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Freeport-McMoRan (FCX)

Market Price (3/18/2026): $55.87 | Market Cap: $80.3 Bil
Sector: Materials | Industry: Copper

Freeport-McMoRan (FCX)

Market Price (3/18/2026): $55.87
Market Cap: $80.3 Bil
Sector: Materials
Industry: Copper

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, CFO LTM is 5.6 Bil		 Weak multi-year price returns
3Y Excs Rtn is -14%		 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 38x
1 Low stock price volatility
Vol 12M is 50%		  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%
2 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more.		  Key risks
FCX key risks include [1] operational and geopolitical instability at its cornerstone Grasberg mine in Indonesia, Show more.
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, CFO LTM is 5.6 Bil
1 Low stock price volatility
Vol 12M is 50%
2 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more.
3 Weak multi-year price returns
3Y Excs Rtn is -14%
4 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 38x
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%
6 Key risks
FCX key risks include [1] operational and geopolitical instability at its cornerstone Grasberg mine in Indonesia, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Freeport-McMoRan (FCX) stock has gained about 35% since 11/30/2025 because of the following key factors:

1. Surging copper prices, driven by strong demand and supply deficits, significantly propelled Freeport-McMoRan's stock. Copper prices hit record highs, with LME copper surpassing $12,000 per tonne in December 2025 and briefly exceeding $14,500 per tonne (intraday) in January 2026, while COMEX copper reached approximately $5.65 per pound by January 9, 2026. This rally was fueled by increasing demand from electrification initiatives, including electric vehicles (EVs), renewable energy infrastructure, and new AI data centers, alongside tightening global supply and a projected global refined copper deficit of approximately 330 thousand metric tons in 2026.

2. Freeport-McMoRan's Q4 2025 earnings significantly surpassed analyst expectations. On January 22, 2026, the company reported diluted earnings per share (EPS) of $0.47, a substantial beat against the consensus estimate of $0.28, representing a 67.86% surprise. Additionally, quarterly revenue reached $5.63 billion, exceeding the consensus estimate of $5.42 billion by 6.63%. This strong financial performance, including a 5% increase in U.S. copper production, demonstrated operational resilience despite prior disruptions.

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Stock Movement Drivers

Fundamental Drivers

The 35.5% change in FCX stock from 11/30/2025 to 3/17/2026 was primarily driven by a 27.4% change in the company's P/E Multiple.
(LTM values as of)113020253172026Change
Stock Price ($)42.8758.0935.5%
Change Contribution By: 
Total Revenues ($ Mil)26,00225,915-0.3%
Net Income Margin (%)8.0%8.5%6.7%
P/E Multiple29.737.927.4%
Shares Outstanding (Mil)1,4371,4370.0%
Cumulative Contribution35.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/17/2026
ReturnCorrelation
FCX35.5% 
Market (SPY)-1.8%49.5%
Sector (XLB)10.8%62.4%

Fundamental Drivers

The 31.6% change in FCX stock from 8/31/2025 to 3/17/2026 was primarily driven by a 14.9% change in the company's P/E Multiple.
(LTM values as of)83120253172026Change
Stock Price ($)44.1358.0931.6%
Change Contribution By: 
Total Revenues ($ Mil)25,82025,9150.4%
Net Income Margin (%)7.5%8.5%14.1%
P/E Multiple33.037.914.9%
Shares Outstanding (Mil)1,4371,4370.0%
Cumulative Contribution31.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/17/2026
ReturnCorrelation
FCX31.6% 
Market (SPY)4.3%48.9%
Sector (XLB)7.8%57.3%

Fundamental Drivers

The 59.6% change in FCX stock from 2/28/2025 to 3/17/2026 was primarily driven by a 36.7% change in the company's P/E Multiple.
(LTM values as of)22820253172026Change
Stock Price ($)36.4058.0959.6%
Change Contribution By: 
Total Revenues ($ Mil)25,45525,9151.8%
Net Income Margin (%)7.4%8.5%14.6%
P/E Multiple27.737.936.7%
Shares Outstanding (Mil)1,4381,4370.1%
Cumulative Contribution59.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/17/2026
ReturnCorrelation
FCX59.6% 
Market (SPY)13.9%62.9%
Sector (XLB)13.2%69.5%

