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Freeport-McMoRan (FCX)

Market Price (5/11/2026): $61.7 | Market Cap: $88.8 Bil
Sector: Materials | Industry: Copper

Freeport-McMoRan (FCX)

Market Price (5/11/2026): $61.7
Market Cap: $88.8 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 23%, CFO LTM is 6.0 Bil

Low stock price volatility
Vol 12M is 46%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more.

Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -4.7%

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 23%, CFO LTM is 6.0 Bil
1 Low stock price volatility
Vol 12M is 46%
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
2Y Excs Rtn is -19%, 3Y Excs Rtn is -4.7%
4 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 5% since 1/31/2026 because of the following key factors:

1. Mixed Commodity Price Performance: Freeport-McMoRan's stock was supported by generally elevated copper and gold prices during the period, although with some volatility. Copper prices hit record highs in January 2026, exceeding USD 14,500 per tonne, driven by strong demand forecasts. However, copper prices cooled in March due to geopolitical tensions before rebounding to around USD 13,000 per tonne by mid-April. Gold also saw an all-time high of $5,595.42 on January 29, 2026, but experienced a retreat in early February due to the Middle East conflict before recovering.

2. Strong Q1 2026 Earnings Beat: The company reported robust financial results for the first quarter ended March 31, 2026. Freeport-McMoRan posted adjusted earnings per share (EPS) of $0.57, exceeding analysts' consensus estimates of $0.47 by 21.28%. Revenue also surpassed expectations, reaching $6.23 billion against a consensus of approximately $5.73 billion, an 8.8% increase year-over-year.

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Stock Movement Drivers

Fundamental Drivers

The 2.6% change in FCX stock from 1/31/2026 to 5/10/2026 was primarily driven by a 29.8% change in the company's Net Income Margin (%).
(LTM values as of)13120265102026Change
Stock Price ($)60.1061.652.6%
Change Contribution By: 
Total Revenues ($ Mil)26,00226,4211.6%
Net Income Margin (%)8.0%10.3%29.8%
P/E Multiple41.732.5-22.1%
Shares Outstanding (Mil)1,4371,439-0.1%
Cumulative Contribution2.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/10/2026
ReturnCorrelation
FCX2.6% 
Market (SPY)3.6%63.4%
Sector (XLB)5.2%66.0%

Fundamental Drivers

The 48.5% change in FCX stock from 10/31/2025 to 5/10/2026 was primarily driven by a 38.8% change in the company's Net Income Margin (%).
(LTM values as of)103120255102026Change
Stock Price ($)41.5161.6548.5%
Change Contribution By: 
Total Revenues ($ Mil)25,82026,4212.3%
Net Income Margin (%)7.5%10.3%38.8%
P/E Multiple31.032.54.7%
Shares Outstanding (Mil)1,4371,439-0.1%
Cumulative Contribution48.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/10/2026
ReturnCorrelation
FCX48.5% 
Market (SPY)5.5%58.5%
Sector (XLB)21.6%64.1%

Fundamental Drivers

The 73.1% change in FCX stock from 4/30/2025 to 5/10/2026 was primarily driven by a 39.4% change in the company's Net Income Margin (%).
(LTM values as of)43020255102026Change
Stock Price ($)35.6261.6573.1%
Change Contribution By: 
Total Revenues ($ Mil)25,45526,4213.8%
Net Income Margin (%)7.4%10.3%39.4%
P/E Multiple27.132.519.7%
Shares Outstanding (Mil)1,4381,439-0.1%
Cumulative Contribution73.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/10/2026
ReturnCorrelation
FCX73.1% 
Market (SPY)30.4%48.3%
Sector (XLB)25.4%59.2%

Fundamental Drivers

The 68.8% change in FCX stock from 4/30/2023 to 5/10/2026 was primarily driven by a 115.3% change in the company's P/E Multiple.
(LTM values as of)43020235102026Change
Stock Price ($)36.5261.6568.8%
Change Contribution By: 
Total Revenues ($ Mil)22,78026,42116.0%
Net Income Margin (%)15.2%10.3%-32.1%
P/E Multiple15.132.5115.3%
Shares Outstanding (Mil)1,4321,439-0.5%
Cumulative Contribution68.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/10/2026
ReturnCorrelation
FCX68.8% 
Market (SPY)78.7%56.9%
Sector (XLB)35.9%68.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FCX Return61%-7%14%-10%35%20%149%
Peers Return38%7%11%8%80%21%287%
S&P 500 Return27%-19%24%23%16%7%95%

