debt 766 41 466 1,680
Other 316 320 313 374
5,815 5,496 6,019 7,589

Compound Annual Growth %

10y 5y 3y
Sales 5.90% 12.79% 4.39%
Cash Flow 5.71% 13.21% 2.97%
Earnings 0.00% 29.76% (14.02%)
Book Value 9.83% 10.51% 7.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.80 Actual 0.88

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.28 0.47 Beat by 0.19
Q1 FY26 0.47 0.57 Beat by 0.10
Q2 FY26 0.62 0.74 Beat by 0.12
Q3 FY26 0.80 0.88 Beat by 0.08
Q4 FY26 0.89 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.61 0.68 1.17 — —
’25 0.24 0.53 0.46 0.28 1.52
’24 0.32 0.42 0.36 0.19 1.30
’23 0.46 0.23 0.31 0.27 1.28
’22 1.04 0.57 0.28 0.48 2.39
’21 0.48 0.73 0.94 0.74 2.90
’20 (0.34) 0.03 0.22 0.48 0.41
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,234 7,029 7,546 — —
’25 5,728 7,582 6,972 5,633 25,915
’24 6,321 6,624 6,790 5,720 25,455
’23 5,389 5,737 5,824 5,905 22,855
’22 6,603 5,416 5,003 5,758 22,780
’21 4,850 5,748 6,083 6,164 22,845
’20 2,798 3,054 3,851 4,495 14,198
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,495 2,048 1,981 — —
’25 1,058 2,195 1,664 693 5,610
’24 1,896 1,956 1,872 1,436 7,160
’23 1,050 1,673 1,236 1,320 5,279
’22 1,691 1,621 758 1,069 5,139
’21 1,075 2,395 1,965 2,280 7,715
’20 (38) 491 1,237 1,327 3,017
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 522 944 822 — —
’25 (114) 934 655 (359) 1,116
’24 642 853 670 187 2,352
’23 (46) 465 65 (29) 455
’22 968 854 (72) 28 1,778
’21 710 1,973 1,408 1,756 5,847
’20 (582) 14 685 1,643 1,760
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.8% a year for ten years.

Implied
17.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 14,830 16,403 18,628 14,402 14,198 22,845 22,780 22,855 25,455 25,915 26,442 +6.4% 30,143 36,579 38,643 +14.2%
Gross margin, % (18.23) 26.96 27.71 8.87 17.91 38.59 33.76 31.33 30.09 28.16 28.00 +46.4 pt
EBT (3,472) 2,902 3,892 306 1,797 7,659 6,715 6,006 6,907 6,372 7,022 n/m
EBT margin, % (23.41) 17.69 20.89 2.12 12.66 33.53 29.48 26.28 27.13 24.59 26.56 +48.0 pt
Net income (4,025) 2,095 2,894 (189) 865 5,365 4,479 3,751 4,399 4,152 5,031 n/m
Per share, $
Per share, $ Revenue 11.25 11.34 12.86 9.93 9.77 15.58 15.81 15.94 17.70 18.03 0.00 +5.4%
Earnings (3.16) 1.26 1.79 (0.17) 0.41 2.90 2.39 1.28 1.30 1.52 2.03 n/m
Cash flow 2.84 3.22 2.67 1.02 2.08 5.26 3.57 3.68 4.98 3.90 0.00 +3.6%
Capex (2.13) (0.97) (1.04) (1.44) (0.87) (1.27) (2.33) (3.36) (3.34) (3.13) 0.00 +4.3%
Free cash flow 0.70 2.25 1.62 (0.42) 1.21 3.99 1.23 0.32 1.64 0.78 0.00 +1.1%
Book value 7.02 7.81 12.35 12.02 12.85 15.70 17.26 19.04 20.01 21.41 0.00 +13.2%
Shares, m 1,318 1,447 1,449 1,451 1,453 1,466 1,441 1,434 1,438 1,437 1,438 +1.0%
Valuation, ×
Valuation, × P/E 0.00 15.94 6.69 0.00 66.72 14.44 16.00 33.14 29.52 33.64 28.71 21.6
P/S 1.22 1.74 0.80 1.32 2.66 2.68 2.40 2.64 2.15 2.82 3.17 2.0
P/B 1.96 2.53 0.84 1.09 2.03 2.66 2.20 2.21 1.90 2.37 2.49 2.0
EV/Sales 2.02 2.27 1.17 1.86 3.09 2.74 2.50 2.79 2.31 3.02 3.35 2.4
EV/FCF 32.41 11.46 9.70 (38.08) 26.36 10.88 33.89 177.75 26.11 76.77 48.34 36.7
Cash, $m
Cash, $m Operating cash flow 3,737 4,666 3,863 1,482 3,017 7,715 5,139 5,279 7,160 5,610 6,217 +4.6%
Capex (2,813) (1,410) (1,514) (2,091) (1,257) (1,868) (3,361) (4,824) (4,808) (4,494) (4,288) +5.3%
Free cash flow 924 3,256 2,349 (609) 1,760 5,847 1,778 455 2,352 1,116 1,929 +2.1%
Balance, $m
Balance, $m Working capital 6,170 5,712 7,135 4,706 5,886 8,938 9,268 8,250 7,800 7,771 7,716 +2.6%
Net debt 11,782 8,703 6,924 7,806 6,054 1,382 2,363 3,456 4,137 5,325 4,784 (8.4%)
Shareholders’ equity 9,257 11,296 17,892 17,448 18,668 23,019 24,871 27,310 28,778 30,766 33,613 +14.3%
Returns, %
Returns, % ROA (9.90) 4.87 6.54 (0.58) 1.44 9.55 7.00 3.57 3.52 3.90 5.82 +13.8 pt
ROIC (8.11) 11.53 11.97 2.70 6.16 21.43 16.15 12.65 13.03 11.29 11.89 +19.4 pt
ROE (39.00) 17.68 17.83 (1.35) 3.32 20.66 14.48 7.08 6.74 7.40 10.76 +46.4 pt
People
People Employees 30,000 25,200 26,800 27,500 24,500 24,700 25,600 27,200 28,500 29,000 — (0.4%)
Revenue/emp, $m 0.49 0.65 0.70 0.52 0.58 0.92 0.89 0.84 0.89 0.89 — +6.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Freeport-McMoRan is a metals company that mines copper, gold and molybdenum and processes some of those metals into products customers can use. Founded in 1912 and headquartered in Phoenix, it is led by President and Chief Executive Officer Kathleen L. Quirk.