Fundamental Drivers

The 47.4% change in FCX stock from 2/28/2023 to 3/17/2026 was primarily driven by a 132.8% change in the company's P/E Multiple.
(LTM values as of)22820233172026Change
Stock Price ($)39.4158.0947.4%
Change Contribution By: 
Total Revenues ($ Mil)22,78025,91513.8%
Net Income Margin (%)15.2%8.5%-44.1%
P/E Multiple16.337.9132.8%
Shares Outstanding (Mil)1,4321,437-0.3%
Cumulative Contribution47.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/17/2026
ReturnCorrelation
FCX47.4% 
Market (SPY)75.6%56.7%
Sector (XLB)27.7%69.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FCX Return61%-7%14%-10%35%14%138%
Peers Return38%7%11%8%80%20%284%
S&P 500 Return27%-19%24%23%16%-2%78%

Monthly Win Rates [3]
FCX Win Rate58%42%42%33%67%67% 
Peers Win Rate53%57%58%47%70%67% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
FCX Max Drawdown-1%-39%-12%-14%-23%0% 
Peers Max Drawdown-10%-24%-15%-17%-14%0% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-3% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCCO, NEM, GOLD, AEM, TECK. See FCX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/17/2026 (YTD)

How Low Can It Go

Unique KeyEventFCXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-51.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven107.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven655 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-60.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven154.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven119 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-57.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven134.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven402 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-86.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven649.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven6,263 days1,480 days

Compare to SCCO, NEM, GOLD, AEM, TECK

In The Past

Freeport-McMoRan's stock fell -51.7% during the 2022 Inflation Shock from a high on 3/25/2022. A -51.7% loss requires a 107.0% gain to breakeven.

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About Freeport-McMoRan (FCX)

Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. As of December 31, 2021, it operated approximately 135 wells. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.

AI Analysis | Feedback

Think of them as the 'ExxonMobil of essential metals' like copper and gold.

They are a global mining supermajor for industrial metals, similar to how BP or Shell are supermajors for oil and gas.

AI Analysis | Feedback

  • Copper: A base metal extracted from mineral properties primarily in North America, South America, and Indonesia.
  • Gold: A precious metal mined from various mineral districts, including the Grasberg minerals district.
  • Molybdenum: A refractory metal primarily explored for and produced from its mining operations.
  • Silver: A precious metal obtained as a byproduct or primary product from its mineral properties.
  • Oil and Gas: Hydrocarbon energy resources extracted from a portfolio of properties, mainly located offshore California and in the Gulf of Mexico.

AI Analysis | Feedback

Freeport-McMoRan (FCX) sells its products primarily to other companies, not to individuals. As a major producer of raw materials like copper, gold, and molybdenum, its customers are typically industrial buyers and commodity markets. The provided company description does not list specific major customer companies by name. Therefore, the major customers of Freeport-McMoRan can be described by the following categories of businesses:

Freeport-McMoRan (FCX) sells its products primarily to other companies. As a major producer of raw materials such as copper concentrates, refined copper, gold, silver, and molybdenum, its major customers fall into the following categories:

  1. Smelters and Refiners: These companies purchase mineral concentrates (e.g., copper concentrate) and doré (unrefined gold/silver alloy) from Freeport-McMoRan and process them into refined metals. These refined metals are then sold to other industrial end-users.
  2. Industrial Fabricators and Manufacturers: Businesses across various industries, including electronics, automotive, construction, and general manufacturing, purchase refined metals (copper, gold, molybdenum, silver) for use as components or raw materials in their production processes.
  3. Metal Traders and Brokers: Firms that specialize in the global buying and selling of base and precious metals, facilitating the distribution of Freeport-McMoRan's products to a wide range of industrial consumers worldwide.

