Freeport-McMoRan Inc.FCX
NYSE•Basic Materials•Copper
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. The company was incorporated in 1987 and is headquartered in Phoenix, Arizona.
Freeport-McMoRan, Inc. (FCX) reported trailing twelve months revenue of $26.42B as of March 2026, a 7.9% increase year-over-year. Quarterly revenue reached $6.23B, reflecting continued top-line momentum.
Freeport-McMoRan, Inc. generated $2.73B in TTM net income, with quarterly EBITDA of $2.66B. The operating margin expanded from 19.6% to 34.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (34.3%) and net margin (14.1%) indicates significant non-operating expenses or interest burden. Net margin has improved from 6.2% a year ago, signaling stronger bottom-line efficiency.
FCX trades at a P/E of 28.9x (in line with broad market averages) and a P/S of 3.0x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company generated $522.00M in free cash flow over the trailing twelve months, a 557.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $58.84B in total assets with $8.91B in long-term debt against $19.50B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~26.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~11.3% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~27.2% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation