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Major copper miner with large operations in the US, Peru and a giant Indonesian mine (Grasberg).
Major copper miner with large operations in the US, Peru and a giant Indonesian mine (Grasberg).
Sells copper concentrate and cathode plus gold and molybdenum at market prices. Its Grasberg mine in Indonesia is run under an arrangement in which Indonesia's state-owned mining holding company took a majority of the local unit in 2018, and exports of concentrate depend on smelting rules.
Moat: wide (scale, installed base, regulatory licence). Grasberg is one of the world's largest copper-gold deposits, an irreplaceable, licensed asset.
Headquarters: Phoenix, Arizona, US · Founded: 1912 · Employees: 29,000
Size Freeport-McMoRan (FCX) is a United States Materials company (Other Metals/Minerals) with a market value of $85.3B, the 159th largest of 3,117 United States companies the cockpit tracks. Shares closed at $59.42 on 6 Nov 2026.
Performance Over six months the shares fell 3.6%, against -9.0% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median +20.2%); the operating margin is 23.6% (peer median 30.5%).
Valuation It trades at 14.3× forward earnings against a peer median of 18.5× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.1 points below its cost of capital (11.0% WACC).
Credit Freeport-McMoRan has 11 bonds outstanding ($8.48B), rated BBB- by the agencies and trading like BBB at a weighted spread of 113 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $25.9B | $25.1B | $25.1B | $22.7B | $23.3B |
| Revenue growth | — | 0% | +11% | -3% | — |
| Gross profit | $6.74B | $6.42B | $7.19B | $6.88B | $8.09B |
| EBITDA | $8.16B | $8.06B | $8.79B | $8.15B | $9.57B |
| Net income | $3.43B | $2.20B | $1.88B | $1.84B | $3.46B |
| Free cash flow | $1.98B | $1.12B | $2.35B | $455M | $1.67B |
| Capital expenditure | $4.24B | $4.49B | $4.81B | $4.82B | $3.47B |
| Total debt | $10.4B | $10.5B | $9.74B | $9.85B | $11.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Southern Copper SCCO | $143B | -9% | +39% | 59% | 21.5× | 6.8% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| BHP Group Ltd Sponsored American Depositary Receipt Repr 2 BHP | $198B | -6% | +15% | 39% | 15.7× | -2.9% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Antofagasta ANTO.L | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% |
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
| Ivanhoe Mines IVN.TO | $8.43B | -26% | +109% | 7% | 18.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FCX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.5% | -8.4% | lowest of 9 |
| 6-month return | -3.6% | -9.0% | 3rd highest of 9 |
| Distance from 52-week high | -25.9% | -23.5% | 4th lowest of 9 |
| Revenue growth (TTM) | +0.5% | +20.2% | 2nd lowest of 9 |
| Operating margin | 23.6% | 30.5% | 4th lowest of 9 |
| Forward P/E | 14.3× | 18.5× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 16.3% | 6.8% | 4th most demanding of 8 |
| Growth delivered (Del g) | +12.6% | +9.0% | highest of 8 |
| Hurdle (Req g minus delivered) | +3.6 pp | +1.0 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | -0.1 pp | +3.9 pp | 3rd lowest of 9 |
| EV / EBITDA | 12.7× | 8.0× | 3rd most expensive of 9 |
| Net debt / EBITDA | 0.7× | 0.6× | 5th least indebted of 9 |
| Bond spread | 113 bp | 110 bp | 2nd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Freeport-McMoRan FCX | United States | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% | +12.6% |
| Anglo American AAL.L | United Kingdom | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% | -6.7% |
| Southern Copper SCCO | United States | $143B | -9% | +39% | 59% | 21.5× | 6.8% | +10.9% |
| Rio Tinto RIO.L | United Kingdom | $144B | -21% | +11% | 27% | 10.3× | 5.6% | +4.7% |
| Antofagasta ANTO.L | United Kingdom | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% | +10.3% |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
Freeport-McMoRan has 11 bonds outstanding with $8.48B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.93%, a spread of 113 bp over government bonds.