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Kathleen L. Quirk, President and Chief Executive Officer

Kathleen L. Quirk joined Freeport-McMoRan in 1989 and has held a broad range of corporate functions, including Tax, Investor Relations, Corporate Development, and Treasury. She was named Chief Financial Officer in 2003, President of FCX in 2021, and became Chief Executive Officer effective June 11, 2024. Prior to joining Freeport-McMoRan, she worked in tax accounting at Mobil Oil. Ms. Quirk is a graduate of Louisiana State University with a B.S. in Accounting. She serves on the Board of Directors of Vulcan Materials Company.

Maree E. Robertson, Executive Vice President and Chief Financial Officer

Maree E. Robertson joined Freeport-McMoRan in March 2022. Before her role at Freeport-McMoRan, she served as Chief Financial Officer, Energy and Minerals, at Rio Tinto Group. She also had a 17-year career at BHP Group, where she held a variety of international finance functions.

Richard C. Adkerson, Chairman of the Board

Richard C. Adkerson served as President and Chief Executive Officer of Freeport-McMoRan from 2003 to June 2024, and has been Chairman of the Board since February 2021. He joined Freeport-McMoRan in 1989. Before that, he was a Partner and Managing Director at Arthur Andersen & Co., where he led the firm's Worldwide Oil and Gas Industry Practice. He also served as a Professional Accounting Fellow with the Securities and Exchange Commission from 1976 to 1978. Mr. Adkerson holds a B.S. degree in Accounting and an M.B.A. from Mississippi State University. He was instrumental in the company's acquisition of Phelps Dodge in 2007.

Douglas N. Currault II, Executive Vice President and General Counsel

Douglas N. Currault II is responsible for leading Freeport-McMoRan's legal, compliance, and regulatory affairs globally.

Stephen T. Higgins, Executive Vice President and Chief Administrative Officer

Stephen T. Higgins is responsible for corporate safety and security, communications, sustainability, and human resources at Freeport-McMoRan.

AI Analysis | Feedback

Here are the key risks to Freeport-McMoRan's business:
  1. Commodity Price Volatility: Freeport-McMoRan's financial performance is highly susceptible to fluctuations in the market prices of copper, gold, and molybdenum. These commodity prices are inherently volatile, influenced by global economic cycles, geopolitical events, and shifts in supply and demand dynamics. A significant downturn in global growth or an unexpected increase in commodity supply could negatively impact the company's revenue and profitability.
  2. Operational Risks, Particularly at Grasberg: The company faces inherent operational risks associated with large-scale mining, especially its significant underground operations at the Grasberg minerals district in Indonesia. A notable example is the September 2025 mud rush incident at the Grasberg Block Cave mine, which resulted in fatalities, a temporary suspension of mining operations, and increased costs. There is ongoing risk associated with the phased restart and ramp-up of production at Grasberg, which may not proceed as planned.
  3. Geopolitical and Regulatory Risks in Indonesia: Freeport-McMoRan's substantial operations in Indonesia, particularly at the Grasberg minerals district, expose it to geopolitical and regulatory complexities. While a recent Memorandum of Understanding aims to extend mining rights for PT Freeport Indonesia (PTFI) through 2041, the long-term regulatory environment and the planned 2041 ownership transfer of a 12% stake to Indonesian government interests introduce an element of uncertainty. Additionally, compliance with evolving environmental laws and the potential for increased costs due to changes in mining regulations pose ongoing risks.

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Freeport-McMoRan (FCX) operates in the addressable markets of copper, gold, molybdenum, silver, and oil and gas.

