Freeport-McMoRan Inc.
Freeport-McMoRan Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.9 billion, up 1.81% from fiscal 2024. In the quarter to June 2026, revenue fell 7.29%, EPS grew 28.3%, free cash flow grew 1.07% and total debt rose 1.46%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years, revenue growth for three.
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Freeport-McMoRan Inc. (FCX) Altman Z-score
Freeport-McMoRan Inc.'s Altman Z-score for fiscal 2025 is 2.61, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.61 | 0.30 |
| FY2024 | 2.30 | (0.11) |
| FY2023 | 2.41 | 0.15 |
| FY2022 | 2.26 | (0.26) |
| FY2021 | 2.53 | 1.25 |
| FY2020 | 1.27 | 0.63 |
| FY2019 | 0.65 | (0.34) |
| FY2018 | 0.98 | (0.05) |
| FY2017 | 1.03 | 0.92 |
| FY2016 | 0.11 | 0.91 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | 0.02 | — | 0.03 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 2.66 | — | 1.60 | |
| Sales / total assets | 0.45 | — | 0.45 | |
| Altman Z-score | Grey zone | 2.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.89 | ||
Z and Z″ put Freeport-McMoRan Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IE Ivanhoe Electric Inc. compare | 19.2× |
| SCCO Southern Copper Corporation compare | 9.2× |
| ERO Ero Copper Corp. compare | 3.2× |
| FCX Freeport-McMoRan Inc. | 2.6× |
| HBM HudBay Minerals Inc compare | 2.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
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- Revenue
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- Gross margin
- Operating margin
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- P/E ratio
- P/S ratio
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- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
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- Piotroski F-score
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