Freeport-McMoRan Inc.
- Open
- 60.37
- Day high
- 62.06
- Day low
- 60.13
- Prev close
- 60.53
- Volume
- 10.7M
- Mkt cap
- $88.4B
- P/E (TTM)
- 32.7
- EPS (TTM)
- $1.88
- P/B
- 4.5
- P/S
- 3.3
- Yield
- 0.98%
- Per share
- $0.60
Freeport-McMoRan Inc. (FCX) is a Basic Materials company listed on NYSE. The stock is up 28% over the past year. Drillr has 9 published research articles covering FCX.
Freeport-McMoRan Inc. (FCX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FCX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.47 | $0.57 | +22.2% | $6.2B | +8.8% |
| Jan 22, 2026 | $0.29 | $0.47 | +64.8% | $5.6B | +6.4% |
| Oct 23, 2025 | $0.42 | $0.50 | +18.7% | $7.0B | +3.9% |
| Jul 23, 2025 | $0.45 | $0.54 | +20.1% | $7.6B | +5.5% |
| Apr 24, 2025 | $0.24 | $0.24 | +1.0% | $5.7B | +6.3% |
| Jan 23, 2025 | $0.36 | $0.31 | -13.9% | $5.7B | -2.1% |
| Oct 22, 2024 | $0.36 | $0.38 | +6.4% | $6.8B | +5.3% |
| Jul 23, 2024 | $0.38 | $0.46 | +21.1% | $6.6B | +10.4% |
| Jan 24, 2024 | $0.22 | $0.27 | +22.7% | $5.8B | -1.2% |
| Oct 19, 2023 | $0.34 | $0.39 | +14.7% | $5.8B | +7.3% |
| Jul 20, 2023 | $0.28 | $0.35 | +25.0% | $5.7B | +3.6% |
| Apr 21, 2023 | $0.45 | $0.52 | +15.6% | $5.4B | +7.4% |
FCX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | GRANT HUGHdirector | Grant | 536 | $62.89 |
| Jul 1, 2026 | STEPHENS JOHN JOSEPHdirector | Grant | 327 | $62.89 |
| Jun 2, 2026 | Donadio Marcela Edirector | Grant | 2,800 | — |
| Jun 2, 2026 | Lance Ryan Michaeldirector | Grant | 2,800 | — |
| Jun 2, 2026 | GRANT HUGHdirector | Grant | 2,800 | — |
| Jun 2, 2026 | KENNARD LYDIA Hdirector | Grant | 2,800 | — |
| Jun 2, 2026 | MCCOY DUSTAN Edirector | Grant | 2,800 | — |
| Jun 2, 2026 | TOWNSEND FRANCES Fdirector | Grant | 2,800 | — |
| Jun 2, 2026 | Lewis Sara Grootwassinkdirector | Grant | 2,800 | — |
| Jun 2, 2026 | ABNEY DAVID Pdirector | Grant | 2,800 | — |
| Jun 2, 2026 | STEPHENS JOHN JOSEPHdirector | Grant | 2,800 | — |
| Apr 1, 2026 | STEPHENS JOHN JOSEPHdirector | Grant | 350 | $58.78 |
| Apr 1, 2026 | GRANT HUGHdirector | Grant | 574 | $58.78 |
| Feb 24, 2026 | Higgins Stephen T.officer: EVP & CAO | Sell | 29,654 | $63.00 |
| Feb 18, 2026 | QUIRK KATHLEEN Ldirector, officer: President & CEO | Tax | 28,244 | $62.84 |
Source: FCX SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full FCX insider & 13F page →FCX research & analysis
FCX Q1: $881M Net Income Doubles Prior Year as Grasberg Delay Cuts 2026 Copper Guidance 13%
Freeport-McMoRan's Q1 2026 net income of $881 million doubled the prior year on higher copper prices, but the company cut full-year copper sales guidance by 13% to 3.1 billion lbs due to Grasberg Block Cave rail infrastructure delays. Unit net cash costs are projected at $1.95/lb, down 7% year-over-year, validating cost discipline despite lower volumes.
Hormuz and Minerals Choke Points: Why XOM, FCX, and BHP Are Top Ranked Picks
Bloomberg's chokepoint alert favors oil majors (XOM, CVX, OXY) and copper leaders (FCX, BHP) amid Hormuz and minerals risks, while ALB faces headwinds. Ranked picks highlight resilient FCF machines at attractive valuations.
XOMCVXBHPHormuz Blockade Hits Copper Hard: FCX Bleeds While XOM, CVX, OXY Rally
Bloomberg's April 13 Hormuz blockade report tanked copper and spiked aluminum spreads, bearish for FCX miners and UPS/FDX shippers but bullish for XOM/CVX/OXY on oil premiums. Energy majors' low leverage and production exposure position them for gains amid shipping chaos.
XOMCVXOXYHormuz Blockade: XOM, CVX Surge as Copper Miners FCX, BHP Stumble — AA Surprise
US Hormuz blockade plans sparked copper price drops and aluminum spread spikes, favoring oil majors like XOM, CVX, and OXY while pressuring copper miners FCX and BHP. Alcoa emerges as a metals winner. Ranked picks prioritize energy scale over mining exposure.
XOMCVXOXYHormuz Blockade Risk: XOM, CVX and FCX Ranked as Oil Eyes $110/bbl
Rising Strait of Hormuz tensions and Trump-era blockade speculation threaten oil supplies, favoring supermajors like XOM and CVX alongside copper miners FCX and BHP. Analysis ranks six plays by exposure, valuation, and financial strength amid potential $110/bbl crude.
XOMCVXOXYCritical Minerals War: BHP, FCX Win as China's $190B Push Squeezes ALB and SQM
China's initiatives to dominate the $190B critical minerals market pressure lithium specialists like ALB and SQM while favoring diversified copper leaders BHP, RIO, and FCX. MP offers speculative upside via U.S. rare earth independence. Ranked picks highlight copper's resilience amid supply wars.
BHPRIOLACCritical Minerals: BHP, RIO, FCX Win as China's $190B Push Crushes ALB and SQM
China's bid to dominate the $190B critical minerals market pressures lithium producers like ALB and SQM but favors diversified copper giants BHP, RIO, and FCX, plus U.S. rare earth play MP. Backed by fresh financials and earnings guidance, the thesis ranks clear winners amid supply risks.
BHPRIOMPTrump Threatens Total Iran Embargo: USO Jumps 4% — What Comes Next for XLE
New Pacific seabed rare earth mining plans near Guam, driven by US-China competition, spotlight opportunities for US critical minerals firms. MP Materials tops the list as the domestic rare earth leader, followed by diversified giants like Rio Tinto and Albemarle. The article ranks five stocks with detailed financials and theme exposure analysis.
MPRIOALBChile Policy Shift: FCX and ALB Win Big as SQM Lags in Critical Minerals Race
Chile's new government's US-China balancing act eases policy risks for critical minerals miners, with diversified copper leader FCX and lithium producer ALB emerging as top winners, while Chile-centric SQM lags. Financial metrics highlight FCX's superior margins and valuation, positioning it for gains amid stable supply chains. Investors should track Chilean tax bills and lithium pricing for confirmation.
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Freeport-McMoRan Inc. company profile
Overview
Freeport-McMoRan Inc. (NYSE:FCX) is one of the world's largest publicly traded copper mining companies, founded in 1987 and headquartered in Phoenix, Arizona. The company emerged from the merger of Freeport Minerals Company and McMoRan Oil & Gas Company, with its roots tracing back to the early 20th century sulfur mining operations in Louisiana. Today, Freeport-McMoRan operates major mining assets across three continents, including the massive Grasberg minerals district in Indonesia, multiple copper mines throughout the southwestern United States, and operations in South America. The company has evolved from a diversified mining and oil company into a focused copper producer, divesting its oil and gas assets in recent years to concentrate on meeting the growing global demand for copper driven by electrification and renewable energy infrastructure.
Business
Freeport-McMoRan operates in the copper mining industry, which involves extracting copper ore from the earth and processing it into refined copper metal that serves as a critical component in electrical infrastructure, construction, and manufacturing. Copper is an essential industrial metal known for its excellent electrical conductivity, making it indispensable for power transmission, electronics, electric vehicles, and renewable energy systems. The company's operations are divided into three main geographic segments. The North American operations account for approximately 33% of consolidated copper sales and include major mines in Arizona (Morenci, Bagdad, Safford, Sierrita, Miami), New Mexico (Tyrone, Chino), and Colorado (Henderson, Climax). These operations primarily focus on copper extraction, with Henderson and Climax also producing molybdenum, a metal used in steel alloys and industrial applications. The South American operations represent about 27% of consolidated copper sales, centered around the Cerro Verde mine in Peru and El Abra mine in Chile. These operations benefit from large-scale, open-pit mining with relatively low production costs and have demonstrated consistent operational performance with mill throughput exceeding 400,000 metric tons per day. The Indonesian operations, contributing approximately 40% of consolidated copper sales, revolve around the world-class Grasberg minerals district in Papua. This operation is unique in producing both copper and significant amounts of gold as a byproduct, which helps offset production costs. The Grasberg district has transitioned from open-pit to underground mining and includes the construction of the world's largest single-line copper smelter, representing a major strategic investment in downstream processing capabilities.
Revenue model
Freeport-McMoRan generates revenue primarily through the sale of refined copper, gold, and molybdenum to industrial customers, metal traders, and manufacturers worldwide. The company's business model is based on extracting ore from its mines, processing it into concentrate, and then either selling the concentrate or further refining it into finished metals. Customers include wire and cable manufacturers, construction companies, automotive manufacturers, and electronics producers who require copper for their products. The company's profitability is heavily influenced by commodity price fluctuations, particularly copper prices, which can vary significantly based on global supply and demand dynamics. When copper prices are high, as they have been in recent years due to electrification trends, the company generates substantial cash flows. Conversely, during periods of low copper prices, margins compress significantly. The Indonesian operations benefit from gold byproduct credits that can result in negative net cash costs per pound of copper produced, providing a natural hedge against copper price volatility. Several factors can increase or decrease the company's margins. Positive margin drivers include rising copper prices driven by electrification and renewable energy demand, successful implementation of cost-reduction initiatives like the innovative leach technology, operational efficiency improvements through automation, and higher gold prices that provide byproduct credits. Negative margin pressures come from declining ore grades at mature mines, labor cost inflation, energy price increases, regulatory changes, geopolitical tensions particularly in Indonesia, and potential supply chain disruptions. The company's unit net cash costs have been trending around $1.50-$1.60 per pound of copper, with ongoing initiatives to reduce costs through technology and operational improvements.