  • Copper: The global copper market size was estimated at approximately USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Another source states the global copper market was valued at USD 236.09 billion in 2024. The U.S. copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030. Other estimates for the U.S. market include USD 45.01 billion in 2024 and approximately USD 14.55 billion in 2024, projected to reach around USD 26.33 billion by 2034.
  • Gold: The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market size was estimated at 4.42 kilotons in 2024, and is expected to reach 6.32 kilotons by 2029. The U.S. gold demand rose to 679 tons in 2025. The U.S. gold bullion market is poised for sustainable growth.
  • Molybdenum: The global molybdenum market size was valued at approximately USD 4.60 billion in 2024 and is estimated to hit approximately USD 6.29 billion by 2034. Another report valued the global molybdenum market at USD 4.77 billion in 2024, projected to reach USD 6.82 billion by 2033. In terms of volume, the global molybdenum market size reached 6,000.8 tons in 2025, with an estimate to reach 7,317.0 tons by 2034. The U.S. molybdenum and metal ore mining market size was USD 1.7 billion in 2024.
  • Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033. Another source reported the global silver market size at USD 21.21 billion in 2024, anticipated to reach USD 21.91 billion in 2025. The U.S. silver market is projected to grow at a 3.19% CAGR from 2025 to 2035, reaching a value of USD 4.2 billion by 2035.
  • Oil and Gas: The global oil and gas market size was valued at USD 6.10 trillion in 2024 and is expected to hit around USD 8.79 trillion by 2034. Another estimate for the global market was USD 4,438.74 billion in 2024, projected to grow to USD 15,499.08 billion by 2032. The U.S. oil and gas market size is calculated at USD 1.55 trillion in 2024 and is projected to reach around USD 2.24 trillion by 2034. Other data indicates the U.S. oil and gas market was valued at USD 474.5 billion in 2025 and is projected to reach USD 717.39 billion by 2034.

AI Analysis | Feedback

Freeport-McMoRan (FCX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and favorable market conditions:

  1. Favorable Copper Market Fundamentals and Pricing: Global demand for copper is anticipated to remain robust, driven by the ongoing energy transition, including automotive electrification (electric vehicles and charging stations), significant investments in power grids, and growth in renewable energy and technology infrastructure. This strong demand environment is expected to support higher copper prices, directly contributing to Freeport-McMoRan's revenue.
  2. Increased Production Volumes from Indonesian Operations: Freeport-McMoRan anticipates higher copper and gold sales volumes from its Grasberg minerals district in Indonesia. The company is focused on underground optimization and achieving sustained higher-grade panels and productivity gains. The ramp-up of the new Manyar smelter and the precious metals refinery in Indonesia are also crucial, aiming to reduce concentrate exports and capture domestic premiums by mid-2025.
  3. Organic Growth Initiatives and Enhanced Efficiencies in the Americas: The company is pursuing brownfield projects and innovative leach initiatives across its North and South American assets. Projects such as the potential El Abra sulfide concentrator in Chile and expansions at Bagdad and Lone Star in Arizona are under evaluation to add significant copper production capacity. Innovative leach initiatives are also projected to substantially increase copper production at low costs.
  4. Higher Gold Sales Volumes: Freeport-McMoRan's outlook for 2024 and beyond includes higher gold sales volumes, particularly from its Indonesian operations. This increase in gold production is expected to be a notable contributor to the company's overall revenue growth.

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Share Repurchases

  • In November 2021, Freeport-McMoRan's Board of Directors authorized a new share repurchase program of up to $3.0 billion of common stock.
  • As of October 23, 2025, the company had repurchased 51,964,178 shares for $2,000.7 million under the November 1, 2021, authorization.
  • Annual share buybacks included $505.14 million in December 2021, $644.54 million in June 2022, $59 million in 2024, and $107 million in 2025.

Share Issuance

  • Freeport-McMoRan's shares outstanding showed minor fluctuations, with 1.43 billion in 2023, increasing by 0.14% to 1.445 billion in 2024, and then declining by 0.14% to 1.443 billion in 2025.

Inbound Investments

  • Capital International Investors increased its stake in Freeport-McMoRan by 19.5% in the third quarter of a recent period, holding 11,548,801 shares valued at approximately $452.2 million.

Outbound Investments

  • Freeport-McMoRan prioritizes operational enhancements and development of existing assets, with CEO Kathleen Quick stating in December 2025 that the company is not relying on mergers and acquisitions for growth.
  • The company's growth strategy emphasizes high-return organic brownfield expansions and disciplined partnerships over large, dilutive acquisitions.

Capital Expenditures

  • Capital expenditures were $4.8 billion in 2024, consistent with 2023, focusing on major mining projects and new downstream processing facilities in Indonesia.
  • Cash from investing activities, largely reflecting capital expenditures, ranged from USD -2.0 billion in 2021 to a peak of USD -5.0 billion in 2023 and 2024, before moderating to USD -4.5 billion in 2025.
  • The company projects capital expenditures of $3.9 billion for 2025 and between $4.3 billion and $4.5 billion for both 2026 and 2027, with a focus on high-return brownfield expansions and low-capex leach recovery, including the Bagdad mine expansion in Arizona and the evaluation of a large-scale mill conversion at El Abra in Chile.

