Freeport-McMoRan Stock Surged 70%, Here’s Why
Over the past year, Freeport-McMoRan (FCX)’s stock leapt 67%, fueled less by modest revenue gains and more by a striking surge in investor optimism. From soaring copper and gold prices to a robust earnings rebound and strategic moves at Grasberg, market forces rewrote the script between 2/10/2025 and 2/10/2026.
Below is an analytical breakdown of stock movement into key contributing metrics.
| 2102025 | 2102026 | Change | |
|---|---|---|---|
| Stock Price ($) | 37.9 | 63.3 | 66.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,640.0 | 26,002.0 | 1.4% |
| Net Income Margin (%) | 7.8% | 8.0% | 2.0% |
| P/E Multiple | 27.2 | 43.9 | 61.1% |
| Shares Outstanding (Mil) | 1,438.0 | 1,437.0 | 0.1% |
| Cumulative Contribution | 66.8% |
So what is happening here? The stock surged 67%, driven mostly by a hefty 61% jump in the P/E multiple, while revenue crept up 1.4% and net margin edged 2.0% higher. Let’s see what’s behind these shifts.
Here Is Why Freeport-McMoRan Stock Moved
- Soaring Copper Prices: Copper hit record highs in 2025/2026 due to strong demand & supply concerns, boosting FCX revenue.
- Strong 2025 Earnings: FCX consistently beat EPS and revenue forecasts throughout 2025, reflecting operational efficiency.
- Grasberg Mine Recovery: After a Sept 2025 mud rush, restart plans for Q2 2026 at Grasberg provided clarity & confidence.
- Elevated Gold Prices: Gold reached historic highs in 2025/2026, significantly increasing FCX’s by-product credits.
- Strategic Capex & Tariffs: Increased 2026/27 capex for growth projects and US copper tariffs positively impacted outlook.
Our Current Assesment Of FCX Stock
Opinion: We currently find FCX stock unattractive. Why so? Have a look at the full story. Read Buy or Sell FCX Stock to see what drives our current opinion.
Risk: A good way to understand FCX’s risk is by checking how much it fell in past market crashes. It plunged almost 86% in the Global Financial Crisis and dropped about 68% during the Dot-Com Bubble. Even during less severe pullbacks like the 2018 correction and Covid pandemic, it still lost over 50%. The inflation shock wasn’t much kinder, with a drop above 50% as well. So, despite any positives around FCX, history shows it can take some serious hits when markets turn south.
FCX stock may have seen strong gains recently, but investing in a single stock without detailed, thorough analysis can be risky. The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.