Competitive moat
Freeport-McMoRan possesses a moderate to strong competitive moat based primarily on its irreplaceable, world-class mineral assets and geographic diversification. The company's crown jewel is the Grasberg district in Indonesia, one of the world's largest copper and gold deposits, which provides decades of reserves and generates substantial gold byproduct credits that significantly reduce net copper production costs. The scale and quality of these assets create high barriers to entry, as developing comparable copper deposits requires enormous capital investment, decades of development time, and increasingly scarce high-grade ore bodies. The company's geographic diversification across stable mining jurisdictions provides additional protection, with operations in the United States offering political stability, while South American operations provide cost advantages, and Indonesian operations deliver unique gold byproduct benefits. The recent completion of the Indonesian smelter adds downstream integration capabilities and helps secure long-term operating rights in the region. However, the moat faces several challenges. Resource depletion is an inherent risk as ore grades decline over time at mature mines, requiring continuous investment in new deposits or extraction technologies. Geopolitical risks are significant, particularly in Indonesia where the company must navigate complex relationships with the government and secure operating license extensions beyond 2041. Regulatory and environmental pressures continue to increase across all jurisdictions, potentially raising compliance costs and limiting expansion opportunities. Additionally, the company faces competition from other large-scale copper producers and potential disruption from recycling technologies or alternative materials, though the growing demand for copper in electrification provides a favorable long-term backdrop. The success of initiatives like the innovative leach technology will be crucial for maintaining cost competitiveness as ore grades decline.
Risks & safety
Freeport-McMoRan demonstrates a solid margin of safety with strong liquidity and manageable debt levels, though cyclical earnings create some volatility in financial metrics. • Liquidity and Solvency: Strong cash position of $3.9 billion and current ratio of 2.42, indicating solid short-term financial health. Debt-to-equity ratio of 0.55 is manageable for a capital-intensive mining operation. The company has been upgraded to investment grade by all three major rating agencies. • Cash Generation: Generated $7.2 billion in operating cash flows and $2.4 billion in free cash flow in 2024, demonstrating strong cash generation capabilities. However, Q1 2025 showed negative free cash flow of -$114 million due to seasonal factors and capital expenditure timing. • Valuation Metrics: Trading at 29.3x trailing P/E ratio based on strong 2024 earnings, though this reflects cyclically high copper prices. EV/EBITDA of 6.5x appears reasonable for a mining company. Price-to-book ratio of 3.1x suggests some premium to asset value. • Other Considerations: Capital expenditure requirements of approximately $4.4 billion annually for 2025-2026 are substantial but necessary for maintaining operations and growth. Commodity price sensitivity creates earnings volatility, with EBITDA potentially ranging from $11-15 billion depending on copper prices between $4-5 per pound.
Recent development
Over the past few years, Freeport-McMoRan has undergone significant strategic transformation focused on becoming a pure-play copper producer while investing in operational efficiency and growth initiatives. The company completed the divestiture of its oil and gas assets to concentrate entirely on mining operations, representing a major strategic pivot toward capitalizing on the copper demand driven by global electrification trends. The most significant recent development is the completion of the Indonesian smelter project, described as the world's largest single-line copper smelter. This $3+ billion investment not only provides downstream integration capabilities but also serves as a critical component in securing long-term operating rights in Indonesia beyond the current 2041 license expiration. The smelter experienced a temporary setback due to a fire in late 2024 but repairs are progressing ahead of schedule with full capacity expected by 2026. The company has pioneered an innovative leach technology initiative that represents a game-changing approach to copper extraction. This technology targets the extraction of copper from previously uneconomical ore sources and waste materials, with the potential to produce 300-400 million pounds of incremental copper annually by 2026 at very low incremental costs under $1 per pound. The ultimate goal is to scale this technology to 800 million pounds of additional production, which could significantly reduce overall unit costs across U.S. operations. Automation and technology investments are being implemented across operations, including autonomous haul truck conversions at the Bagdad mine and various productivity enhancement initiatives. The company is also advancing several brownfield expansion projects, including potential expansions at Bagdad, Safford Lone Star, and El Abra, while developing the Kucing Liar ore body in Indonesia for production targeted before 2030. Leadership transition occurred with Kathleen Quirk taking over as CEO from long-time leader Richard Adkerson, maintaining continuity in the company's strategic direction.
FCX company profile · for informational purposes only — not investment advice.
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