Monthly Win Rates [3]
FCX Win Rate58%42%42%33%67%60% 
Peers Win Rate53%57%58%47%70%64% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
FCX Max Drawdown-1%-39%-12%-14%-23%0% 
Peers Max Drawdown-10%-24%-15%-17%-14%-2% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 5/8/2026 (YTD)

How Low Can It Go

EventFCXS&P 500
2025 US Tariff Shock
  % Loss-24.4%-18.8%
  % Gain to Breakeven32.3%23.1%
  Time to Breakeven38 days79 days
2024 Yen Carry Trade Unwind
  % Loss-23.2%-7.8%
  % Gain to Breakeven30.2%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.6%-9.5%
  % Gain to Breakeven30.9%10.5%
  Time to Breakeven125 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.8%-6.7%
  % Gain to Breakeven26.3%7.1%
  Time to Breakeven50 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-38.8%-24.5%
  % Gain to Breakeven63.3%32.4%
  Time to Breakeven176 days427 days
2020 COVID-19 Crash
  % Loss-56.1%-33.7%
  % Gain to Breakeven127.9%50.9%
  Time to Breakeven110 days140 days

Compare to SCCO, NEM, GOLD, AEM, TECK

In The Past

Freeport-McMoRan's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFCXS&P 500
2025 US Tariff Shock
  % Loss-24.4%-18.8%
  % Gain to Breakeven32.3%23.1%
  Time to Breakeven38 days79 days
2024 Yen Carry Trade Unwind
  % Loss-23.2%-7.8%
  % Gain to Breakeven30.2%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.6%-9.5%
  % Gain to Breakeven30.9%10.5%
  Time to Breakeven125 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.8%-6.7%
  % Gain to Breakeven26.3%7.1%
  Time to Breakeven50 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-38.8%-24.5%
  % Gain to Breakeven63.3%32.4%
  Time to Breakeven176 days427 days
2020 COVID-19 Crash
  % Loss-56.1%-33.7%
  % Gain to Breakeven127.9%50.9%
  Time to Breakeven110 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.6%-19.2%
  % Gain to Breakeven42.1%23.7%
  Time to Breakeven113 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-63.3%-12.2%
  % Gain to Breakeven172.7%13.9%
  Time to Breakeven63 days62 days
2014-2016 Oil Price Collapse
  % Loss-89.3%-6.8%
  % Gain to Breakeven834.8%7.3%
  Time to Breakeven1862 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-46.3%-17.9%
  % Gain to Breakeven86.4%21.8%
  Time to Breakeven3754 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-27.6%-15.4%
  % Gain to Breakeven38.2%18.2%
  Time to Breakeven74 days125 days
2008-2009 Global Financial Crisis
  % Loss-83.8%-53.4%
  % Gain to Breakeven518.7%114.4%
  Time to Breakeven699 days1085 days
Summer 2007 Credit Crunch
  % Loss-22.7%-8.6%
  % Gain to Breakeven29.4%9.5%
  Time to Breakeven28 days47 days