Interactive Breakdown

Freeport-McMoRan Interactive Breakdown Analysis

Better Bets vs. Freeport-McMoRan (FCX)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Can Freeport-McMoRan Stock Recover If Markets Fall?03/10/2026
2Why Freeport-McMoRan Stock Jumped 90%?03/05/2026
3FCX Stock Surges 13% In 6-Day Spree On Analyst Upgrades To $7602/26/2026
4FCX Stock Surges 11% With A 5-day Winning Spree On Grasberg Deal & Upgrades02/25/2026
5FCX Stock Surges 11% With A 5-day Winning Spree On Freedom Capital Upgrade To $7602/25/2026
6What Is Happening With Freeport-McMoRan Stock?02/11/2026
7FCX Stock Surges 11% With A 5-day Winning Spree On Analyst Target Hikes To $7001/30/2026
8How Freeport-McMoRan Stock Gained 80%01/14/2026
9FCX Stock Surges 12% With A 9-day Winning Spree On UBS Upgrade To $6012/27/2025
10Freeport-McMoRan Earnings Notes12/25/2025
11ARTICLES 
12Large Cap Stocks Trading At 52-Week High02/25/2026
13Freeport-McMoRan Stock Surged 70%, Here’s Why02/11/2026
14What’s Next for Freeport Stock?01/29/2026
15Copper’s Rally Reveals a Deeper Supply-Demand Imbalance01/16/2026
16S&P 500 Stocks Trading At 52-Week High01/12/2026
Title
0DASHBOARDS
1Can Freeport-McMoRan Stock Recover If Markets Fall?
2Why Freeport-McMoRan Stock Jumped 90%?
3FCX Stock Surges 13% In 6-Day Spree On Analyst Upgrades To $76
4FCX Stock Surges 11% With A 5-day Winning Spree On Grasberg Deal & Upgrades
5FCX Stock Surges 11% With A 5-day Winning Spree On Freedom Capital Upgrade To $76
6What Is Happening With Freeport-McMoRan Stock?
7FCX Stock Surges 11% With A 5-day Winning Spree On Analyst Target Hikes To $70
8How Freeport-McMoRan Stock Gained 80%
9FCX Stock Surges 12% With A 9-day Winning Spree On UBS Upgrade To $60
10Freeport-McMoRan Earnings Notes
11ARTICLES
12Large Cap Stocks Trading At 52-Week High
13Freeport-McMoRan Stock Surged 70%, Here’s Why
14What’s Next for Freeport Stock?
15Copper’s Rally Reveals a Deeper Supply-Demand Imbalance
16S&P 500 Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to FCX.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K01312026IPInternational PaperInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		9.1%9.1%0.0%
B_1302026_Quality_Momentum_RoomToRun_10%01302026BBarrick MiningQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		11.7%11.7%-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K12312025AMRAlpha Metallurgical ResourcesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		-18.6%-18.6%-18.6%
EMN_12262025_Dip_Buyer_ValueBuy12262025EMNEastman ChemicalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		18.9%18.9%0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025AMCRAmcorInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		19.2%19.2%-0.5%
FCX_10032025_Monopoly_xInd_xCD_Getting_Cheaper10032025FCXFreeport-McMoRanMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		72.7%72.7%-2.2%
FCX_3312025_Monopoly_xInd_xCD_Getting_Cheaper03312025FCXFreeport-McMoRanMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-1.2%82.3%-23.0%
FCX_8312022_Dip_Buyer_FCFYield08312022FCXFreeport-McMoRanDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		46.5%37.0%-10.5%

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Peer Comparisons

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Financials

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
Mkt Price58.09177.02111.0447.89209.4549.9684.56
Mkt Cap83.5149.6121.11.2104.924.494.2
Rev LTM25,91513,42022,66915,67911,90810,75614,549
Op Inc LTM6,5027,00211,023546,3061,4326,404
FCF LTM1,1163,4277,2993104,262-5832,271
FCF 3Y Avg1,3083,1293,4521162,108-4401,708
CFO LTM5,6104,75210,3343236,8171,4795,181
CFO 3Y Avg6,0164,2496,4871284,4602,7844,354

