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Freeport-McMoRan (FCX) USD

At a glance: strengths & risks
✓Low leverage (0.8x EBITDA)✗Pricier than own history (EV/EBITDA 11.5 vs avg 7.9)

Sector: Copper mining

Geography: United States, Indonesia, Peru, Chile

COMM_FCX

Price chart

69.22 USDDay 0.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
69.22 USD · 0.51%
Market cap
99.2 bn USD

Growth

Δ revenue y/y
-8.8%
Δ EBITDA y/y
-18.5%

Multiples

P/E (LTM)
23.7x
3y avg: 15.4x
P/B (FY)
5.2x
P/E (ann.)
25.2x
EV/EBITDA (LTM)
11.5x
3y avg: 7.9x
EV/EBITDA (ann.)
10.3x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
0.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-38.9%
↓ details

Liquidity

Daily turnover (listing)
565.6 mln USD

Shares: yahoo_fundamentals_timeseries/FCX

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK6.9
y/y -8.8%
2.0
y/y -17.6%
0.5
y/y -21.7%
2.5
y/y -18.5%
1.0
y/y -36.4%
2.0-1.159.7
y/y 5.7%
20.1
y/y 10.4%
19.9%5.3Link
2026-03-31Q1 2026 (3M)OK6.2
y/y 8.8%
2.1
y/y 64.0%
0.5
y/y 10.3%
2.7
y/y 49.9%
1.4
y/y 74.9%
1.5-1.058.8
y/y 5.0%
19.5
y/y 10.3%
28.9%6.7Link
2025-12-31Q4 2025 (3M)OK5.6
y/y -1.5%
0.8
y/y -34.8%
0.5
y/y -9.7%
1.3
y/y -27.2%
0.6
y/y -21.6%
0.7-1.058.2
y/y 6.1%
18.9
y/y 7.5%
22.1%6.7Link
2025-09-30Q3 2025 (3M)OK7.0
y/y 2.7%
2.0
y/y 1.8%
0.6
y/y 4.2%
2.6
y/y 2.3%
1.2
y/y 0.9%
1.7-1.156.8
y/y 2.6%
18.7
y/y 6.5%
9.0%5.0Link
2025-06-30Q2 2025 (3M)OK7.6
y/y 14.5%
2.4
y/y 18.7%
0.7
y/y 31.2%
3.1
y/y 21.2%
1.5
y/y 20.9%
2.2-1.356.5
y/y 3.4%
18.2
y/y 4.6%
34.5%4.8Link
2025-03-31Q1 2025 (3M)OK5.7
y/y -9.4%
1.3
y/y -20.3%
0.5
y/y -21.7%
1.8
y/y -20.6%
0.8
y/y -31.8%
1.1-1.256.0
y/y 3.4%
17.7
y/y 4.2%
18.0%5.0Link
2024-12-31Q4 2024 (3M)OK5.7
y/y -3.1%
1.2
y/y -27.8%
0.5
y/y -8.8%
1.8
y/y -23.0%
0.7
y/y -28.4%
1.4-1.254.8
y/y 4.5%
17.6
y/y 5.3%
25.0%5.8Link
2024-09-30Q3 2024 (3M)OK6.8
y/y 16.6%
1.9
y/y 29.9%
0.6
y/y 12.6%
2.5
y/y 25.3%
1.2
y/y 28.2%
1.9-1.455.4
y/y 7.3%
17.5
y/y 6.6%
9.4%4.7Link
2024-06-30Q2 2024 (3M)OK6.6
y/y 15.5%
2.0
y/y 45.3%
0.5
y/y -6.9%
2.6
y/y 30.7%
1.3
y/y 75.1%
2.0-1.154.6
y/y 7.3%
17.4
y/y 7.4%
29.8%4.2Link
2024-03-31Q1 2024 (3M)OK6.3
y/y 17.3%
1.6
y/y 2.1%
0.6
y/y 49.1%
2.2
y/y 11.5%
1.2
y/y 10.8%
1.9-1.354.2
y/y 6.5%
17.0
y/y 5.7%
27.6%4.2Link
2023-12-31Q4 2023 (3M)OK5.9
y/y —
1.7
y/y —
0.6
y/y —
2.3
y/y —
1.0
y/y —
1.3-1.452.5
y/y —
16.7
y/y —
22.6%5.1Link
2023-09-30Q3 2023 (3M)OK5.8
y/y —
1.5
y/y —
0.5
y/y —
2.0
y/y —
1.0
y/y —
1.2-1.251.6
y/y —
16.5
y/y —
7.9%3.7Link
2023-06-30Q2 2023 (3M)OK5.7
y/y —
1.4
y/y —
0.5
y/y —
2.0
y/y —
0.7
y/y —
1.7-1.250.9
y/y —
16.2
y/y —
18.1%2.8Link
2023-03-31Q1 2023 (3M)OK5.4
y/y —
1.6
y/y —
0.4
y/y —
2.0
y/y —
1.0
y/y —
1.1-1.250.9
y/y —
16.1
y/y —
—2.8Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 220
Long-term debt (incl. LT leases)8 166
− Cash & equivalents4 080
Net debt5 306

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.41x of reported net profit; after capex, 0.27x.
year202320242025
cash flow / profit1.41x1.63x1.35x
accruals, % of assets-2.9%-5.0%-2.5%
Last twelve months (to 2025-Q3): 1.41x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · capex 2.2x of depreciation · dividends 66% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Copper

Proved reserves
128 868 mln copper pounds eq.
2025
Reserve life (R/P)
28.6 yrs
reserves ÷ annual output
Annual production
4 510 mln copper pounds eq.
2025

Production, mln copper pounds eq.