Compare to SCCO, NEM, GOLD, AEM, TECK

In The Past

Freeport-McMoRan's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

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 
15-Day Sell-Off Sends Freeport-McMoRan Stock Down 19%04/30/2026
2Freeport-McMoRan Stock Surges 13%, With A 6-Day Winning Spree04/16/2026
3Is 22.1% Fall In Freeport-McMoRan (FCX) Stock A Buying Opportunity?03/20/2026
4Can Freeport-McMoRan Stock Recover If Markets Fall?03/10/2026
5Why Freeport-McMoRan Stock Jumped 90%?03/05/2026
6FCX Stock Surges 13% In 6-Day Spree On Analyst Upgrades To $7602/26/2026
7FCX Stock Surges 11% With A 5-day Winning Spree On Grasberg Deal & Upgrades02/25/2026
8FCX Stock Surges 11% With A 5-day Winning Spree On Freedom Capital Upgrade To $7602/25/2026
9What Is Happening With Freeport-McMoRan Stock?02/11/2026
10FCX Stock Surges 11% With A 5-day Winning Spree On Analyst Target Hikes To $7001/30/2026
11ARTICLES 
12Freeport-McMoRan Earnings: The Good, the Bad, and the Grasberg05/07/2026
13Freeport-McMoRan Stock 5-Day Losing Spree: Stock Falls -19%04/30/2026
14Freeport-McMoRan vs Ero Copper: Which Stock Could Rally?04/24/2026
15S&P 500 Movers | Winners: URI, TXN, WST | Losers: NOW, LULU, FCX04/24/2026
16Freeport-McMoRan Stock On Fire: Up 13% With 6-Day Winning Streak04/16/2026
Title
0DASHBOARDS
15-Day Sell-Off Sends Freeport-McMoRan Stock Down 19%
2Freeport-McMoRan Stock Surges 13%, With A 6-Day Winning Spree
3Is 22.1% Fall In Freeport-McMoRan (FCX) Stock A Buying Opportunity?
4Can Freeport-McMoRan Stock Recover If Markets Fall?
5Why Freeport-McMoRan Stock Jumped 90%?
6FCX Stock Surges 13% In 6-Day Spree On Analyst Upgrades To $76
7FCX Stock Surges 11% With A 5-day Winning Spree On Grasberg Deal & Upgrades
8FCX Stock Surges 11% With A 5-day Winning Spree On Freedom Capital Upgrade To $76
9What Is Happening With Freeport-McMoRan Stock?
10FCX Stock Surges 11% With A 5-day Winning Spree On Analyst Target Hikes To $70
11ARTICLES
12Freeport-McMoRan Earnings: The Good, the Bad, and the Grasberg
13Freeport-McMoRan Stock 5-Day Losing Spree: Stock Falls -19%
14Freeport-McMoRan vs Ero Copper: Which Stock Could Rally?
15S&P 500 Movers | Winners: URI, TXN, WST | Losers: NOW, LULU, FCX
16Freeport-McMoRan Stock On Fire: Up 13% With 6-Day Winning Streak

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Buying dips for companies with high FCF yield and meaningfully high operating margin		-7.4%-7.4%-16.7%
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		55.7%46.9%-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%57.4%-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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Financials

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
Mkt Price61.65185.29116.5145.39193.2164.8790.69
Mkt Cap88.7152.3126.41.196.731.792.7
Rev LTM26,42114,55024,96615,67913,53912,40915,114
Op Inc LTM6,6377,94613,492547,7032,5907,170
FCF LTM1,7524,2769,2383104,5206693,014
FCF 3Y Avg1,5053,2304,5151162,596-1632,051
CFO LTM6,0475,72512,0883237,1193,0185,886
CFO 3Y Avg6,1654,4197,5881284,6922,7624,555

Growth & Margins

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
Rev Chg LTM6.3%21.7%26.9%48.0%51.7%27.5%27.2%
Rev Chg 3Y Avg7.0%13.7%30.0%26.1%32.5%-3.2%19.9%
Rev Chg Q8.8%36.2%45.8%136.2%66.1%72.2%56.0%
QoQ Delta Rev Chg LTM2.0%8.4%10.1%31.3%13.7%15.4%11.9%
Op Inc Chg LTM1.6%34.7%93.6%1.5%106.7%152.9%64.2%
Op Inc Chg 3Y Avg4.5%24.8%195.9%-27.4%74.5%25.8%25.3%
Op Mgn LTM25.1%54.6%54.0%0.3%56.9%20.9%39.6%
Op Mgn 3Y Avg25.9%48.5%32.7%0.8%41.7%13.9%29.3%
QoQ Delta Op Mgn LTM0.0%2.4%5.4%-0.0%3.9%7.6%3.2%
CFO/Rev LTM22.9%39.3%48.4%2.1%52.6%24.3%31.8%
CFO/Rev 3Y Avg24.7%36.1%36.8%0.9%46.4%27.0%31.6%
FCF/Rev LTM6.6%29.4%37.0%2.0%33.4%5.4%18.0%
FCF/Rev 3Y Avg6.0%26.2%19.7%0.8%24.5%-2.5%12.8%