Growth & Margins

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
Rev Chg LTM1.8%17.4%21.3%48.0%43.7%18.7%20.0%
Rev Chg 3Y Avg4.5%10.5%26.2%26.1%28.1%-11.9%18.3%
Rev Chg Q-1.5%39.0%20.6%136.2%60.3%9.8%29.8%
QoQ Delta Rev Chg LTM-0.3%8.8%5.4%31.3%12.7%2.6%7.1%
Op Mgn LTM25.1%52.2%48.6%0.3%53.0%13.3%36.9%
Op Mgn 3Y Avg26.4%47.7%28.8%0.8%38.8%13.8%27.6%
QoQ Delta Op Mgn LTM-1.6%1.9%5.1%-0.0%3.6%1.5%1.7%
CFO/Rev LTM21.6%35.4%45.6%2.1%57.2%13.8%28.5%
CFO/Rev 3Y Avg24.3%36.7%34.3%0.9%48.1%27.1%30.7%
FCF/Rev LTM4.3%25.5%32.2%2.0%35.8%-5.4%14.9%
FCF/Rev 3Y Avg5.2%27.0%16.3%0.8%20.2%-3.9%10.7%

Valuation

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
Mkt Cap83.5149.6121.11.2104.924.494.2
P/S3.211.25.30.18.82.34.3
P/EBIT12.420.910.516.215.610.214.0
P/E37.934.517.195.223.517.429.0
P/CFO14.931.511.73.715.416.515.1
Total Yield3.7%4.6%6.8%1.9%4.9%6.7%4.8%
Dividend Yield1.0%1.7%0.9%0.8%0.7%1.0%1.0%
FCF Yield 3Y Avg2.2%3.8%4.7%14.7%3.4%-1.9%3.6%
D/E0.10.00.00.70.00.40.1
Net D/E0.10.0-0.00.6-0.00.20.0

Returns

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
1M Rtn-7.6%-10.6%-11.6%-21.4%-3.1%-15.0%-11.1%
3M Rtn22.5%26.8%13.5%49.4%26.0%16.0%24.2%
6M Rtn29.0%65.1%41.2%74.9%38.0%24.9%39.6%
12M Rtn49.1%85.9%136.7%76.3%101.0%17.9%81.1%
3Y Rtn66.7%188.8%148.1%78.3%338.3%51.1%113.2%
1M Excs Rtn-5.8%-8.8%-9.8%-19.6%-1.4%-13.2%-9.3%
3M Excs Rtn24.5%26.5%15.0%53.1%26.3%17.9%25.4%
6M Excs Rtn26.5%61.3%39.1%77.2%35.3%18.1%37.2%
12M Excs Rtn32.5%70.2%124.2%58.5%85.2%0.6%64.3%
3Y Excs Rtn-14.5%97.9%109.6%17.8%316.7%-31.8%57.9%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Indonesia Operations8,4378,4267,5233,6142,771
Rod & Refining5,9266,3126,3854,8144,483
Cerro Verde4,1173,9504,1962,5242,889
United States Copper Mines - Other3,8974,0214,0152,3202,379
Atlantic Copper Smelting & Refining2,8102,4432,9612,0372,068
Morenci2,4192,6892,8102,0442,007
South America Operations - Other824768720431499
Molybdenum Mines677565444222344
Corporate, Other & Eliminations-6,252-6,394-6,209-3,808-3,038
Total22,85522,78022,84514,19814,402


Operating Income by Segment
$ Mil20252024202320222021
Indonesia Operations4,7084,600   
Cerro Verde1,1741,216   
United States Copper Mines - Other537956   
Morenci502965   
Molybdenum Mines172132   
South America Operations - Other4612   
Atlantic Copper Smelting & Refining36-61   
Rod & Refining20-23   
Corporate, Other & Eliminations-970-760   
Total6,2257,037   


