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Freeport-McMoRan USD

Update

Sector: Copper mining

Geography: United States, Indonesia, Peru, Chile

COMM_FCX

Price chart

68.41 USDDay 3.12%

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
68.41 USD · 3.12%
Market cap
98.0 bn USD

Growth

Δ revenue y/y
8.8%
Δ EBITDA y/y
49.9%

Multiples

P/E (LTM)
20.7x
3y avg: 15.4x
P/B (FY)
5.2x
P/E (ann.)
17.7x
EV/EBITDA (LTM)
10.8x
3y avg: 7.8x
EV/EBITDA (ann.)
9.8x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
0.4%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-30.3%
↓ details

Liquidity

Daily turnover (listing)
862.2 mln USD

Shares: yahoo_fundamentals_timeseries/FCX

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 0 / Err: 13 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✗Errors 1Warn 2
2023-06-30 Q2✗Errors 1Warn 2
2023-09-30 Q3✗Errors 1Warn 2
2023-12-31 FY✗Errors 1Warn 1
2023-12-31 Q4✓OK
2024-03-31 Q1✗Errors 1Warn 1
2024-06-30 Q2✗Errors 1Warn 1
2024-09-30 Q3✗Errors 1Warn 1
2024-12-31 FY✗Errors 1Warn 1
2024-12-31 Q4✓OK
2025-03-31 Q1✗Errors 1Warn 1
2025-06-30 Q2✗Errors 1Warn 1
2025-09-30 Q3✗Errors 1Warn 1
2025-12-31 FY✗Errors 1Warn 1
2025-12-31 Q4✓OK
2026-03-31 Q1✗Errors 1Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2026-03-31Q1 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%5.7Link
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%5.7Link
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%5.1Link
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%
1.9-1.255.4
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%4.7Link
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 —
1.1-1.150.9
y/y —
16.1
y/y —
—2.8Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

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.

2 12220204 72120215 44820225 75820235 70720244 5102025840.002026

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
2026840.00 *2 301 375
20254 510
−21.0%		12 356 797
20245 707
−0.9%		15 636 849
20235 758
+5.7%		15 774 329
20225 448
+15.4%		14 924 904
20214 72112 934 959
20202 122 *5 813 233

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-40%-20%0%20%40%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-50005001 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 00010 00015 00020 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Copper

Current 14 486spot vs LTM +26%

Commodity-player potential

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

Upside: -30.3%

Main driver: Copper +26% vs LTM; revenue ×1.22 vs costs ×1.08; EBITDA 9 644→10 379; at 7.1× EV/EBITDA → -30%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, IDR3y vs LTM
Copper (rev)+78%14 486.4611 460.7610 547.33+26%+30%-8%
Gold (rev)+11%4 331.963 939.803 112.05+10%+13%-21%
US Diesel Index (EIA) (cost)-10%5.213.754.07+39%+42%+8%
Electricity Spot (cost)-5%57.8058.5652.39-1%+1%-11%

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

1 · Reported baseline (LTM)
LTM revenue26 421
LTM EBITDA9 644
LTM cash costs (revenue − EBITDA)16 777
2 · Revenue projection
Revenue multiplier — spot×1.217 (+22%)
= Spot revenue32 151
Revenue multiplier — 3y price×0.915 (-9%)
= 3-year-price revenue24 167
3 · Costs projection
Cost multiplier — spot×1.077 (+8%)
= Spot cash costs18 074
Cost multiplier — 3y price×1.042 (+4%)
= 3-year-price cash costs17 486
4 · EBITDA projection (revenue − costs)
= Spot EBITDA14 077
= 3-year-price EBITDA6 681
Conservative EBITDA = min(spot, avg)10 379
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.1x
Target EV = EV/EBITDA × conservative EBITDA73 794
Net debt5 677
Target market cap = EV − net debt68 117
Current market cap97 758

Upside = target market cap ÷ current − 1 = -30.3%

Life of mine: 31 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
2023 Q25 7375 408+6.1%1 9571 984-1.4%
2023 Q35 8245 537+5.2%2 0251 948+4.0%
2023 Q45 9055 591+5.6%2 3111 938+19.3%
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%2 3802 737-13.0%
2025 Q15 7286 917-17.2%1 7692 929-39.6%
2025 Q27 5826 784+11.8%3 1002 795+10.9%
2025 Q36 9727 069-1.4%2 5972 921-11.1%
2025 Q45 6337 392-23.8%1 2963 177-59.2%
2026 Q16 2347 743-19.5%2 6513 250-18.4%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 8.0x · target 75th pct (3y) 7.1x · LTM avg 8.5x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-07-140.075 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)