FCX
FREEPORT-MCMORAN INC
Materials • CIK: 0000831259
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Market Cap
$56.38B
P/E (TTM)
27.2x
Rev Growth (TTM)
+1.4%
Net Margin (TTM)
8.0%
FCF Yield (TTM)
2.9%
FCF Margin (TTM)
6.2%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$1.6B
Q3 '25
$608M-35%
Q2 '25
$934M+919%
FCF Margin
TTM6.2%
Q3 '258.7%-29%
Sector: 4.7%Above Avg
OCF Margin24.4%
OCF/NI3.07x
CapEx Coverage1.3x
FCF Yield2.9%
FCF Growth (2Y)-20%
Cash Conversion Cycle
11 days
DSO: 11+DIO: 0−DPO: 0
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldTTM
TTM1.7%
Div Yield1.5%
+Buyback (TTM)0.2%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)1.5%
FCF Payout Ratio53.1%
Free Cash Flow (TTM)$1.6B
Stock Repurchases (TTM)$107.0M
Capital Return / FCF59.8%
Est. Dividends Paid (TTM)$862.5M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
9.2%
Stable
-0.1% YoY+0.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
16.8%
8Q: 17.9%
Asset Turnover
0.47x
8Q: 0.48x
Leverage (1+D/E)
1.50x
D/E: 0.50x
DuPont: 11.7% ≈ 9.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.66x
8Q:0.70x
Flat
Invested Cap Turn
0.55x
8Q:0.57x
+2.0%
CapEx Intensity
10.0%
8Q:10.5%
CapEx/Depreciation
2.06x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $26.0B | $7.0B↓8.0% | $7.6B↑32.4% | $5.7B↑0.1% | $5.7B↓15.8% | $6.8B↑2.5% | $6.6B↑4.8% | $6.3B↑7.0% | $5.9B |
Operating Income | $7.0B | $2.0B↓18.9% | $2.4B↑86.6% | $1.3B↑4.8% | $1.2B↓35.9% | $1.9B↓5.4% | $2.0B↑25.4% | $1.6B↓5.1% | $1.7B |
Net Income | $2.1B | $674.0M↓12.7% | $772.0M↑119.3% | $352.0M↑28.5% | $274.0M↓47.9% | $526.0M↓14.6% | $616.0M↑30.2% | $473.0M↑21.9% | $388.0M |
Operating Cash Flow | $6.4B | $1.7B↓24.2% | $2.2B↑107.5% | $1.1B↓26.3% | $1.4B↓23.3% | $1.9B↓4.3% | $2.0B↑3.2% | $1.9B↑43.6% | $1.3B |
Free Cash Flow | $1.6B | $608.0M↓34.9% | $934.0M↑919.3% | $-114.0M↓157.9% | $197.0M↓70.7% | $673.0M↓19.9% | $840.0M↑30.8% | $642.0M↑1628.6% | $-42.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
27.2x
Volatile
8Q: 140.6x-5172%
Valuation Lenses
Earnings
27.2x
vs – sector
Cash Flow
12.1x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
3.0P/E per %ROIC
ROIC: 9.2%
Shareholder Returns
Dividend
1.5%
Buyback
0.2%
Total Yield
1.7%
Market Cap$56.38B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
77/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
11.6%
8Q:–
Return on Invested Capital (ROIC)Top 25%
9.2%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 16.8%
Asset Turnover: 0.47x
Earnings Quality
Cash Conversion
3.07x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin29.6%
Capital Efficiency
Invested Capital Turnover0.55x
Working Capital
Cash Conversion Cycle11 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
41/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
1.4%
OpInc Growth YoY
1.8%
EPS Growth YoY
3.5%
FCF 3Y CAGR
-19.9%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 21.3%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
29.6%
Operating
26.7%
Top 25% in sector
Net
8.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.7 pts
FCF: 6.2% | Net: 8.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $4.64B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.50x
Balance sheet risk & solvency analysis