Copper is the center of the business. Freeport sells it as concentrate, a material made by crushing and treating ore; as cathode, refined sheets of copper; and as rod, which manufacturers turn into wire and cable. Its customers include smelters and manufacturers of wire, cable, brass and tubes. It also sells gold bars and molybdenum products.

Where the money comes from and where it goes Fiscal 2013

Fiscal 2013: revenue by products and services, and margins
Refined Copper Products 9,178 43.87%
Copper In Concentrates 5,328 25.47%
Oil Products 2,310 11.04%
Gold 1,656 7.92%
Silver And Other 1,339 6.40%
Molybdenum 1,110 5.31%
Gross margin 30.04%
Operating margin 25.58%
Pre-tax margin 23.48%

Revenue by segment since 2011

Freeport-McMoRan Inc. vs peers in Copper (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SCCO Southern Copper Corporation $141.1B 21.7× 22.2× +39.06% (above 0%: growing) +59.26% (above 0%: growing) +41.15% (above 0%: growing) 65.95% 59.94% Compare
FCX Freeport-McMoRan Inc. $83.2B 28.7× 19.6× +8.23% (above 0%: growing) +28.30% (above 0%: growing) +25.50% (above 0%: growing) 33.75% 31.18%
HBM HudBay Minerals Inc $9.1B 12.2× 13.7× +17.69% (above 0%: growing) +13.33% (above 0%: growing) +4.51% (above 0%: growing) 42.61% 34.80% Compare
ERO Ero Copper Corp. $2.9B 10.1× 6.5× +110.39% (above 0%: growing) +35.06% (above 0%: growing) +441.33% (above 0%: growing) 40.25% 35.04% Compare
IE Ivanhoe Electric Inc. $1.1B — (loss-making) — (loss-making) +29.91% (above 0%: growing) n/m −57.43% (below 0%: shrinking) 54.10% (4,071.05%) Compare
LCU Lion Copper Corp. $70.2M — (loss-making) — — n/m −376.65% (below 0%: shrinking) — 0.00% Compare
COPR Idaho Copper Corporation $23.1M — (loss-making) — — n/m −2,323.48% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $2.0B 12.2× 13.7× +34.49% +35.06% −26.46% 42.61% 17.40%

All 7 Copper stocks →

From the latest earnings call

Updated

  • Chief Executive Officer Kathleen Quirk said Freeport-McMoRan’s Grasberg ramp-up remained on track, with the district targeted at about 65% capacity in the second half of 2026.
  • Chief Financial Officer Maree Robertson said the company expects second-half sales volumes to rise, driven by higher volumes at Grasberg and U.S. operations.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.21%
Held by the ten largest 42.10%
Holder Shares Stake Change
Vanguard 132.95m 9.26% +1.30m
BlackRock 121.95m 8.49% −3.92m
Fisher Investments 66.92m 4.66% +1.83m
State Street 66.49m 4.63% +2.30m
Franklin Templeton 45.16m 3.15% −1.31m
Capital Group 45.12m 3.14% +929.32k
Bank of America 36.40m 2.53% −5.94m
Geode Capital Management 32.56m 2.27% +275.70k
JPMorgan Chase 31.00m 2.16% +10.06m
Morgan Stanley 25.99m 1.81% −233.53k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Freeport-McMoRan Inc. (FCX) Latest News

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FCX metrics, ten years each

stockrow.com/FCX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com