Freeport-McMoRan Inc.

FCX

NYSE · Copper

$72.04

At close - Oct 2, 4:00 PM EDT - USD

Market Cap$103.56B

P/E47.4x

52W High$80.24

Volume11.92M

VCP Research Verdict2026Q2

Grasberg Ramp-Up Drives Cash Generation Amid Copper Volatility

Freeport-McMoRan is transitioning from a heavy capex phase to a cash generation phase, with the Grasberg underground ramp-up driving a 43.2% FCF margin in 2026Q2 and cumulative operating cash flow of $16.3B over the last ten quarters. The company's fortress ba...

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MARKET ACTION

FCX price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth has been volatile, with 2026Q2 revenue down -7.3% YoY to $7.0B, yet gross margin of 31.1% remains above the 10-quarter average of 27.7%, supported by gold byproduct credits from Grasberg.

Analyst Consensus-0.9% target

Buy(41 analysts)

25 Buy14 Hold2 Sell

The Bull Case

Upside Catalysts

Grasberg deal upside

The Grasberg deal is a key long-term bullish driver for Freeport-McMoRan, contributing to its growth prospects.

Rising copper demand

Increasing global demand for copper positions Freeport-McMoRan favorably as a leading producer in the market.

Gold exposure benefit

Freeport-McMoRan's exposure to gold provides additional revenue diversification and upside potential.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

FCX+39.59%

S&P 500 (^GSPC)+12.66%

1-Year Return

FCX+86.88%

S&P 500 (^GSPC)+15.01%

3-Year Return

FCX+101.53%

S&P 500 (^GSPC)+87.23%

5-Year Return

FCX+129.18%

S&P 500 (^GSPC)+87.42%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

47.4x

Forward P/EExpansion

24.3x

EV/EBITDA100th %ile

13.1x

FCF YieldCash Flow

1.1%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

47.4x

29.3x

100th· High

EV/EBITDA

13.1x

6.7x

100th· High

Price/FCF

92.8x

33.0x

80th· High

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$22.34-69.0%

Base (Fair)$43.47-39.7%

Bull$49.86-30.8%

$22.34 Bear$43.47 Base$49.86 Bull

Current Market Price: $72.04

Trades at a 65.7% premium to Base DCF ($43.47)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue

$25.74B+1.1% YoY

Net income

$2.2B+17.0% YoY

Free cash flow

$1.12B-52.6% YoY

Operating margin

24.4%-2.5 pts YoY

ROIC (TTM)12.8%

Avg ROIC 5Y-

ROE (TTM)7.4%

Piotroski Score5 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate11/12 (92%)

Revenue Beat Rate10/12 (83%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Jul 22, 2026	$0.68+13.3% vs $0.60	$7.0B+6.2% vs $6.6B
Q2 2026 Apr 23, 2026	$0.57+22.2% vs $0.47	$6.2B+8.8% vs $5.7B
Q1 2026 Jan 22, 2026	$0.47+64.8% vs $0.29	$5.6B+6.4% vs $5.3B
Q4 2025 Oct 23, 2025	$0.50+18.7% vs $0.42	$7.0B+3.9% vs $6.7B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

Business Wire·19h ago

Freeport Provides Third-Quarter 2026 Operational Update

PHOENIX--(BUSINESS WIRE)--Freeport (NYSE: FCX) today provided an update on its third-quarter 2026 operating results. CONSOLIDATED RESULTS Third-quarter 2026 consolidated copper production of approximately 830 million pounds was in line with expectations, with slightly better results from international operations offsetting slightly lower production in the U.S. Third-quarter 2026 consolidated gold production of approximately 230 thousand ounces approximated expectations. Changes in the timing of.

Globe News Wire·1d ago

Record Gold Miner Cash Flow Puts Near-Surface Discoveries in Focus

News Provided by US Metal News on behalf of Yukon Metals Corp. VANCOUVER, British Columbia, Oct. 01, 2026 (GLOBE NEWSWIRE) -- US Metal News News Commentary - Major gold producers, including Agnico Eagle and Newmont, just reported record quarterly free cash flow, with realized prices above US$4,400 per ounce in the second quarter.

The Motley Fool·1d ago

Data Centers Need Copper, Concrete, and Cooling. Here Are 3 Boring Industrials Set to Cash In.

