Can Freeport-McMoRan Stock Recover If Markets Fall?
Freeport-McMoRan (FCX) stock is down 11.4% in 5 trading days. The recent slide reflects renewed concerns around its Grasberg mine restart and volatile copper prices, but sharp drops like this often raise a tougher question: is the weakness temporary, or a sign of deeper cracks in the story?
Before judging its downturn reslience, let’s look at where Freeport-McMoRan stands today.
- Size: Freeport-McMoRan is a $87 Bil company with $26 Bil in revenue currently trading at $60.49.
- Fundamentals: Last 12 month revenue growth of 1.8% and operating margin of 25.1%.
- Liquidity: Has Debt to Equity ratio of 0.12 and Cash to Assets ratio of 0.07
- Valuation: Freeport-McMoRan stock is currently trading at P/E multiple of 39.4 and P/EBIT multiple of 12.9
- Has returned (median) 30.3% within a year following sharp dips since 2010. See FCX Dip Buy Analysis.
These metrics point to a Weak operational performance, alongside High valuation – making the stock Unattractive. For details, see Buy or Sell FCX Stock
That brings us to the key consideration for investors worried about this fall: how resilient is FCX stock if markets turn south? This is where our downturn resilience framework comes in. Suppose FCX stock falls another 20-30% to $42 – can investors comfortably hold on? Turns out, the stock has fared much worse than the S&P 500 index during various economic downturns, based on (a) how much the stock fell and, (b) how quickly it recovered. Below, we dive deeper into each such downturn.
2022 Inflation Shock
- FCX stock fell 51.7% from a high of $51.93 on 25 March 2022 to $25.09 on 14 July 2022 vs. a peak-to-trough decline of 25.4% for the S&P 500.
- However, the stock fully recovered to its pre-Crisis peak by 29 April 2024
- Since then, the stock increased to a high of $68.82 on 25 February 2026 , and currently trades at $60.49
| FCX | S&P 500 | |
|---|---|---|
| % Change from Pre-Recession Peak | -51.7% | -25.4% |
| Time to Full Recovery | 655 days | 464 days |
2020 Covid Pandemic
- FCX stock fell 60.8% from a high of $13.53 on 13 January 2020 to $5.31 on 18 March 2020 vs. a peak-to-trough decline of 33.9% for the S&P 500.
- However, the stock fully recovered to its pre-Crisis peak by 15 July 2020
| FCX | S&P 500 | |
|---|---|---|
| % Change from Pre-Recession Peak | -60.8% | -33.9% |
| Time to Full Recovery | 119 days | 148 days |
2018 Correction
- FCX stock fell 57.4% from a high of $19.99 on 22 January 2018 to $8.51 on 8 October 2019 vs. a peak-to-trough decline of 19.8% for the S&P 500.
- However, the stock fully recovered to its pre-Crisis peak by 13 November 2020
| FCX | S&P 500 | |
|---|---|---|
| % Change from Pre-Recession Peak | -57.4% | -19.8% |
| Time to Full Recovery | 402 days | 120 days |
2008 Global Financial Crisis
- FCX stock fell 86.7% from a high of $62.93 on 20 May 2008 to $8.40 on 5 December 2008 vs. a peak-to-trough decline of 56.8% for the S&P 500.
- However, the stock fully recovered to its pre-Crisis peak by 28 January 2026
| FCX | S&P 500 | |
|---|---|---|
| % Change from Pre-Recession Peak | -86.7% | -56.8% |
| Time to Full Recovery | 6,263 days | 1,480 days |
Feeling jittery about FCX stock? Consider portfolio approach.
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