NYSE · FCX

Freeport-McMoRan Inc.

Basic Materials · Copper

$71.23▼ 6.56% ($5.00)at close

After hours$71.22▼ 0.02%7:58 PM ET

52-week

$35.15$80.24

Market cap

$102.40B

P/E

34.90

Volume

22.15M

Shares outstanding

1.44B

What the market price implies · Reverse DCF

To support a price of $71.23, this model requires revenue to grow by 36.97%/yr over the next 10 years, compounded annually.

Historical revenue grew by 3.59%/yr over the past 4 years. The required annual growth rate is 33.39 percentage points higher.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

36.97%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$71.23

Estimated value / share

$1.96

Base scenario

This estimate is 97.25% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 0% · Ending margin 11.85% · Discount rate 11.86%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 2:06 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 6 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 1049.6%.

Do you have 5+ years of positive FCFF history? 6 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Operating margin moved 10.5 percentage points across the last five years, above the 10.0-point stability threshold, so steady-state FCFF is not a reliable anchor yet.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveModerate confidence

1Y Price: 58.67%Revenue (TTM): 0.67%FCF (TTM): 43.56%P/FCF: 59th pct

What changed

The stock rose 58.67% over the last year. Revenue grew 0.67% over the trailing twelve months. Operating margin moved from 26.18% to 26.7%. Free cash flow grew 43.56% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 59th percentile of their historical P/FCF range.

What would invalidate this read

Operating margin is at 26.7%. Revenue grew 0.67% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.

Performance

Return analysis

Company profile

Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia.

CEOKathleen L. Quirk

SectorBasic Materials

IndustryCopper

Employees29,000

IPO dateJul 10, 1995

https://fcx.com

Market multiples

Forward P/E—

EV/EBITDA9.30

Enterprise value$81.44B

Stock splits

Feb 2, 2011↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-7.29%

Gross margin26.85%▼2.5ppvs FY2024

Operating margin26.7%▼2.5ppvs FY2024

ROE15.37%▲3.3ppvs FY2025

Analyst consensus

RatingBuy

Target price$71.36▲0.18%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 22, 2026

Q4 FY26 · EPS est $0.73 · Revenue est $7.32B

View

Dividends

$0.60/shareQuarterly5yr growth streakAdequate

FCX pays a dividend with a 0.84% dividend yield, 5 consecutive years of growth, growing at 64.38% annually, covered 1.3× by free cash flow.

Dividend Yield

0.84%

Annual Div / Share

$0.60

5yr CAGR

+64.38%

Doubles every ~1.4yr

Payout Ratio

7.67%

Adequate

Dividend Growth Rate

3yr CAGR

+0%

5yr CAGR

+64.38%

10yr CAGR

+0.46%

Dividend Safety

8/10Adequate

Dividend History

Annual dividends paid per share

YearAnnual DivYoY

2025$0.60+0.0%

2024$0.60+0.0%

2023$0.60+0.0%

2022$0.60+166.7%

2021$0.23+350.0%

2020$0.05-75.0%

2019$0.20+33.3%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$8/yr

$1/mo

In 5 yrs

$15/yr+76%

$1/mo

In 10 yrs

$26/yr+211%

$2/mo

Today	In 5 yrs	In 10 yrs
$8/yr $1/mo	$15/yr+76% $1/mo	$26/yr+211% $2/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 0.84% → 2.62% over 10yr

Analysis

Dividend Strengths

Strong dividend growth rate

The 5-year CAGR of 64.38% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · FCX

Freeport-McMoRan Inc.

Basic Materials · Copper

$71.23▼ 6.56% ($5.00)at close

After hours$71.22▼ 0.02%7:58 PM ET

52-week

$35.15$80.24

Market cap

$102.40B

P/E

34.90

Volume

22.15M

Shares outstanding

1.44B

What the market price implies · Reverse DCF

To support a price of $71.23, this model requires revenue to grow by 36.97%/yr over the next 10 years, compounded annually.

Historical revenue grew by 3.59%/yr over the past 4 years. The required annual growth rate is 33.39 percentage points higher.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

36.97%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$71.23

Estimated value / share

$1.96

Base scenario

This estimate is 97.25% below the price used.

USD · TTM ending 2026-06-30

Year 1 growth 0% · Ending margin 11.85% · Discount rate 11.86%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 2:06 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 6 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 1049.6%.

Do you have 5+ years of positive FCFF history? 6 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Fundamentals are supporting the moveModerate confidence

1Y Price: 58.67%Revenue (TTM): 0.67%FCF (TTM): 43.56%P/FCF: 59th pct

What changed

The stock rose 58.67% over the last year. Revenue grew 0.67% over the trailing twelve months. Operating margin moved from 26.18% to 26.7%. Free cash flow grew 43.56% over the trailing twelve months.

What the market seems to be pricing

The stock move broadly lines up with stronger business momentum, and the shares are still only around the 59th percentile of their historical P/FCF range.

What would invalidate this read

Performance

Return analysis

Company profile

Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia.

CEOKathleen L. Quirk

SectorBasic Materials

IndustryCopper

Employees29,000

IPO dateJul 10, 1995

https://fcx.com

Market multiples

Forward P/E—

EV/EBITDA9.30

Enterprise value$81.44B

Stock splits

Feb 2, 2011↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth-7.29%

Gross margin26.85%▼2.5ppvs FY2024

Operating margin26.7%▼2.5ppvs FY2024

ROE15.37%▲3.3ppvs FY2025

Analyst consensus

RatingBuy

Target price$71.36▲0.18%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 22, 2026

Q4 FY26 · EPS est $0.73 · Revenue est $7.32B

View

Dividends

$0.60/shareQuarterly5yr growth streakAdequate

FCX pays a dividend with a 0.84% dividend yield, 5 consecutive years of growth, growing at 64.38% annually, covered 1.3× by free cash flow.

Dividend Yield

0.84%

Annual Div / Share

$0.60

5yr CAGR

+64.38%

Doubles every ~1.4yr

Payout Ratio

7.67%

Adequate

Dividend Growth Rate

3yr CAGR

+0%

5yr CAGR

+64.38%

10yr CAGR

+0.46%

Dividend Safety

8/10Adequate

Dividend History

Annual dividends paid per share

YearAnnual DivYoY

2025$0.60+0.0%

2024$0.60+0.0%

2023$0.60+0.0%

2022$0.60+166.7%

2021$0.23+350.0%

2020$0.05-75.0%

2019$0.20+33.3%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$8/yr

$1/mo

In 5 yrs

$15/yr+76%

$1/mo

In 10 yrs

$26/yr+211%

$2/mo

Today	In 5 yrs	In 10 yrs
$8/yr $1/mo	$15/yr+76% $1/mo	$26/yr+211% $2/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 0.84% → 2.62% over 10yr

Analysis

Dividend Strengths

Strong dividend growth rate

The 5-year CAGR of 64.38% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.