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Freeport-McMoRan

FCX NYSE Copper Financials FY2016–FY2025

Freeport-McMoRan's revenue rose 1.8% to $25.9 billion in fiscal 2025. Its operating margin was 25.1%, down from 27.0% a year earlier. Free cash flow was $1.1 billion, down 52.5%. It paid out $972 million in dividends and buybacks, 87% of free cash flow. The diluted share count fell 0.1%.

Last close · Oct 23, 2026

$65.18

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$25.9B
1.8% vs prior year
Operating margin Operating income as a share of revenue.
25.2%
1.8 pts
Net income Profit after all expenses, interest and tax.
$2.2B
16.7%
Free cash flow Cash from operations minus capital spending.
$1.1B
52.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.1%
1.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$94.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
42.9x

About these figures. Freeport-McMoRan splits its inventories into products, materials and supplies, and ore stockpiles, with no total in the SEC's structured data, so inventory and the quick ratio are left blank. Net income is the part that belongs to Freeport-McMoRan's shareholders; its 10-Ks tag a total only with the large share of its partners in its mines included.

What Freeport-McMoRan does

No business description yet.

Legal name
Freeport-McMoRan Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000831259-26-000012
0000831259

Revenue and margins

Freeport-McMoRan had $25.9B of revenue in fiscal 2025, up 1.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 4.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Freeport-McMoRan returned $972M to shareholders in fiscal 2025, 87% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Freeport-McMoRan yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.6B and divides by 1,443.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 42.9x · peers 19.4x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Freeport-McMoRan can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.1B$8.1B$4.8B$3.9B$3.8B
Debt incl. finance leases $9.5B$10.6B$9.4B$8.9B$9.4B
Net debt / EBITDA 0.1x0.3x0.6x0.6x0.6x
Debt / equity 0.7x0.7x0.6x0.5x0.5x
Interest coverage 13.1x16.9x14.9x33.3x25.5x
Current ratio 2.5x2.5x2.4x2.4x2.3x
Total assets $48.0B$51.1B$52.5B$54.8B$58.2B
Total liabilities $25.0B$26.2B$25.2B$26.1B$27.4B
Shareholders' equity $14.0B$15.6B$16.7B$17.6B$18.9B
Net debt (− = net cash) $1.4B$2.5B$4.7B$5.0B$5.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$45.6M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 27, 2026 Lydia H KennardDirector Sold 3,798 $79.11 $0.3M Form 4
Aug 25, 2026 Douglas N. Currault IIEVP & General Counsel Sold 80,000 $78.56 $6.3M Form 4
Aug 5, 2026 Ellie L. MikesChief Accounting Officer Sold 4,773 $70.00 $0.3M Form 4
Aug 5, 2026 Stephen T. HigginsEVP & CAO Sold 14,277 $69.50 $1.0M Form 4
Jul 30, 2026 Stephen T. HigginsEVP & CAO Sold 7,550 $63.00 $0.5M Form 4
Feb 20, 2026 Stephen T. HigginsEVP & CAO Sold 29,654 $63.00 $1.9M Form 4
Feb 18, 2026 Ellie L. MikesChief Accounting Officer Sold 11,000 $62.03 $0.7M Form 4
Feb 13, 2026 Maree E. RobertsonEVP & CFO Sold 48,500 $61.55 $3.0M Form 4
Feb 11, 2026 Douglas N. Currault IIEVP & General Counsel Sold 75,000 $64.52 $4.8M Form 4
Feb 11, 2026 Richard C AdkersonChairman of the Board, Director Sold 152,960 $64.65 $9.9M Form 4
Feb 10, 2026 Richard C AdkersonChairman of the Board, Director Sold 248,031 $62.80 $15.6M Form 4
Dec 11, 2025 Stephen T. HigginsEVP & CAO Sold 28,423 $47.99 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 96 / 96 / 9
Accruals ratio −6.6%−9.8%−6.0%
Altman Z'' 2.842.922.89

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Freeport-McMoRan FCX $94.1B 1.8% 25.2% 4.3% 12.1% 42.9x 6
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Sherwin-Williams SHW $82.9B 2.1% — 11.3% 19.9% 31.1x 6 Compare →
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10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $14.8B $16.4B $18.6B $14.4B $14.2B $22.8B $22.8B $22.9B $25.5B $25.9B
Gross profit −$2.7B $4.4B $5.2B $1.3B $2.5B $8.8B $7.7B $7.2B $7.7B $7.3B
Operating income −$2.7B $3.7B $4.8B $1.1B $2.4B $8.4B $7.0B $6.2B $6.9B $6.5B
Interest expense $743M $565M $500M $591M $472M $640M $417M $419M $206M $256M
Pretax income −$3.5B $2.9B $3.9B $306M $1.8B $7.7B $6.7B $6.0B $6.9B $6.4B
Income tax $371M $883M $991M $510M $944M $2.3B $2.3B $2.3B $2.5B $2.2B
Net income −$4.2B $1.8B $2.6B −$239M $599M $4.3B $3.5B $1.8B $1.9B $2.2B
Diluted EPS −$3.16 $1.25 $1.78 −$0.17 $0.41 $2.90 $2.39 $1.28 $1.30 $1.52
Diluted shares 1.32B 1.45B 1.46B 1.45B 1.46B 1.48B 1.45B 1.44B 1.45B 1.44B
Cash flow
Cash from operations $3.7B $4.7B $3.9B $1.5B $3.0B $7.7B $5.1B $5.3B $7.2B $5.6B
Capital expenditure $2.8B $1.4B $2.0B $2.7B $2.0B $2.1B $3.5B $4.8B $4.8B $4.5B
Free cash flow $924M $3.3B $1.9B −$1.2B $1.1B $5.6B $1.7B $455M $2.4B $1.1B
Depreciation and amortization $2.6B $1.7B $1.8B $1.4B $1.5B $2.0B $2.0B $2.1B $2.2B $2.2B
Stock-based compensation $86.0M $71.0M $76.0M $63.0M $99.0M $98.0M $95.0M $109M $109M $121M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $488M $1.3B $0.0M $59.0M $107M
Dividends paid $6.0M $2.0M $218M $291M $73.0M $331M $866M $863M $865M $865M
Dividends and buybacks $6.0M $2.0M $218M $291M $73.0M $819M $2.2B $863M $924M $972M
Balance sheet
Cash and short-term investments $4.2B $4.5B $4.2B $2.0B $3.7B $8.1B $8.1B $4.8B $3.9B $3.8B
Total debt $2.2B $13.2B $11.1B $9.8B $9.7B $9.5B $10.6B $9.4B $8.9B $9.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $10.4B $10.6B $10.5B $7.9B $9.3B $14.8B $15.6B $14.1B $13.3B $13.8B
Current liabilities $4.3B $4.9B $3.3B $3.2B $3.4B $5.9B $6.3B $5.8B $5.5B $6.0B
Property and equipment, net $23.2B $23.0B $28.0B $29.6B $29.8B $30.3B $32.6B $35.3B $38.5B $40.7B
Total assets $37.3B $37.3B $42.2B $40.8B $42.1B $48.0B $51.1B $52.5B $54.8B $58.2B
Total liabilities $28.1B $26.0B $24.3B $23.4B $23.5B $25.0B $26.2B $25.2B $26.1B $27.4B
Shareholders' equity $6.1B $8.0B $9.8B $9.3B $10.2B $14.0B $15.6B $16.7B $17.6B $18.9B
Margins
Gross margin −18.2% 27.0% 27.7% 8.9% 17.9% 38.6% 33.8% 31.3% 30.1% 28.2%
Operating margin −18.4% 22.5% 25.5% 7.6% 17.2% 36.6% 30.9% 27.2% 27.0% 25.2%
EBITDA margin −0.8% 33.0% 34.9% 17.4% 27.9% 45.4% 39.8% 36.3% 35.8% 33.8%
Net margin −28.0% 11.1% 14.0% −1.7% 4.2% 18.9% 15.2% 8.1% 7.4% 8.5%
FCF margin 6.2% 19.9% 10.2% −8.1% 7.4% 24.5% 7.3% 2.0% 9.2% 4.3%
Returns
Return on capital −10.9% 18.9% 15.8% 2.2% 4.9% 23.8% 18.0% 13.1% 13.3% 12.1%
Return on capital employed −7.3% 11.3% 13.3% 2.9% 6.4% 20.7% 16.2% 13.6% 14.3% 12.8%
Return on equity −59.9% 25.9% 29.3% −2.5% 6.2% 35.7% 23.5% 11.5% 11.0% 12.1%
Return on assets −9.9% 4.9% 6.5% −0.6% 1.4% 9.6% 7.0% 3.6% 3.5% 3.9%
Growth
Revenue growth 1.5% 10.6% 13.6% −22.7% −1.4% 60.9% −0.3% 0.3% 11.4% 1.8%
Net income growth — — 43.2% −109.2% — 618.9% −19.5% −46.7% 2.2% 16.7%
EPS growth — — 42.4% −109.6% — 607.3% −17.6% −46.4% 1.6% 16.9%
FCF growth — 252.4% −41.9% −161.8% — 430.3% −70.2% −72.8% 416.9% −52.6%
Share count change 21.8% 10.3% 0.3% −0.5% 0.7% 1.4% −2.1% −0.6% 0.1% −0.1%
Financial health
Net debt / EBITDA — 1.6x 1.1x 3.1x 1.5x 0.1x 0.3x 0.6x 0.6x 0.6x
Debt / equity 0.4x 1.7x 1.1x 1.1x 1.0x 0.7x 0.7x 0.6x 0.5x 0.5x
Interest coverage −3.7x 6.5x 9.5x 1.9x 5.2x 13.1x 16.9x 14.9x 33.3x 25.5x
Current ratio 2.5x 2.2x 3.1x 2.5x 2.7x 2.5x 2.5x 2.4x 2.4x 2.3x
Capital allocation
Capex / revenue 19.0% 8.6% 10.6% 18.4% 13.8% 9.3% 15.2% 21.1% 18.9% 17.3%
Stock comp / revenue 0.6% 0.4% 0.4% 0.4% 0.7% 0.4% 0.4% 0.5% 0.4% 0.5%
Payouts / FCF 0.7% 0.1% 11.5% — 6.9% 14.6% 132.5% 189.7% 39.3% 87.1%
Quality scores
Piotroski F-score 7.0 6.0 8.0 4.0 8.0 7.0 4.0 5.0 6.0 6.0
Altman Z'' −0.5 0.8 1.7 0.7 1.2 2.9 2.9 2.8 2.9 2.9
Accruals ratio −18.8% −7.6% −3.2% −4.2% −5.8% −7.6% −3.4% −6.6% −9.8% −6.0%

Source: SEC EDGAR XBRL filings (CIK 0000831259). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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