Freeport-McMoRan (FCX)
Materials · $106B market cap · SEC CIK 0000831259
$74.35
▲+3.03% on the day
close of Sep 22, 2026
53
Mixed
fundamentals score out of 100
fundamentals score out of 100
Next reports on Oct 15, 2026, with analysts expecting $0.73 in earnings per share.
The case for FCX
- Earnings per share up 53.1%.
- A PEG of 0.67: a P/E of 35.8× is low for EPS growing 53%.
- Has compounded revenue at 12.8% a year over five years.
- Return on equity of 15%.
- Current assets cover the near-term bills 2.1 times over.
- Up 60.6% over the past year.
The case against
- Revenue fell 24.2% year over year.
- Pricey at 35.8× earnings, against a long-run market average nearer 20×.
- Stability is weak (34/100): beta 1.36, 1.6 years of cash flow to clear its debt, a 56% swing over the year.
- Free cash flow is only 1.1% of its market value, a thin cash return for the price.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 35 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 63 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 53 |
| Momentumhow the price has behaved lately | 79 |
| Stabilityhow violently it moves, what it owes and what it pays you | 34 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 35.8× |
|---|---|
| Price / book | 4.50× |
| Price / sales | 4.1× |
| Revenue growth (YoY) | -24.2% |
| EPS growth (YoY) | +53.1% |
| Gross margin | 27% |
| Operating margin | 27% |
| Net margin | 11% |
| Return on equity | 15% |
| Debt / equity | 0.47× |
| Current ratio | 2.07 |
| Dividend yield | 0.81% |
| Beta | 1.36 |
| 52-week range | $35.15 – $80.24 |
| Position in that range | 87% of the way up |
| 3-month return | +5.1% |
| 1-year return | +60.6% |
Five years of financials, as filed
Pulled from Freeport-McMoRan's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $25.2B | $25.2B | $22.7B | $23.3B | $22.4B |
| Operating income | $6.5B | $6.9B | $6.2B | $7.0B | $8.4B |
| Net income | $2.2B | $1.9B | $1.8B | $3.5B | $4.3B |
| Operating cash flow | $5.6B | $7.2B | $5.3B | $5.1B | $7.7B |
| Capital expenditure | $4.5B | $4.8B | $4.8B | $3.5B | $2.1B |
| Total assets | $58.2B | $54.8B | $52.5B | $51.1B | $48.0B |
| Total liabilities | $27.4B | $26.1B | $25.2B | $26.2B | $25.0B |
| Shareholder equity | $18.9B | $17.6B | $16.7B | $15.6B | $14.0B |
| Cash | $3.8B | $3.9B | $4.8B | $8.1B | $8.1B |
| Long-term debt | $8.9B | $8.9B | $8.7B | $9.6B | $9.1B |
| Free cash flow | $1.1B | $2.4B | $455M | $1.7B | $5.6B |
| Operating margin | 25.9% | 27.3% | 27.4% | 30.2% | 37.3% |
| Net margin | 8.8% | 7.5% | 8.1% | 14.9% | 19.2% |
| Diluted shares | 1.4B | 1.4B | 1.4B | 1.5B | 1.5B |
Share count is essentially flat over 4 years.
Risk factors FCX lists in its 10-K
- Risks related to development projects and mineral reserves
- Regulatory, environmental and social risks
- Our debt and other financial commitments may limit our financial and operating flexibility
- Changes in or the failure to comply with the requirements of mine closure and reclamation regulations could have a material adverse effect on our business
- Unanticipated legal proceedings or negative developments in pending legal proceedings or other contingencies could have a material adverse effect on our financial condition
- Changes in and interpretations of tax laws and regulations could have a material adverse effect on our financial condition
- Our operations are subject to evolving geopolitical, economic, regulatory and social risks
- Because our operations in Indonesia are material to our business, our business may be adversely affected by political, economic, regulatory and social uncertainties in Indonesia
- Our operations are subject to significant operational risks that could adversely affect our business, including the ability to smelt and refine, and our underground mining operations have higher risks than a surface mine
- Our management of waste rock and tailings are subject to significant environmental, safety and engineering challenges and risks that could adversely affect our business
- Our Indonesia mining operations are susceptible to difficult and costly environmental challenges, and future changes in Indonesia environmental laws could increase our costs
- Violence, civil and religious strife, and activism could result in loss of life and disrupt our operations
- Our operations, including future expansions or developments, depend on the availability of secure water supplies
- Our information and operational technology systems have been and in the future may be adversely affected by cybersecurity events, disruptions, damage, failure and risks associated with implementation and integration