AI data center growth is driving demand for copper, concrete, and cooling. Freeport-McMoRan, Vulcan Materials, and Vertiv are well positioned to benefit.

Zacks Investment Research·3d ago

Freeport-McMoRan (FCX) Suffers a Larger Drop Than the General Market: Key Insights

Freeport-McMoRan (FCX) closed the most recent trading day at $70.7, moving 1.75% from the previous trading session.

Filtered for Freeport-McMoRan Inc.More Headlines

Compare before deciding

Benchmark FCX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Freeport-McMoRan Inc. (FCX)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
FCXFreeport-McMoRan Inc.Current	$72.04	$103.56B	47.39	1.12%	8.56%	7.4%	0.83%
SCCOSouthern Copper Corporation	$205.54	$171.49B	39.23	17.38%	35.9%	49.08%	—
TECKTeck Resources Limited	$68.56	$33.11B	34.52	18.56%	17.85%	9.29%	—
AAAlcoa Corporation	$41.95	$11.07B	9.45	5.31%	9.39%	18.95%	—
HBMHudbay Minerals Inc.	$27.20	$12.08B	18.63	9.39%	27.12%	17.33%	—
CMCLCaledonia Mining Corporation Plc	$24.01	$463.71M	8.48	38.86%	23.31%	22.14%	—

Compare FCX vs Peers

Freeport-McMoRan Inc. (FCX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SCCO

Most directly comparable listed peer for FCX.

Scale Benchmark

vs TSLA

Larger-name benchmark to compare FCX against a more recognizable public peer.

Peer Set

Compare Top 5

vs SCCO, TECK, AA, HBM

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FCX SEC Filings & Documents

Freeport-McMoRan Inc. (FCX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Jul 23, 2026·SEC

Material company update

Jun 10, 2026·SEC

Material company update

May 20, 2026·SEC

10-K Annual Reports

FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 14, 2025·SEC

FY 2024

Feb 16, 2024·SEC

10-Q Quarterly Reports

FY 2026

Aug 6, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 6, 2025·SEC

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FCX Frequently Asked Questions

Freeport-McMoRan Inc. (FCX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Freeport-McMoRan Inc.'s revenue?

Freeport-McMoRan Inc. (FCX) reported $25.87B in revenue for fiscal year 2025. This represents a 1258% increase from $1.91B in 1996.

How fast is Freeport-McMoRan Inc. growing?

Freeport-McMoRan Inc. (FCX) grew revenue by 1.1% over the past year. Growth has been modest.

Is FCX profitable?

Yes, Freeport-McMoRan Inc. (FCX) is profitable, generating $2.94B in net income for fiscal year 2025 (8.6% net margin).

Dividend & Returns

Does FCX pay dividends?

Yes, Freeport-McMoRan Inc. (FCX) pays a dividend with a yield of 0.83%. This makes it attractive for income-focused investors.

What is FCX's return on equity?

Freeport-McMoRan Inc. (FCX) has a return on equity (ROE) of 7.4%. This is below average, suggesting room for improvement.

What is Freeport-McMoRan Inc.'s free cash flow?

Freeport-McMoRan Inc. (FCX) generated $5.92B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in FCX back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Jul 22, 2026

$0.68+13.3%

vs $0.60

$7.0B+6.2%

vs $6.6B

Q2 2026

Apr 23, 2026

$0.57+22.2%

vs $0.47

$6.2B+8.8%

vs $5.7B

Q1 2026

Jan 22, 2026

$0.47+64.8%

vs $0.29

$5.6B+6.4%

vs $5.3B

Q4 2025

Oct 23, 2025

$0.50+18.7%

vs $0.42

$7.0B+3.9%

vs $6.7B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

FCXFreeport-McMoRan Inc.Current

$72.04

$103.56B

47.39

1.12%

8.56%

7.4%

0.83%

SCCOSouthern Copper Corporation

$205.54

$171.49B

39.23

17.38%

35.9%

49.08%

—

TECKTeck Resources Limited

$68.56

$33.11B

34.52

18.56%

17.85%

9.29%

—

AAAlcoa Corporation

$41.95

$11.07B

9.45

5.31%

9.39%

18.95%

—

HBMHudbay Minerals Inc.

$27.20

$12.08B

18.63

9.39%

27.12%

17.33%

—

CMCLCaledonia Mining Corporation Plc

$24.01

$463.71M

8.48

38.86%

23.31%

22.14%

—