Freeport-McMoRan Inc.

FCX
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
5%
FY2025 · NOPAT / Invested Capital; Invested Capital = Total Equity + Total Debt - Cash; NOPAT = Adjusted Operating Income × (1 - 23% tax) · WACC ~8% · Moat spread +-1.5pp

Financial Snapshot

ticker: FCX step: 04 generated: 2026-05-13 source: quick-research

Freeport-McMoRan Inc. (FCX) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$22.8B $22.9B $25.5B +11.4%
Gross Margin ~30% ~25% ~28%
Operating Margin ~22% ~15% ~18%
Net Income ~$3.5B ~$1.8B ~$2.7B +50%
EPS (diluted) ~$2.40 ~$1.25 ~$1.85 +48%

Revenue growth in FY2024 driven by higher copper prices (~$4.15/lb avg) and volume recovery. FY2025 Q3 EBITDA run-rate of $10B+ annualized. Q1 2026 EPS: $0.57 (beat estimates) on $6.23B revenue. September 2025 Grasberg mud rush reduced H2 2025 production.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow $7.0B+
Free Cash Flow $2.37B
Capital Expenditures ~$4.5B
Total Debt ~$9.3B
Net Debt ~$1B (near net-debt-neutral)
Debt/Equity ~30.6%

Key Ratios (approximate)

  • P/E: ~25-39x (wide range reflects copper price sensitivity) | EV/EBITDA: ~8x
  • FCF Yield: ~5% (capex-heavy period) | Adjusted EBITDA (TTM): ~$10B
  • Copper break-even: ~$1.50-2.00/lb net cash cost (with gold by-product credits)

Growth Profile

FCX generates exceptional earnings leverage to copper prices. At $4.50-$5.00/lb copper (the 2025 range FCX guided to), operating cash flows exceed $11B annually. The September 2025 Grasberg mud rush temporarily reduced Indonesia production in H2 2025; phased restart targets ~85% of normal rates in H2 2026, full recovery by late 2027. New leaching technology could add 300M lbs of incremental copper annually from existing stockpiles — high-return, low-capex production.

Forward Estimates

  • FY2026: Phased Grasberg restart expected to restore production toward 1.6-1.7B lbs copper + 1.6M oz gold from Indonesia
  • Copper price sensitivity: Each $0.10/lb copper = ~$300-400M EBITDA impact
  • Leaching initiatives: 300M lbs additional copper targeted in 2026 from recoveries
  • Analyst consensus: Mixed (Morgan Stanley downgraded April 2026); avg. target ~$42-66

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $FCX.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/FCX/fundamental$1.00 · Bearer token required
Markdown: /stocks/fcx/financials/md · → thesis · → memo