Materials · Copper · US stock · price as of 16 Oct 2026
Key indicators
Price
$69.54
52-week range
$38.18 – $80.07
Market cap
$100.3B
P/E (trailing)
44.9×
EV / EBITDA
11.6×
Free-cash-flow yield
5.9%
Dividend yield
0.9%
Revenue (last 12 months)
$25.9B
Revenue growth (3y a year)
3.7%
Operating margin
26.7%
Return on invested capital
19.1%
Net debt / EBITDA
0.6×
Fair value
Blended fair value$63.14 range $56 – $71
Versus priceFair−9% to fair value
Peer multiples
$49.96
Fundamentals-adjusted multiple
$59.61
10-year DCF (market-scaled)
$79.87
Earnings power value (floor, not blended)
$21.41
Model uncertainty
Medium
X-Ray Score
53/ 100 · Medium confidence · ahead of 52% of sector peers
Valuation52
Growth40
Profitability67
Financial health62
Dividends28
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Freeport-McMoRan is a mining company that produces copper, gold and molybdenum. Its operations include large mines in the United States, South America and Indonesia, where it extracts ore and processes it into concentrate and refined metal. Revenue comes from selling these metals at market-based prices, so earnings depend heavily on copper prices and on production volumes, costs and access to its mining sites.
Freeport-Mcmoran Inc generated $25.9 billion of revenue in the last twelve months, with sales that expanded at 3.7% a year across three years. Leverage, measured as net debt to EBITDA, is 0.6 times. The operating margin is 26.7% and the return on invested capital is 19%. The company pays a dividend with a yield of 0.9%.
StocksXray gives Freeport-Mcmoran Inc an X-Ray Score of 53 out of 100 (medium confidence), ahead of 52% of the S&P 500 stocks in its sector. Its strongest lens is profitability (67) and its weakest is dividends (28).
Our fair value blend is $63.14 (range $55.77 to $70.77). At $69.54 the stock trades 10% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Freeport-Mcmoran Inc (FCX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$38.94
$36.08
$41.02
$37.16
$50.32
$69.54
Market cap
$57.7B
$52.4B
$59.2B
$53.7B
$72.6B
$100.3B
P/E
13.4×
–
–
–
–
44.9×
EV / revenue
3.0×
2.8×
3.3×
2.7×
3.5×
4.5×
EV / EBITDA
6.6×
7.1×
9.0×
7.7×
10.3×
13.0×
Price / free cash flow
10.3×
31.3×
130.1×
22.8×
65.1×
17.0×
Free-cash-flow yield
9.7%
3.2%
0.8%
4.4%
1.5%
5.9%
Price / book
4.1×
3.4×
3.5×
3.1×
3.8×
5.0×
Dividend yield
0.96%
1.66%
1.46%
1.61%
1.19%
0.86%
Fundamentals checklist ● 8 Good · ● 4 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−6.1%Good
Risk models
Altman Z score2.5×Average
Piotroski F-Score6 of 9Average
Growth
Free-cash-flow growth (3y)−12.6%Bad
Revenue growth (3y)3.7%Good
Growth consistency60%Average
Balance sheet
Current ratio2.1×Good
Net debt / EBITDA0.6×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Average
EBIT / EV yield5.9%Good
Profitability
Return on invested capital19.1%Good
Operating margin26.7%Good
Gross profitability11.8%Bad
XStocksXray
Freeport-Mcmoran Inc (FCX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
22,845
23,271
22,855
25,455
25,915
25,888
Gross profit
8,815
8,182
7,160
7,660
7,297
7,020
Operating income
8,366
7,037
6,225
6,864
6,518
6,923
Net income
4,306
3,468
1,848
1,889
2,204
2,235
Diluted EPS ($)
2.90
–
–
–
–
1.55
Free cash flow
5,600
1,670
455
2,352
1,116
5,900
Gross margin
38.6%
35.2%
31.3%
30.1%
28.2%
27.1%
Operating margin
36.6%
30.2%
27.2%
27.0%
25.2%
26.7%
Net margin
18.8%
14.9%
8.1%
7.4%
8.5%
8.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
48,022
51,093
52,506
54,848
58,167
59,727
Cash
8,068
8,146
4,758
3,923
3,824
4,080
Total debt
9,450
10,620
9,422
8,948
9,379
9,386
Equity
13,980
15,555
16,693
17,581
18,899
20,109
Dividend per share ($)
0.38
0.60
0.60
0.60
0.60
0.60
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
5,728
7,582
6,972
5,633
6,254
7,029
Growth vs a year earlier
−9.4%
+14.5%
+2.7%
−1.5%
+9.2%
−7.3%
Net income ($M)
793
772
1,247
-1,383
1,387
984
Diluted EPS ($)
0.24
0.53
0.46
–
0.61
0.68
XStocksXray
Freeport-Mcmoran Inc (FCX)
Peers in Copper
Company
X-Ray
FCX · Freeport-Mcmoran Inc
53
Market Compass outlook for Materials: Neutral (50/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.