Assets by Segment
$ Mil20252024202320222021
Indonesia Operations25,54820,639   
Cerro Verde8,1208,398   
United States Copper Mines - Other5,9965,552   
Corporate, Other & Eliminations4,4378,437   
Morenci3,1953,052   
South America Operations - Other1,9301,873   
Molybdenum Mines1,7821,697   
Atlantic Copper Smelting & Refining1,3261,262   
Rod & Refining172183   
Total52,50651,093   


Price Behavior

Price Behavior
Market Price$58.09 
Market Cap ($ Bil)83.5 
First Trading Date07/10/1995 
Distance from 52W High-15.6% 
   50 Days200 Days
DMA Price$61.56$47.58
DMA Trendupup
Distance from DMA-5.6%22.1%
 3M1YR
Volatility47.1%50.1%
Downside Capture178.47186.51
Upside Capture314.84194.88
Correlation (SPY)47.5%63.2%
FCX Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.951.421.561.841.621.52
Up Beta1.310.710.900.961.431.40
Down Beta2.190.230.371.081.721.63
Up Capture295%401%475%425%349%398%
Bmk +ve Days9203170142431
Stock +ve Days13264177142385
Down Capture133%91%83%178%130%110%
Bmk -ve Days12213054109320
Stock -ve Days8152047109365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FCX
FCX51.9%50.0%1.00-
Sector ETF (XLB)17.0%20.6%0.6669.1%
Equity (SPY)20.3%18.8%0.8563.1%
Gold (GLD)68.2%26.2%1.9740.4%
Commodities (DBC)19.1%17.3%0.8940.7%
Real Estate (VNQ)7.6%16.1%0.2741.1%
Bitcoin (BTCUSD)-10.5%44.3%-0.1230.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FCX
FCX12.5%44.8%0.41-
Sector ETF (XLB)6.9%18.8%0.2671.4%
Equity (SPY)13.0%17.0%0.6055.6%
Gold (GLD)23.4%17.2%1.1134.1%
Commodities (DBC)11.0%19.0%0.4743.9%
Real Estate (VNQ)4.8%18.8%0.1638.5%
Bitcoin (BTCUSD)6.1%56.7%0.3328.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FCX
FCX22.2%49.5%0.60-
Sector ETF (XLB)10.8%20.6%0.4769.9%
Equity (SPY)14.8%17.9%0.7157.2%
Gold (GLD)14.4%15.6%0.7623.0%
Commodities (DBC)8.5%17.6%0.4045.3%
Real Estate (VNQ)5.8%20.7%0.2439.1%
Bitcoin (BTCUSD)68.3%66.8%1.0719.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity27.9 Mil
Short Interest: % Change Since 2152026-17.7%
Average Daily Volume16.3 Mil
Days-to-Cover Short Interest1.7 days
Basic Shares Quantity1,437.0 Mil
Short % of Basic Shares1.9%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/22/2026-2.9%5.0%6.2%
10/23/20251.1%3.5%-2.8%
7/23/2025-2.1%-5.6%-9.8%
4/24/20256.9%2.4%7.1%
1/23/2025-1.5%-7.2%-5.4%
10/22/20241.2%-2.5%-8.0%
7/2/20244.0%5.9%-10.2%
4/23/2024-2.0%7.1%11.0%
...
SUMMARY STATS   
# Positive131412
# Negative111012
Median Positive3.6%5.9%11.4%
Median Negative-2.9%-5.0%-7.2%
Max Positive10.9%17.6%30.7%
Max Negative-9.9%-16.5%-26.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/13/202610-K
09/30/202511/06/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/14/202510-K
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/16/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/15/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/05/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Mikes, Ellie LChief Accounting OfficerDirectSell1212202547.669,572456,2021,847,353Form
2Higgins, Stephen TEVP & CAODirectSell1212202547.9928,4231,363,9005,052,617Form
3Mikes, Ellie LChief Accounting OfficerDirectSell603202540.028,584343,5201,934,219Form
4Adkerson, Richard CChairman of the BoardDirectSell211202662.80248,03115,575,107220,355,128Form
5Adkerson, Richard CChairman of the BoardDirectSell211202664.65152,9609,889,222216,983,543Form

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