Valuation

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
Mkt Cap88.7152.3126.41.196.731.792.7
P/S3.410.55.10.17.12.64.2
P/Op Inc13.419.29.421.012.512.313.0
P/EBIT11.818.89.315.411.99.711.9
P/E32.530.714.990.318.117.224.4
P/CFO14.726.610.53.513.610.512.0
Total Yield4.1%5.1%7.6%2.0%6.3%6.6%5.7%
Dividend Yield1.0%1.8%0.9%0.9%0.8%0.8%0.9%
FCF Yield 3Y Avg2.2%3.3%5.3%14.7%4.0%-0.8%3.6%
D/E0.10.00.00.70.00.30.1
Net D/E0.10.0-0.00.6-0.00.10.0

Returns

FCXSCCONEMGOLDAEMTECKMedian
NameFreeport.Southern.Newmont Gold.com Agnico E.Teck Res. 
1M Rtn-8.9%-3.8%-3.6%3.2%-11.7%14.8%-3.7%
3M Rtn1.8%-6.9%1.2%-17.7%-1.5%18.1%-0.2%
6M Rtn55.6%37.2%40.4%81.5%20.2%58.6%48.0%
12M Rtn64.7%111.4%118.6%114.5%66.4%83.2%97.3%
3Y Rtn85.3%192.7%173.4%34.0%262.1%56.1%129.3%
1M Excs Rtn-15.4%-9.9%-10.5%-5.5%-19.1%10.3%-10.2%
3M Excs Rtn-4.9%-13.7%-5.5%-24.4%-8.3%11.4%-6.9%
6M Excs Rtn45.2%29.0%34.6%75.9%12.6%47.4%39.9%
12M Excs Rtn37.1%84.7%87.2%62.5%35.0%61.2%61.9%
3Y Excs Rtn-4.7%89.6%83.2%-37.1%173.2%-26.4%39.3%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Indonesia Operations10,3188,4378,4267,5233,614
Rod & Refining6,2395,9266,3126,3854,814
Other segments’ revenue - intersegment4,581    
Cerro Verde4,2564,1173,9504,1962,524
Atlantic Copper Smelting & Refining3,0172,8102,4432,9612,037
Other segments’ revenue - unaffiliated customers2,757    
Morenci2,3472,4192,6892,8102,044
Elimination of intersegment revenue-8,060    
Corporate, Other & Eliminations -6,252-6,394-6,209-3,808
Molybdenum Mines 677565444222
South America Operations - Other 824768720431
United States Copper Mines - Other 3,8974,0214,0152,320
Total25,45522,85522,78022,84514,198


Operating Income by Segment
$ Mil20252024202320222021
Indonesia Operations5,6224,7084,600  
Cerro Verde1,3271,1741,216  
Morenci315502965  
Atlantic Copper Smelting & Refining4936-61  
Rod & Refining2920-23  
Corporate, Other & Eliminations-86-970-760  
Corporate expenses and elimination of intersegment operating income-392    
Molybdenum Mines 172132  
South America Operations - Other 4612  
United States Copper Mines - Other 537956  
Total6,8646,2257,037  


Assets by Segment
$ Mil20252024202320222021
Other segments34,844    
Indonesia Operations27,30925,54820,639  
Cerro Verde8,0968,1208,398  
Morenci3,2283,1953,052  
Atlantic Copper Smelting & Refining1,7051,3261,262  
Rod & Refining202172183  
Corporate, Other & Eliminations-20,5364,4378,437  
Molybdenum Mines 1,7821,697  
South America Operations - Other 1,9301,873  
United States Copper Mines - Other 5,9965,552  
Total54,84852,50651,093  


Price Behavior

Price Behavior
Market Price$61.65 
Market Cap ($ Bil)88.6 
First Trading Date07/10/1995 
Distance from 52W High-12.4% 
   50 Days200 Days
DMA Price$61.22$50.86
DMA Trendupindeterminate
Distance from DMA0.7%21.2%
 3M1YR
Volatility54.4%46.4%
Downside Capture1.441.14
Upside Capture237.08217.34
Correlation (SPY)64.1%47.8%
FCX Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta3.492.562.372.091.781.58
Up Beta2.912.892.561.881.621.48
Down Beta12.861.041.581.291.081.60
Up Capture201%231%266%425%368%481%
Bmk +ve Days15223166141428
Stock +ve Days12223575143386
Down Capture1089%304%236%177%161%111%
Bmk -ve Days4183056108321
Stock -ve Days10212950109365