4 72120215 44820225 75820235 70720244 5102025

Proved reserves

YearReserves, mln copper pounds eq.
2025128 868
2024135 443
2023147 370
2022135 881
2021141 142
2020151 797

Production

YearProduction, mln copper pounds eq.per day, mln copper pounds eq.
20261 874 * (6M)
−24.3%		10.3
20254 510
−21.0%		12.4
20245 707
−0.9%		15.6
20235 758
+5.7%		15.8
20225 448
+15.4%		14.9
20214 72112.9
20202 122 * (6M)11.6

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Copper

Current 14 598spot vs LTM +19%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -38.9% ▼ -0.4 pp 1d

Main driver: Copper +19% vs LTM; revenue ×1.16 vs costs ×1.06; EBITDA 9 070→8 877; at 7.4× EV/EBITDA → -39%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, IDR3y vs LTM
Copper (rev)+78%14 597.7212 225.5910 861.21+19%+22%-11%
Gold (rev)+11%4 392.624 242.243 233.86+4%+6%-24%
US Diesel Index (EIA) (cost)-10%5.264.214.13+25%+28%-2%
Electricity Spot (cost)-5%57.8062.1952.40-7%-5%-16%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue25 756
LTM EBITDA9 070
LTM cash costs (revenue − EBITDA)16 686
2 · Revenue projection
Revenue multiplier — spot×1.155 (+16%)
= Spot revenue29 754
Revenue multiplier — 3y price×0.887 (-11%)
= 3-year-price revenue22 840
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs17 680
Cost multiplier — 3y price×1.028 (+3%)
= 3-year-price cash costs17 161
4 · EBITDA projection (revenue − costs)
= Spot EBITDA12 074
= 3-year-price EBITDA5 680
Conservative EBITDA = min(spot, avg)8 877
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.4x
Target EV = EV/EBITDA × conservative EBITDA65 689
Net debt5 207
Target market cap = EV − net debt60 482
Current market cap98 915

Upside = target market cap ÷ current − 1 = -38.9%

Life of mine: 26 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q16 3215 766+9.6%2 2292 173+2.6%
2024 Q26 6246 936-4.5%2 5583 128-18.2%
2024 Q36 7906 670+1.8%2 5382 751-7.7%
2024 Q45 7206 784-15.7%1 7802 737-35.0%
2025 Q15 7286 917-17.2%1 7692 778-36.3%
2025 Q27 5826 784+11.8%3 1002 642+17.3%
2025 Q36 9727 069-1.4%2 5972 765-6.1%
2025 Q45 6337 392-23.8%1 2963 021-57.1%
2026 Q16 2347 743-19.5%2 6513 250-18.4%
2026 Q26 9177 722-10.4%2 5263 312-23.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +2% vs +11% the year before — a -9.6 pp move. 3-year CAGR —.
revenue growth by year: 2024 +11% · 2025 +2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.9x · target 75th pct (3y) 7.4x · LTM avg 9.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2026-04-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2026-01-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-10-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-07-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-04-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-01-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-10-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-07-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-04-120.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-01-110.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-10-120.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-07-130.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-04-130.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-01-120.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-10-130.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-07-140.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-04-130.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-01-130.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2021-10-140.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Freeport-McMoRan (FCX) — from primary filings.

Freeport-McMoRan Inc. is a mining company that explores and extracts copper, gold, molybdenum, and other metals from mineral properties in North America, South America, and Indonesia.

Frequently asked questions

What is Freeport-McMoRan (FCX)'s P/E ratio?
Freeport-McMoRan (FCX) trades at a P/E of 23.7x (price to trailing 12-month earnings).
What is Freeport-McMoRan (FCX)'s EV/EBITDA?
Freeport-McMoRan (FCX) trades at 11.5x EV/EBITDA.
What is Freeport-McMoRan (FCX)'s P/B ratio?
Freeport-McMoRan (FCX) trades at a P/B of 5.2x.
What is Freeport-McMoRan (FCX)'s dividend yield?
Freeport-McMoRan (FCX)'s trailing 12-month dividend yield is 0.9%.
What is Freeport-McMoRan (FCX)'s return on equity (ROE)?
Freeport-McMoRan (FCX)'s ROE is 19.9%.
What is Freeport-McMoRan (FCX)'s market capitalization?
Freeport-McMoRan (FCX)'s market cap is 99.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map