[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
FCX68.8%46.2%1.27-
Sector ETF (XLB)26.5%16.6%1.2459.2%
Equity (SPY)29.0%12.5%1.8348.5%
Gold (GLD)39.8%27.0%1.2248.1%
Commodities (DBC)50.6%18.0%2.213.3%
Real Estate (VNQ)13.0%13.5%0.6624.9%
Bitcoin (BTCUSD)-17.4%42.1%-0.3425.9%

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
FCX11.2%44.9%0.38-
Sector ETF (XLB)6.2%18.9%0.2371.4%
Equity (SPY)12.8%17.1%0.5956.2%
Gold (GLD)20.9%17.9%0.9535.7%
Commodities (DBC)13.8%19.1%0.5938.9%
Real Estate (VNQ)3.4%18.8%0.0838.8%
Bitcoin (BTCUSD)7.0%56.0%0.3427.9%

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
FCX17.1%49.0%0.51-
Sector ETF (XLB)10.4%20.6%0.4570.6%
Equity (SPY)15.1%17.9%0.7258.1%
Gold (GLD)13.4%15.9%0.6923.9%
Commodities (DBC)9.3%17.8%0.4442.2%
Real Estate (VNQ)5.8%20.7%0.2439.6%
Bitcoin (BTCUSD)67.8%66.9%1.0720.0%

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

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity28.2 Mil
Short Interest: % Change Since 33120263.9%
Average Daily Volume15.7 Mil
Days-to-Cover Short Interest1.8 days
Basic Shares Quantity1,439.0 Mil
Short % of Basic Shares2.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/23/2026-12.6%-19.1% 
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%
7/2/20240.6%4.9%-5.9%
...
SUMMARY STATS   
# Positive121311
# Negative121112
Median Positive2.8%5.0%11.0%
Median Negative-2.9%-5.0%-6.2%
Max Positive10.9%17.6%30.7%
Max Negative-12.6%-19.1%-26.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
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

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 4/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Copper Sales 3.10 Bil -8.8% LoweredGuidance: 3.40 Bil for 2026
2026 Gold Sales 0.65 Mil -18.8% LoweredGuidance: 0.80 Mil for 2026
2026 Molybdenum Sales 90.00 Mil 0 AffirmedGuidance: 90.00 Mil for 2026
2026 Free Cash Flow 8.70 Bil 8.8% RaisedGuidance: 8.00 Bil for 2026
2026 Capital Expenditures 4.30 Bil 0 AffirmedGuidance: 4.30 Bil for 2026
2026 Net Income Attributable to Noncontrolling Interests 2.00 Bil    

Prior: Q4 2025 Earnings Reported 1/22/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Copper Sales 640.00 Mil 0.8% RaisedGuidance: 635.00 Mil for Q4 2025
Q1 2026 Gold Sales 60,000 0 AffirmedGuidance: 60,000 for Q4 2025
Q1 2026 Molybdenum Sales 22.00 Mil 4.8% RaisedGuidance: 21.00 Mil for Q4 2025
2026 Copper Sales 3.40 Bil -2.9% LoweredGuidance: 3.50 Bil for 2025
2026 Gold Sales 0.80 Mil -23.8% LoweredGuidance: 1.05 Mil for 2025
2026 Molybdenum Sales 90.00 Mil 9.8% RaisedGuidance: 82.00 Mil for 2025
2026 Operating Cash Flows 8.00 Bil 45.5% RaisedGuidance: 5.50 Bil for 2025
2026 Capital Expenditures 4.30 Bil -4.4% LoweredGuidance: 4.50 Bil for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Higgins, Stephen TEVP & CAOFamily TrustSell224202663.0029,6541,868,2024,816,035Form
2Mikes, Ellie LChief Accounting OfficerDirectSell218202662.0311,000682,3452,529,206Form
3Robertson, Maree EEVP & CFODirectSell218202661.5548,5002,985,1754,917,476Form
4Adkerson, Richard CChairman of the BoardDirectSell211202664.65152,9609,889,222216,983,543Form
5Currault, Douglas N IIEVP & General CounselDirectSell211202664.5275,0004,838,81214